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You are here: Home / Archives for Ask Samuel

February 10, 2012 By Samuel Dergel 3 Comments

Ask Samuel: Industry Experience Required?

Dear Samuel,

I have come across many companies over my career that, when looking to hire their CFO, require that they have not only CFO experience, but experience as a Chief Financial Officer in their industry.

How would you recommend that I position myself to be hired into an industry that I do not have direct experience as a CFO?

Denied in Denver

Dear Denied,

When decision makers hire (or make any decision) they choose the path of least resistance. This usually includes making decisions based on their belief system.

Many people making these hiring decisions have the belief that their industry is so specialized and unique that no one coming from outside the industry will be able to learn quickly enough about their industry and will therefore be at a disadvantage.

From what I have seen, decision makers that are able to hire key people from outside their industries usually do so because they have a more convincing factor in making the decision – trust. In these cases, the one making the hiring decision knows and trusts the person that will be coming into the role, even if they don’t have the industry experience. 

When companies face ‘change management’ considerations, they are more open to hiring executives from outside their industry to shake things up.

So how do you get hired into an industry you don’t have direct experience in? Use your connections. People that trust you know what you are capable of and will overlook your lack of industry experience.

Thanks for writing,

Samuel

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Filed Under: Uncategorized

December 13, 2011 By Samuel Dergel 3 Comments

Ask Samuel: The Office Holiday Party

Dear Samuel,

Our annual office party is coming up, and I’m dreading it. I’m even thinking of skipping it this year, because I don’t see the point.

What do you think?

Pointless in Point Pleasant

Dear Pointless,

Don’t skip the party.

Not only should you attend, but you should bring your smile and good cheer too. You should use this gathering as an opportunity NOT to discuss work, and connect personally with the people that work with you and for you.

I’m not asking you to fake a smile. I’m asking you to find happiness and pleasure in getting together with other people. Have a drink (not too many). Wish people an enjoyable holiday season. Inquire as to what their plans are for the holidays. Share your plans with them. If you’re not sure what to talk about when you’re not talking about work, ask questions. Listen. Be sincere.

This is a unique opportunity to build relationships with the people that work with you. Acting human at your company’s party can pay dividends throughout the year.

You’ll be glad you did.

Wishing you and yours the best of the holiday season.

Samuel

If you’d like to ask Samuel a question, click here.

Filed Under: Uncategorized

December 6, 2011 By Samuel Dergel 3 Comments

Ask Samuel: Should I accept all LinkedIn Connection Requests?

Dear Samuel,

I’m a senior financial executive that is taking an active role in building my network. I’m finding that LinkedIn is a good tool. It allows me to keep track of who I know and stay visible to my network.

From time to time (and it’s getting more frequent) I get requests to connect with someone I don’t know. They either say that I know them as a Friend or I have worked with them in the past. While it could be possible that I met them once, I don’t remember.

Should I accept a connection request on LinkedIn from someone I don’t know?

Connecting in Connecticut

Dear Connecting,

I understand where you are coming from. Being as active on social media as I am, I get requests constantly to join people’s networks. So I developed a LinkedIn Connection Policy that I stick to. You can read my LinkedIn Policy in my previous post.

I also recommend that you read the postings of a fellow blogger, Joel Ungar, The SEC Auditor. You can read Part 1 and Part 2 of his blog – How NOT to Make a Connection on LinkedIn.

To answer your question in standard accountingease: It depends. It ultimately depends on what you want to accomplish on LinkedIn.

What should your LinkedIn Connection Policy be?

Thanks for writing,

Samuel

If you’d like to ask Samuel a question, click here.

Filed Under: Joel Ungar, Social Media

November 29, 2011 By Samuel Dergel 2 Comments

Ask Samuel: Is it time to change CPA Firms?

Dear Samuel,

I am a CFO of an owner-managed company. In recent years, our CPA firm has not been servicing us properly.

They are always pushing our deadlines to the limit, even when all the information they have requested has been delivered in a timely fashion to them. We also recently had a significant interest charge from the IRS because they ‘forgot’ to file a form on time.

I like the partner in the firm, but I don’t find that we are getting the service we need. Is it time to change CPA firms?

Fed up in Phoenix

Dear Fed up,

If you look at our CFO Relationship Map, you will see that the CPA firm is an important external relationship that needs to be nurtured for a CFO.

It is unfortunate that you are not satisfied with the service from your CPA firm.

