Can a Fractional CFO Return to Corporate?

Last week I posted a Q&A with Todd Serulneck on his decision to take a career path as a fractional CFO. At the end of our conversation, he flipped the table and asked me a futuristic question.

Is it possible to move back into a corporate role
after several years as a fractional CFO?

It is a great question, and I’m sure he isn’t alone in wondering whether it can be done and how challenging such a move would be. Here are a few of my thoughts.

Yes, I believe it is possible.

When you bring problem-solving value to the table, anything is possible for a company who needs your skill set … which today, includes soft skills. If anything, communication, relationship management, work ethic, creative problem-solving skills may even be enhanced during time as a “business-builder.”

What can happen with a fractional CFO is akin to those of a consultant … you don’t always get to see the results of your actions. Therefore, it is critically important that you …

Keep track of your measurable wins.

Words like “improving,” “increasing,” “decreasing,” and “reducing” are meaningless without context. This challenge isn’t exclusive to fractional CFOs. In fact, it is widespread among corporate CFO candidates. Keeping track of metrics matters, and using them in personal marketing documents matters greatly.In fact, it is almost impossible to compete without them.

While your financial acumen got you to the CFO seat, it is your ability to solve problems and deliver value that is most appealing to a prospective company who is facing seemingly insurmountable obstacles, dismal growth, and/or declining profits.

Don’t lose your sweet spot.

Companies rarely hire “jack-of-all-trades, masters-of-none,” these days. Rather, they are focused on specific skill sets and experience that a CFO brings and which it needs. Even as a fractional CFO, it is important to play from your strengths.

As paradoxical as it may seem, operating from your sweet spot and taking advantage of the ripple effect that niched positioning affords only improves a candidate’s compelling value proposition.

Be visible.

Whether building a book of business or conducting a job search, it is incumbent upon each CFO to create and maintain visibility among his targeted audience. That visibility and resulting relationships could be the difference between an easier – or – more challenging move back to corporate.

Let me know if I can help!

 

Copyright CFO-Coach 2018

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Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

Considering Becoming a Fractional CFO?

Lately I’ve seen an increase in the “fractional CFO” space. Such a career track might appeal to Finance Chiefs who have been unemployed for too long or are sick of 80-hour weeks or feel they are ready to do something different.

That led to my conversation with Todd Serulneck, Managing Director of the Charlotte officeof AcuityCFO. Todd found me on Linkedin and reached out to me. We scheduled a time to talk and it quickly turned into a Q&A that yielded some very interesting information.

Cindy: How did you land in the fractional CFO space, Todd?

Todd: My career was spent in retail, and my last corporate role was as CFO of the Eastern Seaboard Division of Walmart. During my last year with Walmart, I began searching for a new position with the understanding that a year was normal for conducting a CFO search. Ultimately, I left my job with Walmart and continued looking for another 6 months. However, there is no shortage of finance talent in Charlotte, NC, and I did not want to relocate.

At the time, mid-market companies were being acquired, not created; I would need to relocate to find something that was a good fit; and given CFO tenure, would probably be looking again in 3-5 years. None of those sounded good to me.

While attending an ACG conference, I encountered a colleague who was operating as an independent fractional CFO. I began investigating that career path, found a fit with Acuity, and established its office in Charlotte.

 Cindy: What are some factors that played into you deciding to join forces with an established CFO services company rather than going independent?

Todd: There are many reasons, including these …

– I am no longer “working myself out of a job”
– A book of business was already established
– Back office support along with a sales & marketing team
– The availability of ongoing training, peer support, and technology
– The ability to scale my business

Cindy: What’s the down side, if any?

Todd: Compensation is the big one, but the flip side is freedom. I have two young children and have been able to attend every single one of their events over the last years, something I could not have done as a part of the corporate world.

I’ve been with Acuity for 3 years and am just now seeing the fruit of my efforts. For anyone seriously considering fractional CFO as a career path, I recommend at least 1.5 years of income tucked away as a safety net because it could take 3 years to realize income.

