Terry Frisk

Providing CFO services and Business Transition Services in Boise, Idaho and surrounding areas

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About Terry

Terry Frisk

Meridian, ID CFO

30 Years of Experience

Direct Contact

terryfrisk@b2bcfo.com

office (208) 888-9840

Universities:

Boise State University

Certificates & Licenses:

CPA

Organizations:

AICPA

Idaho Society of CPA's

Contact Terry Frisk and receive a free Discovery Analysis™

  • A confidential meeting with the business owner(s), then interview company staff.
  • Look at the company’s financial information and computer systems.
  • Benchmark financial information against industry averages.
  • Create a confidential report of our findings in The Strategy Gameplan™







Terry’s Bio

Terry has over 25 years of business experience as a General Manager, Controller and Chief Financial Officer. He is a CPA whose career has been focused on small to medium size privately held companies.

A native of Idaho, Terry earned his Bachelor of Science degree from Boise State University. After graduation, he moved to West Texas and began his career in the audit department of the firm now known as KPMG, LLC. His clients were primarily in the oil and gas industry including exploration, development, production, distribution and retail sales. He returned to Idaho and joined Coopers & Lybrand (now PriceWaterhouseCoopers, LLC.). There, he continued his audit career managing engagements in the banking, agriculture, manufacturing, and not-for-profit industries.

After leaving public accounting, Terry became the Controller, and later the CFO, for a medium sized manufacturing organization. During his tenure, the company diversified both horizontally and vertically increasing sales 500% while achieving profitability every year. While managing all aspects of accounting, treasury, technology and operations, Terry achieved the following accomplishments:

  • Grew the company from a regional wholesale manufacturing entity with a narrow product line to a more diverse company with wholesale, retail and Internet distribution channels throughout North America.
  • Acquired and integrated a manufacturing and distribution business, which served a new market.
  • Started a manufacturing subsidiary that vertically integrated products with the core business plus provided value added products to existing and new customers.
  • Streamlined the billing process to speed up invoicing customers, which increased cash flow enough to eliminate the need for an operating line of credit.
  • Implemented a shop floor information system that provides real time information on production flow and inventory consumption. Armed with this information, the company was able to reduce labor costs by 11% and increase inventory turns 36%.
  • Advised shareholders on successful exit strategy and transitioned company from private ownership to being a subsidiary of a publicly held corporation, which involved integration of a computer system, implementation of Sarbanes-Oxley, additional reporting requirements, and changeover of employee benefit plans.

Terry's extensive background and experience have given him the skills to assist in many different aspects of a business's financial needs. He has helped companies manage growth, forecast cash flow, increase margins, reduce employee benefit costs without compromising key components, improve their banking relationship, and obtain favorable pricing and terms from vendors. Additional areas of expertise include:

  • Strategic and long-term planning
  • Tax planning and projections
  • Budgeting and forecasting
  • Systems implementation
  • Staff training and development
  • Accurate and timely financial reporting — management and external
  • Efficient month-end closing procedures to ensure timely reporting
  • Performance metrics
  • Regulatory compliance
  • Expense reduction
  • Financial restructuring and downsizing
  • Banking relationships and agreements
  • Human resource initiatives including benefits, performance measurements, incentive compensation plans and succession planning

Terry lives in Meridian, Idaho where he has been active in his community. He served as president of Meridian Little League Baseball for two years sending an all-star team to the regional tournament in San Bernardino as the Idaho state champions. He has also served in several capacities for his church, most recently as the Chairman of the Finance Committee. He and his wife, Barbara, have been married 35 years and have two adult sons.

