(taken from the Jan/Feb 2005 issue of On Balance magazine)

Danica Olson, CPA: Going the distance
By Amy E. Gaeth

 

Show up for any run in the greater Milwaukee area, and you’re likely to see Danica Olson at the starting line. Attend a professional event and the air is energized with her spirit and determination. This Waukesha CPA has her eye on more than just the finish line, she remains a true believer in the spirit of success.

Olson, 33, goes the distance in her professional life, as well. She not only has helped lead a small medical equipment manufacturer into the global marketplace, she has participated in Wisconsin’s largest trade mission to China and served on the board of Milwaukee’s World Trade Organization.

With more than 11 years of experience working in manufacturing, retail and banking, Olson was presented with an opportunity to join Dai Shin Technologies in 1999. She was to develop an accounting operation from the ground up, travel the globe to pursue new business opportunities, and plan the financial vision of a startup company.

 

Dai Shin designs and manufactures products for the pulse oximetry market and medical industry. The company was launched in 1997, and has matured into a profitable enterprise with projected sales of $3 million in 2004.

Rising health care costs provide a major opportunity for Dai Shin. “The bottom line is that health care costs are going up. Hospitals are looking for lower-cost items and we are continually searching for new ways to meet our customer’s needs,” Olson said.

In order to meet the challenge, Dai Shin has developed a base of manufacturing and material supply in the United States and mainland China, managed under its ISO 9001 compliant quality system. “You really need to be in China on a regular basis to manage manufacturing and suppliers effectively,” Olson said.

Dai Shin continually faces new logistical and cultural challenges. Olson’s experience has expanded to material purchasing, inventory management, international logistics and import/export regulations. “Her focus in these areas is critical to closing sales, controlling costs, and meeting the bottom line,” said Louis Mainiero, president of Dai Shin.

There are language barriers too, Olson said: “A lot of people know conversational English in China. We’d like to know conversational Chinese to know how to say, ‘Hello how’s your family?’”

Beyond managing her company’s bottom line, Olson keeps a quick pace internationally. She recently accompanied Gov. Jim Doyle on the trade mission to China in March of 2004. Olson met with hospital owners, doctors and various medical equipment distributors while in Shanghai and Nanjing. She said the Chinese health care system is experiencing a transition and Chinese health care representatives were very interested in new developments, such as a fetal oximetry device. Fetal oximetry is a new technique for measuring a baby’s blood oxygen level during delivery.

Dai Shin Technologies was pleased with the interest generated in the oximetry sensors and several other products. As a CPA and representative of Dai Shin, Olson discussed products and pricing with potential customers. She also brought back proposed changes in Dai Shin’s structure to enable the company to continue to be competitive in China.

Olson toured Nanjing with Doyle and the vice mayor of that city, and got to know Wisconsin’s secretary of workforce development, secretary of commerce and the governor’s press secretary.

“I had the opportunity to sit at the dinner table with people that I’d never meet in any other scenario,” she said. “I was on a level playing field with other leaders of the Wisconsin business community. 

Olson stays on the move when her workday ends. Her international experience has landed her a two-year term on the Board of Directors for the Milwaukee World Trade Association, where she serves on the Education Committee. She also has been teaching accounting at the University of Phoenix-Waukesha campus for two years.

When mentoring her students, Olson stresses the importance of the CPA designation: “We work in a prestigious profession,” she tells her students: “If you don’t have your credentials and you come to me for a job, I’m going to ask you, ‘Why didn’t you get your CPA license?’ What’s your answer? ‘That you were too lazy to study for the exam?’ If so, you’re not the person I want to hire.”

Olson is also actively involved in other WICPA initiatives, including speaking at the High School Educators Symposium and participating in the AICPA’s Young CPAs Program. She is also recruiting young CPAs to join and get involved in the WICPA. “We’re going to set up a captains program where we try to get one member from each firm to be the captain. Their job is to promote the WICPA’s networking activities, continuing education programs and volunteer opportunities,” she said.

Olson participates in 5K runs to benefit local charities. She has organized a corporate team for Al’s Run for the past five years and volunteers at Riverwalk, a 5K walk to support the Pro Health Care’s Center for Breast Care at Waukesha Memorial Hospital.

Olson and her friends have also started a gourmet cooking club which meets on Sunday afternoons. The club has 10 members who make meals from around the world. No doubt Olson is a good source for international cuisine, given her travels and interests. 

 

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