Tim Richardson
Associate

Tim (39) was raised in country Victoria. Dux of Mansfield High School, he graduated from the University of Melbourne with a BA. in Linguistics and a BSc. in Computer Science. While studying, he was elected editor of Farrago, the student newspaper. Since graduation, he has completed a Masters of Accountancy, graduating top of class, and is a CPA and CPIM.

His career began consulting in data warehouse and ERP systems to a blue-chip
Australian client base: Lion Nathan, Sara Lee, National Foods, and then overseas, at Daewoo (Korea) and Philips in Indonesia. Philips persuaded him to join their asian team.  Working in Singapore and traveling through Asia, he worked on SAP implementations, and integrating suppliers and customers in an e-business role.

In 2001 under management development from Philips, he moved to the Dutch-based global headquarters.

The first role was Financial Controller of the European Market Group Consumer, a business spanning 15 countries with sales of around A$350m. Named "the best financial controller I have ever worked with" by a prominent General Manager, he helped grow the business by speeding up go/no go HQ decision-making. He built simple yet accurate costing models giving easy insight into profit drivers. Working in the world's most sophisticated FMCG market, he made the business case for a new marketing communication strategy that redesigned every aspect of packaging, shelf layout and communication. He made the initial business case for the breakthrough LivingColors product.

Less than two years later, he was promoted to Finance Director and given a mission: help turn-around two Europe-wide business units. Poor response to rising Far East competition left these businesses losing money and market share. The new strategy lead to an earnings rebound ($80m); with one units posting gross margins of 50% and the other showing 300% volume growth. While it was a team effort, Tim played a major role in developing and executing the turnaround strategy.

His contribution was based on four pillars:

1) First, win credibility with the purse-holders

2) Invest in innovation: it motivates people during change, keeps customers and improves margins

3) be closer and faster to customers than the competition

4) Focus on what you are good at, and outsource the rest.

It has not been all growth. In 1996, Tim moved to Jakarta where he was asked by the country CFO to improve controls and customer credit positions. The Tiger economies were still roaring so this diligence seemed overly cautious, but it proved to be a wise move six months later. Philips was able to first withstand the initial shock-waves of the world's worst economic crash in 50 years, and then take advantage as less prepared competitors were forced to leave: proof that good preparation leads to opportunity in times of change and uncertainty.

Since returning to Australia, Tim has been using his experience to assist SMEs raise equity finance. Investors need easy-to-understand plans linking funding and growth, and proving management credibility is crucial: areas where Tim's track record proves he can make a huge contribution.

Capabilities

Business cases for investments, including large investments with long life

• Credible modelling of revenues and profits
• Advanced scenario and what-if calculations, leading to focus on the right drivers

Preparing the business for capital raising

• Optimisation of business value prior to equity capital raising
• Preparing credible documentation and investment pitches
• Design and structure of capital offers (e.g. equity, preference shares, convertible notes)
• Use of Australian Small Scale Offerings Board and Corp. Act. s708 for small-scale capital raising

Operations analysis and improvement

• Innovation-to-market process: aligning the process for a financially successful outcome
• Global Supply Chain optimisation (including make-or-buy and supplier management)
• International trading risk management: including currency and quality risk management
• Cost-price road-mapping, analysis, product cost re-engineering (including outsourcing parts of the process)
  

Information-to-decision process

• Develop tools and processes to convert business data to information ready for decision making
• Simplified business forecasting processes: faster, focused on profit and risk drivers
• Alignment of supply chain, IT and financial data
  

International trade-protection actions (WTO anti-dumping)