Changing CPA Firms is an option. Before you do so, I would recommend that you sit down with the most senior person at the firm you deal with to see if you can find solutions to your dissatisfaction.

If you decide that it is time to change CPA Firms, I recommend that you get referrals to other firms from other CFOs you know, as well as your bankers. You should do a preliminary review of the services of a few CPA firms, and reduce the list to 3 of your top choices. Ask these 3 top firms to meet with you and prepare a proposal.

When making your choice for a CPA firm, make sure that when you assess the proposals, it is not solely based on price, but on the work they will be doing, as well as the service levels they will be committing to. This is important – because the reason you left your previous firm in the first place was not because of price, but because of service.

If you’d like to ask Samuel a question, click here.

Filed Under: CPA Firm

November 22, 2011 By Samuel Dergel Leave a Comment

Ask Samuel: I’ve been approached for another opportunity

Dear Samuel,

I am a CFO that is very committed to my employer. Recently, I was approached by someone I know to consider a CFO role with another company.

The new opportunity sounds challenging, and right up my alley. I have been with my current employer for 4 years, and I think I’m ready for a change.

On the downside, the new CFO opportunity pays less than I am currently earning. Also, my current employer is beginning to face some tough times and I don’t want to leave them in a bind.

What should I do?

Torn in Toronto

Dear Torn,

You are in the ideal situation for a considering a job change. As opposed to being unemployed and looking for a job, here is an opportunity that has found you (you didn’t go looking for it) while you are working and busy. There are people I speak with that would envy your current situation.

That being said, your choice is tough. Giving up the known for the unknown can be a very stressful and difficult choice.

While money is important, you need to look at the situation without the compensation aspect. Once you have all the information you need, then you can add the compensation piece back into the equation to see if it will make a difference.

You need to put your CFO hat on and get as much information you can on the company that is pursuing you. Do your due diligence, as you would for any company you would be considering acquiring for your current employer. Really learn what you could be getting yourself into. True, you will not know everything, but you didn’t get to become CFO by not asking the tough questions and getting the right information you need to make important decisions.

Now that you have all the information, ask yourself the following question:

If I was unemployed, and I had these two opportunities to choose from, which would I choose?

Now that you have this answer, add the compensation piece back into the equation and ask the same question.

If you’ve decided to leave your current employer, you need to prepare yourself for what could be a difficult conversation. As part of your conversation, you should recommend to the CEO that they use a search firm to hire their next CFO, and that you would be happy to speak with the executive recruiter to help them help the company hire a very good replacement CFO.

Good luck with the decision process. If I can help any further, email me and we can talk.

Samuel

If you’d like to ask Samuel a question, click here.

Filed Under: CFO Compensation, Executive Search, Recruiters, Search

November 15, 2011 By Samuel Dergel Leave a Comment

Ask Samuel: How can I accomplish more and firefight less?

Dear Samuel,

I have been reading your blogs and been following your advice. I have laid out my Vision as to what I want to accomplish as CFO, identified the relationships I need to build, and prepared an action plan to accomplish my objectives. I have also started delegating more of my work to my team, and have implemented a development plan to make my team more effective.

Yet I still feel that overwhelmed.

How can I accomplish more and firefight less?

Overwhelmed in Overland

Dear Overwhelmed,

First of all, I want you to look in the mirror and congratulate yourself. You have accomplished a lot on the road to becoming a Better CFO.

I brought your question to the members of the CFO Lounge, a LinkedIn Group where CFOs like yourself can feel comfortable discussing concerns with peers in a relaxed environment. You can find out more about the CFO Lounge in my previous blog post – The Lonely CFO. I invite you to join the CFO Lounge to read what your peers had to say about your challenge.

You have done so much to move yourself forward. While you have done a lot to move yourself forward, I believe you could benefit from planning your days. Just like you’ve prepared an action plan, you need to plan your daily schedule. Failing to plan is planning to fail.

Just because you’ve prepared a schedule, doesn’t mean that you cannot change it as needed. But before you do, you need to ask yourself the following questions:

1) Does this need to be in my schedule?

2) Does it need to be done by me? (Can someone else do it?)

3) Does it need to be done now?

Many times we are attracted to do the ‘easy’ work – when we look back at the end of the day we can say that we have accomplished. While you may have accomplished a number of (lower level) tasks, you may not have accomplished what you needed to. This is when your frustration will kick in.

Avoid frustration by spending time planning your day and your week. Block off the time to get things accomplished. If email or phone calls distract you, close your email and turn the ringer off on your phone (all your phones).

