Chief Financial Officer Search

These are the Keys to a Successful CFO Search

Launching a Chief Financial Officer search can be a major leap forward in the life of a high-growth company in today’s challenging and complex business environment.

A Chief Financial Officer can help a company:

• Develop systems and process for scale.
• Manage appropriate cash and financing leverage.
• Assist with or lead banking and board communication and reporting.
• Develop dashboard metrics.
• Identify operation efficiencies in order to drive revenue or reduce expense.

A structured CFO search process is critical for any company planning to hire a Chief Financial Officer. Partnering with an experienced executive search firm to lead your CFO search process will improve and increase access to high-quality executive candidates while ensuring a structured and continuous search process.

Here are some general Chief Financial Officer search process guidelines:

CFO Search: Does Your Company Need a CFO?

At some point in the growth of a company, the financial responsibilities often exceed the abilities of the owner, controller or equity investing firm, necessitating the need to hire a Chief Financial Officer.

The following guidelines can help determine when a company should conduct a CFO search:

• A need for formal financial audit requirements for investors, banks, etc.
• The company is expanding through scaled sales and marketing efforts and/or mergers and acquisitions.
• The company has experienced rapid growth and lacks appropriate systems and processes to support ongoing growth.

CFO Search: What Role Will the CFO Serve?

Outlining the role a Chief Financial Officer will play in your business is a critical first step in the CFO search process.

Traditionally, a CFO prepares and interprets financial statements; develops financial strategies; builds scale systems; sets internal controls; manages the external audit; forecasts budgets; provides financial planning and analysis; manages banking / lender relationships; and works with the CEO in reporting and communicating with investors and the company’s board.

Job descriptions for CFOs have broadened through the years and can include Information Technology, Human Resources and Compliance.

CFO Search: CEO’s Most Trusted Advisor

Hiring a Chief Financial Officer is one of the most critical aspects of a CEO’s job. The CFO should act as the CEO’s most trusted advisor. An effective CEO / CFO partnership will help ensure a company’s chance for success.

CFO Search: Experience Matters

A successful CFO recruiting process seeks out candidates with fundamental accounting and finance knowledge, cash management skills, strategic ability and tactical willingness, communication experience with the board, investors and lenders, and the ability to move cross-functionally to assist with dashboard and metric development.

Although many boards and CEOs prefer a CPA, Chief Financial Officer search candidates should possess the following qualities:

• At a minimum, experience working with a strong CPA controller in managing monthly and year-end accounting audits, accruals, reports, etc.
• Strategic vision and leadership skills.
• Problem-solving abilities.
• A strong understanding of company operations.
• Effective communication and presentation skills.
• Experience in the company’s industry or a closely-related industry.

CFO Search: Integrity and Ethics

Honesty and ethics are critical in today’s business world. A Chief Financial Officer must be able to develop and maintain the trust and confidence of the board of directors, investors and the executive team. As the custodian of a company’s money, the CFO must recognize the importance of clear and honest judgment.

CFO Search: Find a Search Partner

Enlisting the help of an experienced, industry-specific executive search firm can help guide your company through all aspects of the CFO search process by offering:

• Successful experience leading an organized and targeted Chief Financial Officer recruiting process.
• Efficiency in delivering high-impact candidates through the CFO search process.

The Chief Financial Officer, an integral part of a company’s management team, can dramatically impact the success of a growing business. Understanding all aspects of an effective CFO search process can help a company select the best candidate for the job.

Contact Us

Visit our Contact Us page to reach any member of the FOCUS Search Partners Team.

We look forward to discussing with you how our proven executive recruitment process will precisely and thoroughly identify, recruit and retain proven Healthcare industry leadership for your business.