Winner – Outstanding CFO—Private Company
Mahesh Shetty
Encore Enterprises Inc.
It isn’t every chief financial officer who prefers to run a smaller department. But Encore Enterprises, Inc. outsourced its general-ledger functions last year, with accounts payable functions to follow this year, and that is paving the way for rapid growth, according to Mahesh Shetty.
“The department has a strong foundation,” says Shetty, chief operations officer and CFO of Encore, a Dallas-based real estate investment company. “And we can scale rapidly to keep pace with the company’s aggressive growth plans.”
Shetty and his team are now able to focus less on blocking-and-tackling accounting tasks, and more on higher-value work. The latter includes working with operations-side colleagues to help improve the business.
“When controllers are able to work hands-on with the business people as partners, it allows them to understand more than just the numbers,” says Shetty.
That can lead to initiatives that help reduce costs and improve profitability, he says. Shetty’s got more on his plate than interpreting numbers for his colleagues. His 2011 to-do list includes, for example, levering the power of the Internet and shifting more on-site applications to the cloud.
Although corporate finance has given Shetty a satisfying career, he says that his family really wanted him to become a physician.
“My parents wanted to brainwash me—they gave me a doctor set when I was 5 years old,” says Shetty with a laugh. “But my career in business and finance has given me wonderful experiences, and there is still much more I have to learn.”
Finalist – Outstanding CFO—Private Company
Bill Murray
MedSynergies Inc.
“After growing up and going to college in Ireland, I moved to the United States with great hopes of managing thoroughbred horse farms in Kentucky. Instead, I realized I wanted to use my education and skills and got into banking in New York. After Columbia Business School and posts with a Mary Kay Inc. investment subsidiary and Allegro Development, I joined MedSynergies six years ago. One of our greatest challenges in 2010 was raising $50 million of bank debt facilities for a strategic acquisition in 32 days—which happened to be during the holidays. I credit a strong, dedicated internal deal team, and the support of Texas Health Resources and Comerica. [Acquiring PhyServe from THR] was not only a game-changer for MedSynergies, but it was crucial in supporting a top client’s goal to transform into a comprehensive health system increasing patient access in Dallas-Fort Worth.
In addition, we successfully syndicated the transaction, which was three times oversubscribed; as a result, we have added BB&T and Amegy to our bank group.
Looking ahead, MedSynergies is poised for significant growth during a pivotal time in the healthcare industry. We must invest in the technology, people, and business development initiatives that will steer the company in the right direction.”
