David W. Morgan
Chief Financial Officer
Greater Detroit Area Information Technology and Services
David W. Morgan's Overview
Current
Principal - CFO Services at Financial Management Consulting, LLC
Past
Senior Vice President, Chief Financial Officer and Treasurer at Talascend LLC
Chief Financial Officer and Interim Chief Marketing Officer at Northwoods Consulting Partners, Inc.
Founder & President at D. W. Morgan & Company LLC
see all
Education
University of Michigan
Connections
500+ connections
David W. Morgan's Summary
Specializing in organizational transformation, employee development, and creating shareholder value.
Accomplished financial executive with 15 years’ experience as CFO across multiple industries, from start-ups to Fortune 50 companies, including both privately- and publicly-held companies. Has personally created approximately $110 million in shareholder wealth over the course of career. International experience. Has successfully partnered and engaged with venture capital and private equity firms, hedge funds and mutual funds, led a private placement, managed a public offering, and served as the CFO and personally handled all investor relations activities for a $170 million, NASDAQ-listed company. “Hands-on” CFO who enjoys rolling up his sleeves and developing employees’ technical knowledge and management skills. Specific areas of professional expertise include:
? Financial planning, budgeting, and forecasting
? Working capital management (A/P, A/R, inventory)
? Financial reporting and analysis (BOD and SEC)
? Working with VCs, PEs, and hedge/mutual funds
? Treasury operations and global cash management
? Mergers, acquisitions, and due diligence
? Working with investment and commercial banks
? Presenting to boards of directors and Wall Street
? Investor relations and financial communications
? International financial management and reporting
? Compliance with the Sarbanes-Oxley Act of 2002
? 401(k) plan implementation and administration
David W. Morgan's Experience
Principal - CFO Services
Financial Management Consulting, LLC
Privately Held; 1-10 employees; Management Consulting industry
2014 – Present (less than a year) Greater Detroit Area
Since 2002 Financial Management Consulting, LLC has been providing outsourced CFO services to small- and mid-sized organizations in the Ann Arbor and Detroit, Michigan areas. This includes companies requiring senior-level financial expertise on a part-time, interim, and project basis.
Whether as a part-time or temporary CFO, FMC operates as a member of a company's “in-house” senior management team, providing a flexible and affordable solution that immediately creates shareholder value by leveraging financial information and best practices to navigate a business to success.
Additional information about FMC can be found at www.finance-mgt.com.
Senior Vice President, Chief Financial Officer and Treasurer
Talascend LLC
Privately Held; 501-1000 employees; Staffing and Recruiting industry
2013 – 2013 (less than a year) Troy, Michigan
Talascend is a $150 million privately-held global staffing and recruiting company. With 1200 employees, Talascend specializes in the sourcing and placement of engineering, construction, manufacturing, and healthcare employees and maintains regional offices throughout the United States as well as in Abu Dhabi, Brisbane, Calgary, London, New Delhi, and Zurich.
Responsible for the company’s global accounting operations; financial reporting and analysis; strategic, business, and financial planning; budgeting and forecasting; treasury and cash management; banking relationships; global tax strategy, planning, and compliance; global customer and services pricing; customer billing, credit, and collections; and, global employee payroll operations.
Chief Financial Officer and Interim Chief Marketing Officer
Northwoods Consulting Partners, Inc.
Privately Held; 51-200 employees; Information Technology and Services industry
2011 – 2013 (2 years) Dublin, Ohio
Northwoods is a $25 million privately-held software development and professional services company.
Directed accounting policy and operations; planning, budgeting and forecasting; corporate financial reporting and analysis; treasury operations; cash management and forecasting; customer billing, credit, and collections; and product pricing. Directed all aspects of company's marketing department.
Accomplishments:
• Implemented company’s first annual budgeting process. Established and achieved record revenue and net income targets and results.
• Led company’s annual strategic, business, and budget planning processes.
• Successfully converted company’s accounting system from QuickBooks to MS Dynamics Great Plains.
• Renegotiated company’s building mortgage and bank line of credit to more favorable terms.
• Improved company’s working capital position by 54%.
• Improved accuracy of company’s short- and long-range cash forecasting by 73%.
• Led implementation of company’s first 401(k) employee savings plan.
• Led the complete redesign of the company’s external website, establishment of an active, multi-faceted social media program, the company’s presence at over 15 trade shows and conferences each year, and the creative design and production of numerous pieces of sales collateral, both printed and multi-media.
