The foundation of the permanent part-time CFO industry is delivering high impact results to start-up, emerging, and medium-sized companies with sales up to $50 million. Most of these companies cannot afford a full-time CFO, but they could benefit significantly from the perspective of and value-added from a senior level executive like a CFO. Here are a few of the benefits I have discovered since joining this industry:
GREATER STABILITY THAN FULL-TIME CFO AND EXECUTIVE ROLES
The statistics on C-level job turnover and time between jobs are staggering. With slightly varying results, most would agree that the average tenure of a CFO is less than 3-4 years with an average of 6 months between CFO roles. One thing is certain - gone are the days of loyal and diligent service to one employer for an entire career.
With so much uncertainty in the job market, the stability and security that traditionally came from one paycheck have become uncommon. Even if you are the best CFO, turnover and time between jobs will come from mergers, acquisitions, and a host of other unpredictable and unforeseen reasons.
Stability and security have found a new structure, one that our industry personifies. You see, with "paychecks" coming from five to twelve different and un-related companies (that's about how many clients I serve concurrently), my concerns about the financial impact of job turnover and time between jobs has quickly dwindled. I now enjoy greater stability and job security than I did when I held full-time executive positions earlier in my career.
HIGH AND SUSTAINABLE EARNINGS
Depending on my own efforts and commitment, this industry can afford me a level of earnings equal to or potentially in excess of one full-time executive job. I have been able to build trust-based and long-term working relationships with my clients, many of whom have been with me for almost as long as I have been in this industry. Hence, my earnings potential is sustainable.
PROFESSIONAL FULFILLMENT AND SATISFACTION
The entrepreneurs, CEOs, business owners, and founders of most businesses often do not know what they are missing until they hire a part-time CFO. Once they do and their CFO does a respectable job for them, they often value their background more than a full-time employer. There is nothing like knowing that I have been able to make a significantly positive impact for my clients, and then having those clients thank me for my knowledge, wisdom, expertise, and skill. Adding value far beyond my cost in a market that has so many un-served needs provides me with a tremendous amount of fulfillment and satisfaction.
COMMAND OF FUTURE
The decisions and practices of others can negatively impact anyone at any time, often without warning. In addition, many may be tempted to do things with which they disagree or that are contrary to their values when they feel financial pressure. The diversification of my sources of income have empowered me know I control my future more than anyone else, and the decisions of others will have very little impact on my income and values.
OBJECTIVITY
Income from many clients, not just one employer, increases my objectivity. My personal agenda and priorities take a back seat to the best interest of my clients and I work to serve their interests above my own. I am more willing to have a "tough" conversation with the CEO or owner of one of my clients because it is the right thing to do, regardless of how it might impact me personally.
I have found that my clients appreciate this about my ability to approach them in this manner, and they often look to use and implement more of my advice than some prior full-time employers. One of our CFOs was recently in a board meeting with a new client when the chairman of the board looked past all of the other executives and managers and asked our partner: "You work for many companies in many industries and have an objective opinion of things. What do you think we need to be doing to improve this company?"
FLEXIBILITY
No matter their personal and professional priorities, those committed to this industry enjoy more time flexibility than most other one-employer jobs afford. I control my schedule and can easily include as much or as little vacation, personal, civic, religious, and other time as I want to complement my professional responsibilities.
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