CHIEF FINANCIAL OFFICER
Financial and operations leadership of growth-oriented companies to produce and manage profitable products and services
Successful in developing and leading profitability strategies, establishing strong internal controls, and instituting financial and operations performance measurements that drive efficient sales and service activities to achieve revenue growth and cost reductions.
Areas of expertise include:
* Market Expansion – Drove market expansion of a branded consumer products company into the Food/Drug/Mass business channel, increasing sales 150% to $75 million in the first year.
* Profitability Strategies – Led cross-functional teams to institute profitability strategies that achieved $900,000 in cost reductions in the first 7 months.
* Internal Controls – Developed internal operational and accounting controls for a building materials supplier, reducing excessive inventory losses by 80% to below industry standards.
2005 – Present MAS FINANCIAL CONSULTING – San Diego, CA
Provide financial consulting services to privately held start-up companies and individuals in the areas of investments, business plan development, and other financial concerns. Also provided care for a terminally ill relative; completed care duties in late 2007.
2000 – 2004 NEXT PROTEINS, INC. – Carlsbad, CA
Vice President / General Manager (Oct. 2004 – Dec. 2004)
Vice President of Finance / Chief Financial Officer (2000 – Oct. 2004)
Recruited to this privately held innovator, marketer and manufacturer of branded consumer nutritional food products, with a lean corporate staff of 40 employees in California and 25 manufacturing employees in Nevada. Annual sales ranged from $30 - $80 million.
Contributed senior-level executive management expertise to support an inexperienced owner/CEO and executives; support the development and launch of a new product line (nutrition protein bars); obtain financing from a new bank due to negative and severed relationship with current bank; and improve internal controls and financial support to other areas of the company.
* Convinced owner/CEO to expand into highly competitive Food/Drug/Mass business channel where sales were migrating for nutritional products. Recruited and created an aggressive commission structure for a dynamic senior sales executive who then hired and motivated a sales team to develop this channel. This expansion, along with the launch of a new technology protein bar, increased sales by over 150% within first year, with improved margins, and the new channel accounting for 45% of total sales.
* Identified potential savings in manufacturing and purchasing activities. Then energized senior operations management and led a cross-functional team to identify additional savings, achieving a total savings of $900,000 in the first 7 months.
* Created a unified, high performance, motivated Accounting and IT Team by upgrading positions with talented, experienced staff, and then by developing individual annual goals to instill accountability and initiative in improving financial and operational reporting and effectiveness.
* Installed disciplined business practices with customer credit. Obtained credit insurance on receivables to allow the company to sell to customers with high-risk credit. Reduced bad debt expense to below industry norm.
* Strengthened internal controls over working capital by creating a 45-day daily cash forecast, and by establishing performance metrics for Credit, Payables and Operations departments.
* Negotiated with a new bank and obtained line of credit and term debt financing.
* Maintained low accounting and IT department overhead while, in span of two years, the company doubled its sales and grew EBITDA substantially more, and started up a nutrition bar manufacturing plant. Controlled business operations during subsequent downturn in business due to industry trends in nutritional products.
1993 – 1999 SWEET FACTORY, INC. – San Diego, CA
Vice President of Finance / Chief Financial Officer (1998 – 1999)
Controller (1993 – 1998)
For this venture capital-backed chain of retail candy stores, I was brought in to support the national roll-out of stores and the profitable growth of the company by reducing SG&A as a percent to sales; improve effectiveness of financial infrastructure, including employees, systems and reporting; and assist in exit strategies for venture capital owners.
In 1996, the company started up a California candy manufacturing plant to supply retail operations. The company was sold in 1998 and relocated to the new owner’s headquarters in Chicago, IL in 1999.
* Contributed to rapid company growth as national store roll-out increased revenues from $20 million in 1993 to $87 million in 1997, with 260 locations in the US and Puerto Rico and 2,000+ employees.
* Led the development of financial systems for analytical, budgeting, reporting, forecasting and asset management from manual to fully-automated processing, greatly improving staff productivity and the quality, accuracy and timeliness of financial information.
* Created a PC/SKU-based, gross margin system that generated monthly margin, markdown, discount and shrink reports used to evaluate product profitability and the performance of Purchasing, Marketing and Store Operations departments.
* Developed a cost accounting system to capitalize internal store construction costs, improving profits by $400,000.
* Negotiated with a new bank a 50% larger debt facility with a lower interest rate.
* Member of senior management team that orchestrated sale of the company. Prepared financial reports and conducted road show presentations.
1989 – 1993 WESTERN LUMBER COMPANY, INC. – San Diego, CA
Acting Chief Financial Officer (1993)
Controller / Treasurer (1989 – 1993)
Joined this privately-held building materials supplier with retail stores, wholesale/distribution, specialty milling and lumber assembly divisions and annual sales ranging from $40 - $100 million. Assisted the newly-hired CEO and CFO to turn around the company during a recessionary period from 1988 - 1993 that saw county building permits drop by 90%. Also charged with reducing excessive inventory shrink and improving internal controls and financial reporting.
* Developed internal operational and accounting controls and reports that immediately reduced excessive inventory losses by 80% to levels below industry standards.
* Eliminated the bureaucratic operating philosophy of this 75-year-old company’s Accounting department to instill a sense of urgency and operational efficiency, reducing the monthly closing period by 50% with improved accuracy in financial reporting.
* Selected and implemented a new, corporate-wide software package, in conjunction with the CFO and an external consultant. The new system supported a streamlined corporate infrastructure and decentralized information processing and analysis, greatly improving corporate-wide reporting and accountability. Reduced IT staff from 14 to 4.
* Converted the company’s health plan from a PPO to an HMO with an annual savings of $150,000.
* Liquidated the company under budget in 1993, following orders from the owner (Kuwait government) after the Gulf War.
1979 – 1989 DELOITTE – San Diego, CA, Cleveland, OH
Senior Manager – Audit
Earned “fast track” promotions to supervisor in 4 years, manager in 6 years, and senior manager in 8 years. Co-managed, with another supervisor, the largest and most profitable client in the Cleveland office. This client was one of Deloitte’s top 100 clients with 50+ operating entities in the real estate and retail industries.
Transferred to the West Coast in 1985 to support turnaround of the San Diego office. Inherited complex accounts with low service profitability margins. During the next 4 years, acquired additional services from clients with an increase in billings of over 300%; also improved service profitability margins from under 50% to 83% (87% maximum for my accounts).
1974 – 1979 COMMERCIAL INTERTECH, INC. – Youngstown, OH
Senior Cost Accountant (1977 – 1979)
Production Scheduler/Timekeeper/Production Efficiency Reporter (1974 – 1979)
While attending college, I worked full-time for this international, publicly-held manufacturer of hydraulic equipment and stamped metal products with $200 million sales. The company was ranked #1 of the Fortune 1000 companies for return on shareholder equity for 10 years.
Started with the company as a teenager in its management training program. Achieved 3 fast-track promotions in 5 years in manufacturing operations and cost accounting. Left company to pursue a career in public accounting as a CPA.
EDUCATION / INTERNATIONAL
B.S. in Business Administration/Accounting, Youngstown State University, 1978
Certified Public Accountant, State of California
Completed more than 600 hours of continuing professional education on various business topics, recently including: Doing Business in Hong Kong and China; Sarbanes-Oxley Effects on Current Business Practices; Business Performance Management: Metrics for Success; and Strategies for Enhancing Global Manufacturing Competition.
Working knowledge of Spanish language; completed courses in Mandarin (Pinyin). Traveled throughout China and other Asian and Latin American countries. Participated in an international work exchange program with Deloitte in New Zealand. |
