RAUN V. SINGLETON, MBA
22306 Foxhall Drive, Corona, CA 92883
714.325.0910 Cell ª rvsingleton@attl.net
CHIEF FINANCIAL OFFICER
Strategic & Business Planning Ï Operations Management Ï Fiscal Accountability
EXECUTIVE SUMMARY
Dynamic leader with a career of building top performing organizations that has consistently out performed revenue and profit objectives. Expert at combining qualifications in both strategic business/financial leadership and complex operating management to drive bottom line efficiency, performance, process and profit improvements.
PROFILE
Talented Finance Executive with outstanding credentials exemplifying an extensive track record of planning and directing executive-level functions.
Experience representing organizations to Board of Directors, Equity Partners, outlying corporate offices and divisions, auditors, banks, government agencies, vendors, insurance providers and attorneys.
Proven success in linking accounting with general operations to provide hands on financial leadership.
CORE COMPETENCIES
-Acquisition, Negotiation & Integration
-Team Building & Team Leadership
-Turnaround, Process Redesign & Change Management
-Strategic Business Analysis, Systems Development & Market Planning
-Treasury, Foreign Exchange & Cash Management
-Productivity & Efficiency Improvement
-Budgeting, Modeling & Cash Flow Optimization
-Internal & External Financial Reporting, CPA Audit
-Raising Capital & Investment Funding & Reporting
-Board, Investor & Shareholder Presentations
-Product & Customer Profitability Analysis
-Annual & Long Term Operations Planning
-Working Capital Management
-Infrastructure Development
-Business & Financial Controls
RECENT EMPLOYMENT HISTORY
HYDE & HYDE, INC., Corona, CA
May 2014 July 2016
$180+ million packer of condiments packages for the fresh produce, retail, foodservice and commercial industries for conventional and organic products. Operations in Corona California and West Chester Ohio, distribute throughout the US markets.
Chief Financial Officer
Four Direct Reports and eight Indirect Reports
Provide leadership, control and infrastructure for this rapidly growing business that has doubled in the past two and a half years. Lead all finance, accounting, credit, inventory control, information technology, purchasing and customer service departments.
Project market, evaluate and negotiate new banking and funding relationship to provide working capital needs for the growing business.
" Despite rapid top line growth, the business had diminishing margins and sustained losses prior to my arrival. Developed and implemented a turn around strategy that includes action plans to return profitability that included pricing, cost and freight reductions to expand margins while minimizing overhead costs.
" Lead the business through bank forbearance and securing a new banking and funding relationship enabling
the company to have sufficient working capital to maintain and grow the business.
® Key Statistics: Sales up 85% and improve EBITDA from negative to $7.0+ million in two and a half years.
® Key Statistics: Debt to Equity improved from 15.0 to less than 4.0.
® Saved $1,925,000 in interest costs by managing working capital and cash flow to eliminate term debt needs and negotiate lower interest rates.
§ Modeled and developed the annual operating plans and forecasts needed to market the company and secure financing to grow and develop the business.
§ Enhance and strengthen all finance and business controls and processes.
ECLIPSE BERRY FARMS, LLC, Los Angeles, CA
October 2011 May 2014
$200+ million grower, packer and shipper of fresh produce specializing in strawberries and grape tomatoes both conventional and organic products. The largest grower and a top marketer of fresh and processed strawberries with farming operations in the US and Mexico. The largest supplier of fresh strawberries to Walmart.
Chief Financial Officer
Three Direct Reports and twelve Indirect Reports
Provide leadership, build infrastructure and develop business and financial controls to support the rapidly growing business. Lead all finance, accounting, credit, information technology, purchasing and human resources departments.
" Develop and implement financial controls and processes.
" Negotiated and established asset collateral with banks releasing personal guarantees of the owners.
" Build infrastructure including implementation of information systems to support and control the business.
® Key Statistics: Sales up 55% and EBITDA up 39% in two years.
® 5.6 days improvement in collection of trade receivables through aggressive initiative and DSO reporting matrix and goals improving cash flow and working capital.
§ Developed and implemented an annual business forecast and budget submitted to lenders.
§ Designed business, growing and harvest tracking systems to monitor and track yield, costs and margins of all locations of the business.
§ Prepared the company for possible equity transaction and acquisitions that included business memorandum, analysis and presentations.
PRIME TIME INTERNATIONAL (SUN AND SAND ENTERPRISES, LLC), Coachella, CA
April 2009 ? September 2011
$190+ million Industry leading grower, packer and shipper of fresh produce specializing in sweet peppers, the largest pepper shipper in North America with growing operations in the US and Mexico.
Chief Financial Officer
Seven Direct Reports and sixteen Indirect Reports
Provide leadership, infrastructure and support to lead the organization through rapid top line and bottom line growth. Lead all finance, accounting, credit, information technology and purchasing departments including developing and implementing strategic growth initiative and controls to strengthen the infrastructure of the business.
? Developed and implemented short and long-term strategic plans to improve information systems infrastructure and reduce critical risk of the business including international sales & operations.
