CASE STUDIES
RETIREES AND COST OF LIVING
ISSUE: Elderly Woman Thinks She is Running Out Of Money
This woman worked until age 80 and was always conservative with her money. She paid off her house many years ago and had money in the bank. As a matter of fact, she probably had a similar amount in the bank in 2022 as she did in 1992. Being conservative and investing in safe vehicles like CD's gave her the false security that she would always be financially well off.
In reality, she ended up losing most of her purchasing power due to the debasement of the dollar (inflation). By age 93 she started feeling the pressure of her static bank account with rising prices and seeked help trying to understand where she stood budget wise.
SOLUTION: Create a Budget to Remove Fear
By itemizing her revenue and expenses, I was able to provide her with a snapshot of where her financials are today. By her being able to view the figures in a coherent fashion (instead of assumptions and guesswork) she was able to interpret my analysis and have the confidence that assuming no major changes in expense, she would have ample funds to survive and be able to stay in her own home. Not only that, we were able to budget a small monthly donation so she can continue to support the charities she believes in.
SUCCESSFUL BUSINESSMAN UPPING HIS GAME
ISSUE: Project Manager Becomes Part Owner and Needs More Analytical Skills
This gentleman recently became part owner of his company and needed a better understanding of financials to participate more confidently in owner review meetings. Although he was an expert in his construction field and knew the operations in and out he felt a bit lost during the financial review meetings and wanted to step up his game.
SOLUTION: In Depth Review of the Actual Reporting Tools Used in His Business
He reached out to me with some examples of the various reports that were used for review and I presented to him a couple of days later with my insight and analysis on each of them. The thorough review and Q&A session with me got him coached up so that his business meetings would no longer be intimidating and so that he could participate and provide insight that should help increase his business' profitability over time.
NGO FUNDRAISER NOT RAISING ENOUGH MONEY
ISSUE: Non-Profit Needs a Financial Revamp for their Annual Gala
The group’s one and only fundraiser wasn’t being maximized to its potential. Many small non-profits are operated by volunteers so sometimes the mindset is that any money raised is good (lack of accountability since no one is getting paid). In my view, regardless of who runs an operation, the goal should be to maximize revenue for the charitable organization. This particular group was experiencing stagnant profits for their annual event and yet it seemed as if each year the task was getting more and more difficult and consuming increased man hours.
SOLUTION: Analyze and Think Through Every Line Item
I made the initial time investment to dig deep into each line of revenue and expense to determine opportunities for positive change. By doing a simple analysis of the admission cost vs. expense we were able to identify that the group was actually paying people to attend their event! By analyzing line item expenses, we were able to easily view each cost and identify cheaper alternatives. Needless to say, between these changes and numerous others, we were able to more than double the profits from the prior year event.
The common thread with these three examples is that they all required help. None of them desired to be experts in finance they just needed a little bump in the right direction. It was a helpless feeling for them not having the confidence or knowledge to take control of their unique situations.
Unfortunately, basic analytical and finance skills are not typically taught in traditional schools. Taking a long class at a university would not have solved their individual problem nor would going to a financial advisor. Because of the lack of available solutions, most people sweep their problems under the rug and continue to do things like they always do.
I’m able to assist quickly and efficiently to address your specific needs and get you on the right path.
EXPERIENCE
I’ve worked in a variety of industries with the Las Vegas hospitality positions spanning all facets of the business. My non-profit volunteerism roles have been in depth as I bring the same professionalism to those jobs as I do paid positions. Each experience shows a trend of success due to my focus for creating value for stakeholders.
American Financial Services, Las Vegas, NV
Vice President
2017-Present
Lead a diverse team offering supplemental health insurance to an established customer of nearly 40 years. Ensure customer relations are at the highest levels to include all forms of service such as communications, facilitation of claims and billing.
Key Accomplishments:
- Doubled YoY sales in the first year
- Analyzed company P/L and reduced expenses by $18,250 per year
- Streamlined Accounts Payable saving 1.5 labor hours per week
MGM Resorts - Monte Carlo Resort and Casino, Las Vegas, NV
Director of Workforce Management
2016-2017
Directed a team of nine employees to ensure that the scheduling process for the property was streamlined and efficient. Human Resource responsibilities for assigned departments included: hiring, training, coaching, creating a work environment that promoted teamwork, performance feedback, recognition and employee satisfaction.
Key Accomplishments:
- Increased YoY Housekeeping productivity by 4% resulting in annualized labor savings of $505,400
- Improved Front Desk labor metrics by 13.4% after implementation
- Successfully launched all department implementations on schedule
MGM Resorts - Monte Carlo Resort and Casino, Las Vegas, NV
Financial Analysis Manager
2014-2016
Managed all functions of the Financial Analysis department including the training of analysts. Analyzed profit and loss for all divisions within the property, increasing efficiency and adding value to the operations. Assisted with property wide budgeting and complete ad hoc reports requested by the Executive Committee. Managed the creation of the Daily Operating Report (DOR) and all associated month end duties.
