MANAGEMENT AND LEADERSHIP QUALIFICATIONS
Experienced senior financial executive of both publicly and privately owned entrepreneurial entities. By utilizing a unique four-pronged approach, the profitability of virtually every entity that I was the CFO showed strong improvement during my tenure. Successful track record in:
EXPERIENCE
Healthy Bees, LLC
Chief Financial Officer
2018 - 2020
Was the chief financial officer of a company that developed and distributes a patented all natural bee food supplement to ‘save the honeybee” and minimize colony collapse.
Located and contracted with a new product manufacturer saving over 26% in product costs.
Directly raised $1.1 million in additional equity and assisted in raising an additional $1.7 million in equity.
Expedited the complex tax return calculations and preparation.
Various Start-up Companies
Chief Financial Officer
2009 - 2018
Was the chief financial officer for several start-up organizations in the process of securing major funding. These companies were in: healthcare services (Integrity Health Partners, Inc.), real estate development & hospitality (Andor Projects, LLC), consumer electronics (3D Future Vision II, Inc.) and consumer hair care products (Demand Brands, LLC). In each case, I developed detailed multi-year financial projections, formalized business plans, maintained financial records and established key financial controls.
Q.E.P. Co., Inc.
Chief Financial Officer
2006 - 2008
Was the lead senior financial executive for a $220 million publicly held manufacturer and distributor of flooring tools and adhesives. The Company has subsidiaries throughout the world and serves both the home center (e.g. Home Depot, Lowe’s) and commercial distributor markets.
Introduced and educated the organization as to the concept of product and customer contribution margin. By eliminating certain products and re-pricing others, the domestic contribution margin dollars increased by 64% within one year and thus, the results went from an annual loss per share to over $1.00 of EPS.
Transformed the attitude, efficiency and effectiveness of the Company’s corporate Finance Department (from a “revolving door” to a very stable group of hardworking and caring employees).
Negotiated important changes to the ongoing asset-based loan agreement (e.g. substantially higher advance rate on inventory, less restrictive covenants) and saw the interest rate drop to 1.50% over LIBOR from 2.50% over LIBOR.
Improved the efficiency of the independent audits by establishing quarterly pre-planning meetings and by dramatically increasing the Company prepared schedules and analyses.
National Medical Health Card Systems, Inc.
Chief Financial Officer
2003 – 2006
Became the lead senior financial executive of a publicly held $1 billion pharmacy benefit manager (PBM). The Company, partially owned by a private equity group, was named the sixth fastest growing company by Fortune in 2004 and reported a 93% increase in net income during my tenure. In addition to traditional PBM services, the Company operates a mail order facility, a specialty pharmacy servicing chronic disease states and a predictive modeling entity which helps clients minimize total healthcare costs.
Replaced a $40 million asset-based line of credit with a $65 million cash flow facility and achieved a 90 basis point rate reduction.
Established a more robust accounts receivable billing and collection process (including the automation of the billing distribution process and the creation of a reporting system to better prioritize collection calls) which reduced DSO’s by five days (an annual interest savings of $500,000+).
Redesigned the pharmacy payable system at an annual savings of $200,000 by eliminating the voluminous paper detail of claims paid and replacing 20,000+ checks a month with electronic funds transfers.
Introduced a formalized budgeting system in which the divisional and departmental senior executives became responsible for developing and meeting their annual budgets.
Reconfigured the internal financial reporting system to analyze operations by line of business and type of customer instead of acquired corporate entity.
Led the due diligence review, negotiation and integration of three acquisitions.
Tatum CFO Partners, LLP
Engagement Partner
2001 - 2003
Was an Engagement Partner in the nation’s largest CFO firm (350+ partners). Partners provide the Total CFO Solution for companies in transition. My primary assignment was a minority-owned cable installation entity (350 technicians) that was near bankruptcy (losing $300,000+ per month). Through my consummation of a favorable asset-based credit line, implementation of an incentive-based technician compensation plan and drastic cost reductions, the Company began reporting consistent monthly profits.
Henry Schein, Inc. (incl. Micro Bio-Medics, Inc.)
1995 - 2000
Vice President of Finance
Was the lead financial executive for an $820 million division of a $2.5 billion publicly held distributor. During my three years as the Group's senior financial executive, rapid sales growth of 85% was achieved.
Appointed to the ten member Henry Schein, Inc. North American Operating Committee.
Quickened the monthly closing process, reduced operating costs and accelerated cash collections. Pre-tax profits grew by 200% and operating expenses as a percentage of sales dropped from 17.1% to 16.6%.
Partnered with the Group President to integrate seven acquisitions which brought the Group national prominence in the physician-based medical distribution industry.
Micro Bio-Medics, Inc.
Chief Financial Officer
Hired by this publicly held distributor of medical supplies and equipment to strengthen financial reporting and controls, improve the balance sheet, assist actively in the evaluation and integration of acquisitions and participate fully in strategic and tactical planning. The ultimate goal, to prepare the Company for merger into a larger distributor at a favorable price, was achieved when Henry Schein, Inc. acquired Micro Bio-Medics, Inc. in a $120 million stock deal.
Developed and implemented an overall strategic plan to provide the divisional sales managers with quicker and more focused decision-making tools and to bring the various departmental managers into the financial process. In two years, the Company's sales grew by 55% (to $188 million), pre-tax profits rose by 240% (to $6.4 million) and the stock price more than doubled (from 9 to over 20).
Reorganized the thirty-employee financial/ accounting department and initiated automated procedural changes, which shortened the monthly reporting process by five business days.
Redesigned the reporting package and added critical divisional detailed fixed and variable costs analyses utilized in evaluating and preparing major new business proposals.
Realized substantial overhead savings through the introduction of a budgeting system in which all divisional and departmental managers "took ownership" of their budgets.
Decreased long-term debt by $12.4 million (64%) with enhanced cash maximization techniques and negotiated a 0.50% interest rate reduction on the $25 million credit line.
Reduced highly overdue receivables by over 30% within my first year by amending the collectors' reports to stress the age of unpaid invoices rather that just the pure overdue amounts and refocusing the staff from collecting an unpaid invoice to ascertaining the reason why an invoice was unpaid.
Collaborated with operations to improve inventory turns from 6.8 in 1995 to 9.2 in 1996 by increasing the utilization of EDI and shortening the buying cycle.
Supported the President's active acquisition efforts by preparing adjusted profitability models and pro-forma E.P.S. calculations; performing in-depth due diligence reviews; and integrating seamlessly five acquisitions onto the Company's automated systems.
OTHER EXPERIENCE
Communications Diversified
1986 - 1995
Senior Vice President and Chief Financial Officer
Price Waterhouse
1974 - 1986
Senior Manager
EDUCATION
Lehigh University - Bethlehem, Pa.
B.S. (high honors) - Accounting (1974)
PROFESSIONAL AFFILIATIONS AND ACTIVITIES
Certified Public Accountant.
Member of the American Institute of Certified Public Accountants.
Former Chairman of the New York State Society of Certified Public Accountants’ Financial Executives in Closely Held Companies Committee.
Authored an article in the CPA Journal entitled "Common Sense Guide to Cost Control and Greater Corporate Profits."