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Featured Opportunity

The Company

Our client is a long-standing privately owned general contractor located in the San Francisco Bay Area and specializing in multi-family and commercial construction throughout the Bay Area. The company is driven by its core values that have led to a reputation of excellence and utmost integrity. They work with a strong emphasis on collaboration, partnering closely with clients and architects from preconstruction through construction.

This client has maintained consistent financial stability, with revenue growth and strong profitability in recent years. The company believes in close management of projects to ensure consistent, high-quality delivery. The focus in coming years is on continuous improvement, controlled growth, and a consistent bottom line.

Reason for the Opening:

As the client has grown in sophistication, there is a need to modernize its financial approach and systems. The client seeks a candidate who can improve timeliness and accuracy of financial reporting and projections to drive company strategy. This will involve improving processes and communication while also taking full advantage of accounting and reporting capabilities from Viewpoint, PowerBI, and other systems.

Reporting Relationships:

Title: Chief Financial Officer
Reports to: CEO, in close collaboration with President
Reports: Director of Finance, Controller, IT Manager. Additionally, a team of approximately 1.5 payroll FTEs and four project accountants report directly to the Controller.
Location: San Francisco Bay Area, CA.

The Role:

The CFO is an officer of the company with responsibility for leadership of all financial functions while maintaining the company’s financial stability and reputation for excellence. Responsibilities include accurate accounting, forecasting and analysis to inform strategic business decisions, and the ability to continuously improve upon the company’s existing systems and processes.

The CFO will serve as an active member of the executive team, providing input on strategic issues and early identification of potential issues.

The CFO will be responsible for regular reporting to the company’s shareholders, board of directors, surety, and banking relationships.

The CFO is expected to reinforce the company culture by exemplifying the company’s core values.

Candidate Profile:

A financial executive with 15+ years of progressive financial experience with a construction firm or an accounting firm working with construction clients. A CPA is desired. Thorough understanding of accounting, cash management, forecasting, and financial controls. Comfort with ERP and reporting systems and the use of technology to optimize processes and accuracy. An ability to drive teamwork and build culture in a diverse team. Should possess a desire to embrace continuous improvement and a tactful approach to get employee buy-in to and adoption of new processes and approaches. The candidate should have financial savvy to ensure that the company is taking advantage of opportunities available through company treasury functions, tax planning, captive insurance participation, etc.

CFO Duties and Responsibilities:

Leadership and Team Development:

Uphold the utmost integrity in all accounting and financial matters, as well as in interactions with team members and outside partners.
Lead the accounting team with respect and compassion while encouraging accountability and personal growth. Engage collaboratively throughout the company to ensure financial information is up-to-date and accurate, identify red flags, and work as a team to address issues early.

Accounting Operations

Oversee accounting department providing all payroll services (including union payroll interface), project accounting, A/R, and A/P, GL accounting, and joint venture accounting.

Assess the processes and functions of the department, adapt roles to improve efficiency and effectiveness, and seek to upskill and develop team members.

Manage WIP schedule with input from project principals.

Close books and deliver accurate and timely financial reporting on a regular basis (currently quarterly, with potential to move to monthly).

Oversee all tax reporting, payment, and issue resolution, with assistance from outside accountants as relevant.

Coordinate administration of 401(k) program through outside administrator.

Participate in annual audit by outside accounting firm, ensuring that solid accounting processes and procedures lead to a smooth audit process.

Manage capitalization table, distributions, and provide regular updates to shareholders.

Collaborate with Operations, IT, and accounting teams in use of Viewpoint Vista ERP system, integration with Procore, Crystal Reports, PowerBI, and other systems to efficiently and accurately process accounting information and provide timely reporting.

Financial Planning, Analysis, and Strategy

Establish a two-year budget before the start of each year. Work with company leadership to update forecasts periodically throughout the year.

Regularly update company burden, insurance, and billing rates.

Maintain and improve upon existing dashboards and KPIs to monitor company performance and identify red flags.

Cash Management, Treasury, and Banking

Monitor and manage cash flow and balances across several accounts.

Generate interest income where reasonable while balancing the company’s liquidity needs and relatively low risk tolerance.

Maintain banking relationship, including ensuring access to company’s line and letters of credit while also generating interest income at an appropriate risk tolerance.

Work with Benefits Broker and HR team to negotiate employee benefits.

Support IT Manager with monthly check-ins and assistance where needed.

Be an active participant in the management of the company’s group captive insurance program, including participating on committees and in conferences where appropriate.

Assist in financial management and wind-down of legacy businesses that have ceased operations and occasional other financial management related to prior company entities.

The First Year

Observe, listen, and learn

Acclimation and six-month onboarding initiative.

Embrace company culture and core values of Integrity and Collaboration

Develop collaborative relationship with President and CEO and Operations leadership

Specifically work with the CEO to develop an efficient system that will provide accurate financial reporting and forecasting

Assess team talent and begin developing training and leadership development

Assess current use of technology and recommend improvements

Compensation and Relocation:

Attractive base salary commensurate with Bay area cost of living and the caliber of candidate we are seeking. Substantial bonus potential based on company and individual performance targets. Company health insurance including a wellness stipend and FSA. Car allowance, generous 401k, and additional discretionary contribution.

For confidential consideration or to recommend someone whose career would benefit from hearing about this opportunity. Please contact:

Jerry Adams
Adams Partners