Benjamin Harrison

Lacking the necessary programming knowledge, the company could not move accounting data from the ERP system into Excel, choosing instead to use 100+-page, pdf summaries that took up to ten days for inter-company reconciliation, pushed preparation of monthly financials to 30 days, and risked missing lender reporting deadlines. Insufficient information also made determining equipment profitability and individual worker value impossible.

Initiated the upgrade project by reaching out to a former consulting colleague for advice on linking functions within Excel to the firm’s ERP. Expanded the knowledge instilled with substantial personal research until comfortable enough to start building open database connections (ODBC) that would produce the desired spreadsheets. Removed extraneous, obsolete, and irrelevant information from the ERP and simplified the data-entry process for all users. Operating with a cleaned slate, designed a KPI dashboard that showed the profitability of each unit in a four-company rental fleet using charts, pivot tables, and granular, line-item detail and displayed a cost analysis for each mechanic. Trained the assistant controller on the finer details of updating / modifying / merging queries generating increasingly advanced analytics such as live payable / receivable aging that a staff accountant could refresh in less than one minute. Continued discussions with all levels of the organization to assess needed and desired information views delivering valuable, actionable insight into every aspect of the business.

Having Excel output cut report-production time 50%, eliminated an $80,000 administrative FTE position, facilitated cost evaluation of all mechanics, and selected which equipment to include in an $8 million fleet reinvestment.

Subcontracted by a public accounting firm to assist in the audit of a chemical manufacturer. Auditing principles allowed only supplying and not executing adjustment recommendations to avoid compromising either the accounting firm or the company legally or ethically.

After completing nineteen of twenty routine balance-sheet reconciliations in three weeks, encountered a significant raw-goods inventory obstacle. The company’s contract with a key supplier allowed for payment of a specified raw material after that material’s conversion and subsequent sale as a modified finished product. Conducted multiple interviews with the supplier and the company’s operating team to ensure full understanding of the material’s flow. Concluded that the raw material, currently valued at $16 million, did not qualify as purchased inventory since no payment occurred until a finished-goods sale happened. Contacted the incoming CFO to relay the findings and received a request to obtain a second opinion from the audit firm. Requested the auditor’s senior manager review the analysis without offering any opinion on the inference. Received a confirming response and notified all officials of a probable inventory adjustment.

The company removed $16 million from the balance sheet and took an identical one-time, one-year charge to the P&L substantially impacting annual profitability and earnings. Despite the adverse outcome, the company expressed satisfaction with the discrete handling of an extremely sensitive situation and the avoidance of any ethical issues.

The college’s administrators struggled to identify the causes of a growing attrition rate that threatened the school’s accreditation. The institution also suffered from declining enrollment. Many of the faculty viewed weeding out students judged incapable as a prime job responsibility. That attitude conflicted with management’s need to maintain high graduation rates to ensure valued licensing. To help define guidance on creating a solution, leadership requested a thorough root-cause analysis.

Designed a research program with the objective of learning when during a three-year period non-graduating students exited the program. Conducted a detailed analysis of attrition levels from matriculation to final outcome for six hundred students across the school’s ten-trimester curriculum. Measured failure and withdrawal rates for every course by session to identify specific student challenges amenable to remedy. The findings dispelled long-held faculty views that students dropped out toward the end of the program with evidence that 80% left in the first third. Presentation of the facts encouraged a shift in attitude away from pruning the student body toward assisting in early trimester success. The data also quantified the loss of up to $1.5 million of annual revenue from withdrawals, sabbaticals, and transfers. Compiled all financial and academic findings into a distilled dashboard presentation designed to show the educators which courses created the most student problems and encourage changes to keep those classes off the list of contributors to attrition.

Clearly defining the problem spurred faculty members to drastically increase office-hour availability, expand student interactions, and commit to making enrollees as successful as possible resulting in a 60% decrease in attrition rates.

Amid a campaign to sell the organization, a strategic buyer issued a letter of intent to purchase one of the subsidiaries. Properly executing the sale required managing highly technical legal, tax, and lending support from outside parties, overcoming the largest stakeholder’s flawed assumption of the organization’s statutory and financial structure, and maintaining control of concurrent multiple transactions all while preserving the secretive nature of the divestiture effort.

Established contact with the buyer’s nine-person diligence team and explained how the company’s four-person accounting and IT groups might move somewhat slower than desired but nonetheless intended to meet all goals on schedule. Ensured the subsidiary’s proper severance from the omnibus lending agreement by transmitting details of fiscal interactions between the firms through conversations arranged between the subsidiary president, private equity firm, and tax CPAs. Prioritized response to multiple, simultaneous due-diligence inquiries and produced comprehensive, accurate, and timely submissions. Kept communications with counterparts at the acquiring company transparent to aid in cultivating a cordial working atmosphere that nurtured flexibility in tailoring future transactions. Regularly apprised internal stakeholders of the financial and legal efforts affecting the deal’s progress. While pushing toward a timely closing, fulfilled day-to-day duties, met monthly reporting deadlines, and maintained the company’s liquidity.

By staying focused on the goals, divested the subsidiary within six weeks of receiving the buyer’s offer and sold the operating business unit to a separate holding company.

The limited financial support provided by a small community bank caused the company to factor invoices to generate operating capital. The firm’s founder maintained the association due to a personal relationship and no one in management had enough experience sourcing financing to push for change.

Traveled to and secured the contact information of commercial-lending personnel in all the branches of every bank in the city. Presented to decision influences at each institution the firm’s growth trajectory and supportive liquidity needs. Raised the interest of three national institutions and supplied each with requested documentation including the personal statements of all shareholders. Narrowed the choice to one lender and represented the shareholders in negotiating an arrangement that set reasonable expectations for both parties.

The new relationship provided a revolving line of credit 300% larger than the replaced facility with covenants applied only after the enterprise exceeded specified thresholds. The enhanced liquidity freed senior management to resume critical sales activities and avoid dealing with weekly payment allocations.

The company faced a maxed-out revolving credit line, high levels of uncollected receivables, and impending violation of lending covenants. The thirteen-month use of a remotely located third party to head the finance department and a poorly trained office staff led to the decay of AP and AR processes and growing distrust of financial data among operations and commercial-area personnel.

Recognized the first and most important duty to the organization as building cross-functional bridges by pursuing input from counterparts to ensure buy-in on a planned strategic alteration in cash management. Participated in weekly calls to past-due accounts to uncover root causes of collection failures. Engaged the vice president of sales in defining reasons for delayed payments. Developed and instituted changes in payables and receivables processes and communicated the improvements to clients. Enlisted help from key accounts in perfecting invoice submission through payment web portals. Hired an assistant controller, collaborated on staffing changes, and devised a training program for the receivables clerk. Enlisted guidance and agreement from top management on which vendors to pay and when and altered the disbursement schedule to avoid coinciding with the biweekly payroll. Exhibited for team members the self-discipline required to effectively manage the remodeled function. Solicited improvement ideas during the ensuing 90 days to secure success for the transformational shift.

The procedural renovations relieved 31% of the company’s outstanding debt in the first year, reducing cash interest payments from $85,000 to $45,000 per month.