For that reason, this is a journey that requires a long-term vision. You can’t do it short-term and expect to generate much, if any, return on your investment.

Cindy: What is the difference between searching for a new job and searching for new clients?

What I came to realize is that both job searching and starting a fractional CFO practice require unique skills sets. From my perspective, a job search requires skills that must be learned and can become outdated every 3-5 years. I utilized a career coach and highly recommend engaging one if you intend to conduct a CFO search.

Starting up a fractional CFO practice requires the ability to sell, market, and interact with clients. Basically, it is the old adage … if you don’t kill, you won’t eat.

Then Todd flipped the tables and asked me a very interesting question … which will be the subject of my next blog post. Stay tuned!

 

Copyright CFO-Coach 2018

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Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

Is That Job Offer in Writing?

Do you remember the days when one’s word and a handshake could seal a deal, and to not honor it would cast a deep, dark stain on your character? Me neither … although I have heard the stories. Today it is all about written, binding contracts and lawsuits that keep lawyers happy and well-fed.

Today, our words are often empty and meaningless, albeit … polite. And as a result, there is another kind of story taking over that while casting a dark stain on a company, they rarely care. This new story involves a verbal job offer that is rescinded or revoked before the proffered start date.

Words and a handshake of agreement have little to do in our world today. And they have absolutely nothing to do with a verbal job offer. Unless that offer is in writing AND signed, it is merely words that may or may not be retracted at any time no matter how sincere you believe the intent.

It is sad that our words mean so little today. For example, have you ever …

— told someone you would call them back with a decision … but did not? This is a point of great contention with my CFO clients and recruiters.

— agreed to pass on someone’s resume … but did not? You may have had the best of intentions, but it is still buried somewhere on your desk because you are busy solving challenges that have taken precedence.

— offered to make introductions to folks in your network … but did not? This is one of the best ways to cultivate relationships, so not following through can prove disastrous to your future networking efforts.

I think we can all probably remember a time when we acted contrary to our words, even when we had the best of intentions at the time. Sometimes we even say things to be nice or polite but have no intention of doing what we said. That becomes a very big deal when believing a verbal offer means something it may not.

Nick Corcodilos has written a couple of articles (here and here) about this disgraceful situation, which no one in our industry, and I’m sure no jobseeker, wishes to see become a trend.

Two pieces of advice …

Don’t think a verbal offer is iron-clad.Unless you have a written, signed offer which you have also signed and accepted, all you have are words. Don’t confuse the two.

Don’t put in your notice unless and until you have accepted and returned a written, signed offer.

It’s sad that we so often do not say what we mean and mean what we say. If you’ve got a verbal offer, don’t celebrate prematurely. Get it in writing and when it is signed, sealed, and delivered … then, celebrate! When you are done celebrating, update your resume and your Linkedin profile!

 

Copyright CFO-Coach 2018

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Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

The CFO of Today and Tomorrow

Although this article from Laura Miles at Bain & Company was written a year ago, I think it quite accurately address the challenges CFOs face in maximizing value for their companies.

These points also translate pretty well to a Finance Chief’s secret weapon in marketable positioning when he decides it is time to move on to a new opportunity. This summation by Ms. Miles …

Only after you determine where to excel, understand your starting point and lay plans for closing the gap can the finance function be the strategic partner it needs to be.

… lays the groundwork for compelling C-A-R+SI stories for value positioning. Challenge – Action – Result + Strategic Impact. What challenges, problems, situations, issues can / have you solved; how; what are the measurable impacts to the bottom-line; and how have your efforts strategically positioned the company?

Understanding what you love doing, do well, and want to do more of in your next role fosters the self-awareness of your unique problem-solving abilities within your sweet spot. You can then articulate your value through the lens of solving problems and adding value to the executive team of prospective companies.

Oh, there are shortcuts …

— focusing on duties and responsibilities because that is a comfortable paradigm requiring zero effort;

–  using impacts, even measurable impacts, but with no context for the reader to understand the associated problem-solving capabilities; or

– creating marketing documents (resume, Linkedin profile, cover letters) that are so superficial in nature that any true ability to add value is not readily apparent.

