Bill woodman 5 2013


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Bill woodman 5 2013

  1. 1. WILLIAM S. WOODMAN, CMA316 West 10thStreet wswoodman@aol.comCharlotte, NC 651-7381 cellEXECUTIVE FINANCIAL LEADERChief Financial Officer… ControllerInnovative leader with diverse management and industry experience; Managing High Growth companies focusing on newproduct entrance, cost reduction and market penetration; Realignment of companies by implementing new strategies,operational and financial processes; Company turnarounds using crisis management skills requiring global thinking, multi-discipline analysis, creativity, flexibility, and quick-decision making. Strategic Planning  Mergers & Acquisitions  Cost Accounting Turnaround  Financial Statement Preparation  ERP implementation Treasury Management  Risk Management Planning  Cash Flow Analysis Internal audit  Budgeting & Forecasting  Project Management Financial Analysis  Microsoft Excel (Macros)  ROI AnalysisINDUSTRY EXPERIENCE High Tech  Biotechnology  Telecommunications  Textiles  FabricationACCOMPLISHMENTS• Financial department reorganizations – Restructured full Accounting departments for three (3) companiesincluding Ultra and Clovertex. Set up first time Cost Accounting departments for four (4) companies inclusive ofBehring and Baird. Put in place strong fundamentals: GAAP compliant accounting practice, policies andprocedures to establish strong controls. Hires, training and role definition created competencies. Developedcomprehensive reporting and analysis to inspire improvement and strategic planning. Each group met orexceeded company expectations and improved Banking and other third party relations.• Market strategic initiative – Textile yarn manufacturer needed growth and market diversity. Worked on abusiness plan that became the genesis of a new vertically aligned startup called Natural Fiber Mills. A fashiondesigned organic cotton fabric to be marketed to women and children’s apparel manufacturers. Expectations toincrease company sales by 20%.• Product strategy – Overall gross margins were below target levels. A long-term product line driving 40% ofvolume was suffering marginal losses due to pricing pressures. Presented a business case to eliminate this“favored” product. Recommended launch of new specialty products with higher margin price points and to rightsize the company’s cost structure upon market reaction. Within months new product replaced all lost volume andincreased overall profitability by 5%.PROFESSIONAL EXPERIENCEULTRA MACHINE & FABRICATION, INC, Shelby, NC 2010 to May 2013A $70M manufacturer that produces armor and thick plate components, weldments, and assemblies.Chief Financial Officer - Recommended by Partner of McGladrey, LLP to lead in a realignment of the company after itsexplosive growth over the previous 5 years flattened out.•System Implementation: Led the implementation of Financial and Operational related system modules of legacy(JobBoss) ERP platform. Directed implementation of “on-line payables and positive pay” with banking partner
  2. 2. WILLIAM S. WOODMAN, CMA Page 2for payment processing controls. Implemented HR and payroll onto ADP’s software platform to gain integrationbetween systems increasing productivity and improving benefits administration services.•Treasury management: Obtained a $14M (government focused) factoring facility to support growth for a $45Mmilitary contract; Reduced DSO by 25%; funded operations successfully with limited cash resources.•New 401k plans: Redesigned incumbent plan; Engaged fiduciaries, fund managers and compliance groups toprovide a more robust and comprehensive plan for the employees while decreasing plan fees and corporate risk.•Financial department reorganization: Reorganized department structure (personnel, functional responsibilities) toincrease competencies and work flow. Developed underlying accounting for compliance and designed financialsto bring improved clarity to stakeholders. Centralized accounting for three business entities, which streamlinedprocesses and reduced cost (UltraCoat, Ultra Armoring and Ultra Machine & Fabrication).•Risk Management: Employed third party to put in place credible safety programs to reduce a high Worker’sCompensation experience rate, saving over $200k per year.[Layoff due to severe contraction from defense budget cuts]CLOVERTEX, LLC, Clover, SC 2004 to 2009A $20M textile manufacturer of specialty ring-spun yarns and high end fabrics.Chief Financial Officer - Recruited by CEO to assist in execution of a turnaround.•Turnaround: Obtained distressed lending, retired $18M in debt, cut 10% in annual costs, increased G&Acompetencies and improved operational efficiencies to attain 9% EBITDA (within industry norms).•Start up initiative: Created a vertically integrated subsidiary under Clovertex to increase revenues by 20%.