Human Resources Real Estate

THADDEUS SHALEK, CPA, CVA, CGMA

**** ************ **** *****, **********, NC 27408- Home: 336-***-**** Cell: 919-***-**** ***.******@*****.***

CHIEF FINANCIAL OFFICER

EXECUTIVE PROFILE

Senior executive with an exemplary record of leading finance and administration for public and privately-held companies including pharmaceutical manufacturing, real estate development, and software development organizations. Skilled in performing due diligence engagements and successfully negotiating acquisitions and mergers. Strong reputation in restructuring finance departments, including developing and implementing new, more effective systems to improve reporting. Highly skilled in identifying and creating innovative solutions for various problematic areas of finance and operations. Additional background includes Big 4 accounting experience. Academic credentials include an MBA and a BSBA in Accounting.

NOTABLE CONTRIBUTIONS

At University of North Carolina – Investigated, developed and authored the business plan for the North Carolina Center for Global Logistics – a large Public-Private partnership covering the 12 county Piedmont Triad area of North Carolina. The current operations of the Center have a major positive impact on the economic and technical future of the Triad area.

At Smart-Online Inc. - Took over CFO position at a time when the Company was in significant turmoil with the U.S. Attorney and SEC. Reorganized processes, analyzed all accounting and finance functions to establish a new, efficient cash flow reporting system and streamlined reporting processes for accurate and timely reporting to shareholders and the SEC.

At Vertical Health Solutions, Inc.- Inherited an in-progress corporate acquisition that lacked competent accounting personnel, historic financial general ledgers and documentable/auditable information. Using the remaining basic data, I recreated auditable financial records for financial and SEC reporting.

CORE LEADERSHIP COMPETENCIES

Corporate Governance Global Experience Risk Assessment Compliance Management SEC Filings (10-Q, 10-K, 8-K), Significant Communication with SEC Successful Relationship Management with Investment Bankers, Banks, and Bondholders Industry Best Practices Cash Flow Planning Representation of Corporations before the IRS up to, and including the Appellate Division Building and Leading High Performance Teams Managing Multi-Million Dollar Budgets, P&L Board Level Presentations

PROFESSIONAL EXPERIENCE

SMART ONLINE, INC., Durham, NC: Publicly traded software development company.

Chief Financial Officer, 2009 - Present

Manage all accounting, finance, SEC compliance, and filings and tax planning. Lead two direct reports and manage entire HR function, including 25 employees. Create and manage multi-million dollar budget.

Restated reports filed with the SEC, prior to my employment, and worked with the SEC to ensure compliance with current GAAP and required SEC guidelines.

Significantly reduced annual audit, accounting, and legal fees $110k. Personally prepared internal federal, state, and local income tax returns.

UNIVERSITY OF NORTH CAROLINA, Greensboro, NC

Professor of Practice, 2008 - Present

Teach Accounting, Entrepreneurial Finance, and Family Business.

Managed data gathering, analysis of data, assimilation and authored the business plan for the North Carolina Center for Global Logistics (NCCGL). This business plan is the foundation for the activities of the NCCGL funded by Old Dominion Freight Lines, Honda Jet, BB&T Bank, Piedmont Triad Partnership, County governments, and Institutions of higher education. – Summer 2009

LINDELL PROPERTIES, Tampa FL: Privately held multi-million dollar real estate developer.

Chief Financial Officer, 2006 - 2008

Managed accounting, finance, tax planning, and human resources. Performed due diligence of potential acquisitions. Monitored and managed multi-million dollar security investment portfolio. Led four direct reports. Managed multi-million dollar budget and P & L.

Planned for $3M of savings with creative tax strategies employing tax-free asset transfer and use of LLC equity interests to avoid ordinary gains and postpone asset revaluation for real estate tax appraisal purposes.

Lowered annual insurance costs by $56k through review of all assets and purchase of specific policies and overall coverage.

Reduced annual accounting fees by $35k through personal preparation of federal, state, and local income tax returns.

VERTICAL HEALTH SOLUTIONS, INC., Tampa FL: Publicly traded pharmacy and manufacturer of nutritional products for the veterinary industry.

Chief Executive Officer/ Chief Financial Officer, 2006

Managed corporate operations. Developed new product plans and marketing programs. Accountable for all communication and reporting to the Board of Directors and the SEC. Negotiated profitable sale of major division. Led 15 direct reports. Created and managed multi-million dollar budget.

Chief Financial Officer, 2004 - 2006

Prepared financial reports for the SEC and shareholders, including federal, state and local tax returns. Evaluated merger candidates and managed all aspects of acquisition. Oversaw leasehold improvements and leasing for new office and warehouse. Led all aspects of human resources.

Improved insurance coverage and reduced costs by $25k annually.

Worked with employees of acquired company, identified their business culture and created a successful merger of the subsidiary into parent company’s operations.

SHALEK & ASSOCIATES, CPA'S INC., Cleveland OH: Certified Public Accounting Firm.

Founder/ Entrepreneur/CEO, 1985 – 2004

Consulted with over 400 businesses in diverse industries regarding management, operations, financial planning, taxation, and succession planning. Managed twelve direct reports. Performed M & A due diligence engagements for several clients and recommended profitable candidates for the parent companies.

PRIOR EXPERIENCE: Cuyahoga Community College, Cleveland OH - Instructor of Accounting; McManamon, Shalek & Co., CPA's, Cleveland OH – Founding Partner; Coopers & Lybrand, Cleveland, OH: - Tax Manager

EDUCATION

M.B.A. – Business Strategy/Management, The University of Tampa FL, 2006

B.S.B.A. – Accounting, John Carroll University, Cleveland OH, 1971

Certifications/Licensures; Member of the American Institute of CPAs and The Ohio Society of CPAs, 1973 to Present; Member of National Association of Certified Valuation Analysts, 2003 to Present; Arbitrator for the NASD – National Association of Securities Dealers, 1984 to 2006

NASD Series 7 License, 2002 to 2005

Affiliations & Board Leadership: Chairman of the Audit Committee – PowerLinx, Inc. 2006 to 2008. Past member of 9 community boards and 7 professional organizations, serving in numerous leadership positions.

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