THE COMPANY
A Florida-based senior living provider, Harbor Retirement Associates, LLC (HRA), which was formed in 2002, specializes in the development and management of independent and assisted senior living properties and skilled nursing communities. Fourteen communities are operating and two are under development. Most are in Florida with several in Alabama, Texas and Michigan. Growth plans call for about 30% growth per year for the next decade. Currently the company has assets and revenues under management of $157M of $50M, respectively.
 The leadership team members (see team member bios on the web site) have a combined experience of over 130 years in the senior housing industry, bringing to HRA an expertise that ensures the project is designed and managed to meet the expectations of seniors, their families and friends. HRA’s communities are among the finest in the industry. While designing great facilities and programs is a major part, clearly the biggest difference is HRA’s people…team members who genuinely love what they are doing, embrace a passion for seniors, are good at what they do, and enjoy being a part of a well-run, team-oriented organization.
The ethos at HRA stems from the values of the two founder’s Judeo-Christian faith and include: treating everyone fairly and respectfully regardless of ethnicity, color, age, creed, handicap or sex,; to “walk the talk”, being examples to others in relationships, standards, ethics, and professionalism; to work hard but have balance to one’s life; and to continually strive to grow and improve. These are not just words…but values that are lived out daily.
The company as a whole, and the leadership team in particular, have very little turnover, but the recent departure of the CFO, a key participant for the company’s expansion, has prompted this opportunity. While the company sees itself as an operating company rather than a real estate development company, clearly the latter is part of who they are and what they do. Moreover, that orientation means that while they want to grow at an ambitious rate, it has to be done with a pace that allows for excellence in planning, design and execution.
THE OPPORTUNITY
This is truly a rare opportunity where a top-notch financial professional can join a cohesive, excellent team at a financially strong and growing company that practices high integrity and the best in management styles. There is a very significant market opportunity to grow the firm to two or three times its size over the next decade while living and working in one of the nicer communities in the country.
The CFO will oversee all of accounting, finance, and IT, as well as play a strategic role working with capital markets, risk management, contract administration and the overall growth of the company.
THE POSITION
 The CFO will work with and report to the two founding Principals, Tim Smick (who is operations oriented) and Dan Simmons (who is development oriented). While for some a dual reporting relationship may raise a red flag, once a person gets to know Tim and Dan and how easily they work together and with others, the person will realize it is a great arrangement. They are the primary owners, good at what they do, without any inappropriate ego, and they each understand and respect their individual strengths and non-strengths.
Peer positions for the CFO will be those over Business Development, Sales & Marketing, Operations, and Development.
Reporting to this position is the Controller and a Financial Analyst (a vacant position to be filled). Under the Controller is a staff of 7 people which includes centralized A/R, A/P, payroll and general ledger accountants. The CFO and Controller also have a “dotted line” working relationship with the business office managers in each of the 14 communities.
RESPONSIBILITIES
Foremost, beyond being a capable professional having the overall responsibility for accounting, treasury and financing, this person must have the ability to think strategically and give leadership regarding the overall business strategies and key operational issues. The responsibilities include:
- Manage long-term relationships with capital investors, financial institutions and financial partners to ensure their satisfaction with company performance while continuing to identify the best possible rates and financial packages.
- Plan, develop, organize, implement, direct and evaluate the organization's fiscal function and performance, to include overseeing the treasury, budgeting, financial modeling, purchasing, real estate and long range forecasting for the organization.
- Provide strategic financial input and leadership on decision making issues affecting the organization, such as evaluation of potential alliances and acquisitions.
- Participate in the development of the company’s plans and programs as a strategic partner.
- Produce timely and accurate financial reports according to generally accepted accounting principles, to include: budgets, financial reports, financial analysis and financial trends that assist the principals and other senior executives in performing their responsibilities; this includes but is not limited to Profit & Loss Statements, Aged Accounts Receivable Reports, Aged Accounts Payable Reports, General Ledger Reports, Payroll/Labor Reports, etc.
- Oversee the Risk Management function (insurance), a cost center of $3M per year which includes property and casualty, business interruption, wind storm, professional liability, umbrella liability, health, workers’ compensation, employee life, and employee long term disability.
- Identify and cultivate new relationships and manage existing relationships with lenders and financial partners for the acquisition and development of new communities.
- Negotiate financial packages to the best advantage for HRA for acquisitions, new property development and re-financing.
