Senior financial position with a construction services and/or asset management firm. Open to relocation.
Randal L. Shields, CPA
SUMMARY
Highly effective senior financial executive offering broad industry experience and significant business, accounting, and finance skills aligning people, processes, and systems. Sharply honed expertise to identify key performance indicators, then formulate and install solutions to drive improved financial results. Key accomplishments and attributes include :
Strategy
* M&A and Divestitures - analysis, due diligence, road shows
* Financial performance turnaround successes
* Exceptional financial modeling skills, "what-if" scenarios
* Board level reporting, with very effective communication skills
* Organic growth initiatives, evaluate cost/benefit
* Restructure and reorganize operations, administration, and accounting functions
* Benchmarking and standards
Management
* Select, mentor, and lead accounting & operation staffs
* Multi-locations, multi-states, multi-legal entities, some international
* Real estate acquisition & disposal, and related issues
* Proven negotiation skills – financing, vendors, and leases
* Administer qualified benefit plans, audits and reporting
* Highly effective running the client side of Big 4 audit and tax firm engagements
* Collaborative team player, individually decisive
Technical
* Formulate IT system initiatives and lead implementations
* Improve timeliness and accuracy of accounting and reporting
* Effective cash and working capital improvements
* Contracts & legal experience, interpretation & compliance
* Technical accounting rules interpretation and application, Sarbanes Oxley compliance
* Deep tax experience -- federal & state, payroll, sales & use, property, licensing, occupancy, etc
* Debt and covenant compliance reporting & certification.
*Clients – Patriarch Partners, Adams Golf Inc., Manchester Inc., Dresser Industries, BearingPoint, Crown Casino Corporation, America’s Car-Mart, SPSS Inc., Curtiss-Wright Corporation, Stanley Works, Commercial Metals Company, and Celanese. $150 million to $8+ billion revenue, accelerated filers with multi business lines, locations, and international operations.
* Industries – Building Products Distribution, Consulting & Professional Services, Manufacturing, Industrial & Construction Services, Commodities-Metals Brokerage & Trading, Software Development & Marketing, Automotive Used Car Dealerships & Sub-Prime Auto Financing, Casinos & Gaming.
* Interim CFO – Patriarch Partner’s portfolio company, America’s Car-Mart transition period to new CFO.
* International - Operations in Canada, Switzerland, Poland, Great Britain, France, The Netherlands, Australia, Singapore, Japan, Argentina, & Central America.
* SOX Project Management, Controls Documentation at all levels, Process Evaluation, Assertion-Risk-Control analysis under COSO & COBIT guidelines, controls testing design-execution-remediation.
CFO & Treasurer
National Product Services Inc.; Irving, Texas
2000-2002
$75 million Retail Outsourced Services provider. Holding company with 3 operating companies, providing merchandising, assembly, new SKU rollouts, inventory reset, and product demo services throughout the US and Canada, collectively servicing 3,000+ retailer locations. Reported to the President & CEO and Board.
* Dramatic EBITDA turnaround - $2.1 million in 2000, $3.6 million in 2001, $7.8 million in 2002.
* Achieved first time bank covenant compliance, after 8 successive quarters of covenant default.
* Performed acquisitions analysis on 5 target companies.
* Re-structured accounting functions and upgraded operating companies financial leadership. This delivered 50% improvement to month end closing processes.
* Created and managed an intensive cash flow forecasting, tracking, and management, w/emphasis on A/R turnover, that supported a highly leveraged senior and subordinated debt capital structure.
* Maintained banking, senior and subordinated debt holders, and shareholder relationships.
* Supervised all financial and benefit plan audits, Tax CPA firm preparation and filing 150+ returns.
* Directed IT strategies for operational, financial systems, and B2B website initiatives.
$65 million operator of full service carwashes and oil & lube centers, with convenience store operations, in TX, LA, MI (48 locations), plus manufacturing of environmentally “greener†carwash cleaning chemicals. The VC firm owners decided to merge with another larger portfolio company - Wash Depot – and moved to Boston in the 4th quarter 2000.
* Recruited and trained entire accounting & finance staff after attempted merger with Wash Depot (Dec’99-Feb’00 timeframe) failed. 20 new employees saved $500k annually from inherited contract staffing.
* Recovered from a botched hardware server upgrade that blew up the Great Plains accounting system. Subsequently successfully upgraded Great Plains from Btrieve to the SQL version.
* Integrated two acquisitions for seven locations, expanding operations into Louisiana and Michigan. M&A analysis activities for several 10-15 unit chains in Utah, California, and Florida.
* Directed and coordinated the preparation to file a Form 10 with the SEC. The company had completed a reverse merger into a public shell in Dec’99. This effort was to get the company’s securities approved for registration, and avoid a $1 million put/call option it was facing. The “going concern†audit opinion prevented completion and filing.
