- Chief Financial Officer
- Reporting to the Chief Executive Officer
- Location: Various across the United States (must be willing to relocate, if necessary)
BSG has commenced an executive search for CFO for our client and it's portfolio company, a firm that concentrates on investing in companies in stable industries with consolidation potential. Key to the position’s responsibilities includes the day-to-day management of all financial management and financial reporting functions for the organization.
Chief Financial Officer
This search is for one of the portfolio holdings of $1B+ AUM middle market focused private equity client with whom we have a special retained relationship. This firm has the following strategic qualities:
- Strong history of “buy and build” growth strategy by PE firm when buying and growing platform companies in their portfolio, often adding 5+ tuck-ins to each
- Much greater focus on ROI than IRR, longer hold periods where it makes sense
- Desire to partner with their portfolio company executive teams, neither suffocating nor abandoning them
- Investment strategy focused on putting aside at least 2x initial equity investment to fund and fuel future growth
The firm concentrates on investing in companies in stable industries with consolidation potential. Ownership’s goal is to grow over the next 36 to 48 months both organically and inorganically with the express mission of tripling the company’s revenue and profits, becoming the dominant leader in both current core offerings and adjacent category expansions. Of interest are business services, government services, defense, consumer services and distribution sectors.
Location: Various across the United States, must be willing to relocate if necessary
Reporting to the Chief Executive Officer (CEO), the Chief Financial Officer (CFO) will be responsible for the day-to-day management of all financial management and financial reporting functions for the organization. The CFO oversees the finance department including general accounting, payroll, accounts payable, revenue cycle and financial analysis and ensures cash collection goals are met and net revenue is properly stated. Responsibilities include financial statement preparation, cash management, budgeting, financial analysis, tracking and reporting various statistical measures (e.g., volume, revenue and cost per unit of service), cost accounting, service line reporting and revenue cycle.
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 business unit leaders in driving revenue 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.
- Oversee all accounts, ledgers, and reporting systems, ensuring compliance with appropriate Generally Accepted Accounting Principles and regulatory requirements.
- Develop and lead all corporate financial functions, including accounting/control, treasury, tax, planning, audit, budgeting, and financial information systems.
- 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.
- Ensure that the information technology platform for financial and operational reporting meets the needs of the organization. The CFO will be the liaison between the finance and IT organization, providing guidance on the requirements, alignment of the priorities and preparation of the longer term strategy for the technology landscape in the finance organization.
- Manage the Treasury function, including cash management and cash forecasting. Develop a reliable cash flow projection process and reporting mechanism to meet operating needs of the company. Provide senior management with current and accurate financial cash forecasting to improve decision making.
- Optimize the handling of banking and debt relationships and represent the company to external financial partners.
- Oversee budgeting and the implementation of budgets so as to monitor progress and present financial metrics internally.
- Mentor and develop a small team of finance and accounting professionals, 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)
- Oversee the integration of newly acquired tuck in companies including all finance and IT (ERP) functions.
- Help the CEO and Executive Team in the development and promulgation of operating policies and procedures as needed.
- Support all company initiatives by process and procedure as communicated.
- Adhere to all company policies and procedures.
- Other duties as assigned.
The CFO will be a seasoned and mature leader with at least +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 Private Equity backed, leveraged environment. The CFO will have experience managing the Finance function (accounting, budgeting, control, and reporting) along with IT, HR, Legal, Admin, Security and Facilities. The successful candidate will have the ability to function on a broad-based, strategic level and see the “big picture”, whilst being capable of, and comfortable with driving detailed, tactical execution.
The CFO will have the following experience and attributes:
- BS in Accounting, finance or business administration and be a CPA;
- Strong working knowledge of financial planning and analysis, budgeting and forecasting, accounting, risk management, and tax and treasury (US and International);
- 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;
- Past experience successfully partnering with IT staff to manage critical financial management systems;
- 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 operating in a leveraged environment and managing banking relationships;
- Experience within a private equity-owned business is a plus; and
- Experience with a Big 4 accounting firm is a plus.
IDEAL CANDIDATE PROFILE
A summary of key competencies required to be successful include the following:
- FUNCTIONAL EXPERIENCE
- Cash management (AR/AP, treasury, foreign exchange)
- Board reporting
- FP&A modeling
- Audit & regulatory management (CPA and audit committee)
- Operating & capital budget creation/ management
- Lender & bank covenant management
- M & A relationship management (buy & sell-side), diligence, financials & integration impact
- Accounting & monthly closes
- Successful M&A and/or public exit experience
- Tax, including revenue recognition & stock options accounting, international tax, etc.
- Foreign exchange management and reporting
- Financial dashboard creation & management of KPIs
- Global/multi-country financial management & integration
- Professional & educational certifications: CPA
- ERP implementation & integration
- ERP driven intelligence gathering for operations performance improvement
- Staffing, oversight, reporting and integration
- INDUSTRY— SERVICES (B2B and B2C)
- Healthcare services (multisite)
- Environmental services
- Marketing services
- Financial services
- Business services
- Education services
- CORPORATE STAGE
- Builder leader vs. optimizer leader
- Private company experience in career background- PE backed preferred
- $25-100M+ company revenue experience
- MANAGEMENT & LEADERSHIP EXPERIENCE
- Experience reporting to CEO in past
- Experience leading team of 10+
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 position in the company.
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