CFO Lounge - Samuel's CFO Website

January 3, 2012 By Samuel Dergel 19 Comments

Announcement: To serve you even better!

Collaboration, teamwork, flexibility, and communication are among the traits of successful business enterprises and they propel us to new heights – personally and in the corporate arena.

While my goal when founding Dergel CFO Search & Consulting was to focus on serving CFOs while remaining a sole practitioner, I have shifted to a team environment by joining one of the world’s leading retained executive search firms – Stanton Chase International. I have learned a lot during the last six months, and the key point in this move is that I’m convinced that I can maintain the one-on-one relationships with you – my clients – while taking advantage of the teamwork, entrepreneurial spirit, and global reach of Stanton Chase.

The international reach of this organization along with a collegial atmosphere will give me the opportunity to reach out worldwide for candidates while getting input from the leading search professionals in the world. With 75 offices in 42 countries, Stanton Chase will lead your organization to new levels of success. While I have and will specialize in the CFO sector, I can now deliver candidates in virtually every C-level sector.

Connecting with Stanton Chase came through a Linkedin overture from Paul Herrerias, the managing partner of the Stanton Chase/San Francisco office. After an initial “thanks but no thanks” response, Paul and I continued to stay in touch, built trust and rapport, resulting in my current position of Director with his office.

The decision to join Paul was firmed up when I contacted him for some assistance with a search. He was forthcoming, cooperative, and experienced. The result was a level of trust that has now blossomed into a partnership.

What started as an online social media relationship is now a “face to face” working relationship. Please be assured that my social media activity will continue to provide you with the cutting edge information that you have been receiving for more than six months.

Here are some highlights:

At last count, I have posted 70 Samuel’s CFO Blogs and started a weekly CFO Moves Blog, with a combined total of over 17,000 page views.
Over one hundred and forty subscribers have requested to receive my new blogs by email as they are published. (You can get them too – Click on the Sign Me Up button in the right column).
The Wall Street Journal’s CFO Journal and CFO World sought me out for my input on news stories about CFOs, and I was asked to write an op-ed piece for Canadian HR Reporter.
I started a LinkedIn Group called CFO Lounge that has been very effective in garnering the support and input of CFOs from diverse industries and geographies. I am having conversations with hundreds of CFOs, many of whom expressed appreciation and positive feedback of the content and advice posted.

I look forward to a continuing relationship with you, sharing the expanded resources now at my fingertips with Stanton Chase, and a successful 2012 for all!

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.

September 16, 2011 By Samuel Dergel 2 Comments

Here Are the Top 5 Reasons CFOs Need LinkedIn.

1. It’s the “Golden Rolodex.” First, it is important to understand LinkedIn. LinkedIn is basically your “Golden Rolodex” on steroids! Picture every time one of the great contacts in your “Golden Rolodex” moved on that they could find you (because you’ve moved on too) and sneak into your office in the middle of the night and update their contact information.

2. Peer Group Discussions. What was once only possible at Roundtable Meetings or CPE seminars, can now can be done in real time with very specialized groups. LinkedIn is not a replacement for face to face meetings but you can get discussions going instantly which can be very time efficient for immediate feedback. Also, just like the face to face meetings, it is a great way to build your network.

3. Just because you are not a job seeker now does not mean you won’t be someday. Waiting until you need a network to start working on one (like the out of work job seeker hopping from networking event to networking event in hopes of running into that perfect contact that will set them up with an interview) is like waiting until your teenager starts applying to colleges to start saving money for college tuition…..it’s too late.

4. Finding Talent. Running a Staffing firm, I can tell you that middle management openings like Controllers and Managers of External Reporting are harder to fill than CFO roles as they fly a bit more under the radar and are not listed on company websites or 10Ks & 10Qs. Most likely there are several people that you have worked with before that you would like to work with again but it is too time consuming to find them. Using LinkedIn, it could take less than 10 minutes to pop off an email to several people in your network. Also, with just a few keyword searches you might even find someone new or you can pay an agency fee and they will do it for you.

5. Beating the “Dated” Stereotype. The most common complaint I here from a CFO that is on the job market is that they think they are experiencing age discrimination. I have to say, in over 20 years of recruiting, I have not seen age discrimination but I have seen people not get the job offer because they were not on the “cutting edge”, comfortable with change or a big fan of new tools. When I see a CFO that does not have a complete profile or only a few connections, my first impression is that this person either does not see how social media can be useful, does not value his or her network or just is not that into new tools. Of course, this may not be the case but to beat the “dated” stereotype, one must do everything one can to appear on the cutting edge.

I see 2 commonalities in all professionals that have the most marketability and longevity in their profession.

1. They understand of the importance of their professional network.

2. They place a high priority on new tools to help them stay on the cutting edge.

LinkedIn is a great place to work on both!

Interested in a LinkedIn workshop?

Click here for more blogs by Saundra Lee

Author: Saundra Lee, President, Dubin & Lee

August 29, 2011 By Samuel Dergel 9 Comments

CFOs: 5 Reasons why you need an Executive Coach.

You want to be a Successful CFO. You’ve worked hard to get where you are, and you want to continue being the best CFO you can be.