Key Accomplishments:
- Recommended a pay table change for Blackjack games which increased win by $3,700 a day
- Built a model to track table game utilization which improved scheduling and reduced payroll by $1,200 per week
- Identified an area within the High Limit Slot room to cut expense by $26,000 per year with no impact to revenue
- Assisted with the establishment of a new Front Desk agent commission structure aimed to increase revenue by 10%
- Participated on a team that evaluated guest room towels and changed procedures to lower laundry expense by $64,700
- Was responsible for the managing, tracking and monitoring of an EBITDA enhancement plan that consisted of 158 initiatives which increased annual EBITDA by more than $9.5 million
MGM Resorts - Mandalay Bay Resort and Casino, Las Vegas, NV
Senior Financial Analyst
2013-2014
Created monthly Financial Review Models (P/L statements), distributed them to department heads and monitored their explanations for significant variances to budget. Coached and developed other team members and completed ad hoc requests.
Key Accomplishments:
- Rebuilt the DOR file that reduced monthly setup time from approximately 8 hours to 10 minutes
MGM Resorts - Mandalay Bay Resort and Casino, Las Vegas, NV
Financial Analyst
2011-2013
Accurately created the DOR and distributed it to property and corporate executives. Analyzed weekly/monthly labor reports that spanned all departments of the property and included overtime. Assisted in all end of month (EOM) tasks including FTE reports, reconciliations and participated in Financial Review meetings. Assisted with annual property wide budgeting that included the creation, auditing, review and analysis of various reports.
Key Accomplishments:
- Assisted with automating the DOR process that reduced the daily creation time from 1.5 hours to approximately 20 minutes
- Added automated workload metrics to weekly/monthly labor reports that provided executives with relevant and specific departmental data which furthered their analysis
MGM Resorts - Bellagio Resort and Casino, Las Vegas, NV
Casino Accounting Auditor
2010-2011
Completed the Branch Office Audit on a daily basis. Audit included accruing ‘Discounts’ for eligible casino customers, balancing accrued and applied daily files and the auditing of all Allowance forms to ensure that they were compliant with the Gaming Control Board’s regulations. Conducted an EOM reconciliation to verify that all postings were entered correctly by the Main Cage.
Key Accomplishments:
- Recognized for Perfect Attendance
Prime Choice Foods, Inc., Henderson, NV
Accountant
2009-2010
Processed all ‘Accounts Receivable’ (A/R) duties. Was responsible for collecting, recording and interpreting all inventory data (finished goods and raw materials) for the company’s West branch. Tracked and reported accruals and cross checked the A/P General Ledger with received items.
Key Accomplishments:
- Reduced ‘Days Sales Outstanding’ (DSO) from 28.1 to 15.9 days in five months
- Increased the ‘current’ outstanding balance from 72%-96% within the same five month period
- Found and recovered over $34,800 in billing errors made from Q3 2008- Q1 2009
- Developed and implemented a process to track all short payments resulting in a recovery of over $3,400
- Streamlined A/R processes which reduced employee head count in A/R from 2 to 1
EDUCATION
Master of Business Administration - Finance and Accounting
2008
Regis University, Denver, CO
Bachelor of Science in Hospitality Administration
2000
UNLV, Las Vegas, NV
ABOUT ME
Growing up in Colorado gave me a great appreciation for the outdoors. Having close ties, I get back to the state quite often to enjoy whatever outside activity presents itself. In 1996 I moved to Las Vegas, NV to attend college at UNLV. After spending nine years in the hospitality industry, I moved back to Denver to attend graduate school. Full of confidence after obtaining an MBA in August of 2008, I returned to Las Vegas just to find the economy on the brink of collapse.
Although there were many tough years, having gone through the Great Recession was actually a blessing in disguise. While attending grad school and observing the Las Vegas realty market from afar, I discovered Austrian economics. Studying the classic works not only provided answers to the economic crisis at the time but also provided insight as to how to get through it. Due to the dire economy, I was challenged to rethink the mainstream outlooks and conventional teaching that had been so consistent throughout my formal education.
Understanding the principles of the Austrian school has served me well as I look to create value in all of my professional endeavors. Knowing that value is subjective, I am aware that the best service, products and education must be produced for a business to sustain itself. I’ve followed these principles in my various careers and have found success through different industries and in all levels of management. As a proponent of volunteerism, I have also executed this same approach with the numerous non-profit Board positions that I have had the pleasure of being a part of.
The trend for the last few decades has shown that although people are earning more money, they are making less progress in their ultimate goals with less free time to pursue their true interests. Those on a fixed income find their standard of living deteriorating year after year and for those who followed the rule of saving their money are realizing they’ve lost all of their purchasing power. I am hopeful that soon, sound money will return which would be a benefit to us all.
“Only the naïve inflationists could believe that government could enrich mankind through fiat money”
- Ludwig von Mises