California Olive Ranch

Interim Financial Management for Largest US Olive Oil Producer: Managing Growth and Change

CLIENT:
California Olive Ranch, Inc. (COR) is North America’s largest producer of extra virgin olive oil. COR was started in 1998 with a 400-acre orchard and oil mill. Over the years, the company has added owned and contract acreage totaling over 10,000 acres and built a state-of-the-art mill and tank storage facility, the largest in the Western Hemisphere.

THE CHALLENGE:
Managing rapid growth is a challenge for any company fortunate enough to experience it. However, since COR is a vertically integrated company with production, processing, and marketing functions, this growth requires extra effort. Morrison & Company was engaged on three separate occasions to manage COR’s financial outsourcing and provide interim management of its finance and accounting functions, each time helping the company advance to the next level of financial and accounting sophistication.

THE RESULTS:
During Morrison’s interim management, California Olive Ranch achieved many notable milestones. Among them were planning for and achieving substantial facility and orchard expansion, conversion to a complete ERP system, recruiting and training nearly the entire accounting staff, a fiscal year-end change, multiple year-end closes, multiple successful annual budget and planning cycles, and the first ever financial audit. Through its retail, food service, and private label sales, COR has gained national distribution and enjoys sustained increases in market share against foreign imports.

At the conclusion of the most recent interim CFO engagement, Morrison transitioned in a permanent CFO to assume the finance and accounting management and leadership. Today California Olive Ranch is achieving things few would have thought possible from its humble beginnings, and with continued dedication to innovation and quality in all their products, the company is well positioned to continue significant growth for years to come.