Hartford Business Journal

CFO - 4 Hartford Business Journal•November10,2014 www.HartfordBusiness.com CFO of the Year 2014 By Krystal Overmyer Special to the Hartford Business Journal D on't let the title on Richard Anderson's business card fool you. The CFO of iDevices is more than just a numbers guy. "A lot of my customers and clients have said to me, 'You don't seem like an accountant,'" Anderson said, adding he considers that a point of pride. At iDevices, an Avon-based company that develops wireless- enabled products, Anderson is a financial guru, executive advisor and mentor to the company's (mostly) younger staff. In the year since he was hired, his work has strengthened the company's accounting poli- cies and aided in raising millions of dollars in venture capital fund- ing, said Jack Krichavsky, president of Almada Corp. and an iDevices investor. He has also inspired confidence among the company's board members and investors, by instituting new procedures and policies to ensure accurate financial reporting to investors, lenders and outside government agencies, he said. "Richard exceeded expectations," Krichavsky said. "He's made a very large and significant contribution to the company, making it a better company." IDevices was founded in late 2009 by CEO Chris Allen, who created the world's first app-enabled grilling thermometer. Since then, the company has expanded along with interest in the Internet of Things, referring to the growing number of objects connected to the Internet. The iGrill led to the iShower, a water-resistant Bluetooth speaker, the iGrillmini, Kitchen Thermometer and other products developed for the app-enabled market. From 2012 to 2014, the company more than quadrupled its employee count. In March 2014, it opened an office in Cupertino, Calif. Anderson said he is used to shepherding startup companies through growth periods. For 28 years, he has worked with entrepre- neurial businesses primarily in the Farmington Valley area. In that time, Anderson said he has learned that financial practices often take a back seat in the rush to get a product to market. "Finance is always the red-headed stepchild, if you will," he said. Anderson brought stability to the financial department, which had experienced significant turnover since 2012. He instituted fundamental accounting processes and disciplines across the company, from recon- ciling inventory to making available real-time information to investors. Anderson provides investors with accurate financial information from a formalized finance department, lending greater credibility to investors, Krichavsky said. His support helped the company raise $4.3 million in venture funding in December 2013. Investors included Connecticut Innovations, the state's quasi public venture capital arm, At Avon startup, Anderson's role goes beyond finance Private, 100 or fewer employees Winner Executive profile questionnaire The Basics Name: Richard Anderson Name of organization: iDevices LLC Title: Chief Financial Officer Size of organization: 54 employees Education: Bachelor's in business administration, Nichols College Previous job(s): TransCard LLC, CFO; Shoreline Business Solutions Inc., President & CEO On the job Guiding business principle: Cash may be king, but integrity is everything Best way to keep your competitive edge: Embrace change Best business decision: Cash management decisions prior to the banking crisis in 2007 Worst business decision: Mistakenly convincing myself that growing revenues meant we had a sustainable business model Goal yet to be achieved: Successful exit/IPO Most influential business book: "The World is Flat" by Thomas L. Friedman Personal touch in your office: We do not have offices at iDevices, but a Fenway Park lithograph hangs in my work area. Personal side: Favorite way to relax: Day at the beach Hobbies: Basketball, golf Last vacation: Los Angeles, Calif. The car you drive: Audi Q5 Favorite communication device: Samsung Galaxy S III Currently reading: "Blind Spot" by Robert B. Parker Favorite cause: Best Buddies International Second choice career: Actor P h o t o / P a b l o R o b l e s

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