Founder & President
D. W. Morgan & Company LLC
2006 – 2011 (5 years) Bloomfield Hills, Michigan
Formed business consulting firm to provide investor relations and strategic financial advisory services to select clients.
Accomplishments:
• Served as the interim president and chief executive officer of an IT services start-up company. Organized company, recruited executive team, and led the development of angel funding business plan.
• Served as an investor relations adviser to several early-stage, publicly-held companies: created investor “pitch book” presentations, advised senior management, wrote press releases, and organized road shows for client companies to present to mutual funds, hedge funds, and other potential investors.
• Co-founded a not-for-profit business consulting firm, serving as the CFO and corporate secretary of the company.
• Established the accounting operations organization for a staffing services company.
Vice President, Chief Financial Officer and Treasurer
Ecology Coatings, Inc.
2007 – 2009 (2 years) Bloomfield Hills, Michigan
Ecology Coatings was a global leader in the development of nano-enabled, ultra-violet curable, clean technology coatings that are designed to drive efficiencies and clean processes in manufacturing.
I was an SEC Section 16 officer responsible for the company’s accounting operations; external (SEC) and internal financial reporting; strategic, business, and financial planning; investor relations and media communications; budgeting and forecasting; treasury operations and cash management; human resources; and information technology functions.
Accomplishments:
• Was instrumental in leading the company’s alternative public offering in July 2007. Worked with general counsel to prepare and file required 430-page Form 8-K with the SEC.
• Directed all of the company’s internal activities required to go public: retained new PCAOB-registered independent accounting firm and outside SEC counsel; hired SEC filing agent; and secured requisite corporate insurance policies.
• Cut the company’s cash burn rate in half within one year without adversely effecting sales and operations.
• Interviewed and selected a Wall Street investment bank (Oppenheimer & Co.) to lead the company’s proposed secondary equity offering. Wrote formal company pitch book for use in presentations to potential investors.
• Directed preparation and timely filing of all required quarterly financial reports with the SEC.
Vice President, Chief Financial Officer and Treasurer
TechTeam Global, Inc.
Privately Held; 10,001+ employees; TEAM; Information Technology and Services industry
2002 – 2006 (4 years) Southfield, Michigan
TechTeam Global (formerly NASDAQ: TEAM, now a subsidiary of Stefanini) was a worldwide provider of information technology and business process outsourcing support services. With 2006 revenue of $170 million, TechTeam had 2200 employees.
Served as an SEC Section 16 officer responsible for the company’s global accounting operations; external (SEC) and internal financial reporting; strategic, business, and financial planning; investor relations and media communications; corporate development, including mergers and acquisitions and post-acquisition integration; budgeting and forecasting; treasury, cash, and investment management; global tax strategy, planning, and compliance; global customer and product pricing; customer billing, credit, and collections; and, global employee payroll operations.
Directly-reporting employees included the vice president of accounting operations and chief accounting officer, director of financial planning and analysis, assistant treasurer, director of internal audit services, manager of investor relations, and manager of corporate development. Led department of 40 employees, including several CPA’s and 12 employees based in Europe. Worked closely with members of the investment and commercial banking communities, “buy-side” and “sell-side” analysts, hedge funds, mutual funds, individual investors, and the media.
Accomplishments:
• Was instrumental in leading TechTeam’s top-line revenue growth from $86 million in 2003 to $170 million in 2005. Company reported all-time record revenue and earnings for 2005.
• Successfully achieved the company’s first Sarbanes-Oxley Act of 2002 Section 404 affirmative certification of adequacy of internal controls for the fiscal year ended December 31, 2005.
• Instituted quarterly earnings announcement conference calls with the investment community and financial media. Personally handled investor relations contacts with over 200 buy-side and sell-side financial analysts and investors.
Vice President, Chief Financial Officer, Treasurer, and Secretary
Entivity, Inc.
2001 – 2002 (1 year) Ann Arbor, Michigan
Entivity was the worldwide leader in the development and deployment of PC-based visualization and control software for application in industrial manufacturing and assembly line processes.
Directed accounting policy and operations; budgeting and forecasting; corporate financial reporting; treasury operations; cash management and forecasting; business and strategic planning; corporate legal affairs; risk management; customer billing, credit, and collections; human resources; information technology; procurement; and, product fulfillment.
Accomplishments:
• Led the closure and funding of $2 million in “E” round venture capital financing with the participation of four VC firms and a strategic investor. The company’s per-share valuation was maintained from the previous round of financing. Accomplished during an extraordinary difficult VC financing environment.
