QUALIFICATIONS SUMMARY

 

Seasoned executive with excellent hands-on operations background combined with outstanding corporate and single unit financial and marketing experience.  Broad range of business turn around, operations, merger and acquisition, financing and systems involvement.  Committed to Finding Solutions to challenging business issues.

 

EXPERIENCE

 

Smyth Companies, Inc            

St Paul, Minnesota                       

2005 to February 2010

President

 

Responsible for all aspects of this privately held $75 million label printing and machinery manufacturing company operating out of six facilities located across the United States. Started in consulting role focusing on the turnaround of the business in 2005.

 

Accomplished the following:

• Doubled EBITDA.
• Together with investment bankers and CFO developed a very successful transaction providing significant liquidity for the shareholders. Transaction closed in February 2010.
• Turned Company into solidly profitable business.
• Sold two unprofitable divisions while maintaining significant future royalty streams.
• Consolidated three sheetfed printing plants in to two – Thus making Smyth union free.
• Rightsized business units bringing headcount to 347 from 500.
• Led efforts in being awarded Best of Best Workplace in the Americas in November 2009 after a Best Workplace in the Americas was awarded in 2008.
• Developed cohesive management systems and team thus ensuring continued success.
• Establish effective purchasing controls and effected over $2 million in cost savings.
• Increased gross margins by 31%.
• Sold all underutilized equipment generating over $1.3 million in cash. In connection with the sale designed and implemented a 1031 exchange saving $400,000 in taxes.
• Implemented successful LEAN programs throughout business.
• Designed and implemented very successful raw material waste management systems throughout business units.
• Found and successfully penetrated new growth market for “Worlds Fastest” label application equipment.
• Reduced Accounts Receivable and Inventories by over $4 million by implementing effective management practices.

    

J L Lundquist & Company     

Woodbury, Minnesota                                             

2001 to 2005 

 

Established consulting company to provide management consulting, business turnaround, interim management, financing/refinancing, merger and acquisition, business sales and project management services to the printing and other industries.

 

Globe Building Materials, Inc. 

Whiting, Indiana                                                      

1998 to 2001

President and Director

 

Managed this $100 million residential roofing manufacturing company. Increased cash flow by 100% within 18 months. During that time refinanced $25 million working capital line of credit that the Company was in default on prior to arrival. Formed and implemented plan that moved the Company into expanding markets to insure its survival. Restructured $19 million in term debt to cure defaults that existed upon arrival. Increased customer service level, developed and implemented cost savings programs which generated over $7 million in annual savings, developed teamwork, increased sales revenues, expanded product offerings, and restructured management and team.

 

Danner Press Corporation 

Canton, Ohio                                                                   

1990 to 1997           

President/Director                                                                                                    (1990 to 1997)

 

Responsible for all phases of this $48 million union catalog and magazine printer.  Turned Danner Press into a competitive, customer and employee focused, autonomously managed and financed profitable company with very good working relations with union employees.

Specific areas of major impact include:

•  mplemented cost control, purchasing and pricing programs in 1992, which produced $1.5 million annually in reduced expenses and increased value added.
• Restructured union contracts in May of 1991 generating $1.5 million per year in reduced wage and benefit expenses. Successfully orchestrated and implemented two additional union contracts (1993 and 1995) while maintaining employee harmony.
• Built autonomous sales, estimating, billing, and finance departments to allow Danner  management to control their destiny.
• Refinanced working capital line of credit with major Midwest bank in August of 1990 after original line of credit was pulled in March 1990. Financed working capital, equipment and facilities needs on an ongoing basis.
• Consolidated three plant facilities into two and ultimately into one by adding 120,000 square feet to the existing plant.  This doubled the size of the production and warehouse facilities and provided needed space for future growth.
• Maintained profitable operations each year despite considerable debt and loss of biggest customer in 1993 (due to the customer being acquired).  This customer represented approximately 25% of Danner's 1992 revenues.
• Developed “Danner Digital Center” to service the needs of our customers.  Researched, financed and implemented plan for future expansion into computer to plate technology.       

 

The Press of Ohio, Inc.

Brimfield, OH                                                                      

1990 to 1992

Executive Vice President / Chief Operating Officer and Director

 

Responsible for all manufacturing, operating, administrative, Human Resources, accounting, financing, purchasing, estimating and strategic planning functions of this $35 million union free book and magazine printer.

Specific accomplishments include:

• Implemented cost, pricing and headcount control procedures, which resulted in immediate turnaround of the company.
• Recapitalized the Company through refinancing of long-term debt. The refinancing resulted in a $4 million equity infusion.
• Obtained working capital line of credit after the bank had pulled the line in March of 1990. 
• Resigned position in December 1992 to focus 100% on Danner’s Press issues.

 

Phoenixcor Financial, Inc.

South Norwalk, CT                                                        

1989 to 1990

Senior Vice President and Chief Financial Officer

 

Responsible for finance, accounting, human resources, portfolio management, systems, product development and credit of this $220 million financing company.

Specific accomplishments include:

• Developed portfolio securitization consisting of a variety of financial instruments.  This $53 million securitization was successfully taken to market and sold to three large institutional investors. The sale of the portfolio brought the Company into compliance with various financial covenants.
• At the time, only one other securitized portfolio of this type had been taken to market and sold. 
• Left Company after Frank Beddor, Jr., owner of the above Ohio Companies, asked me to join Danner Press and the Press of Ohio and take equity positions.

 

Carlson, Lundquist & Company, Ltd., Certified Public Accountants,

Minneapolis, MN                                                                                                           1982 to 1989

Senior Partner/ Co Founder

 

This 27 person CPA firm provides professional services to the Graphic Arts and related industries (paper merchants, ink manufacturers, trucking companies, graphic arts supply companies and others).  Services include acquisition and mergers, turnarounds, financing, strategic and operational planning, tax consulting and other traditional services.

 

Through concentrated marketing efforts and industry reputation, the firm grew from 4 to 27 employees.

 

The Beddor Companies, Inc.

Chanhassen, MN                                                         

1982 to 1988

Chief Financial Officer (Acting)

 

Seven Beddor operating Companies were consolidated under a holding Company in 1985 (The Beddor Companies, Inc.).   My role with the companies developed into the Chief Financial Officer function.  Handled all bank relations, financing, annual planning, cash flow management and a variety of operating issues of this $275 million operation.

• Orchestrated sale of six of the Beddor Companies to Banta Corporation in April of 1988.
• Prior to April of 1985 functioned as the Chief Financial Officer of four Beddor Companies, (The Press, Inc., Viking Press, Inc., The Printer, Inc., The Press of Ohio, Inc.).

 

Taylor, McCaskill & Company, Ltd., Certified Public Accountants,

St. Paul, MN   

1976 to 1982

Manager

Managed consulting engagements, audits and tax projects.

 

SEMINAR PRESENTATIONS

 

Presented several seminars on printing industry overview, strategic planning, financing cost controls, financial reporting and tax planning to executives and members of the Printing Industry of America and the Printing Industry of Minnesota and Turnaround Management Association.

 

EDUCATION

 

Certified Public Accountant, Minnesota - June 1978

College of St. Thomas St. Paul, MN - May 1976

B.A., Public Accounting

 

AFFILIATIONS

 

Turnaround Management Association

American Institute of Certified Public Accountants

Minnesota Society of Certified Public Accountants