Fallas Stores operates approximately ninety value or discount apparel and housewares retail locations across the United States, predominantly in Sunbelt states. The company is growing, having successfully acquired the operations and assets of a predecessor company that had experienced financial difficulties. The company is guided by its owner/CEO, whose greatest skills are in merchandising and procurement, and who needs a strong CFO to back him up as the company grows. Its national headquarters is located in Gardena, California.
The Job Description
The Chief Financial Officer will support the Company as both a strategic and tactical partner. The CFO will be responsible for daily financial operations, all related financial systems, and human resources for the entire company. The CFO will be responsible for directing and managing all aspects of the company’s financial operations which includes developing short and long-range financial plans for the effective financial management of the company, managing the internal financial organization, external communications with lenders, bankers, accountants and other key relationships, business process improvement, the timely and accurate publication of financial statements, and ensuring the Company’s compliance with all applicable labor laws and regulations.
Leadership skills are essential, as are effective management techniques and the ability to manage change in a demanding, fast-moving culture. Of great importance are strong communication and interpersonal skills, the ability to ensure everyone knows what is going to happen, then to make it happen, and to keep all the appropriate people informed up and down the organization structure.
The CFO must ensure effective financial controls are in place, cash flow projections can be relied upon to ensure an adequate flow of product to the stores, and appropriate cash flow is generated. The CFO will ensure all Company financial reporting practices adhere to GAAP and all required loan covenants are maintained. The CFO will be intimately involved in all business activities/transactions, including contracts, loan agreements, store openings and closings, and other contractual structures.
The CFO is responsible for inspiring a collaborate culture among various C-Level peers to create the necessary strategies and missions to achieve the CEO’s vision, monetize and monitor the resources required for success and effectively communicate progress.
The CFO must own the numbers and be able to communicate in terms the receiving party can understand and relate to.
The CFO must work with peers and managers in developing targets, goals, KPIs as well as providing reports that support attainment thereof.
The CFO should approach the functioning of the finance and accounting department with an entrepreneurial spirit – observing patterns and seizing opportunities for improvement – proactive not reactive.
Additional accountabilities include supervising the classic accounting functions including general ledger, inventory control, government reporting, accounts payable/receivable, and budgeting. A staff of 20-25 individuals reports to the CFO, including up to 6 open positions.
Primary Early Responsibilities
During the first 12 months of the CFO’s tenure, the following objectives should be achieved:
- Work with the company’s outside financial management advisors to complete a new financing that will enable the Company to achieve its intermediate term sales goals.
- Revamp cash management practices to improve the Company’s ability to effectively forecast its cash needs and adequately provide for them as required to meet the Company’s growth targets.
- Search for and hire the best candidates available to fill the key open positions on the staff, to enable the CFO to delegate many financial analysis duties and focus on the broader issues facing the Company.
- Get a fully qualified controller in place.
- Reduce amount of manually generated supporting documents.
- Configure accounting system to generate financial statements
- Review and revise as necessary the organizational structure of the Finance organization to improve its efficiency and ability to respond to the financial information needs of the CEO and the management team.
- Develop effective policies and practices to assess and improve staff performance, including job descriptions, performance metrics, and periodic performance reviews.
- Develop, monitor and regularly report on a series of KPIs to monitor the performance of store operations in order to support the CEO’s strategic goals for overall growth and store profitability.
- Ensure all required financial reporting is professionally completed and timely issued, with key issues researched and understood when reports are issued.
Incentive bonus tied to 12-month goals