Position Title

Chief Financial Officer

Location

Pensacola, FL (preferred but not a requirement; candidates who are not able to relocate but able to spend significant time in Pensacola will be considered)

Reports To

CEO

Direct Reports

Comptroller, Assistant Comptroller, and one Analyst.  Additionally, the accounting organization consists of approximately ten accounting professionals.

Position Summary

  With direction from the CEO (Don Haferkamp), the Chief Financial Officer

  (“CFO”) will be responsible for leading a corporate finance organization,

  capable of supporting Crown’s business, with the ability to scale, organically       

  (new and existing customers, greenfield and brownfield facilities, etc.) and

  with acquisitions.

  The CFO will be a critical part of Crown’s Executive Leadership Team and   

  as such, will be expected to lead the business, alongside the CEO and  

  COO, and act as not only a business partner but also as a business

  challenger.  The CFO will spend considerable time working with and

  supporting Crown’s VP of Operations, head of Sales, and head of HR.

  One of the greatest areas for the CFO to add value and drive business   

  performance includes evaluating greenfield and brownfield sites on an

  ongoing basis.  He or she will be involved in determining geographic

  location, site selection, lease negotiations, equipment purchases,

  financing, etc, with Crown’s CEO and COO.   The CFO will leverage the

  metrics in place, KPIs (expanding them accordingly) and dashboards in

  order to assist in developing operational insights that will support

  business decisions.

  The CFO will have a command of Crown’s operational levers and

  value drivers - route density, pricing, efficient capital deployment/capex

  strategy, customer success factors, such as on-time delivery, fill rate and     

  operator productivity), cost and labor management. The CFO will be

  responsible for driving the company’s financing activities, as well as helping

  the CEO drive growth, profitability, cash flow generation, and equity value

  creation. The CFO will act as a key thought partner to the CEO, the board,

  and other members of the executive team.  The CFO will also be heavily

  involved in the company’s acquisition activities, from due diligence

  through integration execution and synergy realization. Crown’s CFO will

  assume overall leadership of the day-to-day financial and control

  operations of the company, including accurate and timely financial    

  reporting to the board, lenders, and internal constituents, planning and

  analysis, accounting, internal controls, financial policy development, third  

  party tax partners,

  budgeting and modelling, reforecasting, audit, strategic investment,

  merger & acquisitions, credit, compliance, and integration of business

  systems.

Responsibilities

  Additionally, specific responsibilities of the CFO will include:

·        Support CEO to grow sales, EBITDA and profits in line with annual fiscal budget:

-         Actively participate in the company’s executive team
discussions and also provide open and frank feedback to  the CEO, COO and key managers throughout the

             organization.

-         Serve as a thought partner, providing recommendations to strategically enhance financial performance and business opportunities.

·        Provide reporting, analytics and financial support for day-to-day and strategic goals:

-         Instill a culture of financial awareness throughout the
entire company through the creation/refinement of financial and operating metrics which identify root causes and solutions.

-         Establish and maintain strong relationships with senior
executives, many of whom are long-tenured in the laundry industry and specifically, with Crown, so as to identify their needs and seek full range of business solutions.  The CFO will help these functional leaders solve problems versus identifying issues.

-         Help develop enterprise wide goals and then help make
these goals a reality through the effective use of financial reporting and analytics.

-         Provide leadership in the development for the continuous evaluation of short and long-term strategic financial objectives through robust budgeting and strategic planning processes.

-         Provide executive management with advice on the
financial implications of business activities.  Work closely with the CEO and COO in order to drive high quality decision-making as it relates to people, equipment, software systems investments, etc across Crown’s operating footprint.

-         Drive analyses around operational effectiveness, business performance, and cash management to identify opportunities for improvement.

·        Drive the financial processes around acquisitions and ensure the smooth integration of those investments/assets:

-         Develop and manage proper investment models to analyze new business opportunities, site locations and potential acquisitions.

-         Effectively integrate acquisitions to uncover, drive, and monitor both short-term and long-term cost savings and revenue opportunities across the organization.

·        Support the board / private equity sponsor(s):

-         Communicate, engage and interact with the board, CEO and executive team on an ongoing basis.

-         Prepare and participate in monthly financial reviews with board, and prepare board presentations, and budget packages.  Update and maintain Crown’s five-year rolling forecast

·        Act as primary contact with Crown’s lender and manage requirements of operating in leveraged environment:

-         Demonstrate complete mastery of credit docs

-         Manage lending relationships: ability to answer lender requests/questions and participate in financial negotiations.

