Michael J. Reichert
A Financial Executive with a wealth of leadership experience involving small and mid-sized manufacturing companies. Able to partner with internal and external customers to lead growth and sustain profitability. Adept at directing analysis in key business areas and preparing monthly results for senior management. Capable of building and maintaining both new and existing relationships to achieve long-term business development. Possessing excellent leadership and communication skills to manage teams effectively and deliver training. PROFESSIONAL EXPERIENCE:
CUSTOM EQUIPMENT, INC. Richfield, WI. April 2012 to Sept. 2019 A private equity investment held company.
1/19 – 9/19: Chief Operating Officer
Responsibilities: Develop and implement the strategic operational initiatives of the business to meet growth and profit objectives. In conjunction with the President report to the Board of Directors and Equity Partners on a monthly and quarterly basis. Responsibilities include identifying and implementing key initiatives to obtain growth and cost objectives, such as improved material flow, material cost reduction initiatives and improved through-put with the assistance of WMEP. Preparing monthly financial reports, quarterly reports, bank covenant reporting, presentations of results to the Board of Directors and Equity Partners, mentoring and developing junior level department management staff. 11/17 – 1/19: President
Responsibilities: Led the company from a family-owned business to a Private Equity owned organization. Defined the organizational structure to facilitate the achievement of overall growth objectives. Prepared monthly and quarterly financial reports and presented detailed analysis to both the Board of Directors and Equity Partners. Fostered and cultivated relationships with key customers to determine their business needs. Mentor junior level department management staff with a focus on professional development.
04/12 – 10/17: Vice President, Finance
Responsibilities: Developing the strategic plans and business development encompassing operational metrics, pricing strategies, and cost reduction initiatives. Successfully increased sales by $11 million over a four-year span and increased profitability by $2.3 million. Devised accounting policies and implemented trade credit financing programs in addition to administering monthly forecasts and quarterly covenant reports. Enhanced organizational structure and internal efficiency through the Product Development System and served as lead for the WMEP project improved efficiency through revising the plant layout. Michael J. Reichert Page 2
REGAL WARE, INC. Kewaskum, WI. October 2002 to April 2012 A privately held company run by family members of the third and fourth generation. 05/09 – 04/12: Vice President, Purchasing & Inventory Control Responsibilities: Develop the strategic plans and cultivated the relationships of all global supplier/partner relationships and material requirements. Manage all pricing, commodity, and currency fluctuations to control the cost structure to meet goals. Develop and qualify new suppliers. Develop strategy and goals for the inventory levels in support of corporate objectives. 10/05 – 04/09: Vice President, Global Sourcing:
Responsibilities: Establish the Global Souring area, with defining the mission of this new area. Developing the supporting organizational structure, job responsibilities, and goals. Developing the relationships with key supplier / partners. Increased globally purchased products to 30% of total purchases while recognizing several million dollars of cost reductions. Responsible for leading seven cross functional teams to reduce inventory levels from $22 million dollars to $11 million.
04/03 – 9/05: Vice President, Special Projects – Treasurer Responsibilities: Partnering with the Investment banking firm to develop and present the sale of the non-strategic Housewares division to a Private Investment Group. Developed a corporate- wide cost reduction plan identifying $5 million in annual savings. Implementation of a warranty team and revised warranty procedures to reduce warranty costs by 50% or $750,000. Implementation of an inventory reduction team to reduce excess inventory by $1 million. 11/02-03/03 Vice President General Manager - West Bend Division Responsibilities: Full profit and loss responsibility for the division. Manage the senior-level direct reports of Legal, Human Resources, Manufacturing, Finance, and Sales. Setting the goals for the organization and lead the organization post sale to become part of the integrated Regal systems and departments. All profitability goals were met during this timeframe. THE WEST BEND COMPANY, West Bend WI. 1984-2002
A company of approximately $150 million that was part of a larger publicly held corporation under the parent companies of Dart, Dart & Kraft, Premark, and ITW (Illinois Tool Works) 03/00 – 10/02 Chief Financial Officer
Responsibilities: Responsible for all aspects of Finance and Information Systems for all three operating divisions. These responsibilities included the review and approval of capital spending and operational expenditures, review and approval of proposed new product introductions, creating the metrics to measure and report business unit progress toward strategic objectives, and reporting the actual monthly financial statements and forecasts.
• As a member of the president’s staff, I was part of the management team that established the strategic direction for the Water, Premiere Cookware, and Housewares business units. Part of that strategic direction included developing the organizational structure to align with business strategy. Changing the West Bend organizational structure resulting in $16 million of cost savings. Operating income increased $1 million on a reduced sales base of $40 million dollars.
• Lead the team that analyzed the West Bend de Mexico operation and identified $1.7 million in annual savings with a reorganization of the Mexico plant.
• In addition to Finance and Information Systems, I had been directly involved in Product Line Simplification (PLS) efforts which yielded a reduction in active sales SKU’s from 1,750 to 800, and an 80/20 analysis of customers and products. Michael J. Reichert Page 3
• Prepared and presented financial information in conjunction with C.S. First Boston during the divestiture of The West Bend Company in 2002.
7/99 - 02/00 Housewares Division Controller
Responsible for all aspects of Finance within the Housewares Division and responsible for Information Systems for the company. Managed senior direct reports for Financial reporting, Tax and payroll accounting, Credit and collections, and Accounts Payable/ Receivables Manager. As part of these responsibilities I have:
• Participated in various cost reduction teams yielding cost savings in excess of $1 million.
• Led the teams for simplification of financial systems and procedures; specifically Account/cost center combinations were reduced from 8,800 to 1,700. Simplified the costing/budgeting process reducing costs by $150,000.
• Project Leader to accelerate month-end closing. Closing cycle reduced from 7 days to 1 day.
• Project Leader for ERS (Evaluated Receipts Settlement). Accounts payable costs reduced by
$100,000. Accounts payable term codes reduced from 171 to 25.
• Project Leader for Procurement Card Implementation. Checks produced reduced by 10% or 4,000 checks annually. Streamlined purchasing of small dollar items. 1993 - 1999 Director, Financial Planning
1990 - 1993 Manager, Accounts Payable/Accounts Receivable 1984 - 1990 Financial Planning Accountant
H.G. SIEPERT’S CERTIFIED PUBLIC ACCOUNTANTS, Beloit WI 1983 – 1984 Staff Accountant specializing in Audit of local telephone companies. EDUCATION:
Master of Business Administration, Cardinal Stritch College Bachelors Degree in Accounting, UW-Whitewater
Associates Degree, UW-Washington County
Certified Public Accountant
Available upon request
*Treasurer and past Vice Chairman Board of Directors Glacier Hills Credit Union
*Vice President University of Wisconsin Washington County Campus Foundation
*Past Parish Trustee/Treasurer, St. Mary’s/Immaculate Conception Parish
*Past President and Vice President Board of Directors - The Family Center of Washington County