David L. DeVore, CPA
65 Laurelwood Drive
Hopedale, MA 01747
#508-473-4336
SENIOR FINANCIAL MANAGEMENT
An innovative business leader and advisor who develops strategies that enhance business growth and profitability. Strong financial analytical skills lead to development and implementation of creative solutions incorporating acquisition and divestiture, merger, bank financing and general business initiatives. Extensive experience with privately held middle-market companies. Special expertise in:
Financing Strategies and Implementation: Assesses company needs in terms of objectives, develops optimum strategies customized to specific situation; e.g., debt, capital investment, public offerings, etc. Leads implementation, capitalizing broad relationships in the banking, legal and investment community.
Acquisition and Divestiture: Seeks and identifies merger/acquisition partners, evaluates and recommends appropriate financing strategies, and leads transaction closure. Identifies and qualifies potential purchasers for divestitures. Negotiates transaction and required financing.
Turnaround Strategies and Implementation: Revitalizes failing companies through reorganization, restaffing, development of new business plans and refinancing. Leads turnaround effort, and/or advises management on implementation of winning strategies.
SELECTED ACCOMPLISHMENTS
·Developed exit strategy for two clients that involved a merger. Raised $11 million of equity and $60 million in bank credit to consummate the deal. Owners received more than $42 million while retaining equity in the new entity.
·Advised client intent on acquiring a competitor in financial difficulty to delay in order to reach a more favorable price. Competitor ultimately declared bankruptcy, saving $18 million in purchase price.
·Devised strategy for client to purchase needed equipment from a major company for a fraction of its value by offering to produce product for them. Strategy facilitated purchase of equipment valued at $1 million for $25K with $2.5 million in new business annually.
·Forestalled failure of a business by helping client develop a presentation to a large customer to renegotiate a contract that seriously threatened client’s cash flow. Aided in negotiations with customer, achieving $1 million settlement and avoiding bankruptcy.
·Devised and aided implementation to save client from bankruptcy filing by negotiating with suppliers to defer payables via a note payable over two years, and giving them 45 days credit in return. Strategy improved liquidity, facilitating return to profitability and set the stage for its eventual sale for $30 million.
David L. DeVore, Page 2
PROFESSIONAL HISTORY
DeVORE MANAGEMENT CONSULTING, Hopedale,MA, 2000-Present
Financial Advisor
·Offer financial advise to small and mid-sized businesses, including cash flow analysis, budgeting and business planning.
DYNAMIC GUNVER TECHNOLOGIES LLC, Manchester, CT, 1998-2000
Manufacturer of high-tech specialty parts and components for the aerospace industry with sales of $100 million, 550 employees and seven facilities.
Executive Vice President and Treasurer
·Developed framework to merge two companies into a new entity with the intent ofaneventual sale or initial public offering.
·Managed relations with investment bankers and lending institutions.
·Sought and assessed potential acquisition candidates.
COOPERS & LYBRAND, Hartford, CT, 1982-1998
Multi-national public accounting firm, since merged with Price Waterhouse.
Partner
·Oversaw the middle market practice, including business/client development.
·Managed broad variety of assignments for diversified client base.
·Supervised 30 professional and support staff.
SISKIN, SHAPIRO & COMPANY, Hartford, CT, 1975-1982
Largest regional public accounting firm in Connecticut prior to its merger with Coopers & Lybrand.
Partner
·Managed audit and consulting assignments in a broad range of primarily middle market companies.
·Developed new business clients, managed 10-15 staff, and oversaw business process from billing through collection.
PRICE WATERHOUSE, Hartford, CT, 1968-1975
Multi-national public accounting firm.
Manager
·Managed audits, reviews and other services for large and small clients.
EDUCATION
B.A., Accounting, magna cum laude, LYCOMING COLLEGE, Williamsport, PA, 1968
PROFESSIONAL AFFILIATIONS
– American Institute of Certified Public Accountants
– Board of Governors, University Club
– Board of Governors, Glastonbury Hills Country Club
– Connecticut Society of CPAs
– Vice President, Finance, Boy Scouts of America, Long Rivers Council