• Led company-wide reduction of 35% in overhead expense, cutting unit costs for certain corporate functions while increasing their operating efficiency.
• Streamlined major accounting processes (AP, AR, and GL) and reduced interval required for monthly accounting close from 30 days to 72 hours within 90 days of appointment as CFO.
• Led the development and execution of process improvements in receivables and payables management, improving the company’s working capital efficiency by 75% within 120 days of appointment.
Vice President, Chief Financial Officer and Treasurer
AT&T
Public Company; 10,001+ employees; T; Telecommunications industry
1980 – 2001 (21 years) Chicago, Illinois
• CLOVER TECHNOLOGIES, INC.,
Vice President, Chief Financial Officer and Treasurer
Clover Technologies was a $100 million international data, video, and structured cabling systems integration company.
Directed accounting policy and operations; budgeting and forecasting; corporate and segment financial reporting; treasury operations, cash management and forecasting; risk management; customer billing, credit and collections; materials management, procurement, warehousing and logistics; business planning; corporate legal affairs; and, real estate, facilities, and fleet management. Directly-reporting employees included corporate controller; manager of customer billing, credit and collections; director of materials management; and, director of contract management. Led department of 48 employees.
Accomplishments:
• Consolidated financial operations from eight regional offices into corporate headquarters within 90 days, reducing finance/accounting headcount by 21%.
• Streamlined all major accounting processes. Reduced monthly accounting close interval from 40 days to 72 hours.
• Led company-wide cut of 25% in overhead expense, reducing unit costs for several corporate support functions while increasing their output and productivity.
• Improved company’s working capital efficiency by 17% and increased inventory turns by 272%. Cut materials procurement costs by 10%.
• Created revenue and EPS forecasting model with short-term predictive accuracy factor of 98%.
• Led all internal efforts related to the sale of the company in late 2000, including creation of the offering memorandum and a 60-page management presentation for potential buyers. Led formal, oral presentations to buyers. Working with investment bankers and outside counsel, assisted in the development of the stock purchase agreement. Led all due diligence activities with potential buyers.
• AMERITECH CORPORATION
Controller of Ameritech General Business Services business unit ($3 billion in annual revenue)
Chief Financial Officer
Greater Detroit Area Information Technology and Services
David W. Morgan's Overview
Current
Principal - CFO Services at Financial Management Consulting, LLC
Past
Senior Vice President, Chief Financial Officer and Treasurer at Talascend LLC
Chief Financial Officer and Interim Chief Marketing Officer at Northwoods Consulting Partners, Inc.
Founder & President at D. W. Morgan & Company LLC
see all
Education
University of Michigan
Connections
500+ connections
David W. Morgan's Summary
Specializing in organizational transformation, employee development, and creating shareholder value.
Accomplished financial executive with 15 years’ experience as CFO across multiple industries, from start-ups to Fortune 50 companies, including both privately- and publicly-held companies. Has personally created approximately $110 million in shareholder wealth over the course of career. International experience. Has successfully partnered and engaged with venture capital and private equity firms, hedge funds and mutual funds, led a private placement, managed a public offering, and served as the CFO and personally handled all investor relations activities for a $170 million, NASDAQ-listed company. “Hands-on” CFO who enjoys rolling up his sleeves and developing employees’ technical knowledge and management skills. Specific areas of professional expertise include:
? Financial planning, budgeting, and forecasting
? Working capital management (A/P, A/R, inventory)
? Financial reporting and analysis (BOD and SEC)
? Working with VCs, PEs, and hedge/mutual funds
? Treasury operations and global cash management
? Mergers, acquisitions, and due diligence
? Working with investment and commercial banks
? Presenting to boards of directors and Wall Street
? Investor relations and financial communications
? International financial management and reporting
? Compliance with the Sarbanes-Oxley Act of 2002
? 401(k) plan implementation and administration
David W. Morgan's Experience
Principal - CFO Services
Financial Management Consulting, LLC
Privately Held; 1-10 employees; Management Consulting industry
2014 – Present (less than a year) Greater Detroit Area
Since 2002 Financial Management Consulting, LLC has been providing outsourced CFO services to small- and mid-sized organizations in the Ann Arbor and Detroit, Michigan areas. This includes companies requiring senior-level financial expertise on a part-time, interim, and project basis.
