New Opportunity: Chief Financial Officer at Fair Market

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About the Company

Fair Market, Inc. is an established leader in the wholesale discount food market, providing a unique service to both customers and suppliers nationwide. Fair Market focuses on procuring large quantities of high-quality food products to both assist our manufacturing partners and provide our customers with tremendous savings. Since July 1997, our customers have turned to us to enhance and upgrade their dining menus and retail selection while reducing overall food costs.

Under the guidance of our leadership team, Fair Market, Inc. has continuously improved its ability to provide exceptional service to its customers and manufacturing partners. As part of FMI Holdings, Fair Market, along with its subsidiary companies, offers a wide array of capabilities and services to a large customer base.

CFO Opportunity:

The Chief Financial Officer (CFO) position is accountable for the strategic, financial, administrative, and risk management operations of the company, to include the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems designed to preserve company assets, maximize profits, and report accurate financial results to the Board and stakeholders. CFO candidate must be willing to take a side-by-side role with the CEO and executive team to motivate the people in the organization to achieve its mission and financial targets.

The CFO will report to the Chief Executive Officer and be a key member of the Company’s senior executive team. She or he will design, install and manage the practices and systems necessary including financial policy, reporting, compliance, risk management, controls, financial accounting, cost accounting, accounting systems, cash management, banking relationships, tax strategy and Board interface within a highly respected organization. The new CFO will coordinate the development and filing of all bank and board-related reports and regulatory documents, if any, initiate and maintain accounting and auditor relationships.

Principal accountabilities are:

Planning

  • Assist in formulating the company’s future strategic direction and supporting tactical initiatives
  • Monitor and direct the implementation of strategic business plans
  • Look holistically at the organization to identify and understand the implications of problems and opportunities in individual parts of the business
  • Identify revenue generating opportunities and cost savings opportunities
  • Develop financial and tax strategies
  • Manage the capital request and budgeting processes
  • Develop performance measures that support the company’s strategic direction
  • Assist department heads/executive managers with cost/benefit business case analysis on projects and initiatives that may materially affect the company

Operations

  • Participate in key decisions as a member of the executive management team
  • Maintain in-depth relations with all members of the leadership management team
  • Manage and or supervise the accounting staff
  • Oversee the company’s Enterprise accounting systems
  • Oversee employee benefit plans, with particular emphasis on maximizing a cost effective benefits and healthcare package
  • Supervise acquisition/divestiture due diligence

Financial Information

  • Oversee the compliance and issuance of all financial information
  • Personally review and approve all financial statements
  • Ensure that the company complies with all legal and regulatory requirements
  • Ensure that record keeping meets the requirements of auditors and government agencies
  • Report financial results to the board of directors and any related stakeholders
  • Maintain relations with external auditors and investigate their findings and recommendations

Risk Management

  • Understand and mitigate key elements of the company’s risk profile
  • Monitor all open legal issues involving the company, and legal issues affecting the industry
  • Construct and monitor reliable control systems around lawsuits and litigation
  • Maintain appropriate insurance coverage and negotiate improved terms, annually
  • Report risk issues to the executive management team and audit committee of the board of directors

Funding

  • Monitor cash balances and cash forecasts
  • Identify need for and arrange for additional or alternative debt and or equity financing
  • Manage banking relationship and debt facilities

Third Parties

  • Participate in visits and or conference calls with the Board members
  • Maintain banking, accounting and auditor relationships
  • Represent the company with all stakeholders

Key Process Improvement Metrics:

  • Provide timely and accurate metrics on a monthly and quarterly basis
  • Exceed all debt covenants on a quarterly basis
  • Develop profitability and pricing analysis
  • Develop more robust and insightful KPI’s (i.e., dashboard)
  • Implement budgeting and forecasting processes
  • Understand key industry trends to seek opportunities and manage risk
  • Identify key process improvements and lead further efficiency

Desired Qualifications:

A complete understanding of the role of a private company CFO as a fiduciary with responsibility for reporting, bank covenant compliance and Board interface. Domain expertise in accounting policy, accounting systems, financial reporting, taxation, and bank compliance. Superior management, analytical, organizational, administrative and presentation skills. The temperament and maturity to be a key confidant to and collaborator with the CEO and the management peer group.

  • Master’s degree in accounting or business administration, or equivalent business experience preferred.
  • 10+ years of progressively responsible experience for a industry relevant company in a financial capacity.
  • Experience partnering with an executive team and have a high level of written and oral communication skills.
  • Preference will be given to candidates with an MBA in Finance and the Certified Public Accountant or Certified Management Accountant designations.

If interested in learning more about the opportunity, please contact Rochelle Fleischer at 180one at 503-699-0184 or rochelle@180one.com.

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