Cory Bale
Byron Center,MI
Summary
Goal-driven chief financial officer with strong history of achieving both financial and non-financial business goals using effective controls and successful planning. Offering several years of experience in the field. Excellent record of guiding leadership on strategic acquisitions and capital projects.
Overview
19
19
years of professional experience
1
1
Certification
Work History
Chief Financial Officer
Madison Industries -Nortek Data Center Cooling
Oklahoma City, OK
11.2021 - Current
- Negotiated new business contract with the largest customer in the market, representing approximately $250m of annual revenue for standard product
- Strategically expanded manufacturing footprint to increase capacity while consolidating two plants, resulting in improved scalability and reduced geographic footprint
- Successfully implemented change management strategies to navigate through periods of both rapid growth and decline, influenced by external factors that led to the cancellation of a substantial portion of business by our largest customer.
- Identified approximately $8m of unnecessary inventory through a data-driven approach, resulting in the conversion of assets into cash and creating additional space for manufacturing expansion.
- Implemented and led improved internal processes over working capital management with a focus on cash flow, resulting in a 60 day reduction in the cash conversion cycle.
- Reduced waste and complexity within the organization by implementing a lean process in office and manufacturing based on the principles of 80-20.
Chief Financial Officer
Madison Industries - Dehumidified Air Solutions
Montreal, Quebec
02.2021 - 11.2021
- Created a unified and strengthened business, DAS, by amalgamating three separate entities with like products.
- Led the successful launch and ongoing management of a new product, driving it to achieve $40m in annualized revenue within the first 18 months.
- Led launch of new business, focusing on after-market parts/service sales; resulted in incremental sales, margin expansion, and enhanced customer experience.
- Enhanced working capital processes resulting in an impressive boost of 52% in AR % Current within a span of four months. Successfully streamlined inventory management to reduce days on hand by 35, while also negotiating extended supplier payment terms which contributed favorably to the cash conversion cycle.
- Demonstrated strong leadership skills in managing the organization's operations while adhering to border restrictions during the global pandemic.
Chief Financial Officer
Madison Industries - Specified Air Solutions
Buffalo, NY
08.2019 - 02.2021
- Assisted in the formation of Madison Air, a new fund/vertical for Madison Industries, including establishment of a credit facility with the banking group
- Mastered effective change management strategies during the global pandemic, easing the transition amidst fluctuating customer demands.
- Executed the integration of three independent business units resulting in the establishment of Dehumidified Air Solutions.
- Oversaw cross-functional team collaboration, driving product line simplification and waste reduction leading to a significant 33% increase in gross margins over a span of six months.
- Assisted in expanding the credit facility with the banking group while supporting Madison Industries' acquisition efforts in their newly established vertical, by participating in due diligence processes for 9 different companies.
Corporate Controller
Madison Industries - Specified Air Solutions
Buffalo, NY
05.2018 - 08.2019
- Led the financial due diligence for the sale of Specified Air Solutions to Madison Industries in October 2018
- Assisted Madison Industries by leading audit of complex earn-out, reducing purchase price by $50m
- Played a key role in forming the initial debt for Madison Industries' Madison Air vertical
- Analyzed financial data to identify trends in order to make recommendations for improvement.
- Developed, maintained and improved internal control procedures to ensure accurate accounting records.
- Oversaw month-end closing process, prepared financial statements and managed advanced reconciliations.
- Provided support to external auditors during annual audit reviews.
Corporate Controller
Knape & Vogt Manufacturing
Grand Rapids, MI
01.2012 - 05.2018
- Managed a team of 14 in areas including AR, AP, General Accounting, Cost Accounting, Trade Compliance, and FP&A under the CFO
- Provided guidance on accounting policies, procedures, and best practices.
- Managed corporate cash flow by monitoring payments and collections activities.
- Maintained relationships with banks, investors and other stakeholders in order to secure financing options when necessary.
- Evaluated capital expenditure requests for cost effectiveness and return on investment potential.
- Provided support to external auditors during annual audit reviews.
Finance Manager
Knape & Vogt Manufacturing
Grand Rapids, MI
01.2010 - 01.2012
- Reporting to the CFO, managed a variety of financial tasks
- Led the implementation of an Oracle ERP system across 7 global locations, resulting in significant enhancements to AR, AP, and consolidated financial reporting processes.
- Recipient of Knape & Vogt's Presidents Award for 2011.
Senior Accountant
Knape & Vogt Manufacturing
Grand Rapids, MI
06.2008 - 12.2009
- Reporting to the Finance Manager, developed strategies to improve accounting systems and processes
- Streamlined processes and eliminated waste to improve the monthly accounting close cycle, resulting in a reduction of days to close from 28 down to 2.
- Implemented a working capital monitoring process, resulting in enhanced cash control and simplified bank reporting according to covenants.
Sr Audit Associate and Audit Associate
Grant Thornton
Southfield, MI
01.2005 - 05.2008
- Maintained a thorough knowledge of professional standards related to auditing activities.
- Provided timely feedback on issues identified through the course of the audit engagement.
- Participated in special projects such as fraud investigations or litigation support services.
- Reviewed financial statements for accuracy and completeness in accordance with Generally Accepted Accounting Principles.
- Attended continuing education classes related to auditing principles and techniques.
- Communicated effectively with stakeholders at all levels throughout the audit process.
Education
Master of Science - Finance
Walsh College of Accountancy And Business Administration
Troy, MI03-2008
Bachelor of Arts - Accounting
Michigan State University
East Lansing, MI12-2004
Skills
- ERP System Implementation
- Change Management Expertise
- Financial Process Improvement
- Financial Strategy Development
- Debt Management Expertise
- Working capital management
- Mergers and Acquisitions Experience
- Financial Technology Adoption
- Continuous learning mindset
- Budget Development
- Corporate leadership
- Process Improvement
- Analytical Skills
Certification
- CPA
References
References available upon request.
Timeline
Chief Financial Officer
Madison Industries -Nortek Data Center Cooling
11.2021 - Current
Chief Financial Officer
Madison Industries - Dehumidified Air Solutions
02.2021 - 11.2021
Chief Financial Officer
Madison Industries - Specified Air Solutions
08.2019 - 02.2021
Corporate Controller
Madison Industries - Specified Air Solutions
05.2018 - 08.2019
Corporate Controller
Knape & Vogt Manufacturing
01.2012 - 05.2018
Finance Manager
Knape & Vogt Manufacturing
01.2010 - 01.2012
Senior Accountant
Knape & Vogt Manufacturing
06.2008 - 12.2009
Sr Audit Associate and Audit Associate
Grant Thornton
01.2005 - 05.2008
Master of Science - Finance
Walsh College of Accountancy And Business Administration
Bachelor of Arts - Accounting
Michigan State University
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