job search

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.

What is Your Status?

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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!

 

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.

Job Search is Like Sales, Sort of …

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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.

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.

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.

3 Reasons NOT to use Resume Templates

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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

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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

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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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Rejection and the Job Search Process

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Nine years ago I wrote an article about the train wreck known as the job search process. Not much has changed since then. In fact, last week a Director of Recruiting & Training, who just happens to be in the midst of her own job search, posted on Linkedin about the various ways candidates can be rejected. Beyond being a horror story, it is an eye-opening and sobering read, and at the time of this posting there were probably 10 or so “named” ways of being rejected as a candidate.

Here are two of my thoughts on the interviewing part of the job search process.

Rejection Just Might be the Hardest Part of the Job Search

It seems like it should be so easy … find a posted position that fits your skills perfectly, send off your resume, and wait – and wait – and wait. More often than not, what you hear is silence. On a good day, you might get a canned thanks, but no thanks response.

The same thing can happen in the interview process. You walk away thinking you nailed it or the recruiter sounds all hot-to-trot to present you, and again – rejection is the frequent response.

Job searching and interviewing are not for the faint-of-heart. It is a tough journey, it can take several attempts to get to yes, and even the most confident CFO can take a beating while getting to that yes. Like in sales, rejection is part of the process. It is just not the fun part. It is the reason I evangelize the premise of looking for your next position while you are still gainfully, and perhaps even happily, employed. The effect of rejection is exacerbated when you are unemployed.

The fact remains, however, that many Finance Leaders ARE unemployed and looking for that next opportunity. Many of my CFO clients over the years have verbalized their frustration at the unprofessional and discourteous way post-interview interactions, or lack thereof, are handled. It is completely understandable … because it is a broken process that favors the company and not the candidate.

It’s Not Over Until You Are Gainfully Employed …

Don’t let up, even a little bit, on your job search activities until you have a signed, sealed, and delivered employment agreement AND you are actually in the first day of your new job. Derailment can happen anytime through this process; meaning, it is not a done deal until the deal is finished. Walking away from an interview you believe you nailed and thinking you can now coast can prove to be a grave mistake.

It isn’t over until the first day you are gainfully employed. Even then, don’t stop all your networking activities. You may just need those contacts again in the future.

 

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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