eDrive Retro – Case Study

The Client

e-Drive Retro is an international startup based in Finland with a mission to convert stylish, iconic cars of yesteryear into high performing, smart connected, green plug-in electric vehicles (“EV”) of tomorrow. They are establishing and leading an entirely new automotive category, “Premium Collectible EV’s,” and aim to be the finest electric vehicle classic car conversion producer in the world. The company has already proven the technology via conversion of their critically acclaimed 1972 Triumph GT-6 EV development platform. They have also partnered with a well-established Northern European classic restoration shop called Grips Garage.

 

The Challenge

The CEO’s Right Hand (“TCRH”) was engaged by Founder & CEO, Michael M. Richardson when the company was just being formed. TCRH has provided e-Drive Retro with strategic and financial advisory consulting services throughout the process of ideation and launch. As with many startups, TCRH assists the founder(s) with development of the business and financial models (since they are interrelated) in preparation for meeting with prospective partners, vendors, employees and investors. In this case, TCRH developed an integrated financial model, Executive Summary, investor pitch deck, term sheet, investment agreement, pro forma cap table, and finder’s fee agreement.

 

The Solutions

TCRH also provided e-Drive Retro with a host of other services to assist in the development of the company. For example, TCRH worked with Michael to put together a comprehensive plan for sales representatives/agents and a corresponding sales pipeline management tool (Insightly). We manage the bookkeeping function, assist with legal contracts, corporation formation, intellectual property questions, and much more. Thus, Michael is able to focus on what he does best: building a revolutionary new automotive company.

 

The Results

“TCRH has been a tremendous resource since eDrive Retro’s inception. They helped us determine our business strategy and translated that into a financial model we’ve been able to use for the future of our company. They were quick to come up to speed on what we do and how we’re unique, even traveling across the Atlantic to test drive our dynamic cars. They are truly trusted advisors, who desire to help business owners grow their ventures. We would not have progressed as fast as we have without them.”  — Michael M. Richardson, Founder & CEO

“The CEO’s Right Hand is a major asset to the company. We would not be where we are today without their help over the past year. They quickly learned our business model and translated the finance and operational drivers into actionable goals for the entire team.”

Michael Kim

CEO, Adgorithmics

We’d love to work with you

 

We provide fractional financial and accounting services so you can focus on growing your business.