Providing CFO services and Business Transition Services in Western New York
Buffalo, NY CFO
40 Years of Experience
Certificates & Licenses:
CPA - Maryland
CPA - New York
CBS - Entrepreneurial Strategies
Contact Mike Rodems and receive a free Discovery Analysis™
- A confidential meeting with the business owner(s), then interview company staff.
- Look at the company’s financial information and computer systems.
- Benchmark financial information against industry averages.
- Create a confidential report of our findings in The Strategy Gameplan™
Mike's experience as an entrepreneur, founder and CEO, coupled with his public accounting background, CPA and consulting experience, and the CFO positions he has held in various industries, enables him to draw on his own real experience as well as his financial skills. When working with business owners, Mike has walked in their shoes so he understands their issues and concerns as well as the demands on their time and resources.
Mike started his professional career with Price Waterhouse working with various clients in manufacturing, distribution, and contracting, as well as non-profit entities in Buffalo, NY. He then obtained industry experience with roles as Controller and CFO in high-tech, medical homecare, manufacturing, distribution and contracting companies. He started his own CPA/Consulting firm in Maryland, concentrating on providing CFO services for a select group of clients.
An entrepreneur at heart, he started new businesses from scratch on several occasions, and one was recognized as #894 on Inc. Magazine 500/5000 list of fastest growing companies. Currently, Mike is utilizing his varied and real life experiences as a partner with B2B CFO®, the largest organization in the world that provides CFO services.
Mike has expertise in developing financial forecasts that have been used to raise capital and support business plans. He has held key positions as the financial, operations and marketing officer of companies in several industries. He has hands on experience in all stages of a business including start up, rapid growth and other challenging situations. Mike's experience as an owner, CFO, public accountant/consultant allows him to call upon real experience to address the various needs of clients. He believes in building long term relationships based on honesty, integrity, objectivity and trust.
Mike has spent most of his professional career with small to mid-sized companies, so he understands their culture, business issues and limited resources. His areas of expertise include the following:
- Business plan development and execution
- Acquisitions, start-ups and new business development
- Budgeting, forecasting and financial modeling
- Activity based costing
- Open book management
- Information system selection, design and implementation
- Operational & financial analysis
- Incentive plan design and implementation
- Financing and bank relationship management
- Cash flow management strategies
Mike earned his B.A. from LeMoyne College in Syracuse, NY. He received his CPA license in Maryland and New York. He has been a member of Vistage (formerly TEC), an international organization of CEOs, for the past 16 years. Mike also is a Certified Business Specialist in Entrepreneurial Strategies with the Academy of Business Strategy. He resides in Orchard Park, NY (near Buffalo) with his wife of 34 years. He has two adult children, regularly plays ice hockey and golf, and enjoys sailing and skiing.
Establishing Relationships With Clients
My core values have always been honesty, integrity and passion. These happen to also correlate with the core values of B2B CFO, which are honesty, integrity and objectivity. If we have not yet met, I will tell you how I establish my relationships with clients.
When I first meet a business owner, I spend most of the meeting getting to get to know him/her as well as their company. Having started a few companies of my own, I am always interested in what got them started. Every business owner has successes as well as challenges. I love to hear about both. Since they were gracious enough to meet with me, at the end of the meeting I am able to be an “unofficial spokesperson” for their company – in case I meet with someone in the future that would benefit from doing business with them.
Sometimes, the business owner is in a great situation and has everything under control. In this case, my services may not be required. I do however recognize that this business owner successfully does business with others who may benefit from my services. I typically receive the name of someone else I should visit and am extremely grateful for the lead.
If the business owner indicates that he/she might be interested in my unique professional services, I offer to conduct a free, no obligation Discovery Analysis™. This analysis helps me understand the business and see where I might be able to provide value. I hold a confidential meeting with the business owner. I interview other staff to understand the company’s strengths, challenges, and aspirations. I look through the company’s financial books, taking a deep dive into their financial system and other important systems.
Then, I return to my office and use a powerful software and database solution to benchmark the business against other firms in their industry and geographic area, seeing how their key performance indicators line up. Finally, I create a confidential report of my findings in The Strategy GamePlan™.
