“The dawn of the Interim CFO”
Are you a burned-out CFO who could be well-suited to becoming an interim CFO?
This might be the case if every day is like the movie Ground Hog Day. You wake up to another packed schedule filled with fires to put out, problems to solve, people who won’t listen, conflicts to navigate…
You’ve barely slept. You’re living on coffee. You regularly forget to eat lunch.
And you feel like your butt is strapped to your desk chair.
Exercise? Dinner with the family? Vacation time? What’s that?
The life of a CFO has many rewards…but it can be a grind.
I’ve spoken to a number of finance chiefs in the last several weeks who are so burned out they’ve left their companies to take prolonged time off.
Others have left their companies for greener pastures. Or they’re looking for a new path.
It’s not surprising, given the sheer magnitude of change rolling through the economy due to the pandemic, rising inflation and interest rates, changing workforce and business models…
…not to mention expanding “job creep,” in which CFOs are on the hook for even more responsibilities, from digital transformation and business intelligence to HR, IT, and various operational needs.
Today, I read an enlightening writeup on CFO Dive (link in comments) on “The dawn of the interim CFO.”
The growth in demand for fractional and interim CFOs is not new. But it shot up 103% in the past 12 months, according to a report by Business Talent Group.
It makes sense as a solution for a rising number of companies in transition in this environment, for young, growing companies, and for those impacted by the shortage of available finance and accounting talent where a search could take a year or longer.
For all you weary CFOs out there, a future as an Interim CFO could offer an interesting alternative.
Especially those thinking about retirement but not ready to take the full plunge. The world still needs your experience and expertise!
If you’re thinking about it, consider these tips to get you started:
🩸 Know your strengths and the types of company situations in which you can shine. Could be any combo of accounting and audit, operational matters, capital raising and investor relations, M&A, strategy formulation and execution, team recruiting/hiring/development, succession planning…
🩸 Create a “project” oriented resume, showcasing these strengths in a selection of start-to-finish contributions you’ve made in your permanent roles. Share enough salient details so that prospective companies can see how your track record would align with their interim goals.
🩸 Tap into your network to get in the know about companies who may need an interim CFO. Schedule phone calls, Zooms, and lunches, attend events. Connect with search firms (ahem, check us out HERE) and other companies in your space who deal in these types of opportunities.
Those already living the Interim CFO life, let us know your experience and tips in the comments! And don’t forget to connect with me on LinkedIn HERE so we can stay in touch about interim opportunities.
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