Jay P. Bhatt

Jay P. Bhatt Email and Phone Number

Chief Financial Officer @ The Virginia Food Group
Cleveland, OH, US
Jay P. Bhatt's Location
Greater Cleveland, United States
About Jay P. Bhatt

An experienced CFO, I oversee finance-related matters at all phases of business. Securing financing and capitalization, driving turnarounds, implementing systems, and leading negotiations, fall within my realm. With an international background, I have a particular proclivity for managing the nuances presented in overseas operations with regard to the unique financial situations presented in different global locations. PEOPLE MANAGEMENTRecognizing that each person brings something unique to the table, I believe knowing my team well is essential to accomplishing whatever goal I’m working toward. I bring people together and facilitate conversation, revealing valuable information about each team member’s and their specific concerns, mitigating potential roadblocks in our journey toward the successful completion of each project.TRAINING & EDUCATION DRIVES COOPERATIONTeam members appreciate my efforts to show how their departments fit into the scope of the larger organization, and why attention to financial metrics matters. I present complex financial concepts in simplified terms to facilitate better understanding of scope, securing valuable cooperation from each department in the goal of meeting broader financial targets.SOLVING COMPLEX PROBLEMSExperience with multifaceted corporate challenges leads me to approach problems from a logical standpoint. Looking at the problem from all directions to gain proper perspective, parsing out the major and minor challenges, securing expert knowledge to help tackle complex issues, and delegation of tasks leads to successful achievement of each undertaking. CORE COMPETENCIES✦ Business Restructures Divestitures ✦ Capital/Debt Acquisition/Management ✦ Deal Negotiations ✦ Strategic Tactical Execution ✦ Integrating Technology & Business ✦ Contract Mgmt ✦ Global Team Development ✦ Opening Financial Performance/ROI ✦ Global Project ManagementLET’S CONNECT➤ jayb3452@gmail.com☛ careerwebfolio.com/jaybhatt/

