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April 07, 2023 10:12 AM

CFO of the Year leads Teel Plastics through rapid growth

Don Loepp
Editor
Plastics News Editor
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    CFO finalists_i.jpg
    Plastics News photo by Michael A Marcotte
    From left:: CFO of the Year finalists Roger Vang, John Glavin and Jim Beadle at the 2023 Plastics News Executive Forum.

    Clearwater Beach, Fla. — Jim Beadle has held the chief financial officer role at Teel Plastics LLC through a period of rapid growth.

    That's a big change from his previous experience. Before he came to Teel, Beadle spent most of his career in retail, including Sears Holdings Corp.

    "I have had a fairly nontraditional path to my current role, having come from finance roles outside of the manufacturing world. I try to bring a creative approach to problem-solving and building the right teams to tackle some of the challenges facing our company and our industry," Beadle said.

    He contrasted the experience at Teel, which has been growing rapidly, with the retail environment, where the focus was on cutting costs.

    "A CFO once told me, 'One of the hardest jobs you'll ever have is an expanding organization.' And I think that's true to a certain extent because you want to be able to manage in a way that supports the growth," Beadle said.

    "So there's a focus on budgeting and timing, but what I think is critically important is forecasting."

    Baraboo, Wis.-based Teel Plastics is the 2022 Plastics News Processor of the Year. Beadle made it a double-double at the Executive Forum in Clearwater Beach, where he also took home the hardware for the 2022 PN CFO of the Year.

    Beadle has been at Teel for five years, and he is responsible for the finance and information technology departments.

    "I feel my role is to ensure our teams have the right balance of challenge and growth opportunities, as well as have fun — yes, finance is fun," he said. "We have worked to evolve the finance group into separate financial analysis and accounting functions to focus on both ensuring we have accurate day-to-day reporting but are also constantly supporting the business in helping to identify areas for improvement, using data and potential financial impact to drive and prioritize efforts to grow the bottom line.

    "We have more than doubled the revenue of the company over the past two years with additional significant growth plans continuing into next year and have also increased the profitability of the company over that time frame while expanding," he said.

    During his tenure, the company completed a deal where it brought on private equity investors in 2020, and then a recapitalization in 2022 to return capital to its investors. Teel also operated through the pandemic, and it implemented a new enterprise resource planning system in 2022.

    Beadle said he focuses on forecasting, using data and analysis to quickly identify issues and opportunities.

    "I am sometimes accused of trying to turn our operators and engineers into financial analysts, of which I accept full responsibility. The more we educate and train our teams to think and act like owners and analysts, to be curious as to drivers of profitability and efficiency, and use data to focus and prioritize our efforts, the more success we have," Beadle said.

     

    ERP teamwork

    Implementing a new ERP system is a big step for plastics processors. When Teel started on that path, it created a cross-functional team to review different systems.

    "This helped create not only buy-in but increased understanding of the 'why' in deciding to start such a project," Beadle said.

    Then, during implementation, the company also had a cross-functional implementation team.

    "We also invested in change management to ensure communication across the organization, throughout the implementation of the project, not just at the end. This helped ensure that when we did come to the rollout of the new system that we had many people very familiar with the new system and supported the change," Beadle said.

    John Glavin of Geon Performance Solutions, left, and Roger Vang of Diversified Plastics Inc.
    CFO award

    The other finalists for CFO of the Year were John Glavin of Geon Performance Solutions and Roger Vang of Diversified Plastics Inc.

    Glavin joined at Westlake, Ohio-based Geon in late 2019, when investment firm SK Capital Partners acquired the business from PolyOne Corp. Since then, Geon has made two acquisitions: PVC compounder Cary Compounds LLC of Manalapan, N.J., and Roscom Inc. of Croydon, Pa.

    Vang has been CFO at Brooklyn Park, Minn.-based DPI for 18 years. His experience includes helping lead the company through a transition to employee ownership, which started in 2011, plus the acquisition of a molder in California in 2018.

    PN staff, along with an independent panel of judges, select finalists and the winner based on excellence in financial or other corporate operational management and their contributions to the community.

    Previous PN CFO of the Year winners include Angela Breitbach of Radius Packaging Inc., LaStacia Dalton of Zeon Chemicals LP, Michael Plotzke of Plastipak Holdings Inc., Paul Hogan of Nelipak Healthcare Packaging, Glenn Fish of Tekni-Plex Inc. and Morgan Endecott of Innovative Injection Technologies Inc.

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