Niagara Specialty Metals - Chief Financial Officer
Catapult (Niagara Specialty Metals)
- Akron, NY
NIAGARA SPECIALTY METALS
CHIEF FINANCIAL OFFICER
View the full position profile: HERE
Learn more about Niagara Specialty Metals: https://nsm-ny.com/
Newly created Chief Financial Officer (CFO) position for a highly successful and growth-oriented manufacturing company in the Buffalo-Niagara region. Outstanding opportunity for a seasoned finance leader to work alongside the CEO in shaping the future landscape for a unique specialty steel manufacturer. A solid combination of both strategic and operational business acumen and experience is required. Potential for professional and personal growth and rewards is substantial.
Niagara Specialty Metals (NSM) is 100% employee-owned company with a very strong balance sheet and high-end customer base. Incorporated in 1982 and located in Akron, NY, NSM has a consistently exemplary track record and enviable financial performance. As CFO, you will play a pivotal role in providing strategic guidance of the CEO and senior leadership team in addition to overseeing all financial operations.
The successful candidate will bring relevant finance and leadership experience contributing to the growth and success of organizations of similar size and scope. Must be a strategic thinker with proven operational management. Meaningful manufacturing and other commercial experience a necessity. Important to be a collaborative team player and relationship builder with a genuine and humble demeanor.
ORGANIZATION & POSITION OVERVIEW
Niagara Specialty Metals is a manufacturer of tool steels, high speed steels, martensitic stainless steels, and controlled expansion alloys. We also provide conversion processing for Titanium, temperature and corrosion resistant metals, electronic alloys, and other super alloys. We are a unique specialty steel manufacturer unlike any other in North America. Our extensive equipment and flexible manufacturing processes enable us to accept orders from 1 lb. to 10,000 lbs. Each order is processed to the exact requirements of our customer. If your requirements involve the manufacturing of parts from flat steel, in any form and in any quantity, Niagara Specialty Metals is your source for unmatched reliability.
NSM promotes a culture of teamwork, collaboration, and support across all levels of the organization. All leaders and employees contribute to the company’s success and share in the resulting benefits and rewards. The employee team is committed to continuously improving its processes and operation to ensure delivery of an unmatched customer experience.
The CFO will report to the CEO and is a part of a leadership team consisting of:
- VP of Operations
- General Manager
- Office Manager
- Purchasing Manager
- Sales Manager
- Steel Manufacturer founded in 1982 • 100% employee-owned since 2004
- Total Revenue - $35M
- Total employees- approx. 40
CFO KEY COMPETENCIES
To be a successful leader and member of the Niagara Specialty Metals team, the CFO will need to possess the following competencies:
- Seasoned Financial Executive with a strong cost accounting, business and investment portfolio management background Manufacturing or other Commercial Industry experience/expertise
- Collaborative Team-player and Relationship-Builder
- Strategic Thinker with a commitment to quality, safety, continuous improvement, and growth
As a seasoned financial leader in the manufacturing industry the CFO will apply their strategic mindset and collaborative, team-oriented leadership style to:
- Develop and execute financial strategies to drive business growth and profitability:
- Develop financial goals, evaluate trends; establish critical measurements; develop/refine costing methods for accurate pricing, determine production, productivity, quality, and customer-service strategies; design systems; identify and accumulate resources; resolve problems; and implement change in collaboration with the CEO and leadership team.
- Forecast capital, facilities, and staff requirements; identify monetary resources; and develop action plans to support strategies and organizational goals.
- Develop organization prospects by:
- Studying economic trends and revenue opportunities; projecting acquisition and expansion prospects; analyzing organization operations; identifying opportunities for improvement, cost reduction, and systems enhancement; and accumulating capital to fund expansion.
- Ensure accurate and timely financial reporting, including monthly, quarterly, and annual financial statements:
- Monthly P&L for profit sharing; Quarterly financials for the Board of Directors; Annual financials for accounting firm; Quarterly presentations to the Board of Directors
- Lead the development and implementation of the necessary systems, processes, and procedures to prepare and successfully complete company audits.
- Perform risk management by analyzing the organization’s liabilities:
- Evaluate sales concentrations - By customers and category; Evaluate supplier concentrations - By supplier and operation.
- Provide financial guidance and support to the CEO and Board by:
- Offering insights and recommendations on business decisions and investments; Deciding on investment strategies by considering cash and liquidity risks; Evaluating the investment accounts for proper risk allocation
- Prepare reliable current and forecasting reports to include:
- 1-5 year sales and expense projections necessary for valuation purposes
- Lead the budgeting and forecasting processes, monitoring financial performance and variances.
- Oversee cash flow management, treasury functions, and banking relationships.
- Ensure cash flow is appropriate for the organization’s operations.
- Set up and oversee the company’s finance IT system:
- Work with our ERP firm to customize reports as needed; Properly categorize revenue and expenses as they are entered in the ERP system; Implement and maintain robust financial controls and procedures to safeguard company assets.
- Interface with the appropriate parties for ESOP Obligations
- Ensure accurate financials for our accounting firm; Assist with establishing an accurate valuation with our ESOP valuation firm; Ensure accurate information is transmitted to the ESOP TPA; Distribute ESOP payments in a timely and accurate manner.
- Manage relationships with external stakeholders, such as auditors, tax advisors, and financial institutions.
- Ensure compliance with the law and company’s policies.
- File annual forms such as 5500’s, sales taxes, compliance testing for the 401(k) and ESOP;
- Update job knowledge by remaining aware of new regulations, participating in educational opportunities, reading professional publications, maintaining personal networks, and participating in professional organizations.
- Collaborate with cross-functional teams to drive operational efficiency and cost optimization.
- Assist with HR duties to ensure compliance with labor laws; File annual forms as needed; Assist with on-boarding as needed.
- Work across all business lines to identify opportunities for growth that are financially sound, aligned with NSM’s operations and customer-service philosophy and support the sustainability of the ESOP.
- MBA or bachelor’s degree in business, finance, accounting, or equivalent experience.
- Certified Public Accountant certification a plus.
- Minimum 10 years’ experience in cost accounting and financial management practices.
- Solid GAAP and financial reporting technical skills.
- Proven experience as a senior financial leader or similar financial leadership role within the manufacturing industry required.
- Strong understanding of manufacturing accounting principles, cost accounting, and financial analysis.
- Demonstrated track record of strategic financial planning, budgeting, and forecasting.
- Experience working with and evaluating investment opportunities and portfolios.
- Exceptional leadership and business partnering skills, with the ability to influence and collaborate across all levels of the organization.
- Proficiency in financial management software and advanced knowledge of Microsoft Excel.
- Experience managing profitability, quality management, and promoting of process improvement.
- Experience with ESOP’s, industrial setting and human resources are all a plus.
- Experience identifying growth strategies, collaborating with internal and external stakeholders, and evaluating mergers and acquisitions very helpful.
- Excellent analytical and problem-solving abilities.
- In depth knowledge of corporate financial law and risk management practices
- Excellent communication and people skills.
- Willingness to travel to trade shows or customer/vendor visits as needed.
Niagara Specialty Metals offers a lucrative compensation and benefits package, along with the opportunity to join a dynamic team and contribute to the success of a growing manufacturing company.
Monday, July 17, 2023