However, when competing for those coveted, and limited, Chief Finance Officer roles, making sure you understand your value increases …

– your opportunity to win that strategic partner position in a right-fitting company; and

– that company hiring the exact, right candidate because it clearly understood – and needed – your problem-solving skills.

It’s a win for all sides!

 

Copyright CFO-Coach 2018

***********************

Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

Job Search is Like Sales, Sort of …

A recent post on aggressive salespeople and the many across-the-board responses caught my attention. Perhaps because of the endless sales emails and phone calls I receive for products and services that have absolutely nothing to do with my business, push salespeople qualify as one of my pet peeves.

It also got me thinking about how similar being in a job search is to being a salesperson. For example …

It Requires Persistence

While other salespeople might appreciate persistence to the point of being annoying, most of the people CFOs will be reaching out to probably hold a different, and less patient, view. “No thanks” means exactly that, and pushing your unwanted and unsolicited agenda will not work in your favor.

This is where a correct mindset of job search really comes into play. While you are ultimately seeking a job, your first and primary goal is building relationships and visibility around a target audience who is in a position to hire you. So be persistent … just be persistent in the most effective way.

Building Relationships is Key

Pushing yourself, your product, or your service at someone with whom you have no relationship has a high potential to fail. The fundamental business rule that people do business with people they know, like, trust, and value is a key component to effectiveness.

Chief Financial Officers don’t have much “spare” time, which is why networking needs to become an appointment on a very busy calendar and one that you choose to keep. It will yield a greater ROI when it comes time to search for that next, right-fitting position.

Recommendations garner higher (much higher) interest among potential employers than cold-calling ever will. So don’t pitch … build!

Always Speak to the Need

Really good salespeople get this concept. Conversely, the dime-a-dozen emails and phone calls from the other sales sector are really nothing more than spam. Every savvy job search candidate, whether active or passive, needs to understand the importance of being a problem-solver who can clearly articulate his ability to solve the specific kinds of problems a company is experiencing.

Your value to a company is rooted in your problem-solving abilities, and you will be most effective when your messaging always flows from that place of value.

– Persistently build your network and visibility
– Get a recommendation to ge in the door, and
– Speak to need

and you will be well on your way to effectively selling yourself without alienating your prospects.

 

Copyright CFO-Coach 2018

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Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

When Seeking a CFO Position …

… it isn’t necessarily over when you think it seems to be over.

What I mean is that there a couple of factors at play that, despite not being selected initially for a job you want, could mean the position may come into play again in the near future.

Take for example, the story about Louisville University being forced to restart its CFO search. One week before he was supposed to begin, the newly-named CFO decided not to take the job. A strong runner-up candidate, who took the extra steps to stay on the search team’s radar while reiterating his interest in the position, could be the obvious choice following a less than positive – not to mention expensive – hiring decision by the company.

The other factor is the incredibly high executive fail rate within 18 months of hire. Depending on who is doing the survey, that statistic is anywhere from 40% to 70%, with 5% failing spectacularly. While those stats can be mind numbing and frightening, the flip side is that they also present a second potential opportunity for a position with a company that is (or was) on your “crème de la crème” list. But, it requires nurturing those relationships with key decision-makers within that company so you are top of mind if/when things with its new CFO hire begin to spiral.

And finally, your position – unless it is your last before retirement – really only means you are currently not in active job search mode. In a perfect world and with good career management habits solidly in place, it would also mean that you are, always, in passive job search mode as you anticipate a smooth transition into your next dream position. Passive job search mode means you are executing two key strategies constantly and consistently … fostering a network (as opposed to growing a rolodex) and building your visibility among your targeted companies. Being pursued for your next opportunity puts you in a much greater position of power when it comes time to negotiate your compensation package.

It is the last day of January … how is your job search going?

 

Copyright CFO-Coach 2018

***********************

Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

The CPA and Other Finance Credentials

Does a CPA matter? What about a CMA? Or, the relatively new CCFO? Do any of them make you a better Finance Chief? That … is the age-old question and continuing debate. New year … same debate. See my 2010 and 2012 blog posts.