You have control over what you can accomplish. You need to take control of your work, rather than letting it take control of you.

Good luck,

Samuel

If you’d like to ask Samuel a question, click here.

Filed Under: Better CFO, CFO Lounge, LinkedIn, LinkedIn, Motivation, Motivation, On the Road to CFO, The Lonely CFO

November 8, 2011 By Samuel Dergel 3 Comments

Ask Samuel: My finance staff doesn’t deliver

Dear Samuel

I was wondering if you can help me with some thoughts on a situation I continually face.

I would really like to be able to focus on adding value to the business, both from a longer term strategic view as well as helping the company make the right decisions on an ongoing basis.

I am finding however that I am spending too much time reviewing and correcting the work of my team. Sometimes I find myself having to do the work that my team was supposed to do because of vacations or unplanned time off.

How can I get beyond this?

Frustrated in Fresno

Dear Frustrated,

As CFO, you are only as strong as your finance team allows you to be.

A smooth functioning finance team does not happen by itself. It requires:

– knowing what work needs to get done

– preparing an org chart that allows you to be properly staffed so that the work get done, right, the first time, on time.

– staffing your team with the appropriate people

– replacing poor performers and people that do not have the skills you need

– having a talent development plan to ensure the people on your team continue to develop.

Not only do you need to make sure your team is well prepared to support you, you also need to know what your vision is as CFO, and what your personal action plan is to make it happen.

Having a sounding board, like a CFO Coach, can certainly help you stay on track to ensure you develop your team properly, as well as help you prepare your vision and action plan.

If you’d like to ask Samuel a question, click here.

Filed Under: Finance Team, Finance Team, Finance Team, Restructuring, Succession Planning, Team Structuring, Team Structuring, Training and Development, Training and Development

November 1, 2011 By Samuel Dergel 2 Comments

Ask Samuel: Negotiating coaching for my new job

Dear Samuel,

I am about to get a job offer as CFO. Thank you for your blog on Negotiating your CFO contract – I am finding it very useful as I’m going through this process.

I have networked my way to this opportunity, and I think it’s a good fit for me. In the last steps of this hiring process, I would like to ensure that I not only deliver value to my new employer, but also have the ability to access coaching to help me become the best CFO I can be.

Do you have any guidance on how to make sure I can get the approval for a budget for an Accelerated Transition Program and CFO Coaching?

Almost There in Almont

Dear Almost,

What is most important at this time is to secure an offer of employment from the company. I have seen too many instances where CFOs were about to get a job offer that never materialized.

Once your next employer is serious about bringing you on board, you can discuss other key terms for your employment.

Regarding an Accelerated Transition Program, it is important to ask the following question to your new employer as you finalize your offer of employment: “What support do you offer executives to ensure a successful transition into the company?” If you get a blank stare, you might be on your own. If however you get some recognition by your employer that executive job transition is important, you may have room to negotiate this program. If you cannot get official transition assistance, you should at least read the book I’ve recommended and apply it for yourself and your new company.

When it comes to the subject of coaching, some CFOs have mentioned to me that they are uncomfortable bringing up the concept with their new (or their current) employer.

Like any great idea that others may not understand right away, it is important that you understand the perspective of the decision maker before you present them with your great idea.

The easiest person to convince that you can get great value from a Coach is your CEO, IF they have a coach themselves.

Companies that understand the need for professional development and readily invest in these activities for their key people are solid candidates to pay for CFO Coaching.

Regardless, I recommend that new (or current) CFOs should ask for approval of an annual budget amount for their professional development that can include conferences, training, books as well as coaching. Getting a budgeted amount approved upfront allows you the freedom in how to best spend these professional development dollars. This gives you the flexibility to choose your own areas and methods of development while not having to go back again and again for permission.

Remember, you’re the Chief Financial Officer. Your negotiation skills are being tested at this critical junction. A great negotiator gets what they want while the other party gets what they want as well. As you finalize the conditions of your next CFO role, keep this in mind.

If you’d like to ask Samuel a question, click here.

Filed Under: Accelerated Transition Program, CFO Search, CFO Search, CFO Search, CFO Search, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Negotiation, Negotiation, New CFO, New CFO, OnBoarding, Onboarding

October 25, 2011 By Samuel Dergel 1 Comment

Ask Samuel: How do I make time for networking?

Dear Samuel,

As CFO of a mid-sized manufacturing company, I find that I am always busy. If I’m not getting things off my To Do list, I’m being pulled into company meetings.

