Financial Leadership of T. W. Frierson Contractor Inc. Changes

As one Mike retires and a new Mike takes over the financial reigns of T. W. Frierson Contractor Inc., the firm is positioned for growth into the future with its financial capabilities and technology.

MikeDodson
MikeDodson

Michael W. Dodson, of Brentwood, chief financial officer of T. W. Frierson Contractor Inc., will officially step into retirement on April 30, 2015, after 24 years with the company. Already on board as of February 2, 2015, is Michael Melnyk, of Franklin, who becomes chief financial officer in his place.

Dodson came to T. W. Frierson in 1991 as controller after serving since 1981 as controller and, later, vice president and chief financial officer for Aladdin Resources Inc. during the time it developed a portion of MetroCenter in the heart of downtown Nashville. Promoted in 1993 to chief financial officer of T. W. Frierson, Dodson currently oversees the accounting and administrative staff, and has overall responsibility for financial reporting, tax planning and filings, budget preparation and risk management.

Dodson explains, “T. W. Frierson has grown from a $20 million general contractor to a $135 million general contractor in the 20 plus years I have been with the company. As long as the economy is solid, I would expect Frierson to continue to have substantial revenue growth, and accommodating the growth from an administrative and accounting standpoint will present challenges. Hopefully, the flexibility of our current software will help us with the increasing governmental regulation and reporting requirements. I believe having a younger more tech savvy CFO will be a major plus in addressing these new challenges and opportunities.”

Mike Melnyk
Mike Melnyk

Handling the everyday activities of his position has changed in the last 24 years. Dodson points out, “When I first came to T. W. Frierson, e-mail and the Internet were just starting to become widespread, and cell phone usage was in its early stages – a far cry from the current Smart Phone. Now each of our field superintendents has a laptop, and recently we implemented a new payroll mobile time card entry system. When I first came to TWF, we did not have a human resources manager or a network administrator, and today it is hard to imagine how we operated without these key functions. We have made two major accounting and project management software conversions—the most recent a conversion to Viewpoint in 2012.”

Dodson continues, “The need for accurate, timely financial information has remained consistent, but today’s technology makes meeting deadlines easier. When I came to TWF financial statements were being issued quarterly within 45 days of the end of a quarter. We now publish monthly statements within 15-20 days of month end. Cash is still King, just like it was when I was hired in 1991, and the treasury function will continue to be crucial. That being said, T. W. Frierson places emphasis on being fair to our subcontractors and suppliers. Getting them paid in accordance with contractual obligations is an absolute top priority. That philosophy is never changing.”

During his tenure, Dodson assembled a team of six accounting and administrative employees with over 60 years of combined experience with T. W. Frierson. Dodson compliments, “I’m proud of this group of employees whom I know will continue to do an exceptions job for TWF.” He adds, “In my 40 plus year career, I have worked for four companies, and they were all outstanding places to work, and each job was a positive experience. But T. W. Frierson is special in terms of their commitment to their employees. The Frierson family culture is real, and that is why so many employees who come to TWF spend their remaining working years here.”

A graduate of Indiana University with a bachelor of science degree in accounting, Dodson was employed for three and one-half years by Peat, Marwick, Mitchell (now KPMG) in Atlanta, where he obtained his CPA designation in 1976. He spent three years as a senior accountant with Munford Inc., a New York Stock Exchange corporation headquartered in Atlanta, before his move to Nashville in 1981. Dodson is a member of the local chapter of the Construction Financial Management Association (CFMA).

Dodson and his wife, Becky, have two sons, Bill and Ben. In his retirement, he has set a few goals: “lose 30-40 pounds, hike two hours per day, swim one hour per day each morning, and then play a round of golf in the afternoon.” He hopes to travel with his wife and sons as schedules allow, as well as go to estate sales, flea markets and auctions.

In his new position as chief financial officer, Melnyk is responsible for all accounting and financial reporting, tax, banking, bonding and financial strategy for the company and principals. Prior to joining T. W. Frierson, Melnyk had been a principal partner in the firm of Melnyk & Melnyk, CPAs, in Franklin, since September 2011.

After graduation from Purdue University with a bachelor of science in accounting, he became a certified public accountant in November 1995. He was employed in September 1996 by Crowe Horwath, LLP, in Brentwood, where he was audit senior manager with oversight of assurance engagements for companies in the construction, healthcare, manufacturing and distribution, and professional services industries. Melnyk is a member of the Tennessee Society of Certified Public Accountants and the American Institute of Certified Public Accountants.

Looking into the future of his career, Melnyk projects, “I think technology for sure will continue to evolve into a paperless environment. Most, if not all, of the processes in the disbursements, invoicing and cash receipts cycles that are currently being handled via a paper trail will be processed entirely electronically. Accounting software systems will continue to adapt to meet these needs. I can also see an increasing amount of processes being handles on a decentralized basis, as we currently are doing with respect to mobile time entry in the field.”

In his new position, he hopes to “develop and strengthen relationships with bonding agents, surety, outside lenders, audit and tax advisors.” He plans “mentoring of accounting staff to provide growth opportunities for current and future employees as the company also continues to grow” and to “look for ways to increase efficiencies through internal control improvements and system enhancements.”

Melnyk and his wife, Kendra, have a child, Madison, who is 11. Mike Melnyk enjoys spending time with his family, including going to the beach. In his spare time, he is learning to play guitar, plays tennis and enjoys listening to music, especially vinyl records.

Founded in 1958, T. W. Frierson Contractor Inc. is a family owned general contractor specializing in commercial, industrial and institutional facilities throughout the Southeast. The firm is dedicated to the ideals of honesty and integrity while providing quality construction services that exceed customer’s expectations. Emphasizing a team approach, T. W. Frierson Contractor Inc. offers general construction, design-build and construction management services, tailoring these programs to meet each client’s individual needs. The company is committed to providing customized, innovative and environmentally responsible solutions for all facility types, including new construction and renovations.

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