MICHAEL McDONAGH, CPA

Allendale, NJ 07401
(H) 201-818-3072 (M) 201-785-4998
mmcdonaghcpa@gmail.com

COO/CFO

High energy, results oriented business and people leader with proven track record driving sales growth,
improving profitability via cost reduction, and driving innovation by influencing customers, crossfunctional partners and management. Consistently selected to spearhead significant challenges ranging
from turn around assignments to new business development initiatives. Best known for identifying
opportunities, developing a vision for growth, motivating team members and executing this vision.

CAREER PROGRESS
JANOME AMERICA, INC., Mahwah, NJ
July 1994 - August 2015
Janome Tokyo is a $400 million publicly traded company and is one of the worlds leading manufacturers
of household sewing machines and industrial equipment. Janome America, the largest subsidiary of
Janome worldwide, specializes in wholesale distribution of household sewing machines, software, and
accessories to over 600 independent dealers, nationwide mass merchandisers, and Internet retail sites
throughout the United States. Responsible for a workforce of 100 team members.
Chief Operating Officer, (2013 2015)

Led company to record sales growth through new product additions, expansion to Internet sales,
new customers, consumer financing support, and the introduction of a lower priced value brand.
Sales increased 15% over the last two years and were the best two years in the history of the
Company.
Designed Rising Star Program to acquire new accounts greater than $300,000. Landed eight new
accounts in year one. On track to achieve goal of 12 new accounts in year two.
Developed strong relationships with Companys dealer network and mass merchant customers in
the U.S. as well as suppliers throughout Asia. This led to record years in terms of sales and
profitability.
Increased credit lines by 50% with Wells Fargo and Bank of Tokyo Mitsubishi UFJ to
accommodate future growth needs. This allowed the Company to aggressively compete with
larger competitors on payment terms. Kept bad debt under 1/10 of 1% for the past 5 years.
Acquired Swiss Competitor that currently operates as a subsidiary in Geneva, Switzerland. This
added a second brand to our stable of products that is exclusively for sales within the dealer
network and not available on-line or in mass accounts.
Negotiated a license agreement with an Italian competitor for U.S. distribution rights to add a
lower priced value line of products for smaller dealers unable to support the full line of Janome or
Elna products. This led to $1 million in additional revenue.
Established leadership program to build next generation of leaders within the organization.
Engaged outside executive coaching firm for four key decision makers. This led to the expansion
of business with one main customer and new marketing initiatives throughout the organization.
Three of the four participants have been promoted.
Responsible for annual long-term budgetary planning and cost management in alignment with
company goals. Worked closely with department heads to prepare annual revenue budget,
manage monthly forecasts, and prepare budgets for individual programs.
Key contact with senior executives at parent company in Tokyo, Japan as well as company owned
factories in Taichung, Taiwan and Sriracha, Thailand.

Chief Financial Officer, (2002 2013)

Prepared monthly forecast, and management report required by parent company. Main contact
during year-end audit and quarterly reviews.
Primary contact for all banking relationships, annual audit and tax reporting, quarterly reviews,
legal requirements, and JSOX requirements for publicly traded parent company.
Directed the companys human resource department including benefits administration,
compensation, vendor relations and contract negotiations.
Directed the companys IT department which included a migration to a new platform and move of
the IT hardware infrastructure to an off-site data center.
Established relationship with Synchrony Financial (formerly GE Consumer Finance) to help
dealers finance high-ticket items to consumers. This had a dramatic impact and helped increase
sales of mid priced and higher end product by 20%. These particular products retail prices range
from $5,000 to over $12,000.
Established relationship with GE Capital to allow dealer network to floor plan larger purchases.
This allowed for increased credit limits for dealers and lower bad debt exposure to the Company
Successfully negotiated with IRS and state tax authorities during federal and state tax audits.
Restructured U.S. back office operations to unite the Financial, Credit, Logistics, Service,
Consumer Relations, IT, and HR Departments of two commonly owned subsidiaries of the Parent
Company. Annual cost savings were approximately $3 million. These two companies were
generating losses and now operate as profitable divisions of Janome America.
Chairman of the creditors committee for a publicly traded U.S. client who filed for Chapter 11.
Achieved a 100% payout plus interest. Customer remains a top 10 customer through the present
day.
Selected new marketing agency in 2014, conducted extensive market research, developed a
creative brief, brand strategy, and brand standards. This significantly improved brand awareness
and led to two consecutive years of sales growth.
Expanded sales to include mass-market accounts including Amazon.com, HSN, Joanne Fabrics,
and Michaels.
Negotiated with three law firms and two European investment banks in an attempted acquisition of
a Scandinavian competitor. Deal was valued at 200 million Euros. Acquisition was unsuccessful
due to U.S. anti-trust considerations.

Janome Europe BV, Amsterdam, Holland, Director of Finance & Administration, (1999 2002)
Relocated to The Netherlands to establish Janome Europe at the request of parent company.
Established new sales and distribution company.
Established all banking, legal and accounting relationships.
Leased office, warehouse and equipment, hired employees, oversaw installation of new
computer system, wrote handbook and policies and procedures manual.
Traveled extensively throughout Europe and South Africa to conduct negotiations with
potential and existing distributors.
Participated in creditors committee in Germany for a major German customer going through a
corporate reorganization.
Vice President of Operations & Treasurer, (1997 1999)
Conducted logistics optimization study to improve delivery to all U.S. customers. Resulted in
80% of dealers receiving 2-day delivery. This led to a 20% annual savings in UPS freight cost.

Responsible for all accounting, credit, audit, tax and legal matters including all patent and
trademark issues with outside counsel.
Implemented new annual review process, rewrote employee handbook.
Transferred company to new enterprise system.
Established subsidiary in Santiago, Chile that employs approximately 65 people.
Established Branch office in Mexico City, Mexico. Mexican branch employs 50 people.
Appointed to companys board of directors in 1997.

Controller, 1994 1996

Instituted a broad array of financial measures in order to increase profitability and decrease
expenses.
Developed and improved banking relationships to facilitate lines of credit where parent
company had previously supplied all internal financing.
Implemented transfer pricing analysis to comply with Section 482 of IRC.
Updated and enhanced expense reporting system, implemented new 401(k) plan and health
insurance plan.
Moved U.S. headquarters to existing location to improve corporate image, increase space and
lower overall cost of occupancy.
ERNST & YOUNG, New York, NY, 1990 1994
Audit Supervisor
Led audit teams of up to 4 professionals in client audits.
Worked closely with numerous foreign owned companies based in Japan, Korea, Canada, UK and
The Netherlands.
Experience with industries such as manufacturing, import /export, textiles, consumer products,
electronics, financial services, wholesale distribution, and service and not for profit entities.
Main clients were all mid-market privately held businesses or subsidiaries of foreign corporations
with annual revenue between $50 million and $500 million.
Prepared financial statements, working papers, chart of accounts and documentation of internal
control in accordance with GAAP.
Developed expertise in providing improvements in internal control procedures.
Spent tour of duty in Ernst &Young Human Resources Department, responsible for recruiting,
staffing, annual performance review process and compensation planning.

EDUCATION AND PROFESSIONAL DEVELOPMENT

University of Hartford, West Hartford, CT
Bachelor of Science in Accounting May 1986
CPA April 1990
Member of American Institute of Certified Public Accountants (AICPA)
Member of New York State Society of CPAs
Member of Chartered Global Management Accountants
Member of Financial Executives Networking Group
Continued CPE with seminars at EY, KPMG and the AICPA