| I have been the Interim Corporate Controller/CFO of a | | | | implementation or other technologies for real time |
| $100 million manufacturing company CFO and Director | | | | support, to discussing forecasts and negotiating and |
| of Finance and Divisional Controller of a couple of | | | | steering to achieve their results. Then to beyond to |
| franchisors over $500 Million. I've worked in companies | | | | define actual cost figures against budgetary ones |
| where the CFO is actually operating the company and | | | | correcting and controlling those to several minutes later |
| operating the management team, and I've been in | | | | creating relationships for financing to increase capital to |
| companies where the former is just a numbers guy. I | | | | for expansion and meet market opportunities. |
| have been a District Manager and started out as an | | | | In my opinion, the CFO has a tactful role. I have come |
| Auto Center Manager I have slowly put my career in | | | | up with the top 10 traits to look for in assessing CFO |
| perspective as a Future CFO. | | | | fit. These include: |
| Currently I work as an Interim Controller/CFO for an | | | | 1. Building trust and a successful team. |
| Accounting and Finance Firm in Charlotte NC. Now, | | | | 2. Knowledge of the industry and sector of business, |
| gaining a perspective of where to step out to next, | | | | not just the numbers. |
| before I take on a more permanent role, assuring and | | | | 3. Being Tactful but direct while instilling the environment |
| gaining confidence and testing that my skill set is | | | | of lifetime learning. |
| complete before I step into a larger Company CFO | | | | 4. Fully taking advantage of structured markets, |
| role. | | | | investment opportunities and financing. |
| I have seen a lot of changes in the industry but of | | | | 5. Knowledge of FASB and IRFS guidelines, Sarbanes |
| these the largest is the CFO position. Over the past 20 | | | | Oxley compliance and how they apply to your |
| years, the CFO role has evolved dramatically. Most as | | | | company and industry. |
| with my cousin Charles Fallcetti at Sony Pictures are | | | | 6. Understanding the Marketing environment and |
| CPAs from Big 5 firms. I personally did not take that | | | | related trends. |
| route. Back when "the system" meant the true | | | | 7. Knowledge of Media and Public relations strategies. |
| accounting platform was AS400 and spreadsheets | | | | 8. Ability to give your opinion but learning to say no, |
| were lotus 123. | | | | holding your ethics high without voicing your opinion (too |
| Today it's very much more difficult keeping up with | | | | loudly) but tactfully explaining why. |
| trends such as Sarbanes-Oxley and an Infinite number | | | | 9. People are people treat them as such, (see rule 3 |
| of daily judgment calls following FASB and IFRS | | | | above). |
| guidelines as well as advanced technologies. | | | | 10. Fit is the most important thing, find out as much as |
| Today's Finance Chief needs to have experience in | | | | you can before you hire or take a position. |
| the current Industry operations, Manufacturing | | | | A good CFO brings fact-based tactful teambuilding |
| processes, Marketing and Customer service savvy | | | | leadership and financial direction and focus to the Core |
| and work on building synergies with strategic | | | | business. The main mission is advising the CEO and |
| intermediaries. Currently we utilize words such as ERP, | | | | Board of Directors on financial implementation, |
| CRM, B2B, strategic partners, change partners and | | | | improvement of corporate strategies; we as CFO see |
| Chief Information Officers. Most organizations are | | | | the business from hard dollars, costs, inherent value, |
| moving to shared services platforms and more | | | | strategic alternatives and cash flow. CFO's gives the |
| Divisional Presidents, VP's and General Managers | | | | company vision, providing real time aspects of finance |
| responsible for their own results. These Execs are far | | | | and building trust in an organization. |
| flung from the preverbal traditional accounting role. | | | | CFO's need to develop tactful communication skills, all |
| CFO's bridge this gap as well as many others. | | | | of us will be in the Public and or Media eye someday, |
| Today's Finance Chiefs are keen on strategy, | | | | are all working on becoming more diplomatic aren't |
| synergizing and building organizations, steering | | | | we? The key to success as a CFO herein lies. |
| capabilities to get hold of a vast number of | | | | One last bit and my favorite discussion is: forget the |
| opportunities and guarantee results of long-term | | | | e-mail and the phone, visit your employees to delegate |
| objectives. M&A and constant corporate | | | | tasks directly. Why, things will get completed sooner, |
| restructurings have become a process and are | | | | employees will feel a valid part of the team may open |
| commonplace in this ever changing fast paced market | | | | up about concerns and ask questions without guessing |
| economy. | | | | about your needs or how certain task is to be |
| This can be as simple as advising marketing to | | | | completed. Remember, lifelong learning for all in the |
| restructure current product lines to reduce costs and | | | | organization is the real key to your organizations |
| improve processes or synergizing sales forces to | | | | success. |
| maximize profits per sale or utilizing a software | | | | |