? Lead a significant improvement of the financial close process to shorten the time frame and improve the forecasting and reporting of financial performance.
§ Positioned the organization for rapid financial results:
® Key Statistics: Sales up 30% and Net Income up 326% in two years.
® 5.6 days improvement in collection of trade receivables through aggressive initiative and DSO reporting matrix and goals improving cash flow and working capital.
§ Developed business forecasting systems to track current crop operational and financial performance and forecast season performance resulting in improved cash forecasting and planning.
§ Designed produce traceability initiative, PTI, to meet industry and customer strategies.
THE SUN VALLEY GROUP, INC., Arcata, CA
January 2003 ? August 2008
$95 million Industry leading grower and distributor of fresh cut flowers throughout the country.
Chief Financial Officer
Six Direct Reports and thirty Indirect Reports
Hands-on Senior Executive with full management responsibility for all finance, human resource, information technology, administrative, business and financial budgets and forecasts, business and strategic planning, logistics and analysis functions. Recruited and challenged to accelerate profitable gains in an industry with flat growth. Provided experienced executive leadership presence for the company and the finance & administrative teams.
§ Developed and executed strategic Annual Operating Plans, budgets, strategies and systems plans that provided a guide to drive the business and provide confidence of the owners and KRG Capital, a private equity investor.
§ Grew business from $46.1M to $94.5M in sales.
§ Positioned corporation for strong and sustainable financial results:
® $50.5M venture capital funding secured to accelerate profitable growth and $7M for emerging land acquisition opportunities.
® $250K annual operating cost reduction and additional working capital for growth through new lender selection.
® $300K in profit contribution through vendor cash discount credits not previously taken.
® Key Statistics: Sales up 105% and EBITDA up 123% through restructuring, negotiations, and management efforts.
§ Forged innovative, new income-producing programs, such as the establishment of a late fee policy that generated over $250k in collected fees and a reduction in DSO?s from 53.3 days to 38.6 days ultimately improving cash flow and reducing debt long-term.
§ Drove down business and administrative costs; negotiated business partnerships through vendor review and competitive bid processes and system improvements.
§ Steered The Sun Valley Group through the implementation of a self-insurance workers? compensation program saving over $14 million in four years and $3.0 to $4.0 million annually going forward each year.
§ Developed and presented a turnaround plan for the Southern California Division. Renegotiated financial covenants that the company was in violation of shortly after joining the company.
§ Orchestrated a massive corporate culture change initiative in response to organizational transition and implemented actions to establish controls and optimize each business unit?s performance.
VISTA PAINT, INC., Fullerton, CA August 2001 ? January 2003
$105M Manufacturer and retailer, 50 stores, of paint and coating products.
Chief Financial Officer
Five Direct Reports and twenty-five Indirect Reports
Directly accountability for budgeting, forecasting, financial planning, financial analysis, finance, accounting, operations and business metrics reporting, tax, treasury, pricing and general management functions. Charged with developing the Annual Operating Plans and Forecasts for manufacturing and each retail store with strategies to improve margins, reduce SG&A costs and enforce business and financial controls to protect company assets and speed period close process.
§ Achieved/surpassed all operating and financial objectives. Restructured virtually all operation reporting and metrics to transition company from an operating loss to a profit in one year.
® Key Statistics: Sales up 8.2%; EBITDA up 92.1%; Equity up 66.0% in one year.
§ Delivered $200K in increased profits through vendor cash discounts and credits previously not earned and/or lost.
§ Revitalized underperforming company to profitability after four years of an operating loss.
§ Guided staff across broad business functions (e.g., manufacturing, finance, operations) to better manage/control fixed costs and operating efficiencies.
POLYVISION INC. & NELSON ADAMS / GSI, INC., Corona, CA
April 2000 ? April 2001
$150M Manufacturer and installer of visual display and communication products for education and corporate markets including 5 manufacturing plants and 15 sales office through the US of a publically traded company.
Vice President of Finance
Six Direct Reports and twenty Indirect Reports
As Vice President of Finance, charged with all financial affairs, human resource functions, daily business operations, administration and employee benefit programs. Concurrently responsible for identifying and negotiating acquisitions to further accelerate growth and expansion. Developed the action and project plan to consolidate various Corporate Services activities for all of PolyVision companies in a centralized control location in the Atlanta corporate offices which included Finance and Accounting, Human Resources, Information Technology and Marketing functions. Operation included 5 manufacturing plants and 15 sales and installation offices throughout the country.
§ Grew Nelson Adams / GSI division business from $48.4M to $85.5M in sales in one year.
® Key Statistics: Sales up 76.7%; EBITDA up 51.7%; Assets up 32.1%; Equity up 36.0%.
§ Successfully led the infrastructure development to integrate four operating companies into one holding company in this rapidly growing company.
§ Transitioned this formerly family-owned business to a best-in-class operating model through the enhancement, development business controls designed to meet the GAAP and SEC reporting requirements.
