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Wray Rives Certified Public Accountant

Independent Business Consultant

Over 20 years of experience in operational, financial and IT management.  International experience in Europe, Asia, Canada and Mexico. Proven ability to lead an organization through high growth periods.  Proven ability to "right size" financially troubled organization during sales decline for return to profitability.  Experience as "hands on" can-do leadership in a variety of industries.

Highlights of Experience

Certified Public Accountant

   1/1993 – Present  Wray Rives, CPA, Dallas, TX
   1/2009 - Present  NeedaCFO.com, President

General Manager

   10/2005 – 1/2009  ITW/Auto Wax Company, Dallas, TX

§      Auto Wax is a manufacturer of professional automotive cleaning chemicals sold throughout North and South America, Europe and Asia. ($20M revenue & 65 employees)

§      In 2005 Auto Wax was acquired by ITW (Illinois Tool Works), a Fortune 200 conglomerate with $17 billion in revenue.

§      General Manager of Auto Wax for ITW, total P&L responsibility.

§      Directed the transition and managed the business during assimilation into ITW.

§      Managed acquisitions, developed and implemented sales and marketing strategies.

§      Implemented process simplification and lean operating strategies.

§      Increased revenue 10% and operating income 100% 2005-2007.

§      Restructured operation during 2008, reduced headcount 15% and eliminated approximately $1 million in operating expenses.


2/2004-10/2005 Auto Wax Company, Dallas, TX

§      Increased sales $850K and operating profit $750K from 2003-2005.

§      Full responsibility for all operations of company, total P&L responsibility.

§      Worked directly with European and Asian based customers and suppliers.

§      Managed relationship with investment bankers and potential investors to assist the private owner in selling Auto Wax.

§      Achieved sales price of 1.5 times revenue.


5/1997-2/2004 Auto Wax Company, Dallas, TX

§      Instrumental in hiring and developing new senior management team.

§      Served as Interim VP-Manufacturing during transition to new senior staff.

§      Directed conversion to Dynamics accounting system.

§      Directed installation of new MS network.

§      Improved operating income 60% from 1999-2003, while increasing inventory turns 100%.


    8/1993 - 4/1997  Uncle Julio's, Dallas, TX

§      Uncle Julio’s is a closely held company which owns and operates restaurants in Texas, Virginia, Maryland, and Illinois ($70M revenue & 2,000 employees).

§      Responsible for all financial and IT functions.

§      Served as president of Crazy Horse Construction, an affiliated company of Uncle Julio’s Corporation.

§      Structured sale/leasebacks of real estate holdings to improve cash flow.

§      Managed relationship with investments bankers and venture capitalist to shop for private equity to fund future growth of the company.

§      Directed IPO planning.


    3/1985 - 2/1993  Pappas Restaurants, Houston, TX

§      Pappas Companies is a diversified family owned business($160M revenue & 5,000 employees)

§      Responsible for all accounting and IT functions of this diversified company with operations in restaurants, construction, and real estate development.

§      Managed real estate partnerships.  Negotiated financing packages for commercial developments.

§      Senior member of development team for new projects.

§      Established accounting policies and procedures and supervised installation and conversion from manual to computerized accounting system.

§      Managed all accounting and administrative functions as company revenue grew from $40 million to $160 million.

§      Restructured equity ownership to maximize tax advantages and meet succession planning objectives.Managed all relationships with banks, investment bankers, venture capitalist and private investors.


    5/1981 - 3/1985  Arthur Andersen & Co., Houston, TX

§      Supervised all areas of field work for client audits and special projects.

§      Clients included several publicly traded and some privately held manufacturing, construction, energy, and hospitality companies

§   Performed annual audits and preparation of financial statements.


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