-         Manage the cash flow of the business in compliance with
loan terms.

-         Manage financial ratios in line with bank loan covenants
and provide long-term views and forecasts to keep the executive team and Board informed of any foreseeable issues.

-         Support debt raising activities for acquisitions and
recapitalizations.

·        Drive debt reduction through liquidity optimization ­ Manage cash flow

-       Manage working capital

-       Oversee customer collections and vendor payment

-       Manage capex projects and budget and drive capex efficiencies.

·        Support the company in the development and management of an annual fiscal budget.

-         Oversee the annual budgeting process and provide
visibility on a weekly, monthly and annual basis for each business unit, tying in longer term strategic goals into shorter term financial accountabilities

-         Ensure credibility of finance group by providing timely
and accurate analysis of budgets, financial trends and forecasts. Review and analyze monthly financial results and provide recommendations

-         Manage the weekly, monthly and annual P&L’s of the
key business units within the company. Determine the most logical allocations related to the various business units.

Anticipated Challenges

The worker shortage in manufacturing has been exacerbated by the 2020 COVID-19 pandemic, which erased over a decade of job gains in the manufacturing sector.  Crown has also been impacted.  No matter the root causes of the labor shortage, the CFO will bring creativity with respect to hiring practices and investment in employees.  He or she will also look to leverage technology, streamline processes, improve workplace productivity, etc. in partnership with the Crown’s CEO and COO; and act as a business partner to the commercial team by providing guidance on areas such as customer pricing.

The Person

Pivotal Experience & Expertise

The successful candidate will have a reputation as a strategic, innovative and disciplined financial/business leader. This executive ideally possesses proven and successful CFO experience in a private equity portfolio company, although candidates that have led finance at the group or divisional level of a well-respected enterprise known for developing strong financial talent will also be considered.

The CFO will have a roll-up-your-sleeves style; an action-orientation that brings with it, a hunger and willingness to seek understanding of all facets of the business, not just finance.  The CFO will take ownership of Crown’s billing system, which the CFO will leverage in order to gain a better understanding of what is happening in the business.  He or will be a thought partner and sounding board who can effectively support both sales and operations.

Candidates will have a minimum of 15 years of business experience, with at least three to five years as a senior financial leader within a medium-sized private or public company. Operating experience would be a significant plus, but not a requirement.

This person will be known for attracting, mentoring and retaining financial talent. He/she has built, developed and led high quality teams and has a reputation of working exceptionally well at all levels of an organization, including in entrepreneurial environments that operate with urgency and with an ‘ownership’ mindset. The ideal candidate is both a collaborative team leader and team player who is willing to roll up his/her sleeves and be a “doer.” He/she uses data to drive continuous performance improvement and understands lean thinking. He/she has a reputation as a respected and trusted business partner to senior management.

Additionally, candidates will have the following attributes:

·        Proven track record as a CFO of a private equity backed business in a leveraged environment.

·        Experience in a multi-site, capital-intensive operations environment is a requirement.  Healthcare experience is desirable but not a requirement.

·        Command of core financial concepts, including accounting, cash management, budgeting, revenue recognition, cost accounting, activity based costing, financial modeling and forecasting. Has a strong understanding of GAAP.

·        Middle market experience with an analogous business model is a plus

·        Personal characteristics: He or she will be a ‘student’ of Crown’s business model and operating environment.  He or she will be naturally analytical and operational, and after learning the business, he/she will bring a deeper understanding of company processes and systems.  Additionally, the CFO will be a gifted thought partner with high integrity and will be transparent, enthusiastic, and accessible with respect to leadership style.  He or she will a cross-functional leader with capability to earn respect and broad-based credibility across an organization. Results-oriented, bottom line-driven mind-set. Team player with self-confidence, presence and consultative skills to positively influence the business. Data-driven/structured thinker. Excellent communication / presentation skills. Entrepreneurial mindset. Ability to pivot from strategic thought partner to analytical tactician – willing to “get hands dirty.”

·        High sense of urgency and tireless work ethic; relentless focus customer service and on driving equity value creation.

·        Experience in diligence and integration of add-on acquisitions, and managing financing relationships. Experience helping lead company through a sale process is highly preferred.

Leadership Capabilities

·        Significant drive to achieve

·        Commitment to quality

·        Communication skills

·        Leadership, teamwork and collaboration

·        People management

·        Learning orientation