Bring Financial Results to Your Company with an Interim CFO
Interim CFOs are senior-level financial executives who help companies experiencing a financial crisis or rapid growth. Interim CFOs are expert at improving the financial stability of a company, establishing best practices and financial systems, and helping companies hit big growth goals.
Whether improving cash flow, new market entry, or maximizing value prior to a potential transaction or exit, an Interim CFO can lead turnaround or growth
Every organization undergoes periods of transformation at some point. As a company expands, growing pains often result. Financial reporting issues, accounting errors, or maybe lack of systems and process altogether can negatively impact an organization.
An interim or fractional Chief Financial Officer (CFO) from InterimExecs’ RED Team can proactively assess the financial health of a company, develop a financial strategy, and implement a plan to put procedures and policies in place to ensure a strong financial future.
We needed help because we grew beyond the capacity to understand our company’s financial statements. Our Interim CFO asked questions we would have never asked ourselves, so it turned out to be a great learning experience. I wish I had done something like this sooner.
-Tom Glavin, Glavin Security Specialists
Interim CFO Services for Organizations
Private Equity Portfolio Companies
Private equity fund managers must be confident they were thorough in due diligence prior to completing the purchase of a company, making an investment or add-on acquisition. An Interim CFO can lead diligence and make a plan for the future integration of financial systems and processes. Once a company is acquired, they can set up a financial reporting structure and work with a PE fund to optimize processes and ensure maximum future return on investment.
Financial Controls, Process & Procedure
Business expansion can be rewarding, but with growth often comes strained internal financial expertise and capabilities. As fast-growing companies expand, the finance function must grow up as well. An Interim CFO provides strategic solutions to help navigate through growth such as Sarbanes Oxley Compliance (SOX), BPO, implementation of an ERP system, budgeting and forecasting, risk and compliance, and even finding a permanent CFO to move the company forward.
Prepare for Exit or Transaction
An Interim CFO is the greatest insurance policy for company owners going through a transaction to sell, refinance, or acquire another company. The role of the CFO in M&A is critical to a successful transaction. Especially for companies who haven’t had to report to outside investors, a sale or merger may require a whole new level of financial reporting and accountability that most companies are not ready for.
Distressed Financial Situations
When a company is out of covenant on loans, is experiencing decline in revenue, or suspects fraud, an interim or fractional Chief Financial Officer can help. With experience in turnarounds, an experienced Interim CFO assesses what is causing the organization distress and rapidly creates and implements a plan to address the crisis whether it be re-negotiating with creditors, recapitalization or even liquidation.
Financial Planning and Analysis
Are you making or losing money? An Interim Chief Financial Officer can help an owner with cost accounting, putting good financial systems and accounting policy and procedures into place. No matter what type of company you own, interim CFO services can be critical in properly recognizing revenue, cash flow analysis, budget forecasting, and financial modeling. You no longer need to wonder what projects are profitable.
Preparing for IPO
When preparing for an IPO, you need to start acting like a public company. Public company financial reporting is a top priority for many Interim Chief Financial Officers. An interim of fractional CFO brings invaluable experience with SEC reporting and preparing a company for IPO as you evaluate underwriters, auditors, navigate through a roadshow, launch your offering and operate publicly.
Very often they [acquired companies] don’t have a true CFO and that’s critical for us. We’re going to hire a full-time or a really strong CFO in every one of our companies, but you might not have that person ready to go on day one and so we’re going to bring in somebody on an interim basis.
-Chris Sheeran, Partner
FAQs: Interim, Contract or Part Time CFO
InterimExecs RED Team includes top interim CFOs, part-time CFOs, and fractional CFOs who specialize in helping organizations through periods of change. We have screened thousands of executives to hand-pick the best of the best CFOs from around the globe that we can parachute into a company in as little as 48 hours.
What types of companies do Interim CFOs work in?
Of all C-level leaders, perhaps the Interim Chief Financial Officer is most expert at crossing from one industry to another, applying their financial acumen to each challenge or situation. The product or service may change, but the need for financial discipline, sound accounting, systems and policies is constant across industries and countries.
Interim CFOs, true senior level professionals, are entering companies at every stage and situation from startup to Fortune 500, distressed to rapid growth across industries from manufacturing to technology, business services, consumer goods, healthcare, hospital, and non-profit organizations.
Can I hire a CFO part-time?
Yes, for organizations looking for a CFO consulting firm to implement a project (i.e. financial projections and forecasting, mergers and acquisitions, financial controls, etc.) or for those not at a size or stage where they need a fully dedicated CFO, a part time CFO, also known as a fractional CFO can be a great solution.
Organizations can utilize a CFO for a fraction of their time whether hours or days, while still accessing top level executive strategy and leadership. Read more on the fractional model here.
How long is an Interim CFO assignment?
Assignments range depending on the needs of an organization. An executive might come on board for a few months while a permanent search is taking place or can serve in an ongoing role as a fractional CFO until a permanent or full-time executive is needed. An Interim CFO may come on board anywhere from 3 months to 2 years, with the average being 8-9 months.
How are contracts with an interim or fractional CFO structured?
RED Team executives are deployed through InterimExecs placement arm. There is never an employee/employer relationship created and the assignment is focused on specific deliverables and results. Bringing on an interim executive is low risk and with a standard 30-day cancellation clause you can scale up or scale back services as need be. We stand for happy executives, happy clients.