Steven Raft
Award-winning Operations and Finance Executive

From October 2014 through January 2017 I was the Chief Operating Officer  of ALFRED PUBLISHING, a 95-year old printed music publisher that is the second largest in the industry.

I lead an organizational restructuring including a 20% reduction in force, divestiture of unprofitable subsidiaries and lines of business that resulted in a 3.2X increase in EBITDA in 12 months on 5% less revenue.   

I also lead the successful financial restructuring with a strategic partner, eliminating all external debt and providing technological opportunities that the company’s prior debt and equity structure would not support.   

I successfully negotiated with joint venture and other partners on the divestiture of subsidiaries and lines of business.   

I was responsible for day-to-day operating activities of 6 direct reports with 79 staff covering Sales and Marketing Operations, IT, Purchasing, Business Affairs including legal and licensing, Upstate NY distribution center, responsible for risk management and insurance and strategic planning.   

I was the main point of contact with ESOP Trustee and its counsel while navigating the complex dealings of the restructuring described above.    

I managed all external legal activity as well as relationships with lenders, investment bankers, valuation firms and others related to the restructuring.   

From November 2012 to October 2014 I was the Chief Financial Officer of ALFRED PUBLISHING.

I lead a successful but tenuous and difficult debt restructuring effort resulting in the refinancing of more than $35 million in first lien, mezzanine, and seller-financed debt that was all in default with impatient lenders. 

I created and successfully executed the reorganization of middle management removing operational silos and creating a level of  accountability and responsibility that did not previously exist. 

I was responsible for finance and accounting and all reporting, risk management and insurance, IT, Purchasing, Upstate NY distribution center as well as foreign subsidiaries’ financial operations. 

I partnered with the CEO to lead strategic planning efforts to reposition company to deal with the impact of digital changes to the printed sheet music industry.                       

From March 2007 to November 2012 I was the Chief Operating Officer of MONTAGE DEVELOPMENT, INC.,  a real estate developer that specializes in developing land and constructing homes for first-time homebuyers.

As the real estate market collapsed, I successfully renegotiated construction loans and accounting for capital accounts in partnership agreements that resulted in multi-million-dollar benefits to owner.  

I worked with the CEO/owner to restructure business operations and staffing to pivot from builder/developer to providing highly profitable fee-based construction/development/sales services to banks and other financial institutions on projects in California, Colorado, North Carolina, and Utah.    

This was a high-profile leadership position as #2 executive in closely held corporation with 42 property development and holding company entities.    

I was responsible for all accounting and financial reporting, budgets, personnel, accounting controls, policies, procedures, corporate governance, IT systems, and corporate communications matters. Supervised 3 accounting and finance staff members as well as 3 other team members.  

From June 2004 to March 2007 I was the Chief Operating Officer of MWH DEVELOPMENT CORP., a real estate development and construction company that developed land and constructed homes for first-time and luxury homebuyers.

I lead the expansion of business operations from a small in-fill residential developer to acquiring, financing and constructing land for approximately 1,500 home-sites and 165 condo/apartment units.   

I successfully packaged and placed approximately $275 million of acquisition, development and construction loans.   

As COO, I managed full range of corporate and construction operations, supervised a 42-person team; entrusted with full profit and loss responsibility for company and 38 property development entities.    

I was also responsible for all accounting and financial reporting as well as all equity and debt financing for acquisition and construction loans, as well as deal structure and entity formation.

From June 1998 to June 2004 I was the Chief Financial Officer of CERWIN-VEGA, INC., a world-renown loudspeaker designer and manufacturer for home, car and professional use.

In partnership with the company’s turnaround management consultants and investment bankers, I ensured the seamless transition of company ownership to purchaser Stanton Group in late 2002.   

I lead all financial and administrative operations including finance, accounting, planning, budgeting, tax, cash management, and administrative functions.    

I was a key contributor to development of national programs with Sears, Best Buy, Guitar Center, Rex Stores, and regional and international distributors.    

I lead product development teams for consumer and professional products in determining pricing and marketing strategy for all new products. 

I also served as co-administrator of $4 million 401(k) and profit-sharing plan. 

From April 1997 to June 1998 I was the Chief Financial Officer of  TOMORROW’S MORNING, INC., a publicly-traded children's media company who produced an award winning weekly newspaper for children 10 to 15 years old. 

I managed all functions in finance, accounting, planning, treasury and investor relations for this NASDAQ SmallCap listed public company. I worked  directly with outside auditors and securities attorney on all SEC filings. I strengthened the company’s financial position through termination of floating price stock option plans.    

From November 1985 through April 1997 I was a CPA at ENTOUS & ENTOUS, INC., a CPA firm based in Encino, CA. 

My career at Entous & Entous progressed as follows - Staff   accountant from 1985-1988, Manager from 1989-1992, and  Shareholder from July 1992 until April 1997. As a firm we provided superior audit, consulting, and sophisticated tax planning/preparation for clients in a diverse array of industries such as music, consumer electronics, manufacturing, direct  marketing/infomercials, real estate and professional services such as physicians and attorneys.