Dave Weber Company: Valley Fine Foods

Dave Weber

Finalist for Non-Public Company

Before coming on board in 2016, the company was saddled with production issues and deteriorating cash flow. Dave swung the company from a loss to a substantial profit in his two years as CFO. He developed a strategic planning process to identify and implement opportunities (initiatives) to improve company operations and cash flow and made a strategic decision to temporarily shift the focus from a top line growth perspective to a more profitable bottom line perspective to stabilize and improve cash flow from which to then add profitable growth. EBITDA or Cash Flow went from 0 to 10% of revenue, a significant increase in 2 years. Dave restructured accounting treatments and the way gross and net margins were being recognized to more accurately reflect costs, contribution margins and accruals oInstituted contribution margin targets for new business opportunities and much tighter controls on customer pricing. Through a deep analysis, he cut 1/3 of company SKUs that were not profitable, moved entire Banking relationship that was deteriorating with current Bank to a new lender and in doing so, restructured terms that provided greater flexibility, availability and more favorable interest rates to the Company. Dave had to make tough decisions to consolidate manufacturing from three to two plants and cut a portion of the workforce as it was determined that available plant capacity and overhead costs were too high. He eliminated $3MM in redundant costs and mitigated inherent commodity price risk in the business (eggs, flour, cheeses), by working with procurement to take advantage of contracting opportunities.