Access Portfolio Position: Car Wash Owners Network, Chief Financial Officer

Finance · Baltimore, Maryland
Department Finance
Employment Type Full-Time
Minimum Experience Executive

Company Background:

Car Wash Owners Network (“CWON” or the “Company”) is a newly formed platform created by Access Holdings, a Baltimore based private equity firm with over $700 million of AUM, to build a purposefully built portfolio of car wash assets in specifically identified MSAs.

 

Since its inception in 2019, CWON has executed on the acquisition of Cobblestone Auto Spa, the largest car wash operator in the highly attractive Phoenix, AZ market. Cobblestone currently operates a large network of 27 express and full-service car wash locations and has an active pipeline of new sites in development that will increase its network to 42 locations over the next 12 months.  This expansion plan will make Cobblestone one of the top 7 car wash operators in the United States.

 

It is the Company’s objective to continue executing on its growth plan into the future and improve its position as one of the dominant players in the car wash industry, which is a component of the growing service-based economy.  Consumer preferences for “Do-It-For-Me” services combined with record levels of owned vehicles and vehicle utilization in the United States are driving higher demand for express car wash services. 

 

To this end, CWON is targeting to make 4-5 additional platform acquisitions and partner with regional owner/operators in purposefully selected geographies to build independent, dominant car wash platforms that will leverage the size, scale, and best practices of the entire Company.  CWON has identified and is targeting the most optimal geographies based on its proprietary model and set of criteria to identify the most attractive markets to acquire and expand express car wash networks.

 

Through acquisitions and de novo developments, CWON is seeking to build a platform with 100+ car wash locations in 5-6 MSAs over the next 3-4 years.

 

Essential Duties and Responsibilities:

The CFO will be a strategic partner to the Board and the CEOs of each regional platform and a key executive of the Company.  Reporting to the Board, the CFO is primarily responsible for owning the financial operations of the Company, directing capital structure decision-making, and being a face of the organization with investors and lenders. The CFO will also be responsible for directly overseeing the Controllers of the regional platforms and directing all fiscal functions of the Company in accordance with generally accepted accounting principles and for establishing financial and managerial accounting policies and procedures.

 

Professional Qualifications:

·       Strong desire to be a leader, originating and driving strategic initiatives within a growing and innovative organization.

·       Demonstrated track record of operational success as CFO or VP of Finance with broad leadership experience within a multi-unit business which has executed successful de novo, M&A, and organic growth strategies.

·       Experience as a financial executive of a successful multi-unit operation, track record of driving consistent execution across the platform as demonstrated by exceptional customer service delivery and market share growth of the business.

·       Experience successfully leading the financial function of a growth equity, private equity or venture capital backed company.

·       Expertise and knowledge of capital structure with experience working with multiple levels of the capital structure and a leveraged balance sheet.

·       Passionate about developing financial plans and managing resources accordingly in a high growth environment.

·       Exceptional leader with a verifiable track record of operational rigor based upon extensive quantitative analysis and a bias for measurement and success in managing a world class team.

 

Essential Functions:

Strategy, Planning and Management:

·       Pivotal participant in critical decision assessments as they relate to strategic initiatives and operational models.

·       Implement policies, procedures and processes as deemed appropriate by senior leadership team.

·       Establish and drive quarterly and annual operational and financial business goals.

·       Focus on accountability and ensuring widespread communication and employee commitment to those goals.

·       Work with the CEOs and the Board to establish, approve and amend, as needed, the annual budgets, and define the key non-financial metrics that drive success.

·       Assess and evaluate the financial performance of the organization regarding long- term operational goals, budgets and forecasts.

·       Provide insight and recommendations to both the short-term and long- term growth plans of the organization.

·       Identify, acquire and implement systems and software to provide critical financial and operational information.

·       Create and establish yearly financial objectives that align with the Company's plan for growth and expansion.

·       Recruit, interview, and hire finance and accounting staff, as required, to achieve the financial goals of the Company.   

 

Financial Analysis, Budgeting and Forecasting:

·       Prepare and present monthly financial statements including monthly profit and loss by location, by segment and compared to budget.

·       Review and analyze monthly financial results and provide recommendations for performance improvement.

·       Develop, prepare, and present financial and operational dashboards, by location, that compare key performance indicators to stated budget and historical benchmarks.

 

Accounting, General Ledger, Administration and Operations:

·       Supervise the accounting department to ensure the proper functioning of all systems, databases and financial software.

·       Review and ensure application of appropriate internal controls, compliance standards, and financial procedures.

·       Ensure timeliness and accuracy of financial and management reporting for management and the Company's board of directors.

·       Oversee the preparation and communication of monthly, quarterly, and annual financial statements.

·       Work with outside partners to oversee the preparation and timely filing of local, state and federal tax returns.

·       Enhance and implement financial and accounting systems, processes, tools and control systems.

·       Serve as a key point of contact for external auditors; manage completion of all external audits.

·       Coordinate and strategize methods used to attain team goals with the Controllers and accounting staffs of the CWON platforms.

·       Provide technical financial advice and knowledge to others within the financial discipline.

 

Financial Management/Treasury:

·       Oversee cash, manage the cash flow planning process and ensure availability of funds.

·       Explore new investment opportunities and provide recommendations on potential returns and risks to the Audit Committee.

·       Maintain banking relationships and strategic alliances with vendors and

·       business partners.

·       Operate as the Company’s point of contact with lending relationships and audit committee and ensure that all financial information communicated is consistent, accurate, and reflects the financial performance of the business.

·       Provide strategic financial input and leadership on decision making issues affecting the organization (i.e., the development of new locations and/or add-on acquisitions).

·       Represent the Company to banks, financial partners, investors, and auditors.

·       Remain current on audit best practices as well as state, federal and local laws regarding company operations.

·       Oversee weekly cash management and AP Department, ensuring compliance with the Board-approved management approval matrix.

·       Prepare and regularly update a 13-week cash forecast.

 

Education, Work Experience Requirements and/or Competencies:

·       Bachelor’s Degree in Accounting or Finance

·       MBA from top business school preferred

·       5 years minimum experience as a CFO in a $100 million+ revenue company

·       12+ years total accounting or finance experience

·       Significant experience assimilating and integrating multi-site operations driven by a very active expansion and/or M&A strategy

·       Outstanding knowledge and understanding of GAAP and financial statement reporting

·       Significant experience working with external auditors, internal controls, and compliance-related issues

·       Background leading Information Technology staff to drive technological change and deliver operational efficiencies. Systems implementation experience strongly preferred.

·       Experience successfully leading the financial function of a growth equity, private equity or venture capital backed company.

·       Outstanding communication and presentation skills

·       Demonstrated leadership ability, confidence, and executive presence – ability to motivate staff

·       Excellent analytical, reasoning, and problem-solving skills

·       Comfortable operating in a fast-paced environment where speed to market is a strategic advantage

·       Enjoys mentoring business partners in field leadership positions who may not have advanced levels of financial sophistication

 

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  • Location
    Baltimore, Maryland
  • Department
    Finance
  • Employment Type
    Full-Time
  • Minimum Experience
    Executive