On one side of the table are the companies and CFOs who hold credentials. On the other side, are the companies and non-credentialed CFOs. I think the difference today centers on the evolving role of the Chief Financial Officer. With the continuing CFO sprawl (the Chief Financial Officer becoming the Chief Everything Officer or the Chief the-Buck-Stops-Here Officer) and being a strategic leader who sits at the executive table with deep involvement in all aspects of operations … does holding a CPA matter as much?

Having worked exclusively with finance leaders for almost 10 years, I have my own thoughts. And although they are unlikely to influence one side or the other, this seems to be the bottom-line …

What matters most is what your target audience believes they need and therefore wants.

If you are looking to make a move in the upcoming year, it is critically important to identify your target audience. If you don’t have a CPA but you are targeting companies who all “require” a CPA candidate, it is going to be a longer-than-usual, even more frustrating search. It is possible, some of my clients have breached that requirement, but it requires having such compelling problem-solving value that a company is willing to look past their own requirement.

At the risk of being redundant …

— Leverage your branded, problem-solving value.

— Identify who needs what you bring to the table.

— Play in that space.

— Build & nurture a strong network.

It is a new year, and I wish you all the best. If I can help you achieve your career goals in 2018, give me a call. I would be happy to help.

Copyright CFO-Coach 2018

 

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Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

3 Reasons NOT to use Resume Templates

Last week I saw comments by the CEO of Linkedin about the evolution of resumes. He is right that resumes are changing. Actually, they have been changing for a good 10 or so years with a clear focus on the ability to solve problems and deliver impacts rather than duties held and responsibilities performed. But …

A few days later, I saw that Linkedin and Microsoft have joined forces for a new Linkedin feature called “Resume Assistant.” DING DING DING! Perhaps Linkedin’s CEO had a bit of an agenda in mind when he made his resume comments.

Despite the fact that I hate resume templates, that is the first of my 3 reasons I would advise my CFO clients not to use this feature.

I hate resume templates

And most recruiters can spot them a mile away. All a resume template does is make you blend in rather than stand out from the competition. In this competitive job market, it is imperative to differentiate yourself from other candidates. What is different about how you, as a Finance Leader, solve problems and deliver impacts speaks directly to the challenge a company faces in hiring for culture fit.

Additionally, most templates do not allow you to use strategy to drive format. Rather, the templates are often format driven relegating strategy to second place.

Passive candidates are in high demand

When your resume is posted, the message – intentional or not – is that you are in active job search mode. Even if you are, advertising that can dilute your negotiating power. The perception is that something seemingly unattainable or hard to get is much more prized, valued, and desired.

My #1 reason for advising you to NOT use this template is …

If your resume is front and center on Linkedin (or any other public job board for that matter), there is no reason for a recruiter to pick up the phone, discuss his job requisition and search, give you an opportunity to articulate your value message, and ask for your resume. If you give them your resume upfront, the conversation may never take place. As a candidate, you want that conversation!

 

Copyright CFO-Coach 2017

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Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

The Challenging C-Level Job Search

It can take 9-12 months to find that next right-fitting position … are never words my prospective Finance Executive clients want to hear. However, setting up realistic expectations ultimately translates to less frustration and impatience during what can be a very long and challenging journey.

Recently I participated in a conversation on Facebook that spoke directly to this issue. The original post noted that on average, it takes 42-70 days to fill a job vacancy. That comment quickly turned to the length of a C-level search.

This conversation again points to the wisdom of starting an executive job search well in advance of wanting or needing a new position. In fact, recognizing that being employed only means you are between searches is the key to executing good career management habits and facilitating smoother transitions.

Whether your search takes 4 months, 6 months, or 12+ months, there are a few things you can be doing while you are still gainfully and happily employed and thinking about your next career step.

Remember that finding the right fit takes time.

Attracting recruiters and companies who need what you bring to the table and are willing to pay, and pay well, to get it takes intentionality … and time. If you are considering making a move within the next 12-18 months, it is not too early to begin the process.

