EXECUTIVE PROFILE

 Highly qualified Management Consultant and Accounting Professional with 25+ years experience providing financial and business strategy solutions to a broad array of corporate clients.
 Depth of experience with Life Sciences and emerging Venture Capital and Private Equity backed companies including medical, bio, pharma and clean tech clients.
 Outstanding financial consulting and audit expertise relating to early stage company development, capital structure, due diligence, IPO’s and business planning.
 Extensive corporate governance experience consulting with boards and audit committees; Significant experience serving on boards of directors
 Recognized for KPMG partnership and leadership locally, regionally and nationally

AREAS OF EXPERTISE include:

- IPO Readiness Assessment and Preparation; SEC Compliance
- Audit Services, Tax, and Business Valuation
- Business Strategy, Business Plans, and Budget Plan Development
- Business Management including capital formation, operational structure, working capital management, human resources and business development.
- Process Improvement relating to business and financial operations, financial reporting, tax and SEC Compliance
- Board of Directors and Corporate Governance

PROFESSIONAL EXPERIENCE

 

KPMG LLP 1984 to Present
Minneapolis, Minnesota (1986 to present)
Peoria, Illinois (1984 to 1986)
Partner 1996 to Present
Senior Manager 1991 to 1996
Manager 1989 to 1991
Staff and Senior Accountant 1984 to 1989
Provides audit services to life sciences and emerging companies for KPMG’s Minneapolis office while serving as a member of KPMG’s national Venture Capital practice. As partner, frequently consults with clients on a wide variety of topics including capital formation, structure; buy versus lease, compensation and human resources, working capital management and business development. Clients have included a wide range of companies ranging from large multi-national enterprises to pre revenue VC backed enterprises.
As an engagement audit partner on emerging VC and PE backed companies has significant knowledge of complex capital transactions such as convertible debentures, convertible preferred stock, leases and share base compensation. Participated in 15 initial public offerings and numerous private placements, secondary and other registration statements, and he has extensive SEC and SOX 404 experience.
 Consulted with numerous clients on operational and strategic matters including share-base compensation, capital formation, IPO readiness, working capital optimization, risk management, corporate governance and restructuring.
 Audit clients have included venture capital and mezzanine funds (Norwest VC, Norwest Equity Partners and St. Paul VC and the real estate funds at Opus Corporation).
 Completed in-country due diligence for proposed acquisitions in China and Taiwan and served clients with international operations and parents including Techne Corporation, Smead Manufacturing, Pioneer Surgical, MTS and General Mills. This has lead to extensive experience in Western Europe and to a lessor extent in Japan, Taiwan, Hong Kong (pre 1997), China and Kazakhstan.
 Frequent presenter on early stage company development including capital structure, due diligence, IPO’s, business planning and technical accounting matters.
Accomplishments include:
- Served as integral part of two IPO readiness assessments which diagnosed business, tax, operations, systems, people, process, financial reporting, SEC compliance and governance matters which required improvement
- Assisted several clients in identifying and recommending process improvements and financial reporting for manufacturing, inventory management, consigned inventory, accounts receivable and working capital management
- Supported the development of domestic and off-shore ventures and financial reporting for client companies
- Led the development of budgets and business plan development for University Enterprise Laboratories; Supported budget development for several other organizations including non-public companies
- Assisted with dozens of company valuations and critical evaluations of business and forecast assumptions
- Consulted with companies to negotiate and draft new lease, debt and other financing arrangements

 

LEADERSHIP EXPERIENCE

Led KPMG Twin Cities emerging companies practice (1996 -2005) and the Life Sciences Practice (2000-present). These practices merged in 2005 resulting in a multi-location and discipline team of 15 to 19 professionals. Co-chaired group in 2009. Additional leadership roles include:
- Member, Minneapolis Market Leadership Team (2000 – 2004)
- Member, KPMG US Partnership Council (2005)
- Member, KPMG Midwest Leadership Team (2008 to present)
- Member, KPMG Venture Capital practice group, (2007 to present)
Served as a derivative and share-based compensation resource partner in the Midwest; Serves IFRS clients and has also served as a computer auditor. Previously served as a KPMG national instructor and member of the KPMG internal quality review team. Served as a mentor to managers, senior managers and young partners; Selected as a mentor/advisor in KPMG US inaugural Performance Manager Leader program, an intensive mentoring and professional development initiative (2008).

GOVERNANCE AND BOARD OF DIRECTORS EXPERIENCE

As KPMG audit partner, frequently interacts with and presents to client board of directors and audit committees. Governance activities (current and past) include:
- Board Member for University Enterprise Laboratories, University of Minnesota, (a biotech incubator); finance committee and executive committee member (2005 to present), Chairman of the Board (October 2008 to February 2010); Established new corporate governance guidelines, strategic plan and board member selection/ transition plan.
- Board member, Finance and Executive Committee member, LifeScience Alley (2007 to present)
- Board member, American Heart Association Minnesota Chapter (2007 to present)
- Member, The Collaborative (1996 to present)
- Cofounder and judge, University of Minnesota Business Plan competition
- Board, finance and executive committee member and treasurer, MN Bio

ACADEMIC AND ACCREDITATION

BS degree in accounting and minor in business administration, Illinois State University, Magna Cum Laude with honors in 3 years, 1984
Certified Public Accountant, licensed in Minnesota, Arizona, Michigan, South Dakota, Illinois and Tennessee
Minnesota Society of Certified Public Accountants, Member
American Institute of Certified Public Accountants, Member
Continuing Professional Education – 1984 to present, 40-120 hours per annum, including accounting, audit, finance, ethics and soft skills

Andrew D. LaFrence, CPA
12220 54th Avenue North
Plymouth, MN 55442
612-305-5485 (w) / 612-802-9299 (c)
E-mail: MNAndyman@gmail.com