Already have a permanent, full-time CFO, but need some additional assistance? Believe it or not, that's not entirely uncommon.
Consider these key points to better determine if a Fractional CFO makes sense for your organization:
Specialized Expertise
Is your business facing a specific challenge or a project that requires specialized expertise (e.g., fundraising, mergers and acquisitions, cost restructuring)? If so, hiring a Fractional CFO with experience in those areas will complement your existing CFO's knowledge and skills.
Workload and Capacity
Is your business juggling several key initiatives, causing your full-time CFO to be stretched too thin? If so, hiring a Fractional CFO to provide additional support and coverage will help manage the additional workload while providing focused expertise.
Transition Periods
Is your business in transition, experiencing rapid growth, a merger, or key leadership changes? If so, hiring a Fractional CFO will bolster the team, providing valuable support while ensuring financial stability and proper strategic planning.
Objective Third-Party Perspective
Is your business working through an organizational restructuring, a merger or divestiture, or a financial conflict, requiring an unbiased, third-party perspective? If so, hiring a Fractional CFO will provide additional insight and perspective, promoting appropriate outcomes.
Project-Based Needs
Does your business have specific project-based financial needs, like implementing new financial systems, conducting M&A analysis, or executing financial statement audits? If so, a Fractional CFO can be engaged to assist with or to lead these projects.
Before bringing on a Fractional CFO, it is important to communicate the plan and expectations with your current CFO, as collaboration between both financial leaders is paramount to a successful engagement.
The William Stanley CFO Group has seen great success, garnering remarkable outcomes while partnering with various clients' permanent, full-time CFOs.
Check out some of our recent successes here.
