View From The C Suite- Myles Wright

Start thinking like a business owner. How can we maximize our opportunities with the resources we have? That means studying and reading a wide variety of business, accounting, and finance topics and issues. It requires a commitment to improving communication skills, they are critical to continued success. Having great ideas without being able to present them in clear, succinct, and  persuasive ways can hinder your advancement when working with owners, CEOs, COOs, and other top management.   

What skills do you think are most important in doing your job well?

Since I started as a small business owner and my wife also owns her own business we are focused on financial resources. Do your homework by researching your business’s markets, and participate in benchmarking and best practice studies. Become an expert in your field. At Alfa I learned the value of following a structured routine. I began reading some form of leadership or motivational literature and a technical topic nearly every morning. I continue that practice today. The other skill I recommend, but have struggled to apply, is effective time management. Scheduling my time effectively has really helped me to achieve and accomplish goals that seemed unobtainable. Next, polish your people skills. I stared this role with good technical skills and work ethic, but poor management skills. Leadership and management can be learned and improved and being able to lead others to success greatly expands your own opportunities.

What primary challenges do you face as CONTROLLER of your organization?

Turenne PharMedCo has had several bursts of rapid growth and therefore our cash flow from operations got very thin. We had to start managing all phases of our cash flow cycle. We track inventory turnover as well as AP and AR days outstanding and use that information to anticipate our cash needs more effectively. We are now in a position to explore new opportunities so cash availability is critical. Banking relationships and expanding lines of credit take time to develop, we learned the hard way to start those processes early, long before you actually need them.

How have you responded to those challenges?

We developed methodology to identify some of our inventory turnover issues. We found redundant stock and special orders that hurt our turnover and limited our purchasing opportunities. We focused our collection policies on a customer service model that reduced our DSOs from 60 plus to just fewer than 41. We worked hard with our bankers to open reasonable lines of credit based as much as possible on collateralized inventory and AR.

What do you like to do away from work to achieve a work/life balance?

My wife and I love to garden and chase antiques. We spend time outdoors and travel when possible. I ride a bicycle, a road bike, and have a goal to ride a century (100 miles in one day) this year. Last year I was able to compete and finish in two 100 kilometer rides.

BIOGRAPHY

I am a Montgomery native, born and reared on Oxford Drive.  My parents still live in the cul-de- sac where we all played baseball as kids. I attended Indian Springs School in Birmingham and was graduated in 1978. Without any clear direction,, and after a short unsuccessful jab at college I joined the U.S. Navy for a tour. I spent 4 great years stationed at Pearl Harbor. The Navy taught me machinist skills and how to run a steam plant. In my opinion anyone unsure of what to do after high school should consider a military tour or the Peace Corps.  What a great maturing experience!  After the Navy I worked in automotive retail and attended Auburn Montgomery for several years. After a rocky first marriage, I focused on my first real love, gardening and landscaping, and opened Fertile Gardens. The landscaping business was good and lasted nearly 10 years. My sweet second wife, Debra Klinner, saw potential for more and thankfully pushed me towards accounting. In 1998 Alfa gave me my first real accounting job and in 2002,, after finishing the 150 hour requirement I passed the CPA exam. My wife and I love gardening and antiques, natural foods and sustainable growing methods. Our son Jennings was graduated from the University of Alabama in 2008, married his high school sweetheart, and works for Insuresoft in Tuscaloosa.