Whether as a part-time or temporary CFO, FMC operates as a member of a company's “in-house” senior management team, providing a flexible and affordable solution that immediately creates shareholder value by leveraging financial information and best practices to navigate a business to success.
Additional information about FMC can be found at www.finance-mgt.com.
Senior Vice President, Chief Financial Officer and Treasurer
Talascend LLC
Privately Held; 501-1000 employees; Staffing and Recruiting industry
2013 – 2013 (less than a year) Troy, Michigan
Talascend is a $150 million privately-held global staffing and recruiting company. With 1200 employees, Talascend specializes in the sourcing and placement of engineering, construction, manufacturing, and healthcare employees and maintains regional offices throughout the United States as well as in Abu Dhabi, Brisbane, Calgary, London, New Delhi, and Zurich.
Responsible for the company’s global accounting operations; financial reporting and analysis; strategic, business, and financial planning; budgeting and forecasting; treasury and cash management; banking relationships; global tax strategy, planning, and compliance; global customer and services pricing; customer billing, credit, and collections; and, global employee payroll operations.
Chief Financial Officer and Interim Chief Marketing Officer
Northwoods Consulting Partners, Inc.
Privately Held; 51-200 employees; Information Technology and Services industry
2011 – 2013 (2 years) Dublin, Ohio
Northwoods is a $25 million privately-held software development and professional services company.
Directed accounting policy and operations; planning, budgeting and forecasting; corporate financial reporting and analysis; treasury operations; cash management and forecasting; customer billing, credit, and collections; and product pricing. Directed all aspects of company's marketing department.
Accomplishments:
• Implemented company’s first annual budgeting process. Established and achieved record revenue and net income targets and results.
• Led company’s annual strategic, business, and budget planning processes.
• Successfully converted company’s accounting system from QuickBooks to MS Dynamics Great Plains.
• Renegotiated company’s building mortgage and bank line of credit to more favorable terms.
• Improved company’s working capital position by 54%.
• Improved accuracy of company’s short- and long-range cash forecasting by 73%.
• Led implementation of company’s first 401(k) employee savings plan.
• Led the complete redesign of the company’s external website, establishment of an active, multi-faceted social media program, the company’s presence at over 15 trade shows and conferences each year, and the creative design and production of numerous pieces of sales collateral, both printed and multi-media.
Founder & President
D. W. Morgan & Company LLC
2006 – 2011 (5 years) Bloomfield Hills, Michigan
Formed business consulting firm to provide investor relations and strategic financial advisory services to select clients.
Accomplishments:
• Served as the interim president and chief executive officer of an IT services start-up company. Organized company, recruited executive team, and led the development of angel funding business plan.
• Served as an investor relations adviser to several early-stage, publicly-held companies: created investor “pitch book” presentations, advised senior management, wrote press releases, and organized road shows for client companies to present to mutual funds, hedge funds, and other potential investors.
• Co-founded a not-for-profit business consulting firm, serving as the CFO and corporate secretary of the company.
• Established the accounting operations organization for a staffing services company.
Vice President, Chief Financial Officer and Treasurer
Ecology Coatings, Inc.
2007 – 2009 (2 years) Bloomfield Hills, Michigan
Ecology Coatings was a global leader in the development of nano-enabled, ultra-violet curable, clean technology coatings that are designed to drive efficiencies and clean processes in manufacturing.
I was an SEC Section 16 officer responsible for the company’s accounting operations; external (SEC) and internal financial reporting; strategic, business, and financial planning; investor relations and media communications; budgeting and forecasting; treasury operations and cash management; human resources; and information technology functions.
Accomplishments:
• Was instrumental in leading the company’s alternative public offering in July 2007. Worked with general counsel to prepare and file required 430-page Form 8-K with the SEC.
• Directed all of the company’s internal activities required to go public: retained new PCAOB-registered independent accounting firm and outside SEC counsel; hired SEC filing agent; and secured requisite corporate insurance policies.
• Cut the company’s cash burn rate in half within one year without adversely effecting sales and operations.
• Interviewed and selected a Wall Street investment bank (Oppenheimer & Co.) to lead the company’s proposed secondary equity offering. Wrote formal company pitch book for use in presentations to potential investors.
• Directed preparation and timely filing of all required quarterly financial reports with the SEC.
Vice President, Chief Financial Officer and Treasurer
TechTeam Global, Inc.
Privately Held; 10,001+ employees; TEAM; Information Technology and Services industry
2002 – 2006 (4 years) Southfield, Michigan
TechTeam Global (formerly NASDAQ: TEAM, now a subsidiary of Stefanini) was a worldwide provider of information technology and business process outsourcing support services. With 2006 revenue of $170 million, TechTeam had 2200 employees.
