The finalists for WashingtonExec’s Chief Officer Awards were announced April 15, and we’ll be highlighting some of them until the event takes place virtually May 27.
Next is Chief Financial Officer Award finalist Barry Broadus, who’s CFO of Dovel Technologies. Here, he talks key achievements, primary focus areas going forward, professional risks and more.
What key achievements did you have in 2019/2020?
I joined Dovel in August of 2019, just weeks before the acquisition of AceInfo, and quickly engaged with the team on final negotiating points, closing decisions and execution of the transaction.
Since then, I’ve led the finance and accounting team in harmonizing the operations across the Dovel organization which has improved the efficiency and effectiveness of the finance and accounting function.
I’ve also focused on improving the company’s cash efficiency. Since coming on board, we have instituted a variety of cash management initiatives that have resulted in a five-fold increase in the company’s liquidity position.
Lastly, I’m proud of the first-class finance and accounting organization that we’ve built over the last two years. This team brings a wealth of expertise from diverse backgrounds, experiences and specialties to the organization and has made the move to a shared services model in seamless fashion.
What has made you successful in your current role?
Time and experience. I’ve spent many years honing my skills and learning all the intricate components that are involved in achieving financial stability, efficiency, and success. I’ve also surrounded myself with exceptional talent and I learn just as much from the team as I’ve been able to impart to them. This provides a good balance and keeps me honest as there are always new things to learn in any environment, be it business or nonbusiness settings.
What was a turning point or inflection point in your career?
Becoming the CFO at Alion Science and Technology was a big turning point in my career. This experience allowed me to gain exposure to being a CFO at a fast-growing company. During my eight years with Alion, I experienced several large and complex deal transactions, working with investors and building a terrific finance and accounting organization.
What are your primary focus areas going forward, and why are those so important to the future of the company?
With the AceInfo integration complete and a full grasp of Dovel’s financial status and risk, I can now turn my focus to process improvements that will yield further efficiencies across the finance and accounting organization, allowing the company to benefit from a more effective team. I’ve carefully and deliberately expanded the team over the last year to include specific roles and talent that would support the enterprise’s growth and increase shareholder value.
I plan to dedicate more time to my strategic role and partner with the executive team to support our three pillars of focus — innovation, customer success and employee growth by ensuring operational success, program performance and supporting enterprisewide initiatives. As we collectively improve upon processes, we will be able to increase profit margins to fund future innovation and growth initiatives.
What’s the biggest professional risk you’ve ever taken?
I once left a large, secure company, to work for a much smaller startup with an uncertain future. It was a leap of faith and security, but it gave me incredible experience. It was my first CFO role where I had to focus on managing cash in order to make payroll and pay our vendors, building internal controls, ensuring the financial results were accurate, compliant and timely.
These processes are taken for granted at larger organizations where there is enough staff and tools to manage all the details. This experience humbled me and instilled the need for attention to detail in every role I assumed from then on.
Looking back at your career, what are you most proud of?
I have recruited and mentored a large number of great accounting and finance professionals and watching so many of these individuals be very successful in their careers.
I had the opportunity to lead and execute a very complex, and successful sales transaction of a company. It was an exhaustive process, involving many intricate details, but it was a great experience and so rewarding to see it through.
What’s your best career advice for those who want to follow in your footsteps?
First and foremost, follow your passion and do something you enjoy — it’s important to get not only professional satisfaction out of your career but personal satisfaction as well.
Don’t be afraid to take risks or to fail. If you’re ever confronted between the easy path and doing what’s right from an ethical/moral perspective, always choose what’s right.