Description

About The Company

Duramax Marine, LLC   https://www.duramaxmarine.com/index.htm

Headquartered in Hiram, Ohio, Duramax Marine is a middle-market manufacturer of marine and industrial product solutions for shipbuilders, engineers and technicians. Duramax Marine products are used in all types of military, commercial and recreational vessels. They are the recognized leader in water-lubricated bearing technology, with a line of custom designed heat exchangers, shaft sealing systems, and impact protection systems that have earned the trust of marine professionals worldwide.

Duramax Marine has been developing environmentally friendly products for decades. Their technical support staff has the experience and knowledge to help vessels meet equipment requirements and to operate in compliance with new regulations for our clean new world.

Duramax Marine® has a unique depth of marine experience that no other company offers. For decades, they have been there for the marine industry with the right answers to solve tough maintenance problems. Marine professionals depend on their experience, continuing research and advancements in product technology.

Duramax has been an ESOP organization for the past ten years and enjoys a strong financial position and significant market share. The company’s high performance is attributed to their superior products, innovation and long standing, high performing employee-owner base. The sitting CFO has been with the organization for an impressive 35 years and plans to retire in 2023 with the commitment to onboard and assimilate the new CFO into the organization.

About The Role

With an exceptional leadership team and a solid growth plan in place for 2023 and beyond, it is an exciting time to join Duramax Marine.  The CFO will be a key contributor to the future growth of the business and will be responsible for the financial health and well-being of the organization and will serve on the M&A strategy team. This position will report directly to the company President and CEO, Brian Fink and will sit on the Leadership Team inclusive of the Heads of Engineering, Sales, Operations, Human Resources and Information Technology.

The CFO will have five direct reports; General Accounting Manager, General Accountant (including payroll), Accounting Clerk, Cost Estimator and Intern.  They will lead day-to-day activities such as financial reporting, planning and analysis, variance analysis, operational performance reporting along with forecasting, budgeting, banking relationships, tax reporting, employee benefit plans and all activities associated with the 401(k) and ESOP plans.

The CFO will take a servant leadership approach, be authentic, approachable, a coach/mentor, a change ambassador and an exemplary relationship builder both internally and externally.

Importantly, this individual will serve as a trusted advisor and partner to the President/CEO and the Leadership Team while also able to work closely with employees across the organization. 

Top candidates will have a strong financial orientation and will lead in an innovative manner and consistently deliver targeted results.  They will be a culture driven leader with deep experience and knowledge of financial and accounting functions in a manufacturing environment, with successful execution of technology, continuous improvement and growth initiatives.

POSITION RESPONSIBILITIES

• Plans, develops, organizes, implements, directs, and evaluates the organization's fiscal function and performance.
• Actively participates in the development of the corporation's plans and programs as a strategic partner; and assists and advises the Board of Directors.  Assures that the current and long-term financing requirements are met.
• Evaluates and advises on the impact of long-range planning, introduction of new programs/strategies, and regulatory actions.
• Develops credibility for the finance group by providing timely and accurate preparation and analysis of budgets, financial reports, and financial trends to assist the President & CEO, the Board, and other senior executives in performing their duties and responsibilities.
• Enhances and/or develops, implements, and enforces policies and procedures of the organization by introducing systems and internal controls that improve overall operation and effectiveness.
• Establishes credibility throughout the organization and with the Board as an effective problem solver.
• Provides technical financial advice and knowledge to others within the financial discipline.
• Directs continuous improvement of the budgeting process through education of department managers on financial issues impacting their budgets. 
• Provides strategic financial input and leadership on decision-making issues affecting the organization, i.e., evaluation of potential alliances, acquisitions, and/or mergers.
• Optimizes banking relationships and initiates appropriate strategies to enhance cash position. Develops and maintains a reliable cash flow projection process and reporting mechanism, including minimum cash threshold to meet operating needs.
• Advises from the financial perspective on any contracts into which the corporation may enter.
• Evaluates the structure of the financial department and the finance team's plan for improving efficiency and effectiveness. Provides and supports team members with professional and personal growth opportunities where possible.
• Reviews monthly financial statements of all business units and prepares consolidated financial reports with commentary to senior management and the Board.
• Develops tax policies and monitors compliance with regulations and reporting requirements.  Prepares analysis and supporting documents to assist outside tax professionals with federal, state, and local tax reports.
• Directs preparation of tax returns prepared internally, including payroll, sales and use tax returns; and monitors compliance with developing tax matters.
• Leads all activities associated with the 401(k) plan and ESOP plan.  Serves as chief administrator of each plan, working with third-party administrators, investment advisors, and auditors of the plans.  Prepares and updates the ESOP repurchase obligation analysis and develops plans to meet these obligations.
• Works directly with the President & CEO and the Board to administer annual incentive compensation programs.
• Assists HR with administration and control of employee benefit plans.  Provides oversight of company payroll, including maintaining salaried payroll records. Also, annual W-2, 1095 and 1099 reporting. 
• Maintains the corporate insurance program and establishes the appropriate coverage levels for the annual renewals.
• Establishes and maintains favorable relations with banking, financial, and other professional communities.

Requirements

PROFESSIONAL EXPERIENCE AND REQUIREMENTS

• 5-10 years in corporate financial leadership as CFO or a similar financial executive role in a manufacturing environment. Bachelor's Degree in Accounting/Finance required. Master’s degree and/or CPA is preferred
• Previous ESOP experience preferred by not required.
• Mergers and acquisitions experience highly desired

PROFESSIONAL ATTRIBUTES

• Candidates for this position must be able to demonstrate a high degree of interpersonal, communication, and writing skills.
• Because Duramax Marine is an ESOP, it is essential that candidates can explain the company’s financial complexities with clear, understandable, and concise communications.
• candidates must be comfortable in plant situations and willing to discuss financial issues with all employee owners.
• Professional, down to earth image is expected
• Demonstrated team building and talent development
• Enjoys interacting with employee owners
• Energized by growing the company and its people