EXECUTIVE SUMMARY
Strategic Finance Executive with operating experience and a COO/CEO mindset:
• Increased bank borrowing capacity at by over 100%, including increasing unsecured line of credit by a factor of 10.
• Created real estate debt financing program allowing for flexibility on asset disposition using a combination of institutional lenders, banks and interest rate swaps.
• Increased business scalability by initiating changes in multiple business situations including process standardization, systems implementation and new product and services development. Fast paced style that combines strategic thinking with willingness to roll-up the sleeves when needed.
• Structured multiple real estate debt and acquisition transactions.
• Led independent auditor teams on three initial public offerings (IPOs) and one reverse acquisition of a public company.
PROFESSIONAL EXPERIENCE
SECOND HOME RESIDENTIAL LAND DEVELOPER, Minneapolis, MN
A developer of residential lots for second homes and vacation homes sold directly to consumers through seven offices in the Midwest and Southeast.
Chief Operating Officer, 2006 – January 2008
CFO, 2005 – 2006
Recruited as CFO at the peak of the residential real estate cycle to help drive growth. Responsible for all operations including strategic planning, marketing, finance, accounting, risk management, and IT. Assumed direct management of Georgia office in December 2005 and Tennessee office in early 2007. Reported to CEO.
• Increased Georgia office sales by 100% and profit by 90% in 2006 by shifting marketing efforts from Florida to Georgia customers.
• Negotiated resolution of development approval dispute that had been in litigation and delayed development of the major Tennessee project for several years, allowing $10 million of undevelopable land to be developed.
• Initiated change in management model from multiple senior managers in each office to an office leader structure resulting in a 65% reduction in management, lower fixed costs and a more entrepreneurial culture.
• With the CEO, implemented downsizing plan which reduced the workforce by over 60% as sales declined 50% in 18 months due to the residential real estate depression.
NATIONAL COMMERCIAL REAL ESTATE DEVELOPER
A family owned, vertically integrated real estate developer with in-house real estate development, construction, design and engineering services. Revenue of $2 billion with operations in 28 cities.
Senior Vice President and Chief Financial Officer, 1997 - 2005
Responsible for architecture and engineering services, accounting, internal audit, finance, information technology and human resources. Reported to CEO.
Strategic leadership and planning:
• Managed long-range planning process including facilitation of board/senior management retreats which were cited by the Chairman as the best strategy retreats he had participated in. The planning resulted in measurable goals used to drive strategic initiatives for the next five years.
• Facilitated long-range planning for several regional subsidiaries and worked with CEO to transition leadership in two of the regional companies.
• Provided leadership role on new initiatives including IT centralization, process standardization, systems implementation and real estate best practices.
Operations:
• Working with the CEO, reduced speculative office risk exposure by 65% between 1998 and 2001, ahead of the market downturn.
• Served as President of architecture and engineering subsidiary. Subsidiary consistently provided services at cost less than market rates.
• Developed the role of regional CFO; hired and trained CFOs for four of the five regional subsidiaries, increasing the productivity and risk-management capabilities of regional Presidents.
• Standardized and centralized IT function, resulting in cost reductions of 30% and increased functionality while significantly improving system uptime.
• Co-led, with a SVP of Construction, project to standardize construction processes, leading to the implementation of an enterprise resource planning (ERP) application in 2005 and 2006. Consulting firm considered implementation one of most successful in their experience.
Financial and Treasury:
• Increased unsecured line of credit with major banks by a multiple of 10.
• Initiated a proactive program with major US banks and developed new relationships resulting in an increase of available borrowing capacity of over 100%.
• Secured debt financing for real estate investment funds of over $500 million, including development of a property substitution program within the fixed rate debt facilities.
• Developed a long term interest rate swap program as an alternative to institutional fixed rate debt programs. Worked with commercial banks to secure long term floating rate finance facilities that, in combination with the interest rate swap program, provided for long term real estate debt with lower cost and more flexibility than traditional fixed rate debt programs.
• With tax executive, developed long-term capital gain program resulting in significant tax savings.
KPMG, LLP, Montvale, NJ & Minneapolis, MN
Partner, 1989 – 1997
Senior Manager, Manager, Staff, 1978 - 1989
Audit and consulting partner of one of the “Big 4” independent audit firms with experience in audit, audit research and development, new service development and consulting. Led audit and consulting engagements in real estate, construction, manufacturing and technology.
• Led development teams for successful new services including internal audit services and rapid expansion of information risk management services, which has grown to be a significant revenue producer.
• Worked with practice leaders in Canada, Australia, Netherlands and United Kingdom to standardize international services for internal audit and ethics advisory services.
• Led team of audit professionals from over 20 countries in developing a global audit process.
• Led independent auditor teams on three initial public offerings (IPOs) and one reverse acquisition of a public company.
• Led the Midwest region middle market operations consulting practice as a start up business unit. The Midwest region was the most successful of the ten KPMG regions for this practice.
• Planned and performed numerous acquisition due diligence engagements for clients in the manufacturing and distribution industries.
EDUCATION
Bachelor of Business Administration, University of Wisconsin - Eau Claire, Eau Claire, WI
Awards: Outstanding Accounting Alumnus of the Year, 1986
PROFESSIONAL ASSOCIATIONS & CERTIFICATIONS
Certified Public Accountant, inactive
Member, American Institute of CPAs
Member, Minnesota Society of CPAs
Member, Urban Land Institute
COMMUNITY LEADERSHIP
Past Chair and Treasurer, Board of Directors, Catholic Charities of Minneapolis & St. Paul
Past Treasurer, Board of Directors, Progress Valley |