* Full-scale review of the company’s IT systems, focused on upgrading applications to better serve each line of business. Multi/cross discipline effort coordinated, evaluating multiple system applications.
* Created full financial reporting tools with FRx. Built from the location-chart of accounts level, up through various consolidation formats – reporting the legal entities and operating region structures.
*Established a variety of controls and procedures to address cash management and other issues, with it’s complex SPE legal structure – bankruptcy protection for asset backed financing deals.
Sr. Director of Corporate Accounting & Reporting
Greyhound Lines Inc.; Dallas, Texas
1997-2000
$1.5+ billion subsidiary of Laidlaw Inc. (Fortune 500 $4 billion+). Reported to the acting CFO, directly supervised 30+, and provided coordinating leadership for all financial closings, audits (Big5, benefit plans, lenders), and reporting (SEC, GAAP, FASB, board, debt) processes affected by 400+ staff members.
* Led various corporate due diligence, integration, and valuation activities during the merger with Laidlaw.
* Directed processing and reconciliation activities for $120 million in credit card volume, and led all Credit Card vendor relationships. Automated recon process, reduced 1½ FTE staff.
* Led parent, subs, and international accounting through full consolidation and reporting processes.
* Chaired IT steering committees on Oracle and other enterprise wide applications. Y2K upgrades. Automated revenue processes directly from the Aloha POS to Oracle G/L for all restaurant locations. Implemented UAR for cash deposit and credit card transaction reconciliation activities
CFO & Treasurer
American Hi-Lift; Euless, Texas (Dallas Area)
1994-1996
$75 million US subsidiary (UK public parent). Rental, sales, servicing, and re-manufacturing of industrial equipment - aerial work platforms. Multi-state operations - 18 branches and 330 employees. Responsible for all accounting, financing, treasury, credit, IT, tax, risk management & insurance, contracts, real estate holdings, legal, budgets, financial policies, external auditors & compliance, and banking & investor relations. Directly supervised 35+ and reported to the UK parent Chairman and US President/CEO.
* Improved pre-tax profit from >$1 million, to $9+ million within two years. Profit improvements from 6% to 18% ROA, EBITDA up 34%, serviced all debt, cash flow funded $21+ million of equipment purchases. Sold company after a successful turnaround, achieving a 52% premium to book value.
Controller & North America Finance Director
Rosewood Hotels & Resorts Inc.; Dallas, Texas
1985-1994
Internationally recognized 5 star, 5 diamond properties. Privately owned by the Caroline Hunt Trust Estate. $100+ million sales from hotels, private clubs, landscape, concession, and floral operations. 900+ employees. Responsible for all general and cost accounting functions, purchasing, financial planning & reporting, warehouse & facilities operations, tax compliance & audits, owner/investor relations. Directly supervised 40+ and reported to the CFO.
* Developed and installed zero-based budget models for all operations, that were adopted company wide.
* Implemented a wide variety of software and hardware systems upgrades throughout tenure.
* Provided significant support on corporate strategic initiatives, including financial modeling, for domestic and international development projects.
* Directly responsible at the Hotel group project interface with Rosewood Properties development and construction of luxury condominiums on The Mansion on Turtle Creek’s site.
* Engaged within Rosewood to study the feasibility to start up an airline service (scheduled & chartered) in the Hawaiian Islands. This was part of a corporate strategy to move assets from the parent for an “offloading†prior to the sale of The Hotel Hana Maui and its related operations.
Assistant Controller
Adam’s Mark Hotel; Houston, Texas
1983-1985
$25 million annual sales, 375 employees, supervised 10. 604 room convention property. Restructured accounting systems, managed system upgrades, and improved gift shop profit by $50,000 (8%).
Lead Senior Accountant/Supervisor
The Coastal Corporation; Houston, Texas
1981-1983
$4+ billion annual sales in crude oil & refined products trading & supply, part of $10 billion NYSE diversified energy company. Supervised 6 Accountants and month-end closings for 8 domestic & int’l subsidiaries.
Controller
Jefferson Ward Stores, div of Montgomery Ward
DE, NJ, Eastern PA Region
1979-1981
Lead the start-up and set-up for 5 store openings, 2 delivery warehouses, and a 200k sqft distribution center servicing 20 stores in this $300+ million region.
Staff/Tax Accountant
Kelly & Cohen, div of SCOA Industries; Pittsburgh, PA
1978-1979
35-unit major appliance & electronics store chain in PA, OH, WV, KY, & IN. $45+ million revenue.
EDUCATION, CERTIFICATION, & PROFESSIONAL AFFILIATIONS
B.A. - Accounting; Grove City College, Grove City, PA (www.gcc.edu)
CPA License - Texas - passed exam on first attempt
Member of AICPA, TSCPA, and Financial Executives International, and the DFW SEC Reporting Group
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