Andrew Grigolyunovich, CFA, CFM

Andrew Grigolyunovich, CFA, CFM

Riga, Latvia
Member since March 21, 2019
Andrew ranked fifth at the 2017 Financial Modeling World Championships. He served as CFO for Latvia’s leading retailer for seven years, navigating it through the global financial crisis, executing turnaround which led the firm to be profitable and expanding internationally. Later he went on to freelance consulting—growing his client base to 250+ from 17 countries. Andrew joined Toptal to work with clients on FP&A, financial modeling, and M&A.
Andrew is now available for hire
Career Highlights
Education
Select Certifications
Industry Expertise
  • Construction
  • Manufacturing
  • Retail & Wholesale
Other Expertise
Employment
  • Freelance Finance Consultant
    2019 - PRESENT
    Clients (via Toptal)
    • Built an 18-month cashflow planning model for an IT training company with campuses in Europe, the US, and Latin America.
    • Rehired by the client to prepare a detailed five-year operational model after successfully completing a previous project.
    • Created a five-year financial model and loan portfolio model for a UK-based online lender. The model was created for the regulators.
    • Developed a five-year financial model for a US-based SaaS start-up. Researched and justified the key assumptions and KPIs for the model. Later was rehired by the satisfied client to further improve the model.
    Focus areas: Financial Modeling, Financial Planning & Analysis (FP&A), Financial Services
  • Founder | CEO
    2010 - PRESENT
    AG Capital
    • Grew the client base from 0 to 285 companies from 17 countries.
    • Managed a team that created an automated Excel-based budget planning and performance report system for a multinational company, with sales of over $100 million in 16 countries and six different currencies.
    • Helped a wholesale company to increase its net profits by 102% by analyzing product group profitability and recommending changes to product mix and employee motivation system.
    • Created financial projections and a business plan for an ice-hall construction project; later raised 2.5 million EUR of long-term bank financing for the company.
    • Organized a tender between commercial banks for a client, lowering an interest rate from 8% to 2.9% per annum and saving the client ~$100,000 per year in interest payments.
    • Created inventory forecast models for companies in industries like medical wholesale, vet wholesale, agriculture, jewelry retail, and construction material wholesale.
    • Led a team of analysts that developed financial models for different SaaS companies. Some recent examples that are successfully operating are companies like GarageHive (GarageHive.co.uk) and Appotime (appotime.com).
    Focus areas: Financial Planning & Analysis (FP&A), Budgeting, Financial Modeling
  • Corporate Trainer
    2009 - PRESENT
    FP&A and Financial Modeling
    • Organized an additional training session in budget planning for the members of the Latvian Chamber of Commerce, as the main event was sold out.
    • Obtained a full house during a training session (financial modeling techniques in the corporate budgeting process) during the Global Training Camp, New York, Dec 2017.
    • Organized a private onsite training in financial modeling for a client in Qatar.
    Focus areas: Financial Training
  • CEO | CFO
    2007 - 2009
    Grenardi
    • Led the management team of the group in three countries (ten direct subordinates, 100+ indirect subordinates).
    • Expanded the company’s operations from 12 to 24 stores, more than doubling sales from 2007 to 2009.
    • Grew the company’s operations from the home country of Latvia to two other European countries (Estonia and Lithuania).
    • Secured bank financing of 2.3 million EUR and equity injections of 1 million EUR to fuel the expansion.
    • Developed a business turnaround plan that included tough cost-cutting in response to the financial crisis of 2008. By August 2009, the company was profitable again. As a result, the Grenardi Group came much stronger out of the turbulence times and became the #2 player on the market.
    • Built a purchase order forecast financial model. The model broke down each store's inventory down to individual product groups (a total of some 20-25 groups, e.g., wedding rings, yellow gold bracelets, silver rings, and so on) and allowed to calculate the required purchase volume so that the inventory turnover is kept within the optimal range for each product group.
    Focus areas: Financial Planning & Analysis (FP&A), Financial Modeling, Capital Raising
  • Loan Officer (Large Corporates)
    2005 - 2007
    Swedbank
    • Grew the loan portfolio from 0 to over 60 million EUR and client portfolio from 0 to more than 40 companies.
    • Performed a very thorough project evaluation and credit control, ensuring a 0% default rate for clients.
    • Won an internal competition for the bank's employees for up-selling the largest number (200+) of pension plans to his clients.
    • Analyzed, as a part of a larger team, the experience of other countries and potential risks, helping Swedbank to introduce a new credit product (long-term forest financing), allowing Swedbank to provide an additional credit product to the industry that contributes as much as 5.2% of the country's GDP.
    Focus areas: Bank Debt Raises
  • CFO
    2002 - 2004
    DT Mobile
    • Started as a financial analyst and then got promoted to the CFO role after a merger with its key competitor at the age of 21.
    • Developed the company’s budget and controlled its performance, ensuring an annual profit of more than 1 million EUR.
    • Led the company’s finance department composed of 5 direct subordinates.
    • Developed and launched a new personnel motivation system for 300+ salespeople in the company.
    • Took an active part in organizing two M&A deals—coordinated preparation of all the necessary information for the deal modeling process and for due diligence process, participated in negotiations with the sellers (in one deal) and the buyers (in the other deal).
    Focus areas: Financial Planning & Analysis (FP&A), Budgeting
Education
  • Master's degree in Finance
    2002 - 2004
    The BA School of Business and Finance - Riga, Latvia
  • Bachelor's degree in Finance
    1999 - 2002
    Stockholm School of Economics in Riga - Riga, Latvia
Certifications
  • Chartered Financial Modeler (CFM)
    JANUARY 2019 - PRESENT
    Financial Modeling Institute
  • Advanced Financial Modeler (AFM)
    DECEMBER 2017 - PRESENT
    Financial Modeling Institute
  • Chartered Financial Analyst (CFA)
    SEPTEMBER 2005 - PRESENT
    CFA Institute

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