- Novato, CA
- April 20, 2020
Seasoned Beverage Industry executive working over 20 years in large and small companies (either public or private equity owned) as CFO, COO and VP capacities.
As a CPA, my recent (12 years) focus has been in the and Wine & Spirits Industry specializing in the following areas: Financial Reporting and Modeling • Budgeting • Business Strategy • Banking • M&A and Due Diligence • Strategic Planning / Integration • P&L Management • Building Financial Organizations
Clos Du Val Wine Company:
Chief Financial Officer
- Areas of Oversight:
- Corp Governance
- Financial Reporting
- Risk Management
- Banking and Financing (managed all relationships and covenant reporting)
- Internal Controls
- Human Resources
- Highlight/ Legacy:
- Financing - Successfully re-financed the company with AmAg Credit providing significant working capital for growth.
- New Tasting Room - Successfully completed the buildout of new tasting room managing the budget vs contractors and family expectations.
- Strategy- Worked directly with Board of Directors on business plan and strategic direction as it related to branding, winery operations and vineyard management/ grape resources.
- Vineyards - Prepared 7-year historical financial analysis of vineyard properties highlighting operations, cost of farming and production as well as profitability of grape sales to third parties.
- Custom Crush - Modeled and rolled out “custom crush” business to absorb winery overhead.
- Fires - Managed the insurance filings related to the Napa fires and smoke taint wine/grapes resulting in a successful claim (crop insurance).
Bounty Hunter Wine and Spirits (REN Acquisitions, Inc including Renwood Winery):
Wine and Spirits Catalog and Online retailer with Restaurants
- Areas of Oversight:
- Corp Governance
- Financial Reporting/Budgets/Forecast/Dashboard
- Risk Management
- Audit/Compliance
- Banking and Financing
- Catalog and Online Sales
- Private Label Wine Production
- Internal Controls
- Human Resources
- Marketing
- Information Technology
- Highlight/ Legacy:
- As CFO and COO - performed extensive review of the company business model and post- acquisition valuation resulting in a new go-forward strategy with recommendations to ownership and the Board of Directors. In doing so, consideration was given to aging customer demographics, print media catalog direct marketing strategies, scarcity of wine supply (limited source of ultra-premium wine to maintain historical growth and higher margins) as well as fundamental sales and marketing strategies. The company embarked on new sources of wines (lower price points) with attention to marketing and sales to other opportunistic demographics in order to increase sales dramatically. In addition, the company pivoted to re-evaluate its private label program (high margin) and sales and marketing strategies that drove better growth in this category.
- Under my direction and leadership, the company successfully engaged a third-party marketing agency (Fine Consulting) completing extensive re-branding initiatives of (Bounty Hunter Wine and Spirits) ensuring continued relevance in the market vs the competition.
- Fostered the element of “teamwork”, “ownership” and “accountability”.
EVP of Finance and Administration (Holding company of Bounty Hunter, Renwood Winery, Blends and Alejandro Bulgheroni Estate Winery)
- Areas of Oversight:
- Corp Governance
- Financial Reporting
- Planning and Analysis/Budgeting and Forecasting
- Risk Management
- Banking and Financing (Managed Funding by Parent in Argentina)
- Winery Operations
- Internal Controls
- Human Resources
- Audit (for all companies in consolidation)
- Highlight/ Legacy:
- Developed and presented to the board of directors a “Business Breakeven Analysis” for Renwood Winery and Blends Wine Co.
- Successfully completed the acquisition of the Talcott Property Winery from Harlan Estates (including Bulk and Shiner wines).
- Developed new ultra-premium wine brand and winery business plan (Alejandro Bulgheroni Estate) by collaborating with key industry players in the Napa Valley (Philippe Melka Winemaking team, Andy Beckstoffer of ToKalon Vineyards).
Cameron Hughes Wine:
Wine importer and distributor
Chief Financial Officer
- Areas of Oversight:
- Corp Governance
- Financial Reporting
- Planning and Analysis/Budgeting and Forecasting
- Risk Management
- Banking and Financing (Managed Funding by Parent in Argentina)
- Production Planning and Third-Party Production Contracts
- Audit
- Internal Controls
- Human Resources
- Highlight/ Legacy:
- Successfully refinanced the business out of very expensive mezzanine financing.
- Developed production planning metrics with COO and Winemaker in order to manage cashflows, product and sales demands, etc.
- Developed a “phantom stock” plan for key employees.
- Incorporated a “Weekly Sales Flash” report to track and mange real-time business results.
Francis Ford Coppola Presents, LLC:
Winery, Wine Brands and Restaurants
Controller
- Reports to: CFO
- Areas of Oversight:
- Financial Reporting
- Planning and Analysis/Budgeting and Forecasting
- Risk Management
- Banking and Financing
- Production Planning
- Audit
- Internal Controls
- Highlight/ Legacy:
- Worked directly with Bank of Montreal as lead bank on syndicate re-financing of the new Coppola Winery expansion.
- Collaborated with executive management team in the development of the financial expansion plan for the new Coppola Winery.
- Presented quarterly financial results to the board of directors and the Coppola family members.
