Reporting to the COO, the new CFO will be responsible for managing all finance, accounting and reporting functions for this multi-campus school. He or she will (1) provide leadership and coordination of all company financial practices, including accounting, budgeting, financial reports, taxes and audit functions; (2) oversee all company accounting practices, including accounting, budgeting, financial reports, taxes and audit functions for the school’s five campuses; (3) assure compliance with all regulatory agencies, including working with outside auditors in preparation of annual financial and compliance audits; and (4) oversee financial aid programs and all associated transfers of funds between the company and the federal government’s Title IV and VA programs as well as the California CalGrant program.
About the Company
Founded in 1985, Platt College is an accredited, post-secondary school with locations in Alhambra, Riverside, and Ontario, CA. The school focuses on allied health, media and graphic arts, and paralegal studies. The school offers eight different course programs, including degree, diploma, certificate and bachelors programs.
In addition, the two campuses of Anderson Medical Career College provide quality training in the fields of nursing and allied health.
Platt College is accredited by Accrediting Commission of Career Schools and Colleges (ACCSC), recognized by the US Department of Education to accredit institutions of higher education across the United States. The primary purpose of ACCSC and other accrediting agencies is to establish and maintain high educational standards and ethical business practices among its accredited institutions.
In August 2008, Caltius Equity Partners sponsored the acquisition of Platt College, Los Angeles, Inc. Caltius partnered with Anova Capital Management, LLC to finance the acquisition and support the company's immediate and long-term growth initiatives. Anova was founded by two senior operating executives, Akeem Ayeni and Abraham Wu, both of whom joined Platt's executive management team at closing and remain with the college.
About the Investors
Based in Los Angeles, Caltius Equity Partners has been making control and substantial minority equity investments in amounts ranging from $5 million to $20 million since 1999.
Anova Capital Management, LLC combines private equity investing with active engagement in the strategy and operations of its portfolio companies. Also LA based, Anova specializes in working with small and medium sized companies who desire an “on-the-ground” partner to jointly explore and realize value creation opportunities.
Reporting to the COO and working with the CEO and company’s investors, the new CFO will drive all financial management decisions for Platt College as it achieves healthy growth.
Specific responsibilities and expectations include the following:
• Oversee all company accounting practices, including accounting, budgeting, financial reports, taxes and audit functions for all campus locations.
• Assure compliance with all regulatory agencies, including working with outside auditors in preparation of annual financial and compliance audits.
• Oversee financial aid programs and all associated transfers of funds between the company and the federal government’s Title IV and VA programs as well as the California CalGrant program.
• Assist with financial strategy, planning and forecasting.
• Synthesize and generate financial reporting for outside accounting firm(s), ownership, CEO, COO and department heads.
• Prepare financial analysis for contract negotiations and corporate investment decisions. Manage procurement process for meaningful equipment acquisition or major contracts.
• Assist in refining and/or establishing policies, procedures, internal controls, and analytical processes to ensure timely and efficient execution of finance, accounting and financial aid related objectives.
• Refine and execute expense monitoring and control procedures.
• Supervise a Controller and other junior accounting staff members.
The Career Opportunity
To an experienced CFO with relevant Title IV experience, this opportunity offers several attractive features:
• The opportunity to join a small executive team and have “a seat at the table” as the college and investors chart its future
• The opportunity to work with the current investors in evaluating growth options, including acquisitions
• The opportunity to be the principal financial decision maker in a company capable of growing to $60MM or more within 3-5 years
• The opportunity to attain significant equity in the company
• The opportunity to work in an attractive LA location
The Ideal Candidate
The ideal candidate is working as Chief Financial Officer or Vice President of Finance for an accredited for-profit college that enrolls students eligible for federal financial aid funds under Title IV legislation. He or she has worked with Campus Presidents to oversee all company accounting practices, including accounting, budgeting, financial reports, taxes and audit functions for these campus locations. S/he has also helped to maintain accreditation and Title IV compliance, and together with a COO/CEO and investors to secure additional funding and/or in an M&A capacity as opportunity presents.
This individual is a “player/coach”—strategic enough to handle critical financial management issues but also hands-on enough to manage day-to-day cash flow at the campus level.
Specifically, this individual has –
• Specific experience with Title IV and other financial aid programs, regulatory compliance, revenue recognition, reviewing account reconciliations, and pro-forma analyses, all within a for-profit college that grew from less than $20MM to more than $50MM within three years
• An extensive background in financial management with particular strengths in the areas of financial statement preparation, budgeting/forecasting, financial analysis, internal controls, process improvement, and cash management
• Experience working with external parties, e.g. private equity investors, bankers, consultants, and independent accountants; experience reporting on, and monitoring compliance with, bank covenants; M&A and/or IPO experience would be valuable
• A bachelor’s degree in Accounting, Finance or a related field; a Master of Business Administration degree and/or designation as a Certified Public Accountant would be a plus
• A management style that is decisive and entrepreneurial; strong conceptual, creative, and problem-solving skills; a self-starter who is capable of managing his/her time and priorities effectively while successfully accomplishing planned objectives
• A track record of exerting strong fiscal control (appropriately managing/conserving cash) and driving EBIT bottom-line growth
• Experience developing and implementing financial processes and procedures that are scalable as an organization grows
• Experience managing finances for a multi-location organization
• Experience bringing a strategic level of leadership to the finance function, serving as financial strategist while managing a the day-to-day requirements of a finance department
• Superior business and financial analytical skills--success with timely monthly financial reporting, detailed financial analysis, and the preparation of ad-hoc reports and analyses, cash flow planning, and management
Culturally and temperamentally, the ideal candidate is a team player who believes that individual success flows from the overall success of the organization.
This involves a range of personal attributes-- flexibility and adaptability; a great work ethic; leadership with minimal supervision; an ability to analyze and evaluate one’s own (and other’s) performance and to develop plans to improve performance; excellent presentation skills; willingness to take responsibility for both success and failure—a thick skin; self-confidence and a positive attitude about self, company, and marketplace; consistent, effective prospecting skills—knowing how to reach decision maker; effective listening and questioning; sincerity, trust, believability and warmth; and a strong desire for success.
Compensation will include salary, bonus, and equity in line with the individual’s experience.
Travel is unlikely to be more than 10%.