The Pros and Cons of Hiring a CFO to be CEO - What's in Your Best Interest?
More and more companies are using their Chief Financial Officer as their Chief Executive Officer - either out of necessity or as a strategic decision. But among the pros and cons of hiring a CFO to be a CEO, the biggest issue typically is that one person at this level can rarely do the work of two. The more time the CFO spends in the executive officer role, the more competent, qualified extra help is needed.
Franklin Management offers a part-time CFO service to small businesses, start-ups and non-profit organizations. The goal is to allow a business entity to avail themselves of the skills of an experienced Chief Financial Officer without the financial cost of a full-time hire (or the emotional cost of trying to force a controller, accounting manager or bookkeeper into a role that they are not yet ready to hold). Among the pros and cons of hiring a CFO to be a CEO, cost and employee morale/proficiencies come in as close second and third concerns.
Another issue that arises when weighing the pros and cons of hiring a CFO to be a CEO (when thinking of using outside help) is fee structure and implementation. Franklin Management will devise a monthly or quarterly program for your company that best suits its needs. Fees are usually hourly, but a monthly fee can be provided to allow for even budgeting purposes.
All monthly programs are tailored to the client but always include the following:
- Monthly Financial Package
- Monthly Cash Management Program
- Monthly Review Meeting
- Financial Advisor on call
Franklin Management specializes in assisting start-up companies in such matters as:
- Business Plans
- Business Entity Selection
- Fundraising
When weighing the pros and cons of hiring a CFO to be a CEO, you can have the confidence that should you move forward, Franklin Management will be there to help you seamless through the transition.
Franklin Management also offers off-site and on-site accounting services for small businesses. Please call us toll free at (866) 857-5745 for more information about our CFO and accounting services.