The ABCs of DIY CFO Recruiting
It’s axiomatic in executive search circles the quality of the hiring authority’s decision is a direct function of the quality of the short list they interview, which in turn is a function of the number of candidates canvassed. If you use an executive recruiter to recruit your next CFO, you will be accessing a very […]
Two Mistakes to Avoid When Hiring a CFO
Reflexive Recruiting When you have an opening for a financial executive, you can look at filling that position in one of two ways. The most common approach is to replace the person who’s leaving. The better approach is to fill the position that’s open. They may sound like the same thing, but they’re not. When […]
What to Look For in Your Next CFO
There’s no “one size fits all” formula when it comes to hiring a CFO. But there are some traits and qualifications that you should be looking for when you’re putting together your hiring criteria. Industry Experience The more senior a finance professional gets, the less they are defined by their accounting knowledge and the more […]
Why You Should Avoid the Path of Least Resistance When You’re Hiring Your Next CFO
Some time ago I met with the executives of a $40-million automotive service company to discuss recruiting a CFO for their business. The owner-managers were the sons of the company’s founder, and the reason they wanted to conduct a CFO search was to replace someone who was essentially the Controller. The incumbent had been with […]
What You May Not Know about the Recruiter You’re Working With
As an industry insider, I’ve tracked trends and practices within the recruitment industry pretty closely. I remember the mid-nineties when various and sundry pundits pronounced the advent of the internet and job boards to be the death knell of the recruitment industry. I’ve applauded the trend towards hiring more professionally designated people into the industry, […]
The Successful Small Business CFO
Industry Canada applies the term SME (Small to Medium Enterprise) to businesses with fewer than 500 employees. Firms with 500 or more employees are referred to as “large businesses”. Of course, 1 to 499 employees covers a lot of ground so Industry Canada further defines a small business as one with fewer than 100 employees […]
Three Essential Elements to Evaluate in Your Next Controller
In my thirty years of experience in recruiting controllers, there are a few factors I consider to be table stakes. Here are the three essential elements you should evaluate before hiring your next controller: 1. Core Accounting Knowledge First and foremost, your controller needs to have a CPA designation and solid knowledge of all aspects […]
Three Major Factors Affecting VPs of Finance Who Want to Switch Industries
One of the most frequent questions I get from financial executives looking for a new position is: “Can I switch industries?” Why Make the Switch? There are usually three reasons that a VP Finance wants to change industries. If they are actively on the job market, they want to increase their field of potential employers. If they […]
Attention CFOs: You Won’t Get Your Next Job Through A Recruiter
I recently attended a networking event for financial executives. Most, if not all of the people attending this event were Controllers, Directors of Finance or VPs of Finance in smaller or owner managed businesses and many of them were actively on the market for a new position. This group meets every other month or so […]
Deconstructing the “Right Fit” For CFOs
Almost all finance and accounting recruitment firms make some claim to being able to find the “right fit” for their clients. Some firms tout a proprietary psychological / personality test they run candidates through. Other firms highlight their high degree of market / technical specialization. However, as much as every placement agency advertises their mystical […]
5 Key Criteria When Hiring a CFO for a Mid-Sized Company
There are any number of factors to consider when hiring a member of your executive team. Hiring the top financial person for your team, whether you’re hiring a CFO, Director of Finance or Controller, can be especially challenging. Your final decision will ultimately hinge on “fit”, but step one is to establish the criteria that […]
5 Indicators that it’s Time for You to Hire Your First VP of Finance
Most small businesses start out using the services of bookkeeper to look after their accounting needs. And if a small business remains a small business, a good, qualified bookkeeper is all that company will ever need. However, small businesses often grow into larger businesses. At some point the business you may start to sense that […]
When You Should Hire a Director of Finance
The accounting function for most small business starts out being handled by a part-time bookkeeper. As the company outgrows the part-time bookkeeper, the accounting function is brought in-house and a full time accountant is hired. As the company continues to grow, the accounting function expands to keep pace and is eventually headed by a controller, […]
Hiring a CFO: DIY or Executive Recruiter?
There’s no question that it’s possible to find a senior financial executive without the use of an executive search firm. It can be quicker and it’s certainly a lot cheaper. And if the CFO you source on your own has all of the attributes and technical expertise you had on your wish list when you started […]
What Should I Pay My VP Finance?
When it comes to benchmarking compensation, big companies have it relatively easy. They have human resources departments, access to compensation consultants like Mercer, and the best tool built-in tool available for compensation benchmarking: on-going turnover. Real-Time Market Intelligence Large companies that experience on-going turnover get periodic, market based information on what skill sets and/or levels […]
3 Common Mistakes CEOs Make When Hiring CFOs
Hiring for the top finance spot in any organization, whether it’s a controller or vice president of finance is a big investment of time, energy and money. If the recruitment process goes the way it’s supposed to, the company gets plenty of return on their investment and they shouldn’t have to go through that particular […]
The Strategic Importance of the CFO in Owner-Managed Businesses
The role of the CFO in owner-managed businesses has being gradually evolving over the years. It used to be that the role of a CFO in a typical mid-sized manufacturer was more of what we would associate today with a controller’s role. He or she would ensure that the people and systems were in place to […]
Why More and More Law Firms are Hiring CFOs
An increasing trend in today’s legal marketplace is for law firms to hire CFOs. This is a response to the competitive environment, the evolving nature of the industry, and the increasing demands of price-sensitive customers. While some firms may balk at the significant additional expenditure hiring a CFO can require, others are reaping the benefits […]
3 Reasons Why Finance is Neglected in Owner-Managed Businesses
While no business owner sets out to ignore any part of their operations, many who run medium sized enterprises confess to involuntarily overlooking the finance function. However, given the environment of increased regulation, global competition and economic uncertainty, finance has to take on an integral role in order for a medium sized business to succeed. […]
5 Defining Characteristics of a CFO
You’re the CEO of a mid-sized manufacturer that you’ve built up over the years by dint of hard work, market savvy and your fair share of good luck. Your sales executive is doing her part; her people are driving revenue and they seem to be able to do it without giving away too much margin. […]