Served as an SEC Section 16 officer responsible for the company’s global accounting operations; external (SEC) and internal financial reporting; strategic, business, and financial planning; investor relations and media communications; corporate development, including mergers and acquisitions and post-acquisition integration; budgeting and forecasting; treasury, cash, and investment management; global tax strategy, planning, and compliance; global customer and product pricing; customer billing, credit, and collections; and, global employee payroll operations.
Directly-reporting employees included the vice president of accounting operations and chief accounting officer, director of financial planning and analysis, assistant treasurer, director of internal audit services, manager of investor relations, and manager of corporate development. Led department of 40 employees, including several CPA’s and 12 employees based in Europe. Worked closely with members of the investment and commercial banking communities, “buy-side” and “sell-side” analysts, hedge funds, mutual funds, individual investors, and the media.
Accomplishments:
• Was instrumental in leading TechTeam’s top-line revenue growth from $86 million in 2003 to $170 million in 2005. Company reported all-time record revenue and earnings for 2005.
• Successfully achieved the company’s first Sarbanes-Oxley Act of 2002 Section 404 affirmative certification of adequacy of internal controls for the fiscal year ended December 31, 2005.
• Instituted quarterly earnings announcement conference calls with the investment community and financial media. Personally handled investor relations contacts with over 200 buy-side and sell-side financial analysts and investors.
Vice President, Chief Financial Officer, Treasurer, and Secretary
Entivity, Inc.
2001 – 2002 (1 year) Ann Arbor, Michigan
Entivity was the worldwide leader in the development and deployment of PC-based visualization and control software for application in industrial manufacturing and assembly line processes.
Directed accounting policy and operations; budgeting and forecasting; corporate financial reporting; treasury operations; cash management and forecasting; business and strategic planning; corporate legal affairs; risk management; customer billing, credit, and collections; human resources; information technology; procurement; and, product fulfillment.
Accomplishments:
• Led the closure and funding of $2 million in “E” round venture capital financing with the participation of four VC firms and a strategic investor. The company’s per-share valuation was maintained from the previous round of financing. Accomplished during an extraordinary difficult VC financing environment.
• Led company-wide reduction of 35% in overhead expense, cutting unit costs for certain corporate functions while increasing their operating efficiency.
• Streamlined major accounting processes (AP, AR, and GL) and reduced interval required for monthly accounting close from 30 days to 72 hours within 90 days of appointment as CFO.
• Led the development and execution of process improvements in receivables and payables management, improving the company’s working capital efficiency by 75% within 120 days of appointment.
Vice President, Chief Financial Officer and Treasurer
AT&T
Public Company; 10,001+ employees; T; Telecommunications industry
1980 – 2001 (21 years) Chicago, Illinois
• CLOVER TECHNOLOGIES, INC.,
Vice President, Chief Financial Officer and Treasurer
Clover Technologies was a $100 million international data, video, and structured cabling systems integration company.
Directed accounting policy and operations; budgeting and forecasting; corporate and segment financial reporting; treasury operations, cash management and forecasting; risk management; customer billing, credit and collections; materials management, procurement, warehousing and logistics; business planning; corporate legal affairs; and, real estate, facilities, and fleet management. Directly-reporting employees included corporate controller; manager of customer billing, credit and collections; director of materials management; and, director of contract management. Led department of 48 employees.
Accomplishments:
• Consolidated financial operations from eight regional offices into corporate headquarters within 90 days, reducing finance/accounting headcount by 21%.
• Streamlined all major accounting processes. Reduced monthly accounting close interval from 40 days to 72 hours.
• Led company-wide cut of 25% in overhead expense, reducing unit costs for several corporate support functions while increasing their output and productivity.
• Improved company’s working capital efficiency by 17% and increased inventory turns by 272%. Cut materials procurement costs by 10%.
• Created revenue and EPS forecasting model with short-term predictive accuracy factor of 98%.
• Led all internal efforts related to the sale of the company in late 2000, including creation of the offering memorandum and a 60-page management presentation for potential buyers. Led formal, oral presentations to buyers. Working with investment bankers and outside counsel, assisted in the development of the stock purchase agreement. Led all due diligence activities with potential buyers.
• AMERITECH CORPORATION
Controller of Ameritech General Business Services business unit ($3 billion in annual revenue)
