Decide first whether your own finance team can absorb the business you bought or whether it needs its own controller. Then assess the inherited team against the reporting you now need.
It's the first people decision in any post acquisition integration. Picture a hypothetical deal closing on a Friday. On Monday, the seller's long-time bookkeeper hands over a laptop and a password list, and the first month-end under new ownership is three weeks away.
BDC expects a $300-billion wave of business acquisitions to reshape Canada's economy over the next five years, so many more buyers will face that Monday. If a private equity sponsor is behind your deal, our guide to finance hiring at PE-backed companies is the better starting point.
The First 30 Days of Post Acquisition Integration: Who Signs, Who Closes, Who Reports
In month one, your own controller or CFO should own bank signing authority, payroll, the first close and the opening balance sheet, with the inherited team doing the work it already knows.
Put a name beside each item, ideally before closing:
- Bank mandates. Update signing authority and online banking access so the seller's people come off and yours go on. Start early, because banks can be slow to process these changes.
- Payroll continuity. Confirm who runs the next payroll, that source deductions (income tax, CPP and EI withheld from pay) keep going out, and that the provider login isn't held by someone who's leaving.
- CRA accounts. Know which program accounts the business holds (payroll, GST/HST, corporate income tax) and who has authorized online access to each. If you bought assets rather than shares, confirm with your external CPA firm which accounts your company needs to open.
- The first close. Agree on a calendar, a cut-off and a basic first-month package, even if it's rough.
- The opening balance sheet. This lists the acquired company's assets and liabilities on the closing date. Your finance lead gets clean data to the external CPA firm, plus a valuator if the purchase price has to be split across assets such as equipment, customer lists and goodwill. The advisors make the accounting calls, and your finance lead keeps the information moving.
Can Your Controller Stretch, or Does the Business Need Its Own?
Your controller can stretch when the acquired business is small, in the same industry and on a compatible system. Otherwise it needs its own finance lead.
| Factor | Your controller can stretch | The business needs its own finance lead |
|---|---|---|
| Size | A fraction of your volume | Close to your size, or a full-time job alone |
| Systems | Same platform, or a simple migration | Different accounting system or spreadsheet-heavy books |
| Distance | Short drive, records reachable remotely | Plant, inventory or staff in Hamilton needing someone on site |
| Entity structure | One entity folding into yours | Several entities or money moving between them |
| Integration timeline | Fully integrated within a few quarters | Runs standalone for a year or more |
If two or more factors land in the right-hand column, plan a dedicated permanent hire. Your controller and the inherited team cover the gap while the search runs. An interim leader can feel like the cautious choice, but the permanent decision is still waiting when the term ends.
Assessing the Inherited Finance Team
Look at five things: how fast the team closes, how well it reconciles, what it reports each month, its systems and how it adapts, all measured against what your board, lender or parent company now expects.
Many sellers only asked their outside accountant for a bank balance and a year-end statement, so gaps usually reflect what the old owner wanted. What to check under each:
- Close speed: how many days after month-end the numbers are final.
- Reconciliations: whether bank, receivables, payables and inventory reconcile every month, and whether anyone reviews them.
- Monthly reporting: whether a real package exists, with comparisons to budget or last year.
- Systems: how much lives in spreadsheets only one person understands.
- Adaptability: how people respond when you ask for something new.
Before you change anyone's role, note that under Ontario's Employment Standards Act, an employee's service with the seller generally carries over to the buyer. Plan people decisions with HR and employment counsel. If you're weighing whether the seller's controller can step up, our promote-or-hire controller scorecard walks through it.
Keeping the People Who Know Where the Numbers Come From
Secure whoever knows where the numbers come from first, because they're the hardest to replace.
In owner-managed businesses, that person often doesn't have the most senior title. It might be the payables clerk who knows which supplier gets paid early, or the bookkeeper who knows why one reconciling item has rolled forward for years.
Have the retention conversation in week one. Be honest about what's changing, because people who don't know whether their job survives the deal start looking elsewhere. Confirm who reports to whom, even temporarily.
Then get the know-how on paper before anyone leaves: month-end steps, logins, recurring entries and unusual customer terms. Our controller handover checklist covers what to capture.
Hamilton and Golden Horseshoe Acquisitions
Buyers outside Toronto often draw from a smaller local pool of controllers, so it pays to search across the Golden Horseshoe and plan for commutes or relocation.
The right person for a Hamilton business may live in Burlington, Oakville, Niagara or Brantford. Say early how many days a week the role needs to be on site, because that widens the pool a lot. If the role needs someone on the plant floor daily, be ready to discuss relocation.
Pay matters too. Candidates weigh a Hamilton finance offer against a Toronto one with the commute included. Our salary guide has current benchmarks, and our Hamilton recruitment page covers how we search in the region.
Hiring a Head of Finance After an Acquisition While the Old Team Is in Place
Start the permanent search in the first week after close and keep it confidential.
Scope the seat first. A controller owns the close, controls and monthly reporting. A head of finance after an acquisition also owns integration planning, the lender relationship and often a system migration. Decide which you need before you approach anyone.
Test for the work ahead. Ask candidates about opening balance sheets they've built with an external CPA firm, systems they've migrated mid-year, and multi-entity closes they've run. Specific answers about what went wrong tell you more than polished ones.
Screen the technical side properly. In our accounting and finance practice, led by Partner Jack Kalb, CA, CPA, whose career began in audit at EY, candidates are tested on the technical work before you meet them. A quiet search lets you tell the inherited team about the new role yourself, at the point you've planned.
FAQ
Should we keep the seller's controller after an acquisition?
Often, yes, if they can produce the reporting you now need or can grow into it with support. Measure them against the five checks above, and plan any change in role with employment counsel.
Do employees keep their years of service when a business is sold in Ontario?
In most cases they do, and that service counts toward notice and severance if a role later changes. Confirm how it applies to your deal with employment counsel.
Should the acquired business move onto our accounting system right away?
Usually not before the first close. Run the first one or two closes on the existing system, map its chart of accounts to yours, and migrate at a natural break such as a quarter-end, with your external CPA firm aware of the plan.
What should the first month-end package include after an acquisition?
Start with a balance sheet, an income statement compared with last year, the cash position and a list of open reconciling items. Add budget comparisons and key performance indicators once the close is reliable.
Minted Search Group: Your Ally After the Deal Closes
Minted Search Group helps buyers rebuild the finance team after an acquisition and keep the people worth keeping.
- A straight answer on the seat. We'll tell you whether your controller can stretch or the business needs its own finance lead.
- CPA-led screening. Candidates are tested on opening balance sheets, integrations and multi-entity closes before you meet them.
- A curated shortlist. You meet a few people who fit, not a stack of resumes, and each one is briefed honestly on the business you bought.
- Local reach. We search across Toronto, Hamilton and the Golden Horseshoe.
If you've just closed a deal, we can start scoping the permanent seat in your first week. Talk to Minted Search Group. No Pressure, Just Possibilities.
