The foundation of the permanent part-time CFO industry is delivering high impact results to start-up, emerging, and medium-sized companies with sales up to $50 million. Most of these companies cannot afford a full-time CFO, but they could benefit significantly from the perspective of and value-added from a senior level executive like a CFO. Here are a few of the benefits I have discovered since joining this industry:
GREATER STABILITY THAN FULL-TIME CFO AND EXECUTIVE ROLES
The statistics on C-level job turnover and time between jobs are staggering. With slightly varying results, most would agree that the average tenure of a CFO Career is less than 3-4 years with an average of 6 months between CFO roles. One thing is certain - gone are the days of loyal and diligent service to one employer for an entire career.
With so much uncertainty in the job market, the stability and security that traditionally came from one paycheck have become uncommon. Even if you are the best CFO, turnover and time between jobs will come from mergers, acquisitions, and a host of other unpredictable and unforeseen reasons.
Stability and security have found a new structure, one that our industry personifies. You see, with "paychecks" coming from five to twelve different and un-related companies (that's about how many clients I serve concurrently), my concerns about the financial impact of job turnover and time between jobs has quickly dwindled. I now enjoy greater stability and job security than I did when I held full-time executive positions earlier in my career.
HIGH AND SUSTAINABLE EARNINGS
Depending on my own efforts and commitment, this industry can afford me a level of earnings equal to or potentially in excess of one full-time executive job. I have been able to build trust-based and long-term working relationships with my clients, many of whom have been with me for almost as long as I have been in this industry. Hence, my earnings potential is sustainable.
PROFESSIONAL FULFILLMENT AND SATISFACTION
The entrepreneurs, CEOs, business owners, and founders of most businesses often do not know what they are missing until they hire a part-time CFO. Once they do and their CFO does a respectable job for them, they often value their background more than a full-time employer. There is nothing like knowing that I have been able to make a significantly positive impact for my clients, and then having those clients thank me for my knowledge, wisdom, expertise, and skill. Adding value far beyond my cost in a market that has so many un-served needs provides me with a tremendous amount of fulfillment and satisfaction.
COMMAND OF FUTURE
The decisions and practices of others can negatively impact anyone at any time, often without warning. In addition, many may be tempted to do things with which they disagree or that are contrary to their values when they feel financial pressure. The diversification of my sources of income have empowered me know I control my future more than anyone else, and the decisions of others will have very little impact on my income and values.
OBJECTIVITY
Income from many clients, not just one employer, increases my objectivity. My personal agenda and priorities take a back seat to the best interest of my clients and I work to serve their interests above my own. I am more willing to have a "tough" conversation with the CEO or owner of one of my clients because it is the right thing to do, regardless of how it might impact me personally.
I have found that my clients appreciate this about my ability to approach them in this manner, and they often look to use and implement more of my advice than some prior full-time employers. One of our CFOs was recently in a board meeting with a new client when the chairman of the board looked past all of the other executives and managers and asked our partner: "You work for many companies in many industries and have an objective opinion of things. What do you think we need to be doing to improve this company?"
FLEXIBILITY
No matter their personal and professional priorities, those committed to this industry enjoy more time flexibility than most other one-employer jobs afford. I control my schedule and can easily include as much or as little vacation, personal, civic, religious, and other time as I want to complement my professional responsibilities.
RESPECTABLE CAREER IN A GROWING INDUSTRY
The part-time CFO industry has grown and developed tremendously in the last twenty years. This is no longer an industry defined by CFOs who try to get a few clients until they find a full-time job. There are many professionals in North America that have dedicated their entire careers to this industry and who have established or are in the process of establishing a long-term clientele.
Bankers, attorneys, CPAs, investors, and other professionals respect this industry and the value-added to businesses. In fact, they are often a major source of our referrals. Knowing that the future of the economy is primarily based on innovation and entrepreneurs who commercialize that innovation into thriving organizations, I know that our impact is significant and that we have the respect of all who understand what we do.
POTENTIAL RISKS
This industry is not without potential risks, which include professional liability and lost time and resources learning how to best market, sell, and service clients. An additional risk is the tendency most in this industry have to base their entire income only on their own billable time without opportunities to leverage their efforts into additional income.
Joining the part-time CFO industry has been a rewarding career choice for me in accomplishing my goals and objectives. I encourage anyone who is interested in this industry to learn more and consider these benefits and risks along with the additional benefits that part-time CFO firms offer.
The role of part-time CFO is more common than ever, and it appears the CFO services industry is poised for a lot more growth. Why? Most start-up, emerging, and medium-sized companies have a need that is uniquely filled by seasoned finance executives who work for multiple companies concurrently. The services are affordable and the value added is both tangible and significant. With this in mind, I want to mention the three main mistakes organizations and companies make when they consider hiring a part time CFO.
WAITING TOO LONG
The right time to hire a CFO consultant is a function of three variables: complexity, steepness of growth/shrinkage curve, and size. When it comes to complexity, every business reaches a point where no one person, even the founder or CEO, can keep all of the details of the business in their head. This requires the development of systems and infrastructure to empower the leaders and mangers of the company to make the right decisions. A qualified CFO has dealt with much more complexity in their career, and building these reporting and tracking systems and helping management make the right decisions should come as naturally to them as riding a bike.
LACK OF EXECUTIVE VOICE AND INFLUENCE
Let’s be clear about who should fill the Part-time CFO Career. This person should have formal education (with graduate education and/or professional certifications preferred), more than a decade of hands-on senior-level executive experience, and have access to tools, resources, and networks that the existing management team does not have. The decision to bring a qualified person on board should be coupled with a commitment to empower that individual to add as much value to the company as possible. They should be included in all major business decisions and they should be sharing thoughts and advice regularly on how to improve the company as whole.
SHORT-TERM RELATIONSHIP ONLY
When a new employee begins their job, research says that their most unproductive time will be during their first three months. Their value contribution increases with each day of on-the-job training and experience. Hiring a part-time CFO is no different. Once they learn the business and build the relationships needed to effect change they become increasingly valuable to the company. Hiring a part-time CFO on a temporary basis will have “flash-in-the-pan” results – it will look impressive and even make some loud noise, but it will most likely not have a long-term impact on the business. In almost all instances a permanent part-time CFO will create the most sustainable value for the business.
CONCLUSION
Can accounting and finance really add strategic value to the business, or do these functions play solely a role of compliance? With a permanent part-time CFO, many business owners are experiencing a decrease in anxiety and an increase in success.
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