Extensive corporate finance leadership—both as a CFO and a Corporate Controller—enhanced with having directed the financial and administrative operations of two companies has proven to be a valuable combination to previous employers. Successful track record as member of senior management teams improving the financial performance of growing companies as well those in more troubled situations. Experience spans public, private and not-for-profit companies.
The diversity of my experience provides a solid platform for managing a business and making money as well as providing leadership to a complex organization. As a persuasive leader, I am capable of mentoring and motivating others in a collaborative environment with enthusiasm and a touch of humor.
• Team Building • Recruitment and Retention
• Problem Analysis and Resolution • Financial Software Conversions
• Skilled Negotiations • Written and Oral Communication
• Financial Management • Strategic Initiatives
• Building a Company • Senior Housing
• Process Improvement • Sarbanes/Oxley Act of 2002
• SEC Reporting and Compliance • Internal Control Development
• Lender and Bank Relations • Cash Management and Treasury
• Coaching and Mentoring • Property Management
• Real Estate Development • Operational Improvement
1999—2004 PRIME GROUP REALTY TRUST
Publicly traded New York Stock Exchange $1.5 Billion Office and Industrial Real Estate Investment Trust.
Vice President—Corporate Controller
Directed the accounting and financial reporting department for a publicly traded REIT owning and developing Class A office buildings and industrial properties in the Chicago metropolitan area.
• Restructured accounting department and implemented streamline processes to reduce overhead and accelerate timeliness of reporting financial results by 2 weeks. Rebuilt and led professional staff of 15 from the ground up. Developed effective relations with operating personnel and all corporate departments, internal and external auditors and was a trusted advisor to the audit committee of the Board of Directors.
• Employed effective lock box system for capture of cash resulting in cash application to tenant receivables within 24 hours. Utilized internet to implement effective internal controls over transfers of cash for debt service, real estate tax payments and acquisitions/dispositions.
• Developed and documented financial reporting internal controls to comply with the Sarbanes/Oxley Act of 2002 without utilizing outside consultants. Key member of company disclosure committee ensuring compliance with all SEC requirements and standards.
• Collaborated with IT during conversion to JD Edwards software for property management, accounts payable, cash applications, accounting and financial reporting. Improved accounting process and all forms of reporting and reduced technology staff resulting in annual savings of $250,000.
1997—1999 CHICAGO PROPERTY MANAGEMENT CORPORATION
The property management affiliate of the Rezmar Corporation, a private real estate developer of market rate and affordable housing in the Metropolitan Chicago area.
President/Chief Executive Officer
Recruited to a company losing money, having inadequate and under trained staff, poor collection procedures, virtually no internal controls and absent leadership presented an immediate challenge. The parent company was in the process of changing its business strategy and could no longer afford the cash flow drain of this subsidiary.
• Evaluated the historical financial results, the people, the operating procedures, the accounting policies and the internal controls to determine strengths and weaknesses and presented a series of straight-forward recommendations requiring no new capital investment for approval of the company’s owners within sixty days of hire.
• Replaced unqualified staff with professional managers, reorganized a collection department to include accountability, eliminated an unprofitable department by outsourcing to third parties utilizing RFP’s, centralized the purchasing and lease certification processes, implemented effective internal controls and created a sound accounting department and a series of meaningful financial reports.
• Improved occupancy 5% and reduced average receivable delinquency by 15 days during first nine months. Eliminated annual losses of approximately $200,000 within one year.
1989—1996 CATHOLIC CHARITIES HOUSING DEVELOPMENT CORP.
A $125 million real estate development company of housing and long-term healthcare facilities for the elderly on behalf of the Archdiocese of Chicago.
Executive Director
Functioned as CFO/CEO/COO directing the financial affairs and complete real estate development process for projects totaling over $100 million. Full responsibility for long-range planning, land acquisition, architectural design, construction, accounting, financing, financial reporting, property operations and asset management. Operated company with minimal staff of dedicated professionals while developing strong relationships with Board of Directors and external consultants, auditors, contractors, and attorneys.
