Navigating a rapid growth journey — effectively and carefully
The founders’ bold vision for their biotech startup included a trusted service provider.
The situation
From the beginning, this biotech company was different. Its visionary founders were building a nontraditional business model to support advanced therapies. These leaders were seasoned executives who understood the industry deeply. They had seen other biotech startups attempt shortcuts—and experience taught them shortcuts can be illusive.
The company adopted a relatively novel structure with several verticals. This created unique accounting challenges, but the CEO and CFO held to a vision for where they wanted the company to go. It wasn’t a journey they wanted to navigate alone.
The CEO and CFO understood the importance of relationships. They searched for an experienced and trusted service provider that could also provide valuable insights.
They were forward-thinking. And they didn’t want to go forward alone.
The solve
As the company grew its accounting department, our Audit & Assurance professionals were available to share leading practices, industry insights, and advice related to the specific challenges raised by company management.
In getting up to speed on some of the more unique accounting challenges identified by the company, we introduced members of management to other service providers at Deloitte, including tax professionals.
Company leaders knew the depth of the advanced therapies capabilities of Deloitte’s NextGen Therapy practice and looked to that team for consulting services. These professionals offered strategic advice for the company to consider based on their extensive industry knowledge in areas like: How might the business model evolve as the company grows? How could it create a structure that’s cross-pollinated rather than siloed? And how might it continue innovating within that structure?
New business models can be aided by old-school business relationships.
The impact
The biotech company has grown exponentially in just a few years, and Deloitte continues to serve it as a trusted service provider. As the company and its business continue to expand, our professional working relationship has enabled the CEO and CFO to leverage Deloitte’s services as they pursue their goals. The continuing engagement between Deloitte and the company’s management team provides a flexible community of subject matter advisors who can be consulted to advise the company on a number of topics. A relationship that began with a lunch has flourished and continues today with an enduring connection.
Informed advice for a growing company: beginning at the roots