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Recent Articles

Jun 29Terry Frisk

Smartphones: The Modern Swiss Army Knife

Jun 29Terry Frisk
smartphones

I recently helped my son move from Indiana to Texas. This meant 22 hours of taking turns driving the rented truck that contained his worldly belongings. In between sharing stories of old times and catching up on his endeavors, I noticed how much I used my smartphone on things other than making phone calls. I realized that my smartphone was much like the Swiss Army knife I had when I was young. When I was 12 years old, I received

Jul 27Terry Frisk

Making Cash Flow Statements an Effective Management Tool

Jul 27Terry Frisk

Cash flow is the lifeblood of every business. However, most business owners do not regularly measure their cash flow other than to determine whether their cash balance is increasing or decreasing. Cash flow statements are intended to provide cash flow data, but most do not provide enough information and the format is not very user friendly reducing their effectiveness. Tailoring the cash flow statement to focus on the key components of cash flow will make the statement an effective management

Mar 9Terry Frisk

Isn’t it Time to Move Beyond Spreadsheets?

Mar 9Terry Frisk

In a recent study of job postings Burning Glass Technologies, a labor market analysis firm, 78% of middle-skill jobs require spreadsheet skills. While they view that as growth in jobs requiring digital skills, I question the reason for such growth in relatively old technology. Many accounting software systems tout the ability to download data and reports to Excel. They sell this as a feature, but the reality is they are offering this as a work around for gathering data that

Feb 9Terry Frisk

Idaho Business and Technology Expo

Feb 9Terry Frisk

The 24th annual Idaho Business and Technology Expo will be held on Tuesday, February 10, 2015 from 9:00 am to 4:00 pm at the Boise Hotel and Conference Center in Boise, Idaho. The Expo will kick off at 9:00 am with a presentation by Boise Mayor Dave Bieter followed by a presentation by Ned Pontious, President of Norco, a very successful business in the Pacific Northwest. A luncheon will be held at noon highlighted by speaker Tommy Ahlquist, COO of

Sep 10Terry Frisk

TED’s 20 Most Popular Talks of All Time

Sep 10Terry Frisk
Man At A TED Broadcast

TED.com recently released a list of the 20 Most Popular Talks of All Time. If you are not familiar with TED, it is a nonprofit organization that holds global conferences featuring presentations by some of the world’s greatest thinkers. Conference speakers are given a maximum of 18 minutes to present their ideas and insights in what is referred to as “TED Talks”. TED was the brain child of architect Richard Wurman who, in 1984, observed the merging of technology, entertainment and

Jun 30Terry Frisk

BSU’s Venture College Celebrates First Anniversary

Jun 30Terry Frisk

In May of last year, I met with Kevin Learned, a long time Boise entrepreneur and angel investor. Kevin was putting together a new program for Boise State University to teach entrepreneurship through hands on experience. His plan for the program, known as Venture College, was to teach the lean startup approach to entrepreneur participants. Lean startup is based on the work of Steve Blank and Eric Ries, both Silicon Valley entrepreneurs. The lean startup model involves formulating hypotheses about a

Apr 29Terry Frisk

Support Your Favorite Charity on Idaho Gives Day

Apr 29Terry Frisk

The second annual Idaho Gives Day sponsored by Idaho Nonprofit Center is Thursday, May 1st. During that 24 hour period, you can go to the Idaho Gives website (http://idahogives.razoo.com) and donate to your favorite charity. The site has a search engine to help you locate individual charities or you can browse charities by category. Contributions can be made to any individual charities you choose and are fully tax deductible. Last year, $578,615 was donated by 6,192 individuals to 541 charities.

Apr 23Terry Frisk

2014 Startup: Treasure Valley Event for Entrepreneurs

Apr 23Terry Frisk

I recently attended Startup: Treasure Valley, an event for entrepreneurs sponsored by Kickstand (www.kickstand.org) and the Boise State University Center for Entrepreneurship. It was a great event with a number of Treasure Valley’s top entrepreneurs and professionals providing advice on starting a business. The keynote address was presented by Steve Hodges, a serial entrepreneur who founded such businesses as Computrol, Design Concepts International, Telemetric, and M2M Communications. The five key pieces of advice that I took away from his presentation