The pursued has the most power.

When you are being pursued (vs. doing the pursing), you occupy the power position in compensation negotiations. Make sure your marketable value message is compelling and visible to the companies and recruiters who need to know about your career contributions and impacts so they can find you when they need a CFO with your talent.

Balance is key!

The best Chief Financial Officer positions are rarely found on public job boards. Executing a balanced search plan that includes a strong network, visibility among your target market and recruiters, and a proactive campaign aimed at companies on your hit list will garner much better results than a search plan that consists primarily of forwarding your resume to blind ads.

When you have the luxury of time, you can afford to wait for that right-fitting opportunity rather than make a choice out of desperation that may or may not be the right fit.

 

Copyright CFO-Coach 2017

***********************

Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

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3 Keys for Navigating the Job Search Maze

Have you ever been, or even felt, utterly lost?

A few years ago, 2011 to be exact, I was headed to Phil Campbell, Alabama to help following the E5 tornado that devastated that town. Having never been there before and being incredibly directionally challenged, I was completely dependent on my GPS to get me there. Unbeknownst to me AND apparently my GPS, I was following the path the tornado took and several of the roads I needed to travel were blocked by downed trees. I was horribly lost. A gas tank that seemed to be leaking fuel only enhanced my feelings of panic. I was alone and I was lost and I was panicked – not a good combination when faced with trying to resolve a perceived threatening situation.

I know, because my CFOs tell me, that sometimes the job search can evoke the same sorts of feelings. Maybe not all three and maybe not to the extreme, but especially men who hold the breadwinner perspective and have families to support can and do struggle when it comes to participating in the ugly and confusing world of job searching that is often full of either rejection or silence.

Here are 3 keys for combating those negative feelings should any of them rear their ugly heads.

Alone

Navigating the job search maze alone can be overwhelming, especially when there is no objective voice bringing balance to a challenging journey. Even a supportive spouse or family member, when faced with a longer-than-anticipated search, can begin to doubt the wisdom of searching.

The truth is, especially at the C-level, the search is almost always longer than it could/should be. There are only so many Chief Financial Officer positions and companies are terrified of making a costly wrong hire.

Be sure your support system is solidly in place for the long haul.

Lost

How to actually conduct an effective job search is often a mystery to my Finance Executives. They have spent years immersed in doing their jobs with great loyalty to the companies and teams they have helped lead, so when it comes to identifying their next opportunity, they can be at a loss.

At the senior level, the job board black hole is not your friend. Despite how easy the boards seem, the posted position game is neither easy nor particularly effective.

Navigating the job search maze requires a balanced plan that is both proactive and passive … networking and creating visibility among your target audience.

Panicked

My panic was born of having a plan that did not allow for contingencies. A paper map, while maybe not being extremely helpful, would have helped me get my bearings.

Panic (or worry or fear or anxiety) can set in when we don’t have a plan, or a plan that is flexible. If your sole strategy is playing the posted position game or posting something like this on Linkedin …

“looking for my next meaningful CFO role”

… something akin to panic is a likely outcome when weeks turn into months and you find yourself lost in the silence that is too often a big part of the job search process.

Create a balanced, flexible plan that plays to the things you do well and will commit to doing, and then execute that plan consistently and constantly … and start well in advance of when you would like to make a move.

I did, finally, get to Phil Campbell, and it was an experience I am not likely to ever forget! Sometimes the best thing we can say about a difficult journey is … there is often great room for growth in the midst of it.

 

Copyright CFO-Coach 2017

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Cindy Kraft is the CFO-Coach and America’s leading Career & Personal Brand Strategist for Corporate Finance Executives helping clients understand their marketability, articulate their value, and position themselves as the clear and compelling choice. She is a Certified Reach Personal Brand Strategist, Certified Reach Online Identity Strategist, Certified Career Management Coach, Certified Professional Resume Writer, and Job & Career Transition Coach. Cindy can be reached via email Cindy@CFO-Coach.com, by phone 813-727-3037, or through her website at www.CFO-Coach.com.

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