- Manage the tax reporting needs of the company, whether done internally or externally through an outside CPA firm.
- Be an effective partner with senior management and the principals providing solutions to business challenges.
- Provide technical financial advice and knowledge and leadership to others within the financial discipline.
- Be an advisor from the financial perspective on any contracts into which the company may enter.
- Perform fiscal due diligence in any potential acquisition to include managing the financial aspects of the process and coordinating the details with communications with the officers over acquisitions, operations, marketing and development.
- Evaluation of the finance/accounting division structure and team plan for continual improvement of the efficiency and effectiveness of the group as well as providing individuals with professional and personal growth opportunities (where possible).
- Manage the IT functions, both hardware and software, both centralized and distributed systems.
- Work with the development officer to create and track development budgets and manage the development and construction draw process with lenders.
CHARACTERISTICS & EXPERIENCE
The successful candidate will enjoy the challenge of underwriting new business opportunities, attracting capital and financing, as well as overseeing accounting and treasury. CPA is highly preferred, and it would be helpful to have a Masters degree in Business or another appropriate area.
While experience in the assisted living or nursing home industry is helpful, also very beneficial is experience in hotels, or real estate development, operating or holding companies. The needed characteristics or experience will include:
- Has been a CFO, VP-Finance or Controller of a company focused on operations.
 Has been a major player in negotiation of numerous real estate financial acquisitions, dispositions and/or financings, and knows how to structure “win-win” results.- Has personal contacts in real estate finance/transactions.
- Has a quality reputation, is known for having a sharp mind, being results oriented and having excellent people skills.
- Has high integrity, although an astute, tough negotiator, is honest and fulfills commitments.
- High energy and a very healthy work ethic, yet finds time to keep family, spiritual (if pertinent) and personal rejuvenation priorities in balance.
- Has proven him or herself as an effective supervisor of five or more people.
- A strategic visionary with sound technical skills, analytical ability, good judgment and strong operational focus.
- A well organized and self-directed individual who is a team player; is not bureaucratic yet values the consistency that good processes will produce.
- An intelligent and articulate individual who can relate to potential lenders, partners and people at all levels of an organization and possesses excellent communication skills.
- A decisive individual who possesses a "big picture" perspective and is well versed in systems.
- Will demonstrate and model the company’s “core values,” in such a way that others are compelled to follow.
- Is decisive, neither acting too fast nor too slowly.
- Willingly confronts problems in a sensitive and respectful manner.
- Is both accountable and holds others accountable.
- Is articulate and persuasive both verbally and in writing.
- Enjoys social interaction and genuinely cares about people; does well in social interaction at business dinners or recreational outings.
- Is proactive, not just reactive.
- Is both a team player and knows how to develop and motivate a finance/accounting team.
- Is fair, understanding, a good listener and can keep a confidence.
- A person whose words and reports are accurate (not inflated or erroneous).
- Is entrepreneurial, yet values process; is not a bureaucrat.
- Is approachable; while embodying a high level of self-confidence, is not arrogant or condescending; returns everyone’s phone calls.
- Is willing to take calculated risks; welcomes new ideas.
A candidate must already have U.S. citizenship or the legal right to work in the United States.
THE VERO BEACH AREA
Roughly, an hour and a half drive from Orlando to the northwest or West Palm Beach to the south, Vero Beach is a charming, somewhat laid back, beachfront community with an incredible quality of life. Vero Beach is a wonderful place for raising younger children, while probably not that attractive to those who want the glitz of an active night life, or teenagers wanting mega-malls and “hot” hang out places. The quality of schools, healthcare and variety of churches is quite good. In fact, independent schools (pre-K through 12th grade) and a Christian school are some of the town’s treasured amenities. Because there has been a 35 foot height limitation on buildings since 1971, Vero Beach’s infrastructure has not been overburdened like other Florida cities such as Palm Beach, Naples, etc.
Vero Beach has about 75,000 people, of which a third live there from Christmas to Easter (“snow birds”). On the barrier island (which is separated from the Florida mainland by the Indian River), there are many attractive upscale, gated communities, plus individual homes, country clubs, and businesses. It is a very nice place to live, and quite a bit less expensive and certainly less ostentatious than Palm Beach.
OPPORTUNITY
For a dynamic, entrepreneurial financial executive wanting to be part of a quality professional team in a service industry organization, this will be a great opportunity. An attractive salary will be offered, along with a performance bonus and some equity. |