Education
Experience
Nutritional High is a vertically integrated manufacturing and distribution company of Cannabis based products in CO, NV, OR, WA and CA. Recruited by the Chairman of the Board to help lead and grow the company in a dynamic industry.
Accomplishments: Established Best Practices, SOPs and Fundamental Financial Strategies in a start-up of a highly regulated industry.
• Reporting: Developed a centralized reporting process of key performance indicators and metrics. Successfully implemented weekly Sales “Flash” reporting, Days Inventory and Receivable/Payable metrics enabling the company to better manage sales performance and real-time cash flows.
• Business Planning and Analysis: Presented an overall business segment analysis to the Board of Directors highlighting significant flaws in company financial fundamentals and business strategies. As a result, the company was able to pivot from a very costly in-house manufacturing strategy to a third party “white labeling” manufacturing model enabling cost effective production. Developed a breakeven analysis for the “full service” distribution segment highlighting low margins and high cost of logistics. As a result, the company was able to consider “just in time” distribution reducing high cost of capital, warehousing, and other logistical costs associated full-service distribution (taking title of product).
Family owned winery in Stags Leap producing ultra-premium wines sold to distributors throughout the United States on a wholesale basis as well as through a retail and winery direct channels.
Accomplishments: Partnered with ownership and the board in the review and implementation of key company initiatives.
• Vineyards: Prepared seven-year historical cost analysis of all vineyard properties highlighting costs of operations, farming and production. The analysis enabled the company to fully understand key farming elements such as outsourcing services, yield management and the impact to profitability for both Clos Du Val wine brands and third-party grape sales.
• Custom Crush: Gained Board approval and successfully implemented a “custom crush” business plan providing third party contract wine making services to a significant wine company absorbing 50% of underutilized winery operations and space. As a result, the company was able to better absorb/distribute excess winery overhead up to $1M in the first year.
• Production Planning and Sales: Implemented bi-weekly team production and sales meetings keeping a pulse on key financial drivers such as sales demand, inventory/vintage rollouts, expected crop yield as well cost of goods and sku margin analysis. As a result of these meetings, the company was able to better react and make timely decisions to adjust sales plans (Wholesale and DTC) modify farming costs/yield management and plan third party grape sales contracts.
• Financing: Successfully completed re-financing of $10M increasing the company’s borrowing capabilities by 30% with more flexible covenants.
BOUNTY HUNTER WINE AND SPIRITS & RESTAURANT/ REN ACQ. INC. CFO/COO (JUNE 2014 – NOVEMBER 2017)
Bounty Hunter Wine and Spirits - Leading national online retailer and catalog provider of direct to consumer wine and spirits. Well established smokehouse and barbeque restaurant. REN Acquisition Inc. - Winery and holding company of operating business units Bounty Hunter Wines, Renwood Winery, Alejandro Bulgheroni Estate, Ren Ranch as well as real estate ventures in Napa and Amador counties.
Accomplishments: Inserted by ownership as CFO and shortly thereafter promoted to COO to provide focused leadership and company direction. Managed all cross functional departments of wine sales, warehouse logistics and restaurant operations establishing clear financial goals and business plans.
• Business Review/Sales: Review insights included key industry and company circumstances such as aging customer demographics, print media marketing strategies, scarcity of Ultra-Premium wine supply (historical growth and higher margins) as well as fundamental sales and marketing strategies. As a result, the company embarked on new strategies and additional wine sources (including introducing Bordeaux futures) with attention to better marketing and sales incentives. A more dynamic sales commissions program was developed to better align overall company sales growth goals increasing sales 20% over a twelve-month period while lowering overall sales commissions from 6% to 4%.
• Branding & Restaurant: Contracted a third-party marketing consulting firm to re-assess branding and company mission statement. Taking an “Omni Channel” approach, the company focused on lifestyle marketing and experience at every touch point (catalog, website, restaurant) while maintaining the overall original brand ethos of The Bounty Hunter.
• Alejandro Bulgheroni Estate: Successfully completed the acquisition of the Talcott property in St Helena Napa Valley from Harlan Estates. In conjunction with the acquisition, developed a ground up plan for the creation of new icon winery and ultra-premium wine brand (Alejandro Bulgheroni) collaborating with key industry players of the Napa Valley (Philippe Melka and winemaking team, Andy Beckstoffer of ToKalon Vineyards) .
• Business Plans/Budgets: Inserted a collaborative business review process with all key company stakeholders connecting goals and objectives to financial budgets and forecasts. Business plans included elements of successes, perceived challenges, failures as well as the competitive landscape. Presented to the board of directors a very informative and transparent approach inviting open dialog. This process enhanced communication, understanding and the accuracy of budgets and planning going forward.
An American négociant company nationally distributed that makes and imports premium wines under several brands.
Accomplishments:
• Financing: Successfully refinanced the company out of expensive mezzanine financing from 20+% cost of financing down to 7% while increasing borrowing availability by $7M.
• Production: In conjunction with the production team, developed production planning metrics in a high sku production business model. Managed all financial aspects of sourcing of bulk wine and “spot market” purchases as well as production contracts with grape growers and custom crush operators. Established a “pipeline report” to effectively forecast production needs with forward looking demand and sales in both wholesale and DTC channels.