I know it’s important to network, both for representing the company I work for as well as for getting myself known within my business community. Still, I can’t find the time. What can I do?

Too Busy in Two Rivers

Dear Too Busy,

The first thing you need to do is convince yourself that networking is important. If you believe networking is valuable, you will make the time for it, just like you make time for everything else in your life that you find important.

Now if you really believe that networking is important, and need help making time for it, then I have some advice for you.

Objectives

What is it that you want to accomplish with networking? The answer to this question sets the stage for how you will reach your networking objectives.

Venues

Where are you going to network? Are you going to go to local business or national industry events? Are you going to call on previous people you worked with to go to lunch and catch up?

Scheduling

If you don’t put it on your schedule, it won’t happen.

Follow up

It is nice to meet someone at an event, have a pleasant conversation and exchange business cards. But then what? If there is no follow up, what is the value in having met that person in the first place?

Pay it forward

When you think about the people that are in your network and how you can add value to them, they will keep you in mind when you least expect it. This will also allow you to call on your network in the future if you need it.

Advice from other experts

As an example of calling on people in your network to help others, I reached out to people in my network for advice that I can share with you.

Ken Tudhope, a finance recruiter in Orange County, California is a person I point to as an example of how to network. Ken, who writes a blog on networking, makes it a point to never have lunch alone. He believes that networking groups, like local Chambers of Commerce, are excellent, because they give you a great context to network. He advises CFOs to “Sign up, Show up, Follow Up and Step Up.” Ken says “When people are involved and the event is enjoyable they tend to make it a priority.”

Cindy Kraft, who is familiar to my regular readers, is an excellent CFO Career Coach. I asked Cindy how a CFO can make networking a priority. Cindy said “The same way you make anything else a priority: put it on your calendar and then honor the appointment. Networking, on a consistent basis, is one of the most valuable things you can be doing for your career. Schedule it, and then do it!”

So, Too Busy, are you still too busy to network?

If you’d like to ask Samuel a question, click here.

Filed Under: CFO Consulting, CFO Consulting, CFO Consulting, CFO Consulting, CFO Consulting, Cindy Kraft, Ken Tudhope, Networking, Networking, Networking, Networking, Networking, Speaking and Training

October 18, 2011 By Samuel Dergel 4 Comments

Ask Samuel: My Company hired a new CEO

Dear Samuel,

I was hired by my current employer 3 years ago. Recently the Board decided to hire a new CEO.

The new CEO has been here for a month, and I’ve met with her a few times. I have to admit, I’m concerned about what will happen to my position.

What can I do to secure my role with my Company?

Insecure in Secaucus

Dear Insecure, 

You face a challenge that many CFOs have faced before you. A good number of these CFOs ended up in a career search.

This is not necessarily the way it needs to be.

The good news is that you can do something about it.

Essentially you need to consider your situation like you’re interviewing for the CFO role, except you have an advantage – you know a lot more about this company and position than for any other job you have ever applied for.

Prove your value. The CEO is your new boss – She didn’t hire you, she acquired you. Prove to her that you are the best person to be CFO. Listen. Ask questions. Understand her strategy. Find out what information she needs from Finance to be a Great CEO. Gain clarity on what support she needs from you in the short term and the long term.

I’ve discussed the importance of relationships for CFOs in the past. There is no more important relationship for a CFO than the relationship with the CEO. 

Making this new situation work takes work. Prepare your plan, and put it into action.

You do not need to be a casualty of a new CEO.

If you need to discuss the specifics with me about this, give me a call at (201) 961-0838. 

Good luck,

Samuel

Filed Under: All of Samuel's Blogs, All of Samuel's Blogs, All of Samuel's Blogs, All of Samuel's Blogs, All of Samuel's Blogs, All of Samuel's Blogs, All of Samuel's Blogs, All of Samuel's Blogs, All of Samuel's Blogs, All of Samuel's Blogs, Board, Board, CEO, CEO, CFO, CFO, CFO, CFO, CFO, CFO, CFO, CFO, CFO, CFO, CFO Coach, CFO Coach, CFO Coach, CFO Coach, CFO Coach, CFO Coach, CFO Coach, CFO Coaching, CFO Coaching, CFO Coaching, CFO Coaching, CFO Coaching, CFO Coaching, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, Courage, Executive Coaching, Executive Coaching, Executive Coaching, Financial Executive Coaching, Financial Executive Coaching, Financial Executive Coaching, Successful CFO, Successful CFO, Successful CFO, Successful CFO

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