Company Description
Freestate Electric, established in 1984 by Mike Dugan, is one of the largest commercial electrical contractors serving the MD/DC/VA region. With over 1000 skilled union craftsmen and 160 dedicated employees, Freestate operates out of offices in Laurel, MD, Owings Mills, MD, Cumberland, MD, and Springfield, VA. The company has earned its reputation by delivering high-quality electrical contracting services under the leadership of executives with over 300 years of combined industry experience. Freestate Electric takes pride in its commitment to excellence and professionalism in all of its projects, becoming a trusted partner in the region's commercial construction industry.
Chief Financial Officer (CFO)
Reports To: Chief Executive Officer (CEO)
Industry: Construction – Subcontractor / Specialty Contractor
Position Summary
The Chief Financial Officer (CFO) is a strategic and operational executive leader responsible for the financial health, integrity, and scalable growth of the company. This role requires deep experience in construction management and a strong understanding of subcontractor operations, including job costing, progress billings, retainage, change orders, and labor-intensive project environments.
The CFO will lead and direct the Controller and Accounting/Finance Department, oversee payroll operations, and drive disciplined, company-wide project cost control processes. This executive will partner closely with operations and project management teams to ensure profitability, mitigate contract risk, and enhance financial performance across all projects.
The ideal candidate combines executive-level financial strategy with hands-on subcontractor accounting expertise and operational cost control leadership.
Key Responsibilities
Executive Financial Leadership
- Serve as a key member of the executive leadership team, contributing to strategic planning and operational decision-making.
- Develop and execute financial strategies aligned with company growth and profitability objectives.
- Provide financial forecasting, budgeting, and multi-year planning support.
- Present financial performance, risk analysis, and strategic recommendations to executive leadership and stakeholders.
Subcontractor & Project Financial Oversight
- Lead company-wide project cost control processes and enforce margin accountability.
- Oversee job costing, WIP reporting, backlog analysis, and percentage-of-completion revenue recognition.
- Manage subcontract agreements, progress billings, pay applications, and retainage tracking.
- Partner with project managers to monitor labor productivity, material costs, subcontractor/vendor performance, and job profitability.
- Evaluate and manage financial risk within contracts, change orders, and claims.
- Develop and maintain KPIs tied to gross margin, labor efficiency, backlog conversion, and project cash flow.
Accounting & Department Leadership
- Direct and lead the Controller and Accounting/Finance Department, including:
- General Ledger
- Accounts Payable & Receivable
- Job Cost Accounting
- Payroll
- Financial Reporting
- Establish strong internal controls specific to subcontractor and construction accounting environments.
- Ensure timely and accurate monthly, quarterly, and annual financial reporting.
- Develop and mentor a high-performance finance team.
Payroll & Workforce Cost Management
- Oversee payroll operations, including union and/or prevailing wage environments (if applicable).
- Ensure compliance with certified payroll and labor regulations.
- Monitor labor burden allocation and workforce cost accuracy within job costing systems.
- Analyze labor productivity trends and support operational improvement initiatives.
Cash Flow, Bonding & Capital Management
- Manage cash flow forecasting aligned with billing cycles and collections.
- Oversee banking relationships, credit facilities, and bonding capacity.
- Maintain insurance programs and risk management strategies.
- Optimize working capital and financial leverage to support growth.
Risk Management & Compliance
- Ensure compliance with GAAP and applicable federal, state, and local regulations.
- Oversee audits, tax filings, and regulatory reporting.
- Implement strong contract review procedures to mitigate financial exposure.
- Strengthen internal financial and operational controls.
Systems & Process Improvement
- Improve and standardize financial systems, reporting tools, and ERP/job cost platforms.
- Increase financial visibility across projects through enhanced dashboards and reporting.
- Drive automation and process improvements to support scalability and efficiency.
- Strong working knowledge of FASB, SOX, IRS, Federal, State and City regulations as they apply to the functions of this position.
Qualifications
Required Experience
- 5-10+ years of progressive financial leadership experience within the construction industry.
- Direct experience working for a contractor or subcontractor organization.
- Strong background in subcontractor project accounting, job costing, and WIP reporting.
- Proven experience managing, directing, and leading a Controller and full Accounting/Finance Department.
- Experience overseeing payroll operations in a labor-intensive construction environment.
- Demonstrated success driving company-wide project cost control processes and improving margins.
Education
- Bachelor’s degree in Accounting, Finance, or related field required.
- MBA in Accounting, Finance, or related academic discipline preferred.
- CPA preferred.
Technical Skills
- Deep knowledge of GAAP and construction accounting principles.
- Experience with construction ERP systems (e.g., Sage, Viewpoint, CMiC, Procore, etc.).
- Strong financial modeling and forecasting capability.
- Advanced Excel and financial reporting proficiency.
- Advanced Computer/Technical Skills with various accounting applications (full life cycle of accounting and finance departments)
Leadership Competencies
- Strategic thinker with operational execution capability
- High integrity and financial stewardship
- Strong cross-functional collaborator
- Data-driven decision maker
- Results-oriented and process improvement focused
- Executive presence with strong communication skills
· Possess an executive level knowledge and understanding of the financial, accounting, and operational functions of the organization, and support the CEO and executive management team in achieving the organization’s vision, goals, and objectives.