Jay P. Bhatt's Current Company Details
The Virginia Food Group

The Virginia Food Group

View
Chief Financial Officer
Cleveland, OH, US
Website:
thinknsa.com
Employees:
91
Jay P. Bhatt Work Experience Details
  • The Virginia Food Group
    Chief Financial Officer
    The Virginia Food Group
    Cleveland, Oh, Us
  • National Safety Apparel
    Chief Financial Officer
    National Safety Apparel Aug 2020 - Present
    Cleveland, Ohio
    Recruited by CEO to newly created CFO position from the Wild Things acquisition below. Directed all aspects of finance function including budgeting and cash management. Successfully completed 7 acquisitions in less than 4 years with oversight of purchase price negotiation and deal structure, financial and legal due diligence, financial assessments, integration, and staffing. Manage annual external audit.• Developed finance team and implemented financial reporting, expanding team from 7 clerical staff to 14 strategic leaders and analysts in multiple sites.• Established systems of internal controls. • Reduced monthly financial reporting and close process to 4 business days.• Renegotiated senior debt facilities with regional and international banks. • Resolved multiple audit issues.• Developed and executed new quarterly board reporting package and commentary.• Restructured inventory accounting by leveraging ERP to account for inventory more accurately and provide better analysis on gross margins.• Coordinated financial aspects of relocating 140,000 sq. ft. second largest operations facility located in Chicago to a new facility. Collaborated with multiple contractors to complete on budget and on time.• Implemented receivables automation and integrated with ERP resulting in improved collections and cash flow.• Headed all aspects of financial and tax due diligence for company sale to PE group.• Led or directed Quality of Earnings process resulting in a successful price negotiation.
  • Wildthings
    Chief Financial Officer
    Wildthings Oct 2018 - Aug 2020
    Virginia Beach, Virginia
    Managed all aspects of finance, HR and IT functions including budgeting and cash management. Prepared and presented monthly board package for Private Equity Group. Managed banking relationships, all insurance renewals and maintenance. Managed annual external audit.• Established financial operations and built and led high performing team. • Negotiated profitable government contracts.• Performed due diligence for sale of company to National Safety Apparel• Doubled size of company while improving operational efficiencies.
  • Mymic Llc
    President & Chief Executive Officer
    Mymic Llc Sep 2010 - Oct 2018
    Portsmouth, Virginia
    Provided financial management, executive leadership, and strategic direction which enabled rapid growth to defense contractor. Oversaw company operations including all financial transactions, winning major US DOD prime contracts and re-competes.• Line of credit negotiated to fund growth by leveraging existing banking relationships and developing innovative solutions to secure advances on unfilled receivables with the US government by providing historical analyses to use as underwriting reference material.• Won multiple contracts managing cash flow through turbulent sequestration period and continuing resolutions.• Reduced overhead rates allowing more competitive bids and win rates for large contracts and improving the bottom line. • Commercialized Air Force funded research grant to create commercial grade simulations-based training software used by NASA to train operation of wind tunnels.
  • Evergreen Enterprises
    Senior Vice President And Chief Financial Officer
    Evergreen Enterprises Jan 2009 - Sep 2010
    A manufacturer of home / garden products distributed through stores / showrooms.Implemented P&L reporting, internal control, transfer pricing, and the acquisition of renowned home and garden brand, debt restructure and financing, borrowing base, and advance rates negotiation. • Implemented efficient systems and accounting integration of the subsidiary into parent.• Negotiated complex acquisitions at discount on assets completed through discerning analysis that validated diminished asset value for acquisition.• Raised senior debt with favorable covenants, advance rates, and interest rates to fund acquisitions by using established relationships with key funding sources.
  • Coastal Training Technologies, Inc
    Senior Vice President And Chief Financial Officer
    Coastal Training Technologies, Inc Jan 1998 - Jan 2009
    A Publisher of safety and soft skills content delivered via streaming video, LMS, and internet. Operating in India, the Philippines, Brazil, Germany, the Netherlands, Mexico, and the USA. Acquired by DuPont.Managed 20 direct reports including country finance managers. Recapitalized the balance sheet, the turnaround, avoided bankruptcy, and implemented budgeting, P&L reporting, and accountability. • Negotiated sale and stock purchase agreement with DuPont by managing layers of leadership and simplifying the nature and metrics of the acquisition to remove unreasonable demands.• Handled mezzanine financing with New York-based Alliance Capital by ensuring warrant and interest conditions remained at a sustainable level.• Settled revolving credit and debt restructure with Bank of America and other financial institutions by leveraging relationships.• Evaluated financial benefits of opening a subsidiary in India, locating local leadership, and guiding implementation of software development to cut costs while maintaining quality and tech support.• Multiple acquisitions produced to improve market footprint by assessing long-term objectives and integrating target opportunities that aligned with organizational core competencies.• Increased EBITDA from a negative position realized through the development of financial tracking systems to identify and control costs.• Implemented budgeting and P&L responsibility to strengthen communication and align corporate goals with personal goals. • 85% spike in gross margins attained by quickly converting the business model to recurring revenue subscriptions through the creation of compelling pricing models.• Achieved high-level compliance with international regulators by assessing requirements, generating local P&L accounting and reporting, and meeting company cost control requirements.
  • Spirit Cruises, Inc
    Senior Vice President And Chief Financial Officer
    Spirit Cruises, Inc Jan 1995 - Jan 1998
    A national dinner cruise entertainment and restaurant business operating in New York, Philadelphia, New Jersey, Boston, Norfolk, Seattle, Baltimore, and Chicago for individual and corporate clients. Managed city finance operations, cash flows, working capital, vessel leases, berth and office leases as well as legal, banking, P&L, and budgets with the COO and CEO. Provided reports to the French parent firm, Sodexho.• Negotiated acquisition of a cruise and charter competitor through a comprehensive financial evaluation of synergies and incremental cash flow potential in addition to financing the deal with capital leases minus an upfront cash investment.• Completed unique dinner cruise vessel construction by turning around the vessel lease, dock lease and infrastructure, milestone deadlines, cost control processes, and USCG relationship to obtain certifications. • Reduced FTE headcount through the reorganization of financial reporting to remove duplication of effort under French reporting standards to the French holding company versus US GAAP through conversion matrices. • Improved cash flow noted by extending budgeting and P&L planning into operations to involve unit managers to garner buy-in and commitment to jointly established goals.• Secured IRS tax savings in Hawaii by reclassifying vessel leases as capital leases rather than operating through a careful review of the tax and GAAP rules.
  • Camellia Food Stores, Inc
    Executive Vice President And Chief Financial Officer
    Camellia Food Stores, Inc Jan 1990 - Jan 1995
    Grocery/distribution business serving 200+ stores operating in multiple states on the East coast. Oversaw finance, IT and Human Resources organization consisting of 60 direct and indirect reports. Led initiatives to strengthen financial controls and IT operations. • Negotiated bank debt and orchestrated accelerated repayment.• Planned and executed dispositions of non-core assets and closed unprofitable stores to stem losses and create cash flow.• Planned and executed sale/leaseback of 200 unit tractor trailer/fleet providing better equipment utilization and lower cost.• Negotiated multiple new store and equipment leases and restructured leases for closed stores.
  • Kpmg Peat Marwick
    Senior Manager
    Kpmg Peat Marwick Jan 1980 - Jan 1990
    London England, Norfolk Virginia
    Career progressed from staff to senior manager through tenure. Performed audits on medium and large clients which were public and privately owned. Operated in a variety of industry groups with emphasis on retail, distribution, mining, extraction and manufacturing entities. Significant exposure to merger and acquisition activity. Served clients in UK, Europe and Africa. Expertise with US, UK and International Accounting Standards, practices and requirements, report preparations and international tax. Exposure to insolvency and bankruptcy protection.

Jay P. Bhatt Education Details

Frequently Asked Questions about Jay P. Bhatt

What company does Jay P. Bhatt work for?

Jay P. Bhatt works for The Virginia Food Group

What is Jay P. Bhatt's role at the current company?

Jay P. Bhatt's current role is Chief Financial Officer.

What schools did Jay P. Bhatt attend?

Jay P. Bhatt attended De Montfort University.

Who are Jay P. Bhatt's colleagues?

Jay P. Bhatt's colleagues are Irtizak Ibrahim, Jerry Yates, Joshua Mclaughlin, Shuyi Gao, Annamarie Crell, Justin Zita, Dionne Murray Ulrich.

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