STEPHEN E. WELSCH 328 N. River Rd. Fox River Grove, IL 60021 847.404.7607 sw11c62e6@westpost.

net _________________________________________________________________________ Senior Financial Management Executive with Operations Experience in closely held firms. Chief Financial Officer, Vice President of Finance, Controller, Director of Fina nce _________________________________________________________________________ Core competencies include: Turnaround & Change Management Credit and Collections, A/R Bank Relationships / Financing Growth Acquisitions Valuation / Negotiation Systems Development / Automation Inventory Control / Purchasing Internal Control Procedures Capital Equip Justificatio /Pay back Cash Flow / Funds Management Oversee IT, Facilities, H/R & Office Cost Accounting / Variance Analysis Benefit and Insurance Negotiations Payroll, Taxes, Workman's Comp Union Negotiations _________________________________________________________________________ PROFESSIONAL EXPERIENCE MIDWEST WOODWORK and VENEERING, Cary, IL 2009-2010 Chief Financial Officer - $20 million custom millwork manufacturer *Created a consistent Estimating system based on current actual data plus identi fying direct, fixed, and variable cost at various volume levels. *Programmed a cost system to report cost by job, by department and compare to th e estimate. *Improved bank relations that allowed doubling our loan capacity to fund growth. *Built Surety relations resulting in $14 million of bonding capacity enabling us to bid on bonded jobs. *As the owners right hand man, stepped in to handle customer issues and vendor n egotiations. *Cost controls, new insurance, supplier terms and changes resulted in almost $50 0k profit. MECHANICAL SERVANTS INC., Melrose Park, IL 2001-2009 Chief Financial Officer/Controller - $40 million packaging/distribution company *Developed and installed an internal control system along with preparing and ana lyzing monthly financials in order to maximize both personal and corporate profi t for the owner. *Expanded the MRP system to an ERP solution connecting forecast, order entry, in ventory, purchasing, production work orders, billing, A/P and A/R all into the G /L. *Implemented operational procedures resulting in reduced headcount while quadrup ling sales (headcount cut in half during the first year with a 25% sales increas e). *Created a cash management system that improved the company's cash flow and gene rated an additional $2.3mm in working capital. *Improved bank relationships which allowed additional funding during periods of growth. *Managed funds, generated and analyzed monthly financials, managed purchasing, i nventory control, credit and collections, plus handled Union Negotiations, all r esulting in a profit increase to 14% from 3%. SWINGLES FURNITURE RENTAL, INC., Elk Grove Village, IL 2000 -2001 Chi ef Financial Officer - $25 million corporate housing rental Company *Retained to manage cash and control the growth of this company on the verge of

bankruptcy. *Determined personnel requirements, developed an inventory control system and a plan to dispose of obsolete inventory. PAMCO PRINTED TAPE & LABEL CO., INC., Des Plaines, IL 1989-2000 Chief Financial Officer - $17 million printing company *Installed a new computer system enabling automation of most manual tasks, creat ed internal systems and procedures to accommodate their nearly tripling in size. *Built complete, detailed accounting and cost systems including monthly financia l statement reporting and analysis enabling the company to determine and respond to changes quickly. *Performed internal audit tasks that saved $25,000 per year in accounting fees. Managed and invested funds, improved employee benefits while lowering costs. *Evaluated acquisitions and dispositions. *Did cost estimates in pricing jobs / contracts. SALES TOOLS, INC., Des Plaines, IL 198 4-1989 Controller - $8 million manufacturing / printing company *Implemented processes and controls to turn around this company that was losing money. *Led a team of managers resulting in bottom line performance from an 8% loss to a 15% profit level as the President/Owner was off location. *Created an IT system, analyzed the true value of potential acquisitions and ove rall strategy. *Negotiated union contracts, implemented cash management policies and determined both direct and fully absorbed cost by product. *Developed bank relationships and established new lines of credit to take a comp any from factoring to asset based lending with interest rates 4% below prior fin ancing. *Formulated a plan to sell the company's leasehold interest generating $350,000 toward a down payment on the purchase of new facility. BURHOPS, INC., Glenview, IL 1983-1984 Controller - $20 million distributor of seafood products *Programmed a cost system that analyzed profit for each segment of business. *Successfully Turned around business by closing a segment of the business based on the results of the cost system developed. *Improved bank and supplier relations and served as a member on the Board of Dir ectors. A.W. MENDENHALL COMPANY, Elk Grove Village, IL 1981-1983 Controller - $35 million distributor of paper and restaurant supplies *Programmed the General Ledger system, produced monthly financials, and establis hed controls, policies and procedures for this business that had tripled in the previous 5 years. Prior experience with Motorola - Manager of Internal Finance, Special Projects M anager, Communications Group Accounting Manager, Manager of Financial Reporting and Analysis, Supervisor of Financial Reporting and Analysis, Computer Accountan t. MBA - Finance, NORTHERN ILLINOIS UNIVERSITY, 1980 (GPA 3.9/4.0) Certified Public Accountant, Illinois BBA - Business Administration, UNIVERSITY OF ILLIONOIS, nors Graduate with Distinction (Accounting GPA 4.8/5.0) James Scholar, various honor awards, (Overall GPA 4.5/5.0)

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