Prime Electric was established in 1987 as a small service company concentrating on commercial clients in the greater Puget Sound Region. In these roots was borne a dedication to customer service, ensuring each experience with PRIME was a productive and rewarding one.
In 2005, Eric Reichanadter purchased the firm with the strategic plan to grow the company and to add to and diversify its operating divisions. The vision was to create an organization that met the needs of all of their commercial clientele, whether they were constructing a new Hospital for Group Health, completing a high-rise tenant improvement, or installing new fiber to workstations within a Boeing Manufacturing Facility.
On January 1, 2016, PRIME acquired a commercial electrical contractor out of The Bay Area in California to further grow the company. The ownership group spent over 18 months of due diligence to acquire the right organization; one with a similar background, culture and core values. The joining of the two firms increases the collection of resources, assets and experience available for both our company’s benefit, and to the benefit of its customers.
After a decade-long expansion, PRIME has seen top and bottom line growth of 15x between 2005 and 2019. Today,PRIME has over 1,200 employees with 12 operating groups in service, large projects, underground, technologies, healthcare, data and special projects.
The CFO will provide company functional leadership and direction at Prime Northwest (PNW) and Prime Northern California (PNC) for all financial activities through department managers and staff, in line with the purpose, values, & ethical standards of Prime Electric while providing superior internal and external client satisfaction and service.
Other duties and responsibilities include:
ACCOUNTING/FINANCIAL/TAX- Parent & Subsidiaries
· Analyze the monthly, quarterly and yearly financial results of PNW and PNC.
· Act as the primary communications interface with the CAO’s of PNW and PNC.
· Maintain GAAP reporting consistency.
· Prepare Corporate California tax statements on a quarterly and yearly basis.
· Compute California tax liability for yearly financial statements.
· Maintain current knowledge of S-Corp Tax Law and Tax strategies.
· Prepare and post year-end financial statements for all subsidiaries and parent.
· Manage the year-end audit in partnership with CAO’s and CPA representatives.
· Review audited financials with senior leadership/ shareholders.
· Set up and maintain lease agreements between PNW/SLT and PNC/ABMS.
· Monitor CAO’s in recording of GL assets and debt.
· Document preparation and control for all leases with SLT, ABMS.
· Creation and updating of leasing operational statement OP.
· Understand and monitor, through CAO’s of PNW and PNC, the extensive internal mechanisms that drive job cost and financial reporting at the operations.
· Support monthl, quarterly and year end results meetings with Execs and Ownership.
· Assist CAO’s with cash collection strategies and processes.
· Monitor cash balances, and in conjunction with CAO’s, prepare cash flow analyses.
· Monitor and review 12-month rolling business plans prepared by CAO’s.
· Review and understand all monthly and quarterly overhead statements.
· Review and prepare debt calculations for all shareholder/stock transactions.
· Maintain strong banking relationship with current affiliates.
· Negotiate and secure debt structure and long-term financing as needed.
· Arrange all vehicle/TI financing.
· Handle LOC renewals and all cash transactions between the subsidiaries.
· Negotiate all banking covenants and personal guarantees.
· Provide quarterly and yearly financials and WHIP progress reports to bankers.
· Negotiate annual terms with current affiliates.
· Manage Broker/Surety relationships.
· Provide quarterly and yearly financials and WIP progress reports to brokers and affiliates.
· Negotiate bond limits and personal guarantees to the benefit of the company/shareholders.
· Coordinate insurance needs, terms of the regions with affiliates and brokers.
· Negotiate and sign annual terms.
· Analyze insurance product savings for the firm (captives, etc).
· Prepare year end valuation calculations.
· Support and review all Shareholder transactions.
· Prepare and execute all equity and tax distributions to shareholders.
· Prepare all documents and necessary materials for year-end shareholders meetings.
· Compute estimated tax payments for shareholders and prepare TX-1
· Compute year-end tax liability relating to all shareholder distribution. Record in financial statements.
· Prepare and issue K-1’s.
· Provide backup for all contract review and negotiations with General Contractors.
· Understand GMP metrics and how to assist Regions/GE’s with margin maximization.
· Assist in formulating the company’s future direction and supporting tactical initiatives.
· Monitor and direct the implementation of strategic business plans.
· Develop financial and tax strategies.
· Manage the capital request and budgeting processes.
· Develop performance measures and monitoring systems that support the company’s direction.
· Travel to Northern California to support PNC CAO and attend executive meetings- occasional.
· Understand and assist all shareholders/executives with risk profiles of subsidiaries and PGI.
· Monitor all transactions in the states of Washington and California and insure they fall within legal guidelines.
· Assist senior leadership with acquisition strategies.
· Participate in employee benefit plans.
· Participate and prepare all discretionary income documentation and payouts.
· Participate and prepare all quarterly 401K program changes and updates.
· Oversee all subsidiary cash flow items.
· Prepare, support and collaborate all discretionary income programs with other PGI leadership.
1. 10 to 15 years of senior-level financial/accounting experience in a construction-related company.
2. A similar number of years of experience with construction financing, WIP schedule calculation and evaluation, construction tax, and construction job cost accounting software packages.
3. A CPA, MBA or other advanced degree or certification.
4. Proven success at leading and managing professionals in finance/accounting, including team development and efficient deployment through a practiced coaching and a people-focused management style.
5. Ability to partner with CEO, President and other members of the executive team to drive and influence the future direction of the company while bringing their own point of view and expertise to insuring the continuing excellence of the finance/accounting and administrative departments.
1. Previous experience in a Specialty Construction company.
2. Experience with and understanding of due diligence, analysis and evaluation of financial reports related to potential M&A activity.
Additional Salary Information: Incentive Bonus program