•Outsourcing initiatives: Human Resource and Accounts Receivable functions were outsourced to gain a high“corporate level” of performance with back office support for a company situated in a rural setting. This alsoprovided $100K in annual savings.•Strategy: Recommended purge of unprofitable mainstay product line representing 40% of total mix. This set thestage for the creation of new products, which backfilled plant capacity and increased gross margin profitability by5%, while maintaining equivalent sales levels.•M & A: Performed financial and operational due diligence on acquisition targets culminating with merger.[Company merged with Tuscarora Yarns consummating the company’s strategic goal.]BANK OF AMERICA, Charlotte, NC 2003 to2004Contract Analyst, Fixed Income Trade Group. Contractor position while transitioning relocation from MA.TELCO SYSTEMS, INC., Norwood, MA 1998 to 2002A $100M wholly-owned subsidiary of Israeli company engaged in the design, manufacture, and sale oftelecommunications equipment.Manager of Financial Planning & Analysis - Recruited by former manager.• New Product Launches ($100+M over 3-5yr product life cycle): Designed and implemented a process for thefinancial assessment of new product launches reviewing consumer program requirement specifications, engineeringtechnological feasibility, and return on investment parameters. This new formal program forced strongercommunications between Marketing and Engineering, which allowed financial comparison for ranking of projects.Financial reviews identified breakeven points, NPV, IRR attainment and cash flow projections.• ERP: Chair member of Core evaluation team for a new CRM / ERP e-Business solution. Authored a comprehensivereport including business case, functional data requirements, selection criteria, score card on potential vendorsolutions, technology advantages, implementation hurdles, etc.
  3. 3. WILLIAM S. WOODMAN, CMA Page 3• Managed Fiscal Budgeting process and produced resulting financial plans ($100M). Facilitated with technicalreviews on product demand (new & legacy), resource /capacity planning, capital and new product research &development programs.• P&L quarterly forecasting directed actionable items to management with the goal of obtaining fiscal plan targets.• Managed Credit & Collections. DSO improved from 40 days down to 31 days.[Telecom Industry’s contraction forced reduction from 550 employees down to 75]BEHRING DIAGNOSTICS, INC., Westwood, MA 1992 to 1998An $80M biotech division of Behring AG ($350M) engaged in the development, manufacture, market, sale and service ofmedical products (Immunoassays).Division Controller - Recruited by original joint venture start-up of Behring and Polaroid (PB Diagnostics).• Managed through rapid change. New startup ramped up to $80M in 5 years. Additional growth via three (3)mergers.• Improved the sales forecast methodology of communicating production requirements for the Master Schedule.Results lowered inventory investment by 15%.• Received the exemption status for physical inventory taking (eliminating a 2 week shutdown) by accrediting thecycle count process through the utilization of a strong audit program. Reliable inventory data improved supply chainperformance.• Responsibilities included financial statement reporting, product line financial analysis and balance sheet assessment.Factory variance analysis to drive continuous improvement programs.• Managed fiscal Budgeting process, producing a comprehensive and detailed financial plan ($70M). Set up technicalreviews with functional managers. Used probability analysis on sales forecasts to determine attainability.[Company bought by Dade International; declined relocation]BAIRD CORPORATION, Chelmsford, MA 1989 to 1991A $70M division of IMO Industries ($5B) engaged in the manufacture of spectrometers, which analyze molecularstructure of metals for the construction industry and the manufacture of night vision products for the U.S. military.Manager of Cost Accounting –• Hired by company to established cost accounting in compliance with government Cost Accounting Standards(CAS) and GAAP. New cost analysis and metrics identified areas for improvement in operations and gave credibledata for pricing proposals.• Just-In-Time: Project team member that transitioned the company to a J.I.T. environment. Eliminated $5M of stockroom inventories. Kanban system employed with JIT work cells. Developed cost analysis to measure work cellproduction throughput, inventory accountability, cost performance and cost of quality.[Company sold the spectrometer product line and moved the night vision product line to Varo Texas]EDUCATIONCertified Management Accountant - CMA certification #24886 (2003)B.S.B.A., Major in Accounting, Bryant University, Smithfield, RIAFFILIATIONSMember of the Institute of Management Accountants (IMA) #112437
  4. 4. WILLIAM S. WOODMAN, CMA Page 4Member of the Association for Corporate Growth (ACG)Member of The CFO AllianceMember of Lean Enterprise Institute