NAP call with Laura Murphy re this role. (See below for notes re NAP call with Shawn Martin re this role.)
Bought metro graphics in Lowell, MA. NW of Boston. CFO had been there 8 years. Now really an ops controller role due to centralizing ap, ar and payroll in MN. The CFO has done IT, HR, etc. not working out. Used to being the CFO of a $28M biz. Has no retention. Ivy league undergrad. Smart guy. GM is now telling me about the CFO – not positive. Doesn’t have passion. 3i wants him to work out. Presents well. Impressed 3i during due diligence. Not the right guy for this role.
Shawn Martin is the GM. Jamie is incumbent. Shawn jumps too fast. Needs my finance guy to make me stop and look at the data. Doesn’t like Jamie as things don’t get done.
No options, 10% bonus. Getting competitive salary from our HR team. They have an ERP system but moving them to Made to Manage. Brining in cost acctg. We don’t have a cost accountant. Need to do it and then hire
90% of rev is Medtronic. Make thin film filters. $27M now. We think we can expand applicability. Will be Cirtec Medical April 1. Don’t need med tech background. Use a lot
Video with Laura.
Then bring Shawn in for finalists
Very confidential. Jamie lives an hour from Lowell on the coast of NH. Want to keep Jamie on retention during ramp up time for the new person. Jamie is somewhat arrogant. Base of $150k.
Company was owned by a fund in Boston I think. Not big and not really PE.
Shawn was hired to lead Sales. Then promoted to COO. Simple process. Not a Jared – finance, photographic memory, etc. Shawn knows the ops and biz. Needs someone who is very accurate re financials. One mfg plant. No warehouse and dist. Very simple process.
Work in a huge buildign that was Wang. 500,000 sf. 60% occupied. One of many businesses that rent. U Mass Loweel is close by.
Email intro to our VP of HR – started last week. Brenda Lee. She was in my wedding. Worked at FireKing with my husband. I also grabbed their VP of IT.
Shawn Martin call:
Lives in NH.
Rock solid numbers. Process business info and reports. No question re accuracy. CFO is great at this. I don’t have to question the numbers.
Trusted advisor, sounding board, walk me through the month end numbers, think of ways to make improvements, extrovert and actively involved in biz.
CFO has an understanding of our process and all the steps. Understand labor rates, std metrics.
All report to me. Need someone who is biz savvy and can be my advisor. Not afraid to talk with me re business.
I have been here five years. I was brought in by past owners and pres to turn the biz around. It was struggling. Went form $5M to $30M. Built new factory. Medtronic buys everything we manufacture. Medtronic needs us to double again.
Put in new biz systems, 5x staff. Now 175 employees.
Must understand std costing. Centralized AP, AR, payroll.
I am not a micro manager. I like smart people who challenge the status quo and want that environment. Have to be comfortable in that. Very direct with all. Can be taken as aggressive. Irish kid from Mass. Animated. Talk loudly. Can work with diff personalities.
My background – started in engineering, many years in ops, lead sales and mkt. Not good at finance.
Going through construction project. New clear room and renovating existing one. Cirtec wasn’t to expand my offerings. Goal is to make Lowell the Electronic Circuit facility. Brooklyn park is assembly.
Becoming more medical than industrial. What we do is electronics. Circuit boards, etc. If they come from a company like that, that will help.
Jamie improvements – delivering to the commitments of company and not put own priorities first. Cirtec asks us to do things and Jamie does them when he feels like doing it. He thinks highly of himself. Was CFO and still thinks like that. Not relinquishing things.
Culture – young, very fast paced, focused on production – no design. Ship as fast as possible. Engineers have 1-2 years of experience. Most employees 21-35. Plant is very clean, bright. 5 offices. All else in cubes with walls that are chest height.
Going to Lean Six sigma
Reporting – cadence and reporting. I don’t get dashboards. Need them.
If the person can help with recruiting that will be awesome.
Who reports to the Controller – Acctg Mgr and Cost analyst.
Equity – I use that term. We were PE owned and all about EBITDA. Need to focus on that.
Work life balance – I am a big believer in family first but need to work in the office. Just get the work done.
Married with two kids.
If Jamie finds out, I am not worried.