Chief Financial Officer

Considering Becoming a Fractional CFO?

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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?

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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

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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

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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?

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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!

 

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 Career Questions for CFOs

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Recently Forbes published an article on the 10 biggest changes expected in finance this year. The author asked the question …

“Can your business evolve with the trends shaping the industry
 or will it lag behind and suffer the consequences?”

Perhaps the same could be asked for you professionally in your role as a Chief Financial Officer.

– Can you remain solely focused on numbers and be competitive with those CFOs who are also intimately engaged with operational functions?

– Can you rely on duties and responsibilities to move you to your next role to the exclusion of clearly illustrating and articulating your track record of solving problems and delivering tangible impacts?

And finally,

– Can you afford to wait until you need a job before you begin thinking about your next (or first) CFO role?

My professional opinion is that the answer to each of those questions is a resounding “no.” At least, not without suffering consequences … perhaps extending an already agonizingly long job search.

While the average tenure of a Finance Chief is roughly 5 years, the reality is that nothing is guaranteed. Companies come and companies go; they are sold and acquired; and for the most part, the Finance Leader is only loved, and retained, as long as the bottom-line is showing a healthy profit.

With Finance Executive tenure trends in mind, I would encourage you to …

-identify and leverage your differentiating niche,
-hone your problem-solving messaging, and
-get on the radar screen of those organizations who need to know about you.

And, consider doing all three sooner rather than later.

 

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 There a “CFO” List?

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Negative publicity is still publicity, right? Not in my book. Once we form a negative opinion about a company or brand, it takes monumental effort to have our perspective altered. Unfortunately, sometimes we deal with those companies and brands anyway … complaining all the while. My love/hate relationship with Facebook is evidence of a company (and controlled platform) I dislike but use anyway even as I grumble.

I am sure no CFO would be pleased to find their company on the “20 Most Hated Companies” list. That is negative publicity no Senior Executive would enthusiastically welcome.

Reading that list, though, caused me to wonder … might there be a “most wanted” recruiter list for Chief Finance Officers? Obviously not a public list, but quite possibly some kind of internal list probably does exist. If such a list does exist, perhaps it would look something like this …

Top Notch Candidates

This list would be comprised of those visible, known, and accomplished candidates who are employed and in high demand. If you are constantly getting calls from recruiters for exactly the kinds of positions you would be seeking in your next role, then you have probably made this list.

Been There, Done That … No Thanks

If you’ve burned a recruiter or company; pretended to be something or someone you clearly are not – and been discovered; quit a position before you ever walked in the door on your first day; or have a tendency to treat anyone other than a decision-maker with condescension … you could find yourself on this list. And it could be a list that is not only shared internally, but also within the very small world of recruiting. It seems like negative publicity gets faster notice than positive publicity far too often … and job search candidates are not immune from that notice.

Unknown

This isn’t really a list, but a blank sheet. If you are unknown and choose to stay that way, you will never make it onto either of the other two lists. But, if you desire to be known and become a credible, viable, sought-after candidate, this presents an opportunity to position yourself as a top-notch candidate. Basically, you have a blank canvas and endless opportunity.

Need help getting on that “Top-Notch CFO Candidate” list? Give me a call. I would love to help you if I can.

 

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 Stealth CFO Job Search

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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!

 

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 …

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… 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

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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 CPA and Other Finance Credentials

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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.

4 Effective Career Management Strategies for 2018

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Have you noticed that the older you get, the faster the years seem to fly by? I sure have! We are sitting on the cusp of yet another new year, and it has never been more important to take control of your career. If you are a CFO who is anticipating a move in the next year or so, here are four strategies to help ensure that you achieve your goal.

Update Your Resume

Yes … it’s painful.
No … it isn’t fun.
Yes … it takes time and effort.

But when a recruiter calls you because he thinks you are a viable candidate, you are in a position to forward him a resume when he asks. Otherwise, you run the risk of sending him something outdated or rushed and incomplete … both at the risk of losing a potentially great opportunity.

Update Linkedin and Leverage Its Power

Linkedin is a tremendous passive strategy for current and future jobseekers, but especially for future jobseekers. There is nothing so appealing to a recruiter than the opportunity to lure away a passive candidate into a new position.

For active jobseekers, it is a passive strategy that works 24/7 in concert with your proactive strategy … enticing recruiters and prospective companies who need the skills you have and are willing to pay, and pay well to get them, to look at your profile.

To believe Linkedin is a non-player in the job search process is to risk missing opportunities you may never otherwise discover.

Network with Intentionality

A common response by my Finance Chiefs to the question, how is your network, is either …

– I don’t have a solid network, or

– I have been so busy working my job that I have not had time to build a network.

Resolve that this will be the year that you commit to building and nurturing your network. It will pay huge rewards when you are ready to make a move.

Raise Your Branded Visibility

This strategy ties into the other three, because without branded positioning there really is no reason to be visible. If you aren’t visible, it is very difficult for the recruiters and companies to find you rather than discover your very visible competition. If recruiters and companies aren’t finding you, you may be missing out on dream opportunities.

Execute the first three strategies, and then work consistently and constantly (whatever that looks like in your busy schedule) to ensure that the people who need to know about you do, in fact, know about you!

Call me if I can help! Please note my NEW phone number … 813-727-3037.

 

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.