Mike Rodems

Providing CFO services and Business Transition Services in Western New York

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About Mike

Mike Rodems

Buffalo, NY CFO

40 Years of Experience

Direct Contact

mikerodems@b2bcfo.com

office 716-998-0665

Universities:

LeMoyne College

Certificates & Licenses:

BA Business/Accounting

CPA - Maryland

CPA - New York

CBS - Entrepreneurial Strategies

Organizations:

Vistage International

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 Bio

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.

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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

 

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.

Recent Articles

Mar 11Mike Rodems

Finders, Minders and Grinders

Mar 11Mike Rodems
The Top Of Paint Cans

The Finder In small to mid-sized companies, the function of the Finder is almost always filled by an entrepreneurial CEO. It is important to understand that Finders are different from everyone else. They typically have an above-average IQ, regardless of education, have high ethical and moral business core values, are very creative, aren’t in business just for the money, and, contrary to myth, care deeply about their employees and associates although they may not openly show their feelings. They are

Nov 7Mike Rodems

Disappearing Cash and How to Manage it

Nov 7Mike Rodems
Hypnotic Wave Of Money

“The income statement that my accountant gave me says that I am making a nice profit, but I never seem to be able to have enough cash.”  Does this sound familiar? First of all, if you are wondering these things, you are not alone. Here are some common issues that may affect the cash flow of a business: Invoices issued are delayed because the supporting information has not been processed on a timely basis. Customers are paying their invoices short or

Jul 5Mike Rodems

Exiting During a Tsunami?

Jul 5Mike Rodems
Tsunami Hazard Zone Sign

Somewhere between 8 and 10 million small U.S. businesses owned by baby-boomers will come to market over the next ten to fifteen years. That doesn’t sound like a seller’s market to me. That is why it is also predicted that only 20% of these sellers are expected to have a successful experience. If you plan to exit your company in the next decade or so, and everyone does at one time or another, how will you ensure you are one of

Apr 30Mike Rodems

Another Millionaire “Thief” – Don’t let this happen to you!

Apr 30Mike Rodems
Masked Robber Breaking Into Computer Vault

I read this morning in the Buffalo News that another bookkeeper became a millionaire – for a while at least – by stealing from her company.  Here is a link to the article: http://www.buffalonews.com/apps/pbcs.dll/article?AID=/20130429/CITYANDREGION/130429036/1010 In the article, several issues are raised: “Davis became the sixth person prosecuted by the Erie County District Attorney’s Office in the past 25 years to be convicted of a theft of more than $1 million. During the hearing, prosecutors Candace K. Vogel and Gary M. Ertel

Apr 16Mike Rodems

To be a winner – You need to track your stats

Apr 16Mike Rodems
Top View Of Computer Station

A key element in planning and understanding your business is measurement.  Tracking stats is as important in business as it is on the playing field.  Each month as a business owner, you get the Income Statement which is the scoreboard of profitability.  Helping your team understand how their actions impact the score requires analysis, measurement and communication. Most likely, as the founder of your business you have a gut sense of what works and what doesn’t. Take that gut feel,

Mar 13Mike Rodems

No Cash, No Flow, No Plan – No Go!

Mar 13Mike Rodems
Close-Up Of George Washington On Dollar Bill

Imagine this scenario.  Your neighbor shows up at your front door one winter afternoon and asks if he can borrow your snowblower. You say “sure”, and proceed to ask if he knows how to use it. He responds, “I don’t think so.” Even though you find this comment a bit odd, you want to be a good neighbor so you provide a quick demo. Next, you ask him how long he will need it. He responds, “probably several years…and I am

Jan 3Mike Rodems

Can a consultant become part of a Company?

