Chief Financial Officer/Controller/Top Financial Position
Resume:
WAYNE M. URBAN, CPA Inactive
Bedford, Ohio 44146-2755
440.232.3241Cell: 216-***-****
******@*********.***
FINANCIAL MANAGEMENT EXECUTIVE
A decisive financial executive with extensive experience in strategic planning, financial analysis, treasury, cash management, credit, mergers & acquisitions, systems integration and creative problem solving. An effective leader who can hire, train and motivate a winning team.
PROFESSIONAL HISTORY
LS Products LLC, Bedford, Ohio - 2002 to present
Co-invented Webb’s Leg Sling, medical device, and started company to distribute new product.
Formtech Enterprises, Inc., Stow, Ohio - 2007 to 2008
Custom profile plastic extrusion company, $25 million in sales with 3 manufacturing facilities and over 100 employees. Secretary, director, treasurer, controller. Responsible for finance, accounting, information systems, and human resources.
American Spring Wire Corp., Bedford Heights, Ohio - 1978 to 2001
Company had $115 million in sales, 560 employees operating 3 manufacturing facilities in 3 states with a supporting tooling facility that had owned a foreign company.
Directed Financial Reporting, Budgeting, Tax, Legal, Treasury, Credit & Collections, Insurance, Information Systems, Activity Based Cost Accounting and Lead Monthly Key Management Meetings. Provided oversight to 11 member finance and accounting team.
The majority of my career I had the title of Controller, added titles of Assistant Treasurer, Assistant Secretary, and Operated as the Chief Financial Officer(CFO).
Significant Accomplishments at American Spring Wire:
• Inventory Costing and Control
Created company’s first computerized perpetual inventory system. The bi-annual physical inventory counting originally took 12 to 14 hours and the reconciliation took two to three weeks. The new system allowed us to complete the count in 2 to 3 hours with same day reconciliation. Eliminated mid-year physical count and associated costs. Brought office team to the shop floor to verify accuracy and gain manufacturing insight.
• Benefit Plan Conversions
Redesigned two defined-benefit and two defined contribution plans. Converted the excess funding into vested benefits, terminated the defined benefit plans and moved all vested benefits into a 401(K) profit sharing plan. Merged the two defined contribution plans into the 401(K) profit sharing plan to create a single, comprehensive retirement plan. Directed all filings to the Pension Benefit Guarantee Corporation and had no changes from their audit. Set up the new 401(K) plan with a single administrator and investment program. Set-up Section 125, deferred compensation and bonus plans – including top-hat plans.
• Insurance Program
Significantly reduced property and casualty insurance costs each year. In 1980, insurance costs were $335,000 with $35 million in sales and 300 employees. Now a similar premium payment covers 560 employees in three manufacturing plants with $115 million in sales.
• Bad Debt Recovery
Obtained a security interest in certain machinery and equipment owned by a major customer that filed for bankruptcy. Worked as a consultant to the receiver and ran the operations of the major manufacturing plant. In 90 days, turned the plant around making sufficient funds to pay all creditors 100% due them with money for the U.S. parent.
• Financing
Improved financing options by negotiating loan agreements with domestic and international banks. Personally drafted agreements for bankers’ acceptance, revolving lines of credit, term level, stand-by letters of credit, hedge transactions and other credit facilities.
• Training
Trained all levels of personnel from officers to shop floor employees on financial issues. Helped “non-financial” people understand financial results, individual contributions, budgeting and changes in reporting requirements. Utilized formal classroom training programs, monthly newsletters, monthly five-minute talks and custom reporting formats.
• Acquisitions
Evaluated several companies and completed four acquisitions. Worked on the initial investigation, negotiations, and legal agreements, due diligence, systems and staff integration.
• Information Systems
Worked on two mainframe computer conversions, upgrading of communications and addition of network PCs systems with various MIS and department managers. Main system is a closed loop manufacturing system (ERP system) that feeds an Oracle database and allows easy reporting to Microsoft Office Suite.
• Consolidation and Foreign Reporting System
A German company was acquired that needed foreign currency translations in addition to consolidation. There were many inter-company transactions that required hedge of currencies to protect profit margins.
Grant Thornton, Certified Public Accountants - Baltimore, MD & Cleveland, OH - 1974 -1978
Auditor, In-Charge Auditor, Business and Individual Tax Preparer.
Worked on many engagements, including Subchapter “S” corporations. Gained experience in transportation, manufacturing, distribution, banking and assisted living centers.
EDUCATION
BBA, Accounting Major, Kent State University. Earned 100% of tuition and books.
BUSINESS ASSOCIATIONS and COMMUNITY INVOLVEMENT
Ohio Society of Certified Public Accountants
Financial Executives Network Group
Bedford Heights Chamber of Commerce - Past Board Member & Past President
Rotary Club of Bedford - Board Member & Past President
Bedford School District Business Advisory Committee
Inventors Connection of Greater Cleveland - Treasurer
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