Mar 18Terry Frisk

Unemployment Tax Relief for Idaho Employers

Mar 18Terry Frisk

The Idaho state unemployment tax rate has declined 30% from an average of 2.75% of employee wages in 2013 to 1.9% in 2014. This is the second straight year that the rate has declined representing a 42% reduction since 2012 when the average rate was 3.3%. The tax rate applies to the first $35,200 paid to each worker. Each employer’s rate is based on the amount paid into the fund and the amount of unemployment benefits paid to the employer’s former

Nov 22Terry Frisk

Remembering a Visionary President

Nov 22Terry Frisk

Today marks the 50th anniversary of John F. Kennedy’s assassination. I was in the third grade at the time and I vividly remember the moment I heard our 35th president had been murdered. One of my classmates lived across the street from the school and he always went home for lunch. He came back to school screaming that the president had been shot and killed. While this was a dark day in American history, I also vividly remember sound bites

Oct 10Terry Frisk

Controlling Cash Flow to Increase Business Success

Oct 10Terry Frisk

I was recently invited to appear on KTVB,  Boise’s NBC TV affiliate, to make a presentation on cash flow management during their It’s Your Business news segment. Click here to go to KTVB’s site and view the video.

Sep 21Terry Frisk

Affordable Care Act Notification Requirement for Small Businesses

Sep 21Terry Frisk

Many small businesses have not been paying much attention to the requirements of the Patient Protection and Affordable Care Act because they have fewer than 50 employees which is the threshold for application of most of the rules. However, businesses subject to the Fair Labor Standards Act (which includes most businesses with annual revenues exceeding $500,000 or engaged in interstate commerce) must provide notice of coverage options available through the Health Insurance Marketplace even though they have fewer than 50 employees. The

Sep 8Terry Frisk

Are Businesses Ready for Electronic Currency?

Sep 8Terry Frisk

As small businesses become more global through increased direct importing and exporting activities, there is a growing need for a universal currency. Bitcoin was launched in 2009 as a digital currency to easily process multinational transactions. Currently, Bitcoin is used mostly by techies, but some businesses are experimenting with this payment method for certain transactions. In a recent article appearing in CFO Magazine, technology writer Ariella Brown explores the viability of Bitcoin as an alternative currency. Click here to read the

Aug 15Terry Frisk

5 Qualities of Successful Entrepreneurs

Aug 15Terry Frisk

Entrepreneurs possess unique personality traits that contribute to their success. In a recent article appearing in Entrepreneur Magazine, author Steven Key identifies five key qualities that successful entrepreneurs share: An unwavering passion about their product or service. Open-mindedness. The desire to be an expert in their industry. A forward-looking approach. A constant flow of ideas (i.e. What’s next?). Embracing these traits separates true entrepreneurs from business people. Click here to read the full article.  

Jul 7Terry Frisk

Sun Valley Hosts Billionaires’ Summer Camp

Jul 7Terry Frisk

The 31st annual Allen & Company Sun Valley Conference gets underway on Tuesday, July 9th. The five day event includes some of the wealthiest and most powerful individuals in media, finance, politics and technology. Past attendees include Bill Gates, Warren Buffet, Rupert Murdoch, Oprah Winfrey, New Jersey Governor Chris Christie, New York Mayor Michael Bloomberg, Apple CEO Tim Cook, HP CEO Meg Whitman, and Facebook CEO Mark Zuckerberg to name a few. The entertainment industry newspaper Variety has posted the

Jun 11Terry Frisk

Buyers’ Market for Small Businesses as Baby Boomers Retire

Jun 11Terry Frisk

Much has been published about the economic impact the Baby Boom Generation has had on the products and services they purchased at various stages of their life. As they approach retirement age, there are forecasts for growth in retirement services, health care services and housing to accommodate the needs of this group. One statistic that has not received a lot of publicity is the fact that Baby Boomers, who represent 25% of the U.S. population, own 43% of the small,