Jan 3Mike Rodems
Men In Suits Shaking Hands

If you are questioning how a “part-time” B2B CFO® might fit into your culture and become a part of your Company’s fabric, consider this.  As an “outsider” I am able to bring an objective perspective to your issues.  I also can bring the collective wisdom of the numerous companies I have worked with throughout my career.  I also bring the collective wisdom of my 220 partners nationally and their 6,500 years of experience.  My 16 years as a Vistage member (formerly

Dec 11Mike Rodems

Outsourcing

Dec 11Mike Rodems
Picture Of Large World Map

A prudent entrepreneurial concept that can be utilized at any stage of a business is outsourcing.  Most companies, no matter what their size, will outsource complicated, risky or technical processes or services such as: payroll processing and payroll tax services, information technology (IT) services, certain training programs, strategic planning facilitation, event planning, and many others.  The decision is typically made when either of the following exists: the value of the outsourced services exceeds the cost of acquiring them, or the

Dec 5Mike Rodems

Treat Cash like an Entrepreneur at all Stages in a Business’ Life

Dec 5Mike Rodems
Twenty Dollar Bills Growing In Plant Pots

Business owners can benefit from incorporating entrepreneurial strategies at any stage of the life of their business.  Strategies such as conserving cash are always good strategies in the early stages of a business as well as later in its life.  Thinking like an entrepreneur will promote responsible thinking.  Just because resources are more abundant in a mature business, it does not mean the value of conserving cash is less important. When starting a business, an entrepreneur will know that the

Nov 15Mike Rodems

Financial Intelligence

Nov 15Mike Rodems
Stitchwork Of Human Brain

Business leaders do not start their organization hoping to spend a lot of time doing accounting and finance, but rather doing what they do best, filling an unmet need or providing a great new service.  All leaders, however, need to have a high level of financial intelligence to know they are making the best possible decisions for their business. In addition, the more financial intelligence their employees have, the better the smaller decisions, that are made every day in the

Nov 1Mike Rodems

When Should a Small Business Hire a Finance Chief? – The New York Times

Nov 1Mike Rodems
Slanted Picture Of A Clock Hallway

    This piece deals primarily with growing businesses and some of the major issues they confront. I recommend this article from the New York Times as a good summary of the complex range of issues that all small businesses face. The article defines a number of tipping points that confront companies as they grow. But the primary issue was summarized by one business owner, who said: “I needed to hire someone who could function as my business partner and

Oct 16Mike Rodems

About B2B CFO Services

Oct 16Mike Rodems
Large B2B CFO Logo

At B2B CFO®, we believe all companies regardless of size need a Chief Financial Officer.  Now you can afford one.  We work on an as-needed basis to save you money. We bring over 6,500 years of combined experience to your fingertips.  Our firm has 219 seasoned partners who communicate daily via an extensive intranet and forum to help each other provide the best solutions to our clients.  We have the best technical bulletins and software in the industry, and national resources

Oct 8Mike Rodems

Adjusting to Changing Conditions

Oct 8Mike Rodems
Person Floating On Umbrella

Business is a lot like Sports.  Warning – Don’t play like the Buffalo Bills.  When you have a business model that works, it’s easy to decide not to change anything.  Take the case of the Buffalo Bills.  In week four they entered a game with the New England Patriots in an unusual position.  They were a game ahead in the standings and were playing at home.  The first half went quite well and the Bills led 21-7 early in the

Oct 2Mike Rodems

What is really needed in an organization?

Oct 2Mike Rodems
Pedigree Chart For Business

  Most companies have similar functions.  They sell a product or service, produce the product or perform the service, and they bill for their efforts.  The money left over is profit.  It all is quite basic, and it is also common to almost any business.These basic functions, or different areas of responsibility, represent the key spaces on a typical organizational chart.  Whether the business is large or small, these functions exist and are equally important.In many companies, the owner may

Sep 27Mike Rodems

Entrepreneurship – Is it worth the risk?

Sep 27Mike Rodems
Business Display Of Profit And Other Words

Most definitions of an entrepreneur contain the word risk. They typically will state that an entrepreneur assumes the risk of a business venture. This does not necessarily mean that the types of business ventures entrepreneurs undertake on are considered to be risky. Entrepreneurs are simply taking responsibility for the success or failure of THEIR venture. With this responsibility comes the possibility of reward, and of course there is also the risk of failure. The rewards can sometimes be substantial. The