Job Search | CFO Coach

Can a Fractional CFO Return to Corporate?

September 4, 2018 by Cindy Kraft, the CFO-Coach

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!

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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?

August 29, 2018 by Cindy Kraft, the CFO-Coach

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!

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Is That Job Offer in Writing?

July 17, 2018 by Cindy Kraft, the CFO-Coach

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!

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The CFO of Today and Tomorrow

May 10, 2018 by Cindy Kraft, the CFO-Coach

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!

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What is Your Status?

April 24, 2018 by Cindy Kraft, the CFO-Coach

During job search coaching sessions with clients, we always talk about the importance of Linkedin as a critical piece of a balanced search strategy. What is vital to remember, though, is that merely “building” a compelling profile is only the first step when your goal is to create visibility and attract opportunities.

When I did a search using “CFO” today, I got 443,837 results. That … is a lot of Finance Chiefs! Clearly key words are important to your profile, but I would also suggest that using the status update bar is a gold nugget strategy most Chief Finance Officers do not fully utilize.

Look at this stat on the impact of posting a status update …

One status update can occupy up to 80% of the feed screen, pretty impressive real estate. With the right kind of LinkedIn status updates, you can make a huge difference in the amount of visibility and attention that you receive.

I recognize that my CFOs are busy people. Most are barely engaged on Linkedin and a big fear is that using any social media requires an inordinate amount of time and energy. My philosophy is that consistency and constancy really rule the day; meaning, be constantly consistent in utilizing the status update bar howeverthat fits into your schedule. If posting once a week is something to which you can commit, then be constantly consistent about your weekly posting.

In social media, “build it and they will come” just does not apply … because there are always new players coming to the table. By strategically using the status update function, you can separate yourself from the competition with updates that showcase your thought leadership and your branded positioning.

If you want to boost your visibility on Linkedin, give me a call. I would be delighted to help you!

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Social Media Overreach

April 2, 2018 by Cindy Kraft, the CFO-Coach

If you’ve been following my articles and posts for any length of time, you know that I am an avid believer that Linkedin is a MUST for CFOs and Finance Executives. From a professional perspective, Linkedin is the best of what is available for building a robust and compelling digital footprint, sans your own website. And today, a digital footprint is a necessity for any Finance Leader who anticipates a job search at some future point.

As in any job search, maintaining control is imperative. In order to retain control of your Linkedin profile, I suggest becoming familiar with the privacy settings in your account.

To do that, log into “Settings & Privacy” through the dropdown box at the top left underneath your picture. Once you are there, take a look around. You might be very surprised at the default settings Linkedin has chosen for you.

For example, under the first section in the “Privacy” category, there is a sub-category called “Microsoft Word” which says this …

I don’t know about you, but after I invested sweat equity in creating a compelling profile that is unique to me, I am not at all interested in Microsoft Word “taking” my carefully crafted language and using it in their “Resume Assistant” feature.

Which brings me to a second point. If you really want to stand out from the crowd, don’t use a resume template program that gives you canned phrases to fill in the blanks. You need to own your message and it needs to convey your marketable value. Otherwise, you run the risk of being perceived as a commodity -or- inauthentic when your verbal message doesn’t align with your written message.

A resume and Linkedin profile are not superficial strategies, or at least they shouldn’t be. They are, and should be, the culmination of the hard work to uncover and hone your value messaging to your target audience. And a resume template program should not be permitted to “take” your carefully crafted messaging … at least in my humble opinion.

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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.

What is Your Value?

March 27, 2018 by Cindy Kraft, the CFO-Coach

Nick Corcodilos published a blog post discussing a candidate’s value. It’s very good. Two comments in particular are relevant for my CFO audience.

<<I think the big mistake people make is that they try to view their worth, or value, in absolute terms. That is, they think there’s a number — a certain amount of money, or a money range — that they deserve based on their experience, credentials, knowledge, skills and so on.>>

The vast majority of resumes that cross my desk from Chief Financial Office prospects are focused on duties, responsibilities, skills, and key words. It is so incredibly difficult, if not outright impossible, to compete on those things. And none of those, in and of themselves, establish your value or your worth.

<<I think value and worth are in the eye of the beholder. It’s why sales people exist! Their job is to make something they’re selling seem more valuable to you so that you’ll pay more to get it.>>

While not always easy for Finance Executives, this is actually the key to establishing your marketable value AND differentiation from your competition AND positioning for a top-tier compensation package. Your value lies in your ability to solve problems and deliver tangible impacts.

Establish your value, both in your verbal and written messaging, by first identifying your problem-solving abilities – how have you resolved a company’s issues, situations, challenges – and then detailing the tangible impact that allowed the company to achieve its goal, avoid impending negative outcomes, or mitigate or eliminate potential risks.

Every time you speak from the place of solving problems and delivering impacts, your value – in the eyes of prospective companies – is solidified. It is not about “what” you do … it is about “how” you do what you do.

Want to know how to clearly articulate your value? Give me a call!

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Job Search is Like Sales, Sort of …

March 1, 2018 by Cindy Kraft, the CFO-Coach

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.

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The Stealth CFO Job Search

February 7, 2018 by Cindy Kraft, the CFO-Coach

This is a pretty good article from FM-Magazine on seeking a new opportunity while you are gainfully employed. While it is not always easy to do, executing good passive strategies is certainly the most beneficial approach for any CFO candidate.

You know this. I know you know this. It is both sad and true.

Oftentimes, there is a stigma and a bias
against the unemployed.

Nothing has really changed – except location. All your skills, all your contributions, all your accomplishments, and your stellar career climb – you still own them. The difference, and a big one, is where you are standing … outside the company door rather than inside your office. Because you have the best positioning and the most power as a passive candidate, it behooves every executive to keep in mind Matt Bud’s (Financial Executives Networking Group) daily mantra: You are only ever between searches. Unless, of course, you are getting ready to retire.

With the above in mind, I want to add my 2 cents to the article …

Linkedin

Yes, in this age of social media, a Linkedin profile is the expectation. But a placeholder won’t suffice. Not if you really want to compete against, and more importantly, stand out from, your competition. It requires a robust, compelling, and value-oriented profile that leverages the Linkedin algorithm and creates interest.

If your profile is not complete (according to Linkedin’s definition), you will not come up at the top of recruiter searches. Your goal is compelling and complete … and that includes giving and getting recommendations as well as joining groups.

Networking

It’s a must. Social media is great, but the real value of social media for Chief Financial Officers and other executives is building visibility among a targeted audience. Job search – passive and active – requires face-to-face networking.

And yes, the very best time to build your network is while you are gainfully employed and between searches.

Let me know if I can help you structure and execute your passive job search plan!

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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 …

January 31, 2018 by Cindy Kraft, the CFO-Coach

… 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?

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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.