Michael Goldman & Associates, L.L.C. - Consulting & CPA Services

Michael Goldman

EXECUTIVE SUMMARY PRIOR TO PUBLIC PRACTICE

 Michael Goldman is a seasoned financial executive with 16+ years experience in managing all aspects of business finances including accounting, budgeting, treasury, internal management consulting, resource management, forecasting, taxation, computerized systems, internal control, purchasing, and employee benefits.  Background has been gained in rapidly growing (over 30% per year) companies ranging in size from $14 million to $950 million revenue, and three years in public accounting with a “Big Six” CPA firm.

 PROFESSIONAL EXPERIENCE

 Office 1 Superstore,  Vice President of Finance - April, 1996 - April, 1997

This $100 million company was a turn-around situation with inadequate capitalization. Company was filed for voluntary bankruptcy under Chapter 11 and management proposed a liquidation plan to the court.  Position reported to the Chief Executive Officer and was responsible for all financial functions including treasury, tax, reporting, and vendor relations, as well as the final liquidation.

 Accomplishments:

 ·         Took company out of “work-out” division of its commercial bank and acquired a $20 million line of credit with a new lender.

·         Developed offering memorandum to raise equity capital from private venture investors.

·         Repaired vendor relations to keep merchandise flowing to the company while it was severely past due in accounts payable. 

·         Joined with outside professionals to develop both turn-around and survival strategies, and bankruptcy and liquidation plans.

·         Successfully liquidated all operations in 11 states as Debtor in Possession, exceeding creditor expectations of final estate value by $2 million.

 Sportmart,  Controller  - March, 1995 - April, 1996

Sportmart was a publicly held company with 73 locations in the US and Canada totaling $550 million in sales.  Franchise stores in Asia and the Mid-East had an additional $60 million of sales that were partially sourced through the company’s centralized distribution and administrative organization.

 Reported to the Chief Financial Officer and managed a staff of 60 teammates.  Responsible for management and SEC reporting, marketing administration, payables, payroll, and cash management.  Major responsibility consisted of developing and upgrading the reporting systems to allow management to better control the business.

 Accomplishments:

 ·         Designed and installed a new chart of accounts allowing responsibility reporting by manager. Expected reductions in expenses as a result of better reporting and control are in the millions of dollars per year.

·         Installed a new PC system to control the company’s marketing agreements and vendor administration, potentially saving over $1 million per year in lost marketing funds or expenditures.

·         Saved over $250,000 annually through review and correction of forms and supply procurement practices.

·         Reduced headcount and shortened the reporting cycle through greater systemization and computerization of the workflow.

 Handy Andy Home Improvement Centers,  Vice President Finance/Controller  -  1987 - 1995

Between 1987 to 1993, Handy Andy grew from 30 stores with $250 million in sales to 114 stores with $950 million revenue.  Beginning in 1993 the company underwent dramatic restructuring and downsizing, and was doing an annualized volume of $500 million in March, 1995.

 1993 to March, 1995, Vice President of Finance

Position reported to the board of directors of GIB, a $5 billion Belgian company that owned 65% of Handy Andy.  Responsibilities consisted of assisting the senior executive committee in formulating goals and action plans, monitoring progress towards achieving those plans, and devising and implementing corrective action when targets were not being reached. 

 1987 to 1993, Controller

Position was responsible for all accounting and reporting, state and federal taxes, budgeting and forecasting, accounting information systems, marketing administration, payables, credit, payroll, sales audit, and internal audit, with an average staff of  70 teammates.

 Accomplishments:

 ·         Successfully implemented systems conversions and platform upgrades (sys 36 to sys 38 to AS/400) for general ledger, retail stock ledger, payroll, payables, credit, sales audit, and automatch systems.

·         Significantly reduced headcount while assuming more responsibilities every year.  From 1989 forward  I had the most efficient, productive, and timely accounting department of the 43 companies comprising the international GIB group. 

·         Established an internal audit department and developed audit programs and ranking systems, leading to greater standardization and control of operations.

·         Designed and implemented line-item budgeting process, improving control and management understanding of the business. My interactive process used a combination of top-down, bottom-up, and activity-based budgeting, depending on what was most appropriate for each area.

·         Developed store productivity model allowing for more customer-friendly labor scheduling and payroll savings in the millions of dollars.  Conducted productivity reviews of store operations in Brussels and brought labor-saving ideas back to the USA.

·         Designed, programmed, and implemented in-house marketing administration programs to control over $25 million of vendor funding.  Reduced headcount in this area from five to one while significantly improving control and accountability, and reducing the buyers’ administrative workload.

·         Eliminated 15 days from the closing cycle and developed full management reporting  package.

·         Responsible for merging the accounting, control, and reporting of three major acquisitions.

·         Negotiated and resolved millions of dollars of vendor disputes during the bankruptcy of a subsidiary.

 Silvestri Corporation, Controller  - 1984 - 1987

 Silvestri was a privately-held designer and importer of Christmas and gift-ware products that grew from $14 million to $53 million revenue during my association with them.  The company had subsidiaries in Hong Kong, Taiwan, and the Philippines.  Was responsible for accounting and finance, cash management, human resources, tax, payroll, payables, and purchasing.  Reorganized all assigned areas and cut payroll and overhead costs each year through computerization, better purchasing, and training.  Converted from quarterly to monthly reporting, and developed budgets and personnel policies.

 Medline Industries,  Assistant Controller/Assistant Treasurer  - 1984

Medline was a rapidly growing $200 million supplier of medical supplies.  Responsibilities consisted of  designing and implementing a monthly management reporting package and managing a department of 40 teammates.

 Deloitte & Touche (f/k/a Touche Ross & Co.),  Senior Auditor  -  1981 - 1984

“Big Six” CPA firm.  Significant involvement in several audit and consulting engagements at both public and privately held clients resulting in recommendations to improve processes and internal controls.

 Toys “R” Us,  Store Manager   -  1978 - 1979

Managed all store operations and up to 135 teammates in a strongly seasonal business.

 EDUCATION, PROFESSIONAL MEMBERSHIPS AND CERTIFICATES, and PERSONAL

·         Kellogg Graduate School of Management, Northwestern University, Evanston, IL -  Master of Management in Finance and Accounting  - 1981.   

      Rice University, Houston, Texas - Bachelor of Arts in Economics and Management -  1978

·         Certified Public Accountant,  State of Illinois since 1981.  American Institute of Certified Public Accountants.  Turnaround Management Association.  National Association of Bankruptcy Trustees.  Association of Insolvency Accountants.

·         Married, two children, homeowner, excellent health.  Active player on league ice hockey teams

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Last modified: March 31, 2007