David W. Whitwell

Providing CFO services and Business Transition Services in the Greater Philadelphia area


About David

David W. Whitwell

West Chester, PA CFO

29 Years of Experience

Direct Contact


office 610-675-4474


Pennsylvania State University,BS

Lehigh University, MBA

Certificates & Licenses:



Philadelphia Chapter FENG

Contact David Whitwell 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™

David’s Bio

David is an operationally focused financial executive with twenty five years of broad financial, accounting and management experience helping companies grow, improve profitability and increase cash flow. David has been the CFO for small entrepreneurial companies (Circa Heathcare, Dynatech, Locus Pharmaceutical and Onpath Technologies), small public companies (Clean Diesel Technologies Inc) as well as Divisional CFO for large multi-billion entities (Primedia in NYC). He was Manager of Finance with Schering-Plough, and he started his career with Ernst & Young in public accounting. David has a diversified range of industry experience including biotech/pharmaceutical, alternative energy, technology, media/publishing, consumer products, distribution and manufacturing.

David's broad and diversified experience is complemented by his high energy and persistence, a positive can do attitude and a genuine enthusiasm for helping his clients succeed. He focuses on the financials so his clients can focus on the rest of their business.

David's strengths include a strong analytical and problem solving ability, effective communication skills, business process enhancement and cash flow improvement. He prides himself on being able to effectively develop, summarize and communicate financial information to non-financial managers. Some areas of expertise include:

  • Budgeting and Planning
  • Strategic Business Plans & Start-ups
  • Fund Raising including Bank and Venture Capital
  • Cost Reduction & Restructuring
  • Staff Development & Internal Controls
  • Operational & Financial Analysis
  • Acquisition & License Negotiation

Experience and Key Achievements

During the last fifteen years David has developed new strategic business plans for mature businesses as well as start-ups and new cutting edge technologies. He has prepared board and investor proposals for many forms of capital raising including venture capital, bridge loans and bank financing. He recently arranged a $2M line of credit for turnaround technology company. David has also managed the process of listing on the Alternative Investment Market (AIM) of the London Stock Exchange as well as completed several private placements and bridge loans. He has negotiated debtor-in-possession financing and sold operations to a private equity group.

David has been involved with evaluating and integrating numerous acquisitions during his career. He recently performed the business analysis and financial/legal due diligence to justify an $18M technology company acquire an $8M start-up. He coordinated the financial, accounting and system integration of 3 acquisitions in 12 months that increased a division's revenue from $35M to over $100M. He has participated in world wide license negotiations for patented new technologies and drug licenses as well as a manufacturing agreement to build a new $45M manufacturing facility. David has performed dozens of capital investment analyses.

David has performed many activity based cost analyses for companies to help them identify low or poor performing business segments or product lines. He helped a struggling clinical biotech transform into a revenue generating discovery organization. In addition while working with the management of a manufacturing company, several under-performing product lines were identified and eliminated, minimum order quantity raised and the selling price increased on key products, resulting in 6% profit increase with minimal revenue decrease. He also identified and implemented a six month $5M cost reduction plan to right-size another company's operations.

Education and Community

David has a B.S. in Accounting from The Pennsylvania State University and an MBA from Lehigh University. He is a CPA and also was a certified management accountant.

David resides in Garnet Valley, Pennsylvania (between Wilmington DE and Philadelphia) with his wife and two children. He is active in the community volunteering at his children's school and sport's teams.

Contact David (610) 675-4474


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CFO of the Year


David Whitwell is a member of the B2B CFO Partners network, which places financial executives in short-term assignments, typically with emerging and middle-market businesses. During a current assignment as acting CFO of Blue Bell-based Ansaris, a division of Locus Pharmaceuticals, Whitwell helped the then-CEO transform the business from a non-revenue-generating clinical company into an R&D business with sales.

Whitwell’s responsibilities since joining Ansaris in 2008 include working with the CEO on long-term strategy and general strategic and operating issues, including cash flow, board meetings, new business plans and infrastructure and operating expenses. He uses information about revenue and profits and losses to help guide a long-term strategy for the company.

Whitwell got high marks from Ansaris CEO Joan Lau for his assistance restructuring the company to focus on its scientific strengths and cost reduction.

“David is not only an excellent strategist, he has adapted seamlessly into our organization in a way that is very effective,” wrote Lau in her nomination. “Importantly to me, he provides me his opinion, counsel and recommendations on the pros/cons of any decision, and then after a decision is made, supports the implementation of the decision fully. He works both with management as well as scientists with ease, and many come to him for advice/counsel before making proposals to senior management.”

