The Situation
The founder of a VC-backed software company in the 0 to 10 million euro ARR range reached out to Uhlig Capital with a specific ask: take a look at the marketing function.
It didn't take long to see that marketing was a symptom, not the root cause. The leadership team, many of them in senior roles for the first time, was not equipped for the challenges the company was facing. The business case the company had been operating on was built on flawed assumptions. The budget was too thin to realistically hit the targets that had been promised to investors. And with millions already deployed, shareholder patience was wearing thin.
This was a young, passionate team. The energy and belief in the product were real. But the gap between ambition and execution had grown too wide, and the pressure from the cap table was mounting. It was a highly emotional environment that required not just analytical clarity but steady, professional navigation across every stakeholder group.
Approach
The mandate evolved rapidly from a narrow marketing review into a comprehensive operational engagement.
Leadership Restructuring
The first step was an honest assessment of the leadership team. Uhlig Capital worked with the founder to restructure key positions, replacing leaders who were not the right fit for the company's current stage. This was handled with care. These were people who had helped build the company, and the situation required directness paired with respect.
Interim Leadership
To avoid a vacuum, Uhlig Capital placed interim leaders into critical roles. These were not advisory positions. The interim team took full operational ownership, providing stability while permanent hires were identified.
Recalculating the Business Case
A deep dive into the financials revealed that the company had been planning on a fundamentally insufficient cost base. The budget simply did not support the growth targets. Uhlig Capital rebuilt the financial model from the ground up, realigned the cost structure, and developed a pipeline strategy that was both aggressive and cost-efficient. Every target and KPI was grounded in external benchmarks, not internal optimism.
Operational Execution
With the new model in place, Uhlig Capital took on operational responsibility in marketing and supported hiring to backfill open positions. The focus was on building a pipeline that could realistically deliver the numbers the company needed.
Stakeholder Communication
Throughout the engagement, communication frequency with shareholders was significantly increased. Every recommendation was backed by data. Every forecast was tied to a benchmark. The goal was to rebuild credibility through transparency and precision, not through promises.
Fundraising Support
As the mandate was nearing completion, the company asked Uhlig Capital to stay on. One of the key findings had been that the company needed to go to market for capital sooner than originally planned. Uhlig Capital provided the financial model, cohort analyses, due diligence documentation, and supported the entire fundraising process. Having worked inside the company for months, the team also served as a credible reference for potential investors.
Outcome
The company closed a significant funding round that gave it the runway to continue growing, expand product capabilities, and address structural weaknesses that had accumulated over time.
The leadership team was rebuilt with the right people for the company's current phase. The financial model was grounded in reality. The pipeline was operating at a level the company had not seen before.
The mandate ended with the company in a fundamentally stronger position. Stronger team, cleaner numbers, fresh capital, and a clear path forward.
The founder later engaged Uhlig Capital for a second mandate. A separate story.
Key Takeaways
- The presenting problem is rarely the real problem. A request to "look at marketing" led to a full leadership restructuring and financial overhaul. The willingness to name the actual issues early is what creates real progress.
- First-time leaders need support, not blame. Young teams in high-growth environments often face challenges that outpace their experience. The right response is honest assessment, clear direction, and practical help. Not finger-pointing.
- Benchmarks beat opinions. In high-pressure environments with anxious shareholders, every recommendation needs to stand on data. Grounding targets in external benchmarks turns difficult conversations into productive ones.
- Sometimes the best thing you can do is stay longer than planned. The fundraising support was not in the original scope. But the company needed it, the team was already embedded, and the timing was right. Flexibility in scope is part of the job.
