- Chief Financial Officer
- Reporting to: CEO
- Location: Central Valley, CA
BSG has commenced an executive search for Chief Financial Officer for our client, which develops quality turbine engines, as well as repair and overhaul services. The CFO will be responsible for the day-to-day administrative, financial and risk management operations of the company.
Chief Financial Officer
Founded in the 1970’s, our client has developed quality turbine engines. It also offers accessory overhaul, repair, and testing capabilities. Their client roster includes the U.S. Air Force, U.S. Navy and Army, military forces of more than twenty nations around the globe, and a wide array of commercial clients. Our client has expanded the range of turbine engines they service to include vintage and legacy power plants.
Our client’s almost 2 acre property includes a more than 40,000 square foot purpose-built maintenance facility. Their engine test cell, rated for engines up to 35k pounds of thrust, is strong enough to handle military jet engines. Our client holds federal engine certifications, the highest Accessory Class Rating, and other certifications. They were recently honored by the U.S. Federal Government with a Contractor of the Year Award for their work with the U.S. Air Force. The U.S. Air Force was our client’s first customer and this is the first time an aviation company has received such a prestigious designation.
In January 2019, an investment firm provided an undisclosed amount of capital to acquire our client. This private equity firm partnered with our client’s founder President and Senior Vice President in the transaction. The company will continue to be led by our client’s President.
Reporting to the Chief Executive Officer (CEO), the Chief Financial Officer (CFO) will be responsible for the day-to-day administrative, financial and risk management operations of the company. This includes the development of a financial and operational strategy, and the ongoing development and monitoring of control systems designed to preserve company assets and report accurate financial results.
It is also expected that the CFO will serve as a strategic advisor and partner to the CEO and company leadership helping to drive the company’s performance by providing fact-based analysis and strategic financial direction. As an integral member of the Executive Team, the CFO will support the organization in improving sales growth through financial analysis.
- Ensure that financial information, analysis and reporting is accurate, timely, reliable and relevant, in order to assist the Board, CEO, and Executive Team in effectively performing their responsibilities.
- Manage financial and business performance by developing appropriate metrics on which to measure the Company’s business, monitoring variances to forecasts, and developing action plans to address variances. Work with operating team to identify and address trends, implement corrective actions and performance improvement actions.
- Participate in monthly review of work in process that is the basis of revenue recognition for the financial statements.
- Monitor capital requests and expenditures to ensure within budget and plan.
- Oversee all accounts, ledgers, and reporting systems, ensuring compliance with appropriate Generally Accepted Accounting Principles and regulatory requirements.
- Maintain internal control safeguards and coordinate all audit activities.
- Ensure that the Company is in continuous compliance with all statutory, regulatory, banking, import, tax, and other external and internal operating, reporting and record keeping requirements to which the company is subject.
- Manage tax statement preparation by CPA for all related companies and shareholders.
- Maintain facilities and all leases for company offices.
- Maintain key relationships with insurance broker, ensuring awareness of all significant business developments and maintenance of appropriate coverage.
- Understand and mitigate key elements of company’s risk profile.
- In conjunction with legal counsel, monitor all open legal issues involving the company and analyze their potential financial impact.
- Maintain key banking relationships, ensuring bank is aware of all significant business developments and partner on strategies to ensure company is adequately funded at all times.
- Analyze and value opportunities to sell or acquire business units. Facilitate due diligence reviews should these transactions proceed beyond initial review, facilitating smooth transition should transaction close.
- Oversee budgeting and the implementation of budgets to monitor progress and present financial metrics internally.
- Take increasing responsibilities for other areas beyond finance function (IT, HR, supply chain, admin), managing work allocation, training, problem resolution, performance evaluation, and the building of an effective team dynamic.
- Provide strategic and creative financial advice and leadership on decision making issues affecting the organization (e.g., new business opportunities, alliances, acquisitions).
- Provide assistance to the CEO and Executive Team in the development and execution of operating policies and procedures as needed.
- Support all company initiatives by process and procedure as communicated.
- Other duties as assigned.
The CFO will be a seasoned and mature leader with at least 8-10+ years of broad finance experience, ideally beginning in accounting, followed by significant experience gathering and evaluating financial information and making actionable recommendations to senior leadership in a privately held, Private Equity backed environment. The CFO will have experience managing the finance and accounting function (accounting, budgeting, control, and reporting) within a diverse entity. The successful candidate will have the ability to function on a broad-based, strategic level and see the “big picture”, whilst also being hands-on and capable of diving into the details and data when needed.
The CFO will have the following experience and attributes:
- BS in Accounting, finance or business administration
- Strong working knowledge of financial planning and analysis, budgeting and forecasting, accounting, risk management, and tax and treasury
- Advanced Excel and PowerPoint skills
- Demonstrable passion for driving results
- Hands-on manager with integrity and a desire to work in a dynamic environment
- Strong analytical skills and experience interpreting a strategic vision into an operational model
- Experience successfully managing additional functions such as HR, IT and administrative
- An effective communicator at all levels in the organization, with strong oral and written skills and a willingness to share information
- A collaborative and flexible style, with a strong service mentality
- Ability to travel occasionally travel (<10% of time)
- Experience and comfort managing banking relationships and external vendors
- Experience within a private equity-owned business strongly desired
- CPA strongly desired
IDEAL CANDIDATE PROFILE
A summary of key competencies required to be successful include the following:
- Cash management (AR/AP)
- Board reporting
- FP&A modeling
- GAAP Compliance
- Audit and regulatory management (CPA and audit committee)
- Operating and capital budget creation/ management
- Lender and bank covenant management
- M & A relationship management (buy & sell-side), diligence, financials and integration impact
- Accounting and monthly closes
- Tax, including revenue recognition and stock options accounting, etc.
- Financial dashboard creation and management of KPIs
- Profitability Analysis
- Vendor Management
- Staffing, oversight and reporting
- Professional and educational certifications: CPA
- Staffing, oversight and reporting
- Systems Implementation, integration and process automation (ERP and MIS Operating Systems)
- Staffing, oversight and reporting
- Risk Management
- Insurance coverage and claims management
- Lean management experience desired
- Supply chain oversight, analysis and reporting
INDUSTRY —Services Industry
- Aerospace/airline MRO
- Industrial/Commercial Maintenance Services
- Services, Business Process Outsourcing
- Services, Military
- Services, Airline, Airport and Automotive
- Electrical and Construction Services
- Builder leader and optimizer leader
- Private company experience in career background
- $25-150M+ company revenue experience
MANAGEMENT & LEADERSHIP EXPERIENCE
- Experience reporting to CEO in past
- Experience leading team of 3+
Our client’s staff currently numbers approximately 100 employees, with plans for strategic growth both organic and inorganic in the future. This role will report to the CEO.
The private equity firm that invested in our client makes control investments in technology, industrial and business services companies. It executes on an operationally focused investment strategy with a focus on partnering closely with companies that can benefit from its extensive industry relationships and operating expertise. The firm partners with owners, founders, family-owned companies and management teams to maximize value and long-term, sustainable growth for portfolio companies. The firm made an investment in our client in January 2019.
Compensation is competitive with the position’s requirements. In a performance-based environment, this will include base salary, bonus structure based on corporate qualitative and quantitative strategic KPIs, and a stakeholder opportunity in the company.
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