— Valerie Rubinsky

Recent Articles

What’s the difference between a CFO, Controller and a CPA?

I often hear from Business owners or CEO’s “my CPA does that” or “I have a good controller”. In today’s specialized world would you want a CPA who has been preparing tax returns for 25 years developing your strategic plan or projecting your cash flow or analyzing a new business line or potential acquisition? But what’s the difference between a CFO, Controller and a CPA? How successful will the controller be in customer profitability analysis and implementing internal controls if their

May 3David Whitwell

Measuring Productivity

May 3David Whitwell

I was recently asked by another business owner as to what is “the best way” to measure employee utilization or productivity in his business.  In my opinion measuring utilization is the most important strategic metric in the service industry for companies that are engaged in providing IT, engineering, legal, accounting and other service focused work. As a partner at B2BCFO I get the opportunity to work as the CFO with many different companies across multiple industries and this topic seems

Disclosing Financial Information to Employees

As an “on demand CFO” I work with a lot of small companies across various industries.  When talking with business owners and CEOs they often struggle with whether to present financial information to all employees and then how much financial information. A recent Blog by Kevin Daum “10 things Really amazing employees do” ( http://www.inc.com/kevin-daum/10-things-really-amazing-employees-do.html) highlights the importance of financial awareness of employees and the positive impact it can have on the success of a small business. 1. Enthusiastically Learn

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What are you doing to grow your business and increase your profits for this year?  Now that you have your plan finished what can and should you be doing to position your business for greater success.  Rieva Lesonsky in Small Business Operations writes “small business “to do” items for the year” (http://smallbiztrends.com/2013/01/small-business-to-do-items-new-year.html).  She mentions 5 worthwhile suggestions: 1. Get Up to Date on Technology Assess what you have, figure out what you need and determine how to afford it. You

The fiscal cliff and uncertainity for the small business

Now that we have survived the end of the Mayan world and are heading  towards the end of the fiscal world and over the fiscal cliff I continue to think about the potential impact to small business owners.  A recent post by Catherine Clifford makes several good points.   In her blog  “Business Owners Want Fiscal-Cliff Deal for Customers”  ( http://www.entrepreneur.com/blog/225339)  she reminds us that: Ninety-seven percent of small businesses make less than $250,000, roughly equivalent to 32 out of 33

Dec 1David Whitwell

Year End Reveiw and Paying Some Taxes

Dec 1David Whitwell

As I start the planning process for the next year, I try to allocate sufficient time to review the current year to date results. With several of the small businesses I am an on demand CFO at, several common issues keep coming up. Business owners are being advised by their accountants, tax preparers and collogues, to increase spending at year end so as to lower taxable income and the amount taxes owed. While I am all for paying lower taxes,

WestChester Doctor develops succesful business

Debra Kimless-Garber, a good friend and former client has received some well-deserved attention and recognition for her growing business in the West Chester area. Elizabeth Wellington, Philadelphia Inquirer Fashion Writer describes the innovative products created in “Mirror, Mirror: ‘Like contact lenses for breasts’ A W. Chester doctor has created Breast Shapers, which offer women a natural look.” (click here to read the article) “Debra Kimless-Garber, a breast cancer survivor, wants to get this straight: Breast Shapers should not be confused

Is it all about the Economy or Cash Flow?

As I listen to all the media talk about the upcoming election being “all about the economy” it reminds me that in business it is “all about the cash flow”. In this economy whether it is a technology start-up, service business, a growth company or a small manufacturer, every business owner is concerned about his or hers cash level. Do I have enough? How can I get more? Yes, sales growth and market share are important, and obviously profitability is


Large companies employ top executives in sales, operations and finance. They provide the strategies and management expertise required to bring in customers, competitively produce the firm’s products or services and provide the financial management and planning required to maximize the firm’s profitability and growth. Small and mid-market companies also employ top sales and operations executives, but not financial executives. The majority have bookkeepers or controllers who process financial transactions and generate financial reports, but who cannot provide the financial strategies

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Morgan Stanley Smith Barney has announced a new national alliance with B2B CFO®, the largest CFO services firm in the United States. This agreement provides an innovative blueprint for a coordinated effort to meet both the corporate and personal wealth management needs of privately held businesses and their owners. The relationship, formalized through Morgan Stanley Smith Barney’s Professional Alliance Group, allows B2B CFO® to refer clients to Morgan Stanley Smith Barney and is the exclusive alliance of its kind for