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VIDEO: Webinar Presentation – CFO Succession: The Right Way to Grow your Company’s next CFO

On May 23, 2013 I presented this Webinar on Proformative.

To get more information on this presentation, please view this blog.

[youtube http://www.youtube.com/watch?v=55pbBzKiojU&w=480&h=360]

Links referred to in this presentation:

If you have any questions on CFO Succession, please complete the form below and I will be pleased to get back to you.

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Webinar – May 23, 2013 | CFO Succession: The Right Way to Grow your Company’s next CFO

Join me on May 23, 2013 as I present a Webinar on the following topic:Webinar - CFO Succession

CFO Succession: The Right Way to Grow your Company’s next CFO

This session is graciously hosted by Proformative, and there is no charge for attending this seminar. To sign up, please click on this link.

Overview

Chief Financial Officers (CFOs) know that they will not stay in their current role with their current company forever. The CFO needs to ensure that his or her team has the right talent that can be called upon to replace them when they eventually leave the company (or the role of CFO). Strong CFOs also know that they are only as strong as the weakest leader on their team. This session will discuss the right way for the CFO to attract, retain and develop financial leadership talent for their team, while ensuring that they are setting the stage and preparing for their own eventual succession.

Learning Objectives

After attending this webinar you will be able to:

    • Understand why your success depends on having the best possible leadership talent in your finance team
    • Learn how to identify which areas to develop your finance leaders for future success
    • Become aware of the key components necessary to attract, retain and develop your company’s next CFO and other future finance leaders

CPE Credits are available for this session. For further information, please see details in the “CPE Info” tab on the sign up page.

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Quoted In: Why Strong CFOs Know Who Will Replace Them

Recently I was quoted in an article titled “Why Strong CFOs Know Who Will Replace Them” by Sarah Johnson on the Proformative Website.

Here are paragraphs where I was quoted.

“It’s not surprising a company like that has that kind of planning,” says Samuel Dergel, director, executive search, at Stanton Chase International. “Most companies do not.”

…

In fact, succession planning falls under CFOs’ risk management duties and their responsibility for business continuity, Dergel suggests. Just as CFOs have to ask “what if” questions about the viability of their company’s suppliers and credit risk, for example, they need to go through the possible scenarios for what would happen if they were incapacitated. “It’s the people who represent a company,” Dergel. “They are a key part, and if there’s instability in that, then the company is not stable.”

…

While talk about succession planning in the corporate world usually centers around the future of the CEO role, the CFO position deserves attention as well. “The CFO is an important figure in an organization. The more important they are, the more important it is to have a succession plan,” Dergel says.

At the very least, Dergel suggests, finance chiefs should – in addition to all their other duties – give the matter some thought.

To read the entire article, click here.

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Do CFOs need to master IT to succeed?

As the person responsible for all things financial in an enterprise (of any size), the Chief Financial Officer needs to combine people, process and technology to drive results across the enterprise.

Solutions for organizations and finance departments  that were best in class only a few years ago may well now be obsolete, and incapable of providing  companies the functionality they need  to succeed in today’s dynamic business world.

Does a CFO need to master Information Technology to succeed?

I asked this question to John Kogan, CEO at Proformative, an online community by and for Corporate Finance, Accounting and Treasury Professionals. Here is his response:

Master IT? No. Truly understand how IT can be used within their organizations and across the enterprise? Yes! CFOs can’t outsource their understanding of technology and its use within the enterprise. They need to embrace it in order to understand how it is being used and how it might be used to better advantage. Armed with such knowledge they can create a plan, with help from others in their organization as well as IT, and work to make whatever they do have better and more effective. This is a never-ending process.

I also asked John the following question:

Are CFOs afraid of IT?

I’m sure they are out there, but rare. I think it’s more common for some CFOs to be so busy doing all of the other things they are responsible for that IT may fall between the cracks or they outsource it to someone else internally. They may not realize they are doing this or they may not believe IT merits more of their time. Obviously they have a lot to do and there is never enough time to do it. However, this takes them out of a very important loop at their companies – the loop that provides data upon which their company makes decisions, for better and worse.

