2003 to 2006
Los Angeles, California
SENIOR VICE PRESIDENT/CHIEF FINANCIAL OFFICER
I quickly developed and implemented all financial, control and human resources systems to enable the launch of this start-up digital television network. Our launch efforts enabled us to go from bridge financing to being on the air 24/7 with 50% original programming in 59 days.
I assisted in closing the Company's initial $61.5MM private equity financing.
I hired and managed a staff of twelve in Finance, Administration, Production Accounting, Legal Affairs, Information Technology and Human Resources. My staff and I provided support to the Affiliate Sales effort with business analysis and to all departments through the design and implementation of the Company's web based budget process.
My work included regular written and oral financial presentations to the Board of Directors including budgets, monthly financials and long term business modeling.
1998 to 2003
CONSULTANT, SELF EMPLOYED
Los Angeles, California
Was selected by the Los Angeles Community Development Bank to fill one of their two designated seats on the Board of Directors of a troubled credit, The Wave Community Newspapers. With the company on the brink of returning to bankruptcy, we cut monthly operating costs from $640K (June 1999) to $470K (June 2000) and improved monthly operating income from $21K to $41K over the same period in a weak advertising market. We also removed the CEO and successfully positioned the company for sale in August 2000.
Continued work with El Dorado for one year (1998/99) as a consultant. Assumed P&L responsibility for KRRA-AM in Los Angeles while it was being sold and my former partners focused on the remaining radio operations in Houston. Surpassed objective of requiring no further cash from El Dorado to support the station during a protracted wind-down and returned an excess $50K to the company.
Advised management and private equity investors in a $35MM+ media acquisition and a $50MM+ financing. Provided financial model for the transaction and operational advice during the start-up period.
1991 to 1998
EL DORADO COMMUNICATIONS, INC.
Los Angeles, California
CO-FOUNDER, SENIOR VICE PRESIDENT/CHIEF FINANCIAL OFFICER
Together with the CEO, founded El Dorado in 1991 to acquire under-performing or neglected radio stations in major markets with large underserved Hispanic populations. Between 1993 and 1996, we raised $35MM in acquisition funding and purchased or leased eleven radio stations, growing the company from near $0 to almost $16MM in revenues, and 200 employees.
MERGERS & ACQUISITIONS: My M&A work included all of the due diligence in connection with our acquisitions and either supporting or leading roles in the negotiations to acquire or lease eleven radio stations in seven separate transactions. As we were usually negotiating with owners of closely held, or family businesses, the negotiations were often complicated, but also offered many opportunities. For example, I negotiated a favorable and unusual seven-year lease agreement, at the end of which, El Dorado would own KEYH-AM in Houston with no further payments.
CORPORATE FINANCE: Our initial financing funded our first two acquisitions. As we were a start-up, we raised our first $3.25MM of equity based only on the strength of our financial projections, the business idea and two attractive purchase agreements. Over the next four years our $35MM of acquisition funding involved thirteen transactions, many of which I led, with nine venture investors, one mezzanine lender, three commercial banks and ten sellers. During this period I was in charge of the day to day management of investor relations. Finally in 1998 I pulled together the myriad financial details to complete the $58MM recapitalization of the company including the successful closing on a $40MM senior loan (and the buyout of my equity in the company). Over eight to nine years (through 2002) our company delivered mid-20's returns to our equity investors generated by the sale of stations we had purchased while I was the CFO.
CONTROLLERSHIP: Built and managed the company's financial and administrative systems. Retained Deloitte & Touche as our auditor and tax adviser. Developed a cost-effective flexible employee benefits package that assisted in employee recruitment and retention. We designed our financial and accounting procedures with the objective of being effective while unobtrusive. For instance, the previous owner of our most valuable station had accepted losses on station events as a cost of promoting listenership. We made our major events profitable by first establishing the principle of not doing any large promotion where we could not project a profit. Second, large events were not approved without detailed budgets. Third, we required tight control procedures over cash from concession sales.
Managed an insurance program that included hurricane coverage for radio towers off of the Gulf of Mexico and liability coverage for an all day event the size of Woodstock (attendance of 300,000+) in downtown Los Angeles.
OPERATIONS: In the start-up stage, I negotiated leases in Houston and Los Angeles for our new operations. I worked with architects, engineers and contractors to design and build broadcast facilities in both cities. As the company grew, I absorbed additional operating responsibilities including the expansion of our facilities and the integration of our new staff and stations in Houston. In three years our Houston facility had grown from one radio station with 35 employees in 6900 square feet to five radio stations with 90 employees in 10900 square feet. This effort required everything from extensive redesign of the facility, to integrating accounting records and practices, to addressing the inevitable political conflicts that arose during the acquisitions. I also managed the completion of a partially built 1400-ft. broadcast tower that significantly improved KQQK-FM's coverage of Houston.
1985-1990
RCA CORPORATION & GENERAL ELECTRIC COMPANY
New York City, Mexico City, Fairfield Connecticut
After receiving my MBA in 1985, I took my first assignment with RCA's Financial Associates program in New York City as a Corporate Treasury Analyst. The program offered visibility to the CFO and a fast track to senior financial management. Also at the time RCA was seen as a company in a turnaround mode with good financial leadership. However, three months after my arrival, GE's acquisition of RCA effectively ended the program. Early in 1986 I relocated to RCA in Mexico City only to have GE announce its intention of exiting the music business, which constituted half of RCA's operations in Mexico. Nevertheless, I remained for one year as Assistant Controller at RCA/Ariola Records in Mexico City, supervising cost accounting, budgeting and several administrative areas while the business was being sold. My main accomplishment during this period of transition was maintaining the status quo and retaining my staff of 30 employees during a difficult time of being for sale. I also analyzed the Mexican subsidiary's tax and legal status and developed recommendations regarding the form of the sale of the Mexican operations.
In 1987 I was given the opportunity to work as a Financial Analyst for a General Electric Vice-Chairman at Headquarters in Fairfield, Connecticut. Despite my status as a GE "outsider" and turnover in the Vice-Chairman's staff, I remained in that role for three and a half years. I provided financial analytical support and served as a liaison between $14 billion of operating businesses and corporate financial staff. Business units included aerospace, locomotives, semiconductors and the Corporate Research and Development Lab. I analyzed and evaluated divestitures and new ventures and was an integral part of the disposition of several GE/RCA businesses.
1980-1983
DELOITTE HASKINS & SELLS (Deloitte & Touche)
Los Angeles
I served on the audit staff and was promoted to Senior Accountant in 1982. I planned and supervised audits in various industries including financial services, entertainment, real estate development, telecommunications, durable goods manufacturing and government. I frequently assisted clients in the preparation of their SEC filings. Earned CPA in 1982.
EDUCATION:
STANFORD UNIVERSITY GRADUATE SCHOOL OF BUSINESS
1985 Master of Business Administration in General Business with an emphasis in Finance. Received three fellowships and was elected President of the Hispanic Business Students Association.
UNIVERSITY OF TEXAS IN EL PASO
1980 As a graduate student, covered the four-year program for a major in Accounting in one academic year (1979/80) with a 3.86 GPA.
1979 Bachelor of Arts in History and Mathematics with various academic honors including the Dean's List and memberships in academic honorary societies.
PERSONAL:
* Married with two children
* Winner of the 2006 Jerry I Porras Latino Leadership Award from Stanford Business School
* Fluent in Spanish
* Who's Who in America |