• Stabilized company operations with sound fiscal structure and organization. Developed accounting, reporting and information systems providing integrity and internal controls. Replaced poor marketing plans, risky development templates and mismanaged financing with sound ones allowing the company the financial freedom to achieve its mission of providing the elderly with affordable housing.
• Resurrected healthy cash flow by aggressive debt management by refinancing existing tax-exempt revenue bonds saving $15 million over life of bonds.
• Established company as major participant in Federal government subsidized programs for elderly housing. Received commitments for development grants and operating subsidies in excess of $50 million.
• Negotiated $1 million cost reduction during construction of $33 million, 268-unit retirement complex. Created marketing strategies increasing occupancy from 56% to 94%.
• Restructured the operations of 250-bed long-term healthcare facility. Obtained approval from state review board for license revision converting 44 beds from low reimbursement sheltered care to high reimbursement skilled care resulting in annual gross revenue increase of $300,000.
• Managed the development and property management of over 1,000 apartments for low and middle income elderly establishing the company as a major player in the senior housing industry in the Chicago market.
1987—1989 THE BALCOR COMPANY
Diversified real estate syndication company with equity and debt public partnerships once valued in excess of three billion.
Vice President
Full responsibility for asset management of all commercial office buildings and retail shopping centers in the equity partnerships. Participated in oversight of troubled debt in direct loan portfolio and debt partnerships.
• Reengineered asset management department responsible for over-leveraged holdings in difficult markets throughout Southeast and Southwest USA during the period following the 1986 tax reform act.
• Formulated short and long-term strategies that proactively addressed debt restructuring, litigation, property management plans, leasing strategies, foreclosures, sales value and timing avoiding permanent impairment of investors return on investment in public partnerships.
• Negotiated deed in lieu of foreclosure agreement with borrower/developer of $27 million Class A commercial office building in Austin, Texas giving company control over leasing and property management.
1984—1986 GSI, Inc.
A $115 million holding company whose wholly owned subsidiaries included real estate development, property management, real estate syndication and investment advisement.
Chief Financial Officer and Treasurer
Invited to join the parent company of a privately owned business whose owner/CEO had passed away six months earlier leaving the company in search of leadership. The company was in financial peril as a result of poor cash flow from subsidiaries located across the country, frozen bank lines of credit and being named as a defendant in a significant lawsuit. Without the design and implementation of a strategic plan, the company was on the brink of bankruptcy.
• Defined the best strategy to meet surviving owners’ best option—stabilize operations to position company for sale at an amount to provide lifelong financial security.
• Identified all critical issues and developed a series of rational steps requiring difficult decisions including scaling back certain operations while expanding others, reducing the number of employees, and implementing stronger controls over the use of cash flow. Consolidated operations improved to positive within 12 months.
• Prepared comprehensive cash flow analysis and presented convincing plan of repayment to lender resulting in the reopening of critical credit lines totaling $5 million within thirty days of hiring.
• Engaged top litigating law firm and negotiated out-of-court settlement to a no win lawsuit saving $2.5 million.
• Developed specific marketing strategy for sale of company upon stabilization of operations focusing on value of syndication track record. Negotiated sale to west coast investor netting the owners $5 million of cash and paper.
1982—1984 MILLER - KLUTZNICK - DAVIS – GRAY
Entrepreneurial $2 billion commercial and retail real estate developer with offices in Denver, Chicago, Boston, Los Angeles and San Francisco.
Vice President – Finance
Directed the cash management, accounting, financial reporting, and banking and lender relationships for this private partnership whose assets included the Aspen Ski Company, Pebble Beach Company and the Twentieth Century Fox studio properties.
1972—1982 KPMG PEAT MARWICK
Senior Audit Manager
EDUCATION BA Accounting St. Mary’s University 1972
CPA State of Illinois 1974 |
