Challenge
To lead financial due diligence as one of three key players leading the acquisition of Tantec by Ion Systems.
Actions
- Collaborated with CEO and VP of Industrial Products Division to identify synergies between Tantec and Ion.
- Conducted negotiations with Tantec U.S. and Tantec Europe.
- Developed several business scenarios whereby the products of Tantec could be marketed and sold throughout the world market.
- Integrated the two organizations from an accounting and HR perspective.
Result
Reached a successful agreement where Tantec U.S. was sold to Ion and Tantec Europe acquired a particular product line.
"Joel's ability to view the big picture contributed to the strategic acquisition of Tantec for the Industrial Products Division of Ion Systems. In addition, Joel led the information systems integration between the organizations in record time, which made the physical integration that much more successful."
Mark Blitshteyn
General Manager, Ion Systems, Industrial Products Division
Challenge
To find a buyer for ION Systems that was the best strategic fit.
Actions
- Worked with CEO, Board of Directors and investment bankers to market Ion Systems.
- Produced detailed corporate overview of history, products, services, case studies and financial information.
- Met with five interested parties and conducted exploratory acquisition scenarios.
Result
Sold Ion Systems to MKS Instruments for the most attractive purchase price.
"Joel Lesser was the VP of Finance for Ion Systems and a key member of the senior management team during the time when I was the CEO. We were able to engineer a performance turnaround of the Company's business that ultimately resulted in the highly successful sale of the Company. Joel's leadership, analytical skill, and credibility were essential to the sale process. He carried the entire financial burden of the sale transaction in addition to his daily duties."
Frank Schneider
CEO, Ion Systems
Challenge
To apply unimpeachable ethics in replacing the former CFO of GSC Logistics and turning around the accounting department.
Actions
- Uncovered fraudulent activity conducted by the former CFO by documenting and presenting financial statements that contained over-stated assets, under-stated liabilities and under-stated expenses.
- Hired a new controller and accounting team with the right skills for the job requirements.
- Restated the previous year's financial statements, resulting in significant adjustments.
- Worked with special assets department of bank, convincing them not to call the loan that would have impacted the company's ability to survive.
- Renegotiated previous CFO's stock buy-out agreement through mediation, adding at least $500K of value back to existing owners.
Results
Established stable foundation on which company could continue to remain in business and get back on track to profitability.
Challenge
To guide the owners of GSC Logistics in settling multiple lawsuits.
Actions
- Convinced all parties to settle a sexual harassment claim against the former CFO, making him personally liable for a substantial portion of the settlement.
- Retained best legal counsel to deal with a multimillion-dollar class action lawsuit filed by Teamsters claiming that GSC failed to comply with the City of Oakland's living wage ordinance.
- Unraveled and resolved a series of events that were the root cause of the Teamsters' claim for damages.
Results
- Resolved sexual harassment claim with significant savings of attorneys' fees and management time.
- Resolved Teamsters class action lawsuit with settlement of living wage claims at a significant discount. This resulted in a union merger and the Teamsters union representing GSC's workers.
Challenge
Hired by Qualys' CEO, as their first U.S. employee, to establish the infrastructure of this startup internet network security company based in France.
Actions
- Established all administrative functions, including the Accounting system, Human Resources, Facilities, IT and Purchasing.
- Established international branch offices in Germany and London.
Result
Infrastructure supported the company's rise to $50 million in revenues today.
Challenge
To reengineer redundant technologies and develop a single ERP system for California Eastern Labs.
Actions
- Collaborated with team members to analyze critical company processes and computer systems and determine improvement areas.
- Interviewed all key resources and made recommendations to the executive committee.
- Implemented new centralized customer service business process.
- Developed new account management techniques for targeted business segments.
- Selected a new ERP system and implemented it in nine months.
Result
This initiative increased productivity and efficiencies of several departments, thereby increasing revenue from $75M to $110M in a period of three years.
