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Results-oriented analytical financial officer with over 15 years of experience in service, manufacturing, telecommunication, distribution, staffing and contracting companies. Effective leader, team player and builder of a strong financial organization. Experienced in both rapid growth and downsizing.Bank Line Negotiations:Negotiated Numerous bank lines ranging from $2M to $32M in size. This included traditional banks as well as hard asset lenders.Cash Flow Management:Managing all aspects of the cash flow cycle. Cash flow management coupled with cash flow forecasting kept cash strapped company from getting going concern opinion from the outside auditors. Computer System Conversion:Successfully integrated a $60M acquisition into $70M existing company. Reduced SG&A by 1 1/2 points saving $200,000 per month. Company converted to one ERP IS system.Mergers & Acquisitions:Negotiated and performed due diligence including business plans and valuations on a number of acquisitions from $50M to $2M in price. Acquisitions included computer reseller, software developer, technical services, web site development, construction, and bank card processing. Financial Analysis and Budgeting:Prepare financial analysis dealing with large amounts of data and delivering solutions to financial and accounting problems. Assisted CEO with ability to modify business model improving financial results.
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Chief Financial OfficerOutsource Llc 2008 - 2013Responsible for banking, accounting, payroll, taxes, budgeting, financial reporting and dealing with outside accountants. Direct staff of 5 direct reports.• During recession of 2009 -2010 discussed bank line needs with numerous banks. Resulted in ability to quickly bring in new bank when current bank refused to increase credit line.• Oversaw Human Resources & Information Technology departments prior to creating COO position in 2011.• Reduced DSO from 52 days to 42 during company's growth .• Bad debt reduced from $500,000+/ yr or 3% of revenue to less than $50,000 or 0.1% revenue while Company's sales increased 300%.• Oversaw financial reporting while company expanded across US from 5 to 15 branches. Reporting also included 2 smaller additional legal entities.• Reduced Workers Comp Ex-Mod from 1.5 in 2008 to less than 1 in 2013. Achieved WC rate reduction for several years while average rates were increasing in excess of 35%. -
Chief Financial OfficerWareforce Jun 1996 - Feb 2004El Segundo, Ca• Responsible for banking & financial relations, SEC Reporting, budgeting, accounting, cash management, and taxes. Directed staff of 25.• Negotiated $30M Line of Credit and financing flooring arrangement. Securing Line of Credit was instrumental in concluding $60M acquisition.• Successfully integrated $60M acquisition into $70M existing company. Reduced SG&A by 1 1/2 points saving $200,000 per month. Company converted to one ERP IS system.• Negotiated and performed due diligence on three acquisitions with revenues of $60M, $20M and $2M in government reselling, technical services and Web site development.• Prepared the filing of two S-1 registration statements with the SEC. Company raised $4M in conjunction with a reverse merger.• Responsible for filing of SEC documents including S-1, 10k, and 10q’s.• Due to unsuccessful entry into a new business and excessive work capital requirements for parts of the business, in 2001, the Company had to sell 3 divisions to raise working capital. Continued strain on working capital forced company to sell its assets in 2002 thru a Chapter 11 363 process.• • Managed working capital bank negotiations thru 8 amendments while Company was downsizing including the approval of DIP financing for the Company. CHIEF OPERATING OFFICER/CHIEF FINANCIAL OFFICER (1996 to 2000) Responsible for Finance and Operations. Operations included Information Systems, warehousing, purchasing, customer service, and RMA (returns). Directed staff of 100.• Successfully integrated back office function of $60M acquisition addressing changes in ERP Information System, purchasing and shipping methods.• Moved warehouse to new location and upgraded Information System from DOS to UNIX based processors. Increased productivity and system down time. -
CfoTransoft 1995 - 1996• Participated in the filing of an SB-2 registration statement with the SEC. Presented business plan to underwriters. IPO was withdrawn due to a softening of sales growth.• Managed the production process installing quality control procedures and successfully delivered product during a one-time increase in demand of 500%.
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CfoClean Up Technology 1993 - 1995Santa Monica Ca• Successfully negotiated $2.7M equipment loan. Bought out lease, saving $100K per month in cashflow.• Managed the filing of an SB-2 registration statement with the SEC. IPO was withdrawn due to the cancellation of a major contract.
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Vp FinanceLos Angeles Cellular (At&T Cellular) 1989 - 1995Greater Los Angeles Area• Saved over $4M per year in telecommunication costs through better analysis process and controls. Process was adopted in other Cellular markets.• Upgraded accounting system from PC based system to IBM AS/400 to accommodate continued growth. Reduced accounting closing period, and improved quality of financials. • Installed fixed asset and job cost system to manage over $200M of assets in 200+ locations. Closer controls and automation saved more than $3.6M per year..
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Vp FinanceCado Systems ( Contel Subsidiary) 1983 - 1989Greater Los Angeles Area• Directed acquisition analysis, installed policies, procedures and controls during growth from $40M to $100M, expanding distribution by opening 22 direct branches.• Designed procedures to comply with FASB-86, development of computer software, and proper tracking of software royalty payments.• Oversaw design of salesman commission program to track compensation of 325 salesmen and sales managers, vertical marketing managers, and branch and regional managers.• Wrote financial portion of private placement memorandum (conforming to SEC S-1 registration statement format) to sell company. Presented road show successfully selling company. • Managed LBO financing of new company through stricter controls of cash.
Don Hughes Skills
Don Hughes Education Details
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Accounting And Finance -
Electrical Engineering
Frequently Asked Questions about Don Hughes
What is Don Hughes's role at the current company?
Don Hughes's current role is Chief Financial Officer.
What is Don Hughes's email address?
Don Hughes's email address is do****@****rce.com
What is Don Hughes's direct phone number?
Don Hughes's direct phone number is +131072*****
What schools did Don Hughes attend?
Don Hughes attended University Of Southern California, Virginia Polytechnic Institute And State University.
What are some of Don Hughes's interests?
Don Hughes has interest in Investing, Business Development, Software, Investingsoftwarebusiness Development, Investing Software Business Development.
What skills is Don Hughes known for?
Don Hughes has skills like Financial Analysis, Accounting, Management, Facilities Management, Microsoft Excel, Payroll, Team Building, Accounts Receivable, Contract Negotiation, Team Leadership, Business Development, Budgets.
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