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The Client:
HairDirect Inc., located in Lancaster, Pennsylvania, is an online hair loss solutions provider. With clients spanning the globe, the company offers hair loss solutions for those experiencing hair loss for both men and women.
The Challenge:
Fueled by increased worldwide demand for their products and its ongoing transformation from an online DIY hair replacement company into an omni-channel hair loss solutions provider, HairDirect tapped into RKL’s financial management expertise for support and guidance in key areas.
The RKL Approach:
Initially, RKL consultants worked side-by-side with HairDirect during an assessment and reorganization of accounting and operational functions. RKL provided input on critical decisions and helped to provide stability during a period of transition. Thanks to the trusted relationship built during that process, HairDirect’s CEO broadened the scope of the conversation and sought RKL’s counsel in a broader range of business matters.
A cross-disciplinary team of RKL advisors invested the time to understand HairDirect’s business model and collaborated with its leadership team to uncover opportunities to help translate the company’s current significant growth into durable profitability. As company leaders prepared to announce a price increase, RKL collaborated with HairDirect on a new pricing structure that maximized profitability while minimizing impact on the customer base.
RKL’s Tax Services Group helped the company adopt a proactive planning approach to predict liabilities and identify tax-savings strategies like the Research and Development Tax Credit. HairDirect also relied on RKL to distill the Tax Cuts and Jobs Act into what it means for the company. Consultants from a number of disciplines conducted an operational and financial analysis to identify areas for process and procedure improvement. Accounting controls and benchmarking reports were established to provide critical business intelligence as the company continues to grow and thrive.
The Results:
The collaborative and engaged partnership between HairDirect and RKL allow the company to reduce its tax burden and operate more efficiently. As a small and nimble company, HairDirect relies on RKL to be a critical partner and to help meet new challenges related to the execution of an aggressive 10-year strategic plan. The firm continues to deliver specialty advisory services that bolster HairDirect’s continued success, like a recent project to strengthen internal controls, identify risk areas and enhance its management reporting function and a current engagement to maximize efficiency in the layout of the company’s warehouse.
Backed by RKL’s deep bench of skilled advisors who provide financial benchmarking data, HairDirect’s leaders have the confidence to make the critical decisions necessary to keep the company on the cutting edge of its industry.
To learn more about how RKL can drive real results for your organization, send us a message or contact one of our local offices.
