With C2FO, Ferrara Candy Company improves its days sales outstanding and keeps borrowing to a minimum—all at a rate that’s competitive with its line of credit.
When Salvatore Ferrara began selling candy-coated almonds from his bakery in Chicago’s Little Italy neighborhood back in 1908, he didn’t know just how big his idea would become.
Today, Ferrara Candy Company is the number one non-chocolate candy maker in the United States. Its list of tasty brands boasts household names like Trolli, Lemonhead, Super Bubble, Fruit Stripe, Red Hots, and many others.
“You might expect that getting cash earlier would be an expensive proposition, but with C2FO it isn’t.”
Terry Wagner, VP and Corporate Controller
As a large and fast-growing company with numerous customers throughout the U.S. and Canada, Ferrara approaches cash flow strategically.
For Terry, Ferrara’s VP and Corporate Controller, his goal is not to solve a particular working capital problem—it’s to continually optimize the balance sheet and free up cash to help grow the business.
“Our largest working capital goals are to keep receivables low, get payments quickly, and keep our line of credit as low as possible.”
By giving him the ability to have invoices paid early whenever he chooses, C2FO allows Terry to reduce Ferrara’s days sales outstanding and fuel growth at a cost that makes sense.
Since C2FO allows vendors to control the rate they offer their customers, Terry can choose an APR that’s similar to his line of credit.
He also appreciates the visibility C2FO’s platform gives his team into Ferrara’s receivables—deductions, discounts, and upcoming payments.
“Being able to accelerate cash from our customers through C2FO helps us with our financial goals. It’s been a terrific tool for us.”
With on-demand access to cash, Ferrara can keep its books in great shape and focus on making delicious candy.