David Brady is a dedicated professional... and would be an asset to any management team.
Joe Nicholson, COO, Generation 5 Mathematical Technologies Inc.
Bakery Operation
Client
A private label food product manufacturer with $60+ million in annual sales.
Challenge
The US parent filed for Chapter 11 and subsequent Chapter 7 liquidation. The Canadian bakery subsidiary operation had filed for CCAA and was in process of restarting its manufacturing operations which had been shut down for five weeks. As part of this process the company needed to achieve customer performance targets, re-build supplier relations and establish all finance and operational functions in Canada on a stand-alone basis.
Solution
David worked closely with the private equity fund and the company’s management team to transition the business into a stand-alone entity. The scope of tasks ranged from daily crisis management, to long term planning on audit and taxation issues, and included the following:
- Conversion and implementation of a new accounting system with a 5 week go-live timeline.
- Managing supplier accounts in a CCAA/COD environment. Recovering $1,000,000 of excess supplier payments which occurred due to CCAA process.
- Developing and managing the finance team; including the selection of a permanent VP finance.
- Implementing financial controls, procedures and processes.
- Establishing Treasury Management processes to forecast cash flow requirements and minimize cash requirements of the lender.
- Detailed analysis and reconciliation of all financial accounts.
- Working with accountants and CRA to ensure minimization of tax liabilities.
David assisted Colonial in our plan to separate from our parent company and become a stand-alone entity. He lead the implementation of Accounting Controls and Reporting, Systems Implementation, and staffing of our finance department. This smooth transition supported our initial decision making and set the stage for business growth.
Jerry Simrell, President, Colonial Cookies Corporation
RFP – Travel Industry
Client
Merit Travel Group, a privately owned Canadian travel company with over 50 offices across Canada.
Challenge
The company was seeking to renegotiate the Global Distribution System (GDS) contract for its main reservation system and wanted to ensure that it received a competitive offering.
Solution
Worked with management to develop a comprehensive RFP which addressed the requirements of the business. The Company received proposals from all key industry suppliers and elected to convert to a new GDS supplier who provided better synergies with the operations. This conversion was implemented over a 6 month period and successfully generated greater operational efficiencies and a fourfold increase of GDS revenue.