What can a CFO do to better understand IT?

Knowledge is power. CFOs may not need to be an IT master, but they certainly need to understand where IT is going, how it affects their business and how it impacts their finance team. Staying up to date and current in the fast paced changing world of IT can be difficult. It requires reading, speaking with peers, listening to vendors and industry experts.

How does a CFO find the time to stay on top of all things IT?

A CFO makes the time. Like most successful CFOs, they are efficient and effective in how they get the best value from their available time. Finding an excellent conference that can allow you to learn from experts and speak with your peers (with an additional benefit of finding time to network) can be a very effective solution.

So where does a CFO find an all-encompassing conference like this?

One conference that can meet a CFOs need for all things IT is PROFORMATECH 2013 on March 20, 2013 in San Francisco. This conference is geared for Senior Finance Professionals like yourself who need to stay on top all things IT.

Even if you’re not on the West Coast, I recommend you make the time to attend this conference. It will certainly be worth the cost, because the conference is FREE (which is the right price for most CFOs).

Don’t delay. Register today!

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Note: I am an Advisor with Proformative and a Topic Expert. There is no compensation for these roles, unless you consider that I usually win the $25 Amazon Gift certificate each month for most popular blog on the site. 🙂

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5 LinkedIn Tips for Employed CFOs (+ more 3 Tips for Unemployed ones)

Last week I wrote “Does a CFO Need a Résumé?”  I don’t try to be controversial in my blogging, but saying what I think can sometimes have benefits. My friend, CFO Coach Cindy Kraft turned her comments on my blog into a blog of her own, and my posting on Proformative was widely viewed. (Side note: If you’re a CFO and not on Proformative, I highly recommend that you join).

My premise was that LinkedIn is more important for an employed CFO than a résumé. LinkedIn is a major component of CFO Personal Branding today, even if it is only 1 part of a multi-level effort.

LinkedIn Tips for Employed CFOs.

Update. Have an updated and complete LinkedIn Profile. Your profile should not only include your previous employers and dates of employment, but locations, industry and a short description of your roles. You should also have a short, readable and effective summary. People reading this summary should be able to quickly understand your unique value proposition.

Groups. Being a member of LinkedIn Groups allows other members in your group to view your profile, even if they are not closely connected to you. CFO Groups, like Chief Financial Officer (CFO) Network – The #1 Group for CFOs or Linked:Chief Financial Officers will allow people looking to hire CFOs to find and contact you. Industry Groups and Alumni Groups are other Groups that can allow you to be found. (You can visit my LinkedIn Profile to see which Groups I’m a part of.)

Smile. Photos are not a standard for North American résumés. On LinkedIn, your photo sets the tone for the image you want to project. However, no photo is better than an inappropriate one.

Connect. I have discussed my opinion about connections on LinkedIn before. (Read: LinkedIn Connections – What is your Policy?). The more people you are connected to on LinkedIn increases the numbers of people that can find you when they are looking for someone just like you.

Participate. Create updates to share with your network. Let your people know when you’ve read an interesting article. Comment on what your connections are sharing. Share your career successes. Participation creates visibility which allows you to stay top of mind so that people you know can remember you for opportunities that come across their path.

Plus, Tips for the Unemployed CFO.

InMail. Go to your settings and accept OpenLink messages. This allows people looking to communicate with you via InMails without it costing them (LinkedIn otherwise charges for InMails).

Let the world know. Change your profile heading and summary to indicate that you are looking for your next opportunity. This will let people who are looking for someone like you know that you are open to speaking with someone like them.

References. LinkedIn’s reference tool is very valuable. It allows other people you are connect with on LinkedIn to vouch for you. But use it wisely. If you want someone to provide a reference to you, I don’t recommend blasting people in your network. Choose wisely who you ask and how you ask – it will impact the quality of your public references as well as well as the quality of the people who give you references.

What are your recommendations for an effective LinkedIn Profile for CFOs?

Contact Information

You can reach Samuel by:

Telephone
San Francisco: +1 (415) 738-2070
Montreal: +1 (514) 907-0925

Email: [email protected]