Why You Need to Recruit a CFO Who’s “Been There, Done That”
If you’re an owner-manager who needs to recruit a CFO, it will most likely be for one of these three reasons:
- You already have a CFO and that person has just resigned.
- You have a CFO that you’re dissatisfied with and want to replace.
- You’re hiring your first ever CFO.
Btw, I want to clarify what I mean by Chief Financial Officer. This person could be a VP of Finance or a Director of Finance, depending on the size and complexity of your business.
If you already have a good CFO in place and that person is moving on to greener pastures, you’re probably in pretty good shape on the finance / accounting side of things. Your ERP is working the way it should, the finance staff are well trained and competent, the books get closed on time and you and your executive team can rely on a robust dashboard that enables you to see what’s going on in your business in real time and you can make good decisions based on that information.
If you’re really lucky, the outgoing incumbent has a trained successor already in place, ready to step up to the big chair. But if even you’re not that fortunate, hiring a replacement for your outgoing VP or Director of Finance will be a relatively straightforward proposition since you already know what a good CFO looks like.