About a week later, I meet with the business owner again to discuss, confidentially, the key findings from my Discovery Analysis™. The owner may be aware of some of my findings already, but other findings may come as a surprise. I lay out the company’s current financial state, and I describe a desired state, which I validate with the business owner. I also recommend some priority tasks to improve the business’ financial health, including a recommended timeline.
The Strategy GamePlan™ is the business owner’s to keep, and there is no obligation to go further. At this point, the business owner has received incredible value at no cost, and therefore may be inclined to recommend me to another business owner. I am extremely grateful for these recommendations and it is well worth the effort in performing the complimentary analysis.
Often, however, the business owner wants me to help implement the recommendations in the Strategy Gameplan™. We then agree on the proposed costs, making sure they are affordable for the business. We shake hands and the relationship begins.
The GamePlan™ is a system developed by B2B CFO® that has been refined over 25 years and has successfully helped business owners reach their goals thousands of times. It consists of six steps:
Who Needs A CFO?
Every Company Needs a CFO – or should have access to one as needed.
|Companies without a Chief Financial Officer are at a competitive disadvantage. It’s not unusual for small to mid-sized firms to have sophisticated operations and complex cost and financial challenges like large companies. This often means that the CEO or the owner of the business needs the expertise of a senior financial executive. As an owner or CEO of a company, have you ever wondered how to solve the problems you’re facing? Have you ever spoken with another owner and come to the conclusion that what you really need is the advice of a CFO . . . but felt that you either didn’t need a CFO on a full-time basis, or couldn’t afford the cost of a full-time CFO? Did you then decide to give up on finding the advice you need?You are not alone. You are perhaps doing what many owners do . . . you try to figure it out yourself.
Let’s be honest, are you really the right person to do that? Do you have the background or expertise to prepare meaningful financial statements, or even truly understand them? Is your digging into these areas even a good use of your time? As the owner, you need to be the visionary, focusing on the future. You are the one who should be spending more time with your customers. Using your time to develop financial information or analyzing your cash balance and future needs is something that someone else should be doing. What you need is the assistance of a high level financial professional. Outsourcing this function is an alternative to hiring a high level employee without all of the costs, like salary, payroll taxes, fringe benefits, computer and a fancy office.It’s a fact: most small to mid-sized businesses either don’t prepare financial statements, or they are not reliable. Another fact: you simply cannot make important business decisions while relying on bad, inaccurate, or incomplete information. If you have found yourself frustrated with the lack of information from your bookkeeper or controller, chances are the information they are giving you is of questionable value. You cannot effectively run a business in that situation.
Have more time to spend with customers.
To be competitive, you need to spend most of your time with current and prospective customers, vendors and strategic partners. Particularly today, you need to be developing these relationships as much as possible. Just as you are trying to find new customers, your competitors may be trying to meet with YOUR customers. You simply need to be spending the majority of your time with them.
Get more money from the bank and from vendors.
Bankers and vendors are more sophisticated than ever. With the current financial situation affecting all businesses, they are more skittish about lending to anyone other than the largest and safest companies. They require timely, reliable financial statements. The financial statements must look professional, follow accepted accounting principles, and highlight the company’s key ratios. A CFO working with you on a part-time basis can improve your company’s external “image” and assist you with opening doors to banks and obtaining better vendor terms.
Other advantages to having an outsourced CFO include:
- A sounding board for making key decisions
- Fewer cash flow surprises
- Better trained accounting staff
- A theft deterrent
- Better documentation and controls
- Fewer surprises relating to tax payments
- Solutions to company problems
- Human resources and other administrative support
- Business, accounting and applications software support
- Risk management
- Exit strategy solutions
- Strategic planning
The B2B CFO Advantage
The B2B CFO Organization consists of over 220 partners in 45 states. We communicate with each other on issues every day. Our 6,500 years of combined experience allows us to tackle almost any issue you may encounter. It is the largest CFO services organization in the country. We have the best resources and communication network available to all of our partners to provide you with the best outsourced CFO services available anywhere. Click on this link to visit our firms national website.