Robert Zimmer

Financial Reporting, M&A Integration, ERP systems & Costing

• CFO for numerous NASDAQ listed manufacturing companies, experience in the preparation of annual reports, shareholders communications, and SEC Filings: 10-K 10-Q, 8-K, and proxy.

• Financial reporting restatements correcting deviations for GAAP and cash to accrual accounting. 

• Implementation and upgrade of numerous ERP systems including Epicor, NetSuite, MS Dynamics, QAD, J.D. Edwards, SAGE, and Oracle. 

• Preparation of buy-side net working capital reviews and purchase accounting adjustments. 

• Development of monthly financial, KPIs, and compliance reporting, satisfying lenders, private equity, and public/private ownership requirements. 

• Integrated the financial and administrative functions of 17 target companies over 48 months providing consistent, timely, and accurate financial, operational, and KPI reporting systems. 

• Developed machine, labor, and product cost standards for numerous industries including bakery and food manufacturing, automotive parts, consumer / industrial products and discrete manufactured items. 

• Development of 13/52 week cash flow forecasts, updates and working capital management. 

• Designed integrated financial models incorporating income statement, balance sheet, and cash flow statement.

Closely-held NASDAQ Small-cap Manufacturer: As CFO and Treasurer of this $100 million financially distressed medical devise plastic packaging manufacturer, Bob leads the financial and drove the operational turnaround of the company. The company was experiencing eroding margins resulting in negative cash flows.Ownership chartered management with orchestrating a turnaround which would most effectively position the company for sale. 

To enhance value and effect a turnaround numerous major initiatives were undertaken.

• Sales compensation was tied to product profitability vs. gross sales. 

• Operational deficiencies were identified and corrected. 

• A master production scheduling system was implemented which maximizing equipment utilization. 

• Raw material vendors were held to stricter product standards, reducing direct material costs. 

• Creating dedicated change-over teams reduced changeovers from 3 hours to under 45 minutes. 

• Machine and labor-hour standards were revised using ABC techniques 

• Unprofitable products were eliminated. 

• A greenfield manufacturing facility was established in Northern Ireland, completely financed by governmentsponsored loans and grants. 

Result: The turnaround was completed within thirty months, culminating in the company’s sale and a 150% return to ownership. 

Multi-clinic Specialty Medical Practice: As Chief Financial and Administrative Officer for this 35-physician specialty medical practice Bob was brought in to upgrade the financial operations, implement system improvements and address a cash shortfall which, precluded the timely payment of the physicians’ pension funding. The practice operated through 6- clinics and 12 hospitals. 

Bob immediately reviewed the historical financial statements, physician compensation structure, and cash management practices. It was discovered that a lack of financial discipline created the cash crisis. Additionally, Bob reviewed the billing practices and found that patient co-payments were not collected timely and there was a delay of over 60 days from the date services were rendered to a patient and the claim was submitted for reimbursement. 

Immediately, Bob implemented the following:

• A rolling 13-week cash flow forecast 

• Front deck procedures were changed to encourage the collection of co-pays at the time of visit 

• Billing SOPs and related KPIs were implemented which required that daily clinic encounters be processed within 24 hours

• Insurance information was updated with each patient visit to avoid insurance processing issues 

Result: During a six-month period, an incremental $5 million in cash was generated: the pension funding was completed in under 10 weeks; the physician compensation moratorium was lifted; and the claim processing was reduced to under 2 days.