Job Description
Founded in 2001, Honor Finance is an Evanston-based finance company that originates, finances, and services below-prime automobile finance contracts. Honor's management team has over 80 years of experience in the below-prime automobile financing industry and a strong track record of generating above-market returns while managing growth and controlling credit losses through economic cycles. Historically, the Company has been highly focused on originating loans through a network of 40 auto dealers in Illinois and 20 auto dealers in Nevada. Utilizing strict underwriting procedures and strong risk management capabilities, Honor has generated asset performance that is superior to industry averages. As a result, management has created an attractive below-prime automobile finance platform with a scalable origination and collections infrastructure that is well positioned for rapid growth. Having recognized this opportunity, management is securing over $70 million of additional funding from a lender with a strong reputation within the below-prime automobile financing industry and from a reputable private equity firm with deep financial services experience. The Company has executed term sheets from both the senior lender and the equity investor, and anticipates closing on this funding in mid-September, and would like to fill this position by then.
Honor's Financial Department historically has been run by the CEO/President in addition to his other responsibilities; however, the Company's growth plans deem it necessary to hire a Controller who will be charged with assisting the Chief Financial Officer in building and managing the Financial Department going forward. With significant additional capital forthcoming and a proven business model (demonstrated by strong historical profitability and exceptional loan performance) in a large and growing market, Honor is on the cusp of great things and is looking for a Controller that not only has the required financial management experience but also can thrive in an entrepreneurial environment and has the drive and appetite to continue building the strengths and capabilities required in the Financial Department for such a company.
THE POSITION
Scope and Responsibility
The Controller of Honor will assist the CFO in providing the direction for the Company's Financial Department and be a core member of the team that helps the Company manage through significant growth. The Controller's initial responsibilities will include assisting the CFO in (i) creating, implementing, and tracking the policies and procedures that will allow the Company's new debt and equity relationships to monitor performance and (ii) developing and producing the required periodic reporting and financial performance packages typical of a specialty lender that also services its loans. As the Company scales, it is anticipated that the Controller will be a key contributor to the strategic direction of the firm. As part of that, the Controller will be responsible for assisting the CFO in the development and implementation of financing strategies to allow the Company to continue to grow. Furthermore, the Company's growth plans include geographic expansion, which necessitate that the Controller is capable of assisting the CFO in overseeing the financial reporting at both the individual branch level and on a consolidated basis.
EXPERIENCE REQUIRED
The ideal candidate for the position of Controller:
- Will have a minimum of [4] years of financial management experience;
- Must (no exceptions) be a Certified Public Accountant (CPA) with significant experience in consumer finance and, therefore, deep understanding in GAAP accounting policies and procedures required for such companies (FAS-91, etc.). Consumer finance experience would:
- Preferably be nationally-recognized accounting firm experience auditing companies operating within the consumer finance industry (and preferably experience with companies utilizing financing / warehouse line of credit facilities);
- Could also include Controller experience in the financial department of a company operating within the consumer finance industry (and preferably experience with financing / warehouse line of credit facilities);
- Would have experience with loan portfolio acquisitions (not required but is a plus);
- Will be comfortable in a supporting role of a two-person team with the CFO but also (i) maintain the flexibility to work alongside the CEO and other executive management team members and Honor employees and (ii) demonstrate the ability to grow professionally and take on ever-increasing responsibilities at a fast pace as the Company grows. These activities will be dynamic within Honor's entrepreneurial environment, and responsibilities of the Financial Department and the Controller are anticipated to grow as the company grows;
- Will possess a dedicated work ethic and a personality that fits well within a team-oriented management environment and entrepreneurial culture;
- Will possess leadership, planning, and communication skills and demonstrate an ability to simultaneously manage multiple priorities and projects;
- Will demonstrate an understanding of the Company's existing business partners (auto dealers and below-prime consumers) and demonstrate the ability to work effectively with potential customers and strategic partners;
- Will have a track record of delivering financial reports and objectives on time and on plan; and
- Will currently reside in or be willing to relocate to the Chicago area.
EDUCATION
This person will have an undergraduate degree (and possibly a masters degree) in accounting, but successful relevant experience, high intelligence, drive, and growth potential is more important than educational background.
KEY ATTRIBUTES
- Deep knowledge of GAAP accounting practices for consumer finance companies.
- Hands-on manager with a track record of success and increasing responsibility in a setting rewarding teamwork and collaboration.
- Understands accountability and commitment; strives for excellence at all times with all people, products, and processes; a strong work ethic.
- Has the ability to stay focused and composed while delivering on objectives; capable of working under pressure, tenacious in meeting deadlines.
- Must be comfortable setting high but reachable goals, clearly communicating those goals to superiors, and then working with a sense of purpose and urgency in attainment of those goals.
- Has excellent interpersonal and communication skills with all kinds of people at all levels; has flexibility in approach to different situations; is able to work through conflict, gain trust and persuasively influence outcomes; a confident team builder who listens to internal and external input, but can take decisive action.
- Comfort with fast-growing companies and working with a management team that includes family-related members.
- Friendly, approachable, and able to quickly establish rapport with customers as well as Honor executive management and employees.
- A self-starter with a bias towards action; driven to achieve; a ''can do'' attitude; a track record of delivering objectives; and persistent.
COMPENSATION
Compensation will include a salary and bonus that is commensurate with experience and competitive for the position.
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