§ Developed and implemented working capital improvement initiatives designed to steadily improve cash flow;
§ cash collections times declined from 81 to 64 days and inventory from 75 to 50 days.
§ Prepared the company for the eventual sale to Steelcase Inc. and facilitated management transition.
FOUR-S ?WEBER?S? BAKING COMPANY, INC., Los Angeles, CA
April 1997 ? September 1999
$52M Bakery food manufacturer of "Weber's" white bread, the best selling white bread in Southern California, and a variety of other breads and bread products with one bakery, thirteen distribution depots, nine retail stores, 250 delivery drivers and 500 employees.
Senior Vice President and Chief Financial Officer
Five Direct Reports and thirteen Indirect Reports
Recruited to lead a financially unstable organization through an aggressive turnaround, market repositioning, product/service expansion and business process reengineering initiative to restore profitability and prepare it for acquisition. Scope of responsibilities included: utilizing skills in project management and planning to develop an acquisition project plan to acquire and integrate the "Weber's" brand name into the bakery. Additionally responsible for strategically devising a plan to expand and grow the company including the infrastructue development; spearheading the launch of handheld computers for retail delivery and billing and then the eventual marketing and sale of the business to Bimbo Bakeries.
® Key Statistics: Sales up 69.8%; EBITDA up 430.6%; Assets up 363.6%; Equity up 252.5% in two years.
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§ Leveraged core competencies to resolve various control and reporting issues, which the company previously encountered under the old management team.
§ Implemented best-in-class financial analysis, reporting and management systems ?that presented timely and accurate financial reports to all principal advisors including management, the Board of Directors, bankers and ESOP agencies.
§ Grew annuals sales from $30M to $52M primarily due to the acquisition of the "Weber's" brand from Interstate Baking Company in 1997.
§ Route delivery system doubled immediately once the acquisition was complete, which had a significant impact on the company?s performance.
§ Prepared the business proposal and presentation of the sale of the business for potential buyers to read, review and analize and then made formal presentations to each of the eight interested buyers of the business; sold the business and received a 96% approval vote from the owners (employees) of the business including American Capital Strategies, who was also involved as an equity holder and profited greatly from this business turnaround, acquisition, restructure and sale.
§ Successfully sold the business to highest bidder, Bimbo Bakeries, USA.
SARA LEE FRESH BAKERY, INC., Los Angeles, CA
October 1994 ? January 1997
$85M Bakery food manufacturer of Sara Lee branded fresh bread and pastries with expansion throughout much of the US market including two owned, seven contract bakeries, twenty-five distribution depots and three retail stores.
Chief Financial Officer
Recruited, after Sara Lee Fresh Bakery purchased International Baking Company, to assist with the transition of a small privately held company to what was becoming a large publicly held corporation.
® Key Statistics: Sales up 303.6%; EBITDA up 252.8% in three years.
§ Liaised with business leaders worldwide; demonstrated exceptional business acumen, financial, analytical and presentation skills.
§ Steered team through a massive tactical initiative to resolve areas of concern and control issues presented by the internal/external auditors as a result of the acquisition; all issues were resolved within two years.
§ Key contributor in strategic growth of the business to expanded successful regional business into a national launch and expansion throughout the country.
PREVIOUS EXPERIENCE
Controller / Co-General Manager July 1991 ? October 1994
CARRIAGE HOUSE FOODS, INC. / THE RED WING COMPANY, INC., San Jose, CA
Corporate Accounting Systems Manager August 1986 ? July 1991
FOSTER FARMS, INC., Livingston, CA
Accounting Manager / Assistant Controller November 1980 ? August 1986
ALBERTSON'S, INC., DISTRIBUTION CENTER, North Salt Lake, UT
Corporate Accountant February 1978 ? November 1980
CLOVER CLUB FOODS, INC., Kaysville, UT
EDUCATION AND PROFESSIONAL DEVELOPMENT
Master of Business Administrative in Management, Golden Gate University, San Francisco, CA
Bachelor of Science in Accounting, Weber State University, Ogden, UT
Attended, Produce Marketing Association Fresh Summits
Attended, United Fresh Produce Association Conference
Attended, Western Growers Association, Produce Traceability Summit
Attended, Financial Executive International CFO Leadership Summit
Attended, Franklin Covey Leadership Summits
Attended, Franklin Covey Principles of Leadership Execution
Attended, Franklin Covey Symposiums
Attended, Franklin Covey Facilitator Conferences
Corporate Trainer, Franklin Covey Organization & Planning
AFFILIATIONS
Member, F.E.I., Financial Executives International
Former Board Member, F. E. I., Orange County Chapter
Former Board Member, California State University Humboldt Business School Advisory Board
Former Board Member, Mad River Hospital Community Health Advisory Board
COMPUTER KNOWLEDGE
MS Office Suite, ABBA Software, Famous Software, Microsoft Dynamics AX, Great Plains, NuVision / Cort Payroll, ADP Payroll & Human Resources, Ross ERP, MAS 90, Sage, Oracle ERP, Dun & Bradstreet, Lawson, FAS - Best, CA-Masterpiece |
