Case Study

Sherpa

From Financial Blindness to Unit-Level Modeling

How Cypher stepped in after a sudden CFO loss, running a forensic cleanup, building unit-level financial models, and giving a last-mile delivery leader real-time control during a turnaround.

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In this client story

2–3 pts

gross profit margin increase, worth hundreds of thousands of dollars

The engagement at a glance

What Sherpa needed

Sherpa needed financial support during a turnaround after losing its CFO.

The work Cypher took on

Cypher worked through the accounting cleanup and built unit-level financial models for the last-mile delivery business.

FP&A and CFO advisory →

The reported margin change is expressed in percentage points, not percentage revenue growth. It describes this turnaround rather than a standard return from financial modeling.

Meet Ben Nowlan

Ben NowlanCEO, Sherpa

Ben Nowlan, CEO of Sherpa, is a founder with over 20 years of experience leading startups and solving retail challenges through technology. Based in Australia, Sherpa has become a market leader in last-mile retail fulfillment, serving national retailers with same-day and on-demand delivery.

Over the past decade, Ben has navigated growth, fierce competition (including from Uber), and the unique economics of Australian labor markets, all while building a solution that helps independent retailers compete with giants like Amazon.

Background

Sherpa is a market leader in last-mile retail fulfillment, serving national retailers across Australia with same-day and on-demand delivery, helping independent retailers compete with giants like Amazon.

Over the past decade, the company navigated rapid growth, fierce competition (including from Uber), and the unique economics of Australian labor markets.

The Challenge

Sherpa faced a sudden leadership crisis when its in-house CFO suffered a serious illness. This left the business financially blind, two months of unreconciled transactions, no real-time view of cash flow, unit-level margins, or working capital, and major governance risks.

A High-Pressure Phase

The crisis hit at the worst possible time, with Sherpa simultaneously:

✓Managing millions of transactions each year
✓Facing margin-sensitive competition from global players
✓Preparing for a merger and business turnaround
✓Needing to make hourly operational decisions on pricing, marketing spend, and AR/AP

The Approach

Cypher stepped in to restore clarity and control fast. The work included:

✓Forensic financial cleanup of two months of unreconciled data
✓Building unit-level financial models and scenario-based forecasts
✓Embedding forecasting into daily operations so Sherpa could make hourly decisions on pricing, spend, and margin protection
✓Optimizing accounts receivable and accounts payable processes
✓Supporting merger modeling and shareholder reporting with clean, investor-ready financials

The Outcome

With Cypher's support, Sherpa:

✓Regained financial visibility and control
✓Reduced operational headcount from 60+ to less than half while maintaining delivery volumes through automation and AI-powered driver support
✓Increased gross profit margins by 2–3 percentage points, translating to hundreds of thousands of dollars
✓Developed real-time decision-making capabilities to adjust pricing, marketing, and operational priorities instantly
✓Gained the confidence to make margin-sensitive calls during competitive pressure and a corporate turnaround

"I haven't come across a firm that's better than Cypher. For any founder, especially young ones, having that CFO time to truly understand your P&L, balance sheet, and decision levers is invaluable."

Ben Nowlan

CEO, Sherpa

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