If you are like most CFOs, you have never had a Coach before. Most likely, you’ve felt that you’ve never had a reason to. Your career success to date has been because of you have been good at applying and improving your knowledge, strengths and abilities.

Except…

The world is changing.

The business world is changing in front of your eyes faster than it has in your entire career. Markets and the economy are changing. Technology is changing. Customers and Suppliers are changing. The demands of your owners, board members, investors and regulators are changing.

Are you staying the same?

Now is the time to step up your game.

The good news is – most of your fellow CFOs are not stepping up their game. They are getting comfortable. They have finally achieved their career goal of becoming CFO and they feel it is time to coast.

They are coasting their way out of the CFO chair.

You, on the other hand, want to make sure that you become the most Successful CFO possible.

If you are ready to step up your game, get yourself an Executive Coach.

Why do you need a CFO Coach? Let’s take a look at the reasons why.

Plan – Do you go into the office every day and just fight fires? Or do you have a plan with long-term, medium-term and short-term objectives that will help you accomplish more with less fire-fighting. Failing to plan is planning to fail. (See our Blog – From CFO Vision to Action Plan)
It’s Lonely being a CFO – You need someone that will listen to you, provide you with advice, guide you, challenge you, and keep you at the top of your game. (See our Blog – The Lonely CFO)
Relationships – you are no longer an accountant. It’s no longer just about being technical. You need to manage your relationships. (See our Blog – Roadmap to Successful CFO Relationships)
Feedback – Now that you are at the top of the Finance Group in your company, do you really expect the people that work for you to provide you with objective feedback? You want someone candid and practical to give you the feedback you need.
Stress – remember the days when you left work at the office? If you do remember those days, I’m sure it is a long time ago. Managing the stress of being CFO is difficult, yet critical to your company as well as to yourself and your family. Expressing yourself and talking about what stresses you can go a long way to actively managing your stress, ensuring you get a better job done in less time.

Wouldn’t you love to…

have a plan?
be less lonely?
manage your relationships better?
get constructive feedback? and
be under less stress?

Email me to arrange your first Coaching session – FREE.

You have nothing to lose.

Let’s talk!

August 22, 2011 By Samuel Dergel 6 Comments

You’ve been promoted to CFO. Now what?

You’ve been in a senior financial role with the company for a while, and have been aiming for the CFO chair. One day, you get the call from the CEO (or the Chairman) and they offer you the CFO job.

Congratulations! You’ve been promoted to CFO. You have a new office, a new title, new business cards, and a better compensation package.

Except…

… You’re not exactly sure what to do as CFO.

Based on speaking with new CFOs in the same situation as you, you are not alone. When I speak with them and ask them if their job has changed since their promotion, they usually answer “Not really…”

As CFO, you should not be doing the same job you were doing before.

So now that you’ve been promoted to CFO, what can you do to ensure you become the best CFO you can be for your company?

1) Prepare a Plan

Your success as CFO depends on you having a plan for success. This requires that you be aware of the expectations the CEO and Board has from you, and putting in a plan to ensure you can deliver, and have a Strong Finance Team you support you in your goal to become a Successful CFO.

I recommend that this plan be completed within the first 100 days of your new tenure as CFO.

2) Get a Coach

If you ask your CEO, there is a good chance he or she has a Coach. It gets lonely at the top (see Lonely CFO). Being an Effective CFO requires someone that you can talk to that can guide you to make the right decisions and keep to your Plan.

Your success as CFO depends on your ability to deliver. Take responsibility for your new role. Make sure you have a Plan for your success, and have a Coach that ensure you keep to your Plan.

August 12, 2011 By Samuel Dergel 15 Comments

The Lonely CFO.

Many finance professionals aspire to become CFO. Once they get there, they realize it’s lonely at the (almost) top.

As CFO, you have relationships with those you work for (CEO, Board, Investors), the executives you work with internally, your important outside relationships (bankers, auditors, lawyers) and of course your finance team. (See Road Map to Successful CFO Relationships). With all these people you work with, can you really be lonely?

The answer is yes.

CFOs have told me they feel alone because very few people in their organization understand all the pressures they face, the complexity and the volume of issues they deal with, and the difficulty of the conflicts they manage. The only people that can relate to the challenges CFOs face are other CFOs.

How can a CFO find other CFOs to commiserate with, learn from, and talk to?

There certainly are many groups that bring CFOs together. FEI (both in the USA and Canada) is an example of great organization that brings CFOs together. There are regional groups (like The CFO Roundtable and The CFO Alliance) that bring CFOs together for topics of interest and networking. Social Media CFO groups like CFO or TGL are very visible and active.

However…

There are few places where a CFO can go online to discuss with their peers matters of interest to them. To meet the needs of Lonely CFOs, I am announcing the launch of CFO Lounge, a closed LinkedIn Group specifically created for CFOs to have discussions about the real issues facing them – whether they are technical, interpersonal or strategic in nature.

My role in this group will be to moderate, engage and sometimes lubricate discussion with the CFO members. This group will only be open to CFOs.

If you’re a CFO that would like to be a little less lonely, join your peers at the CFO Lounge on LinkedIn.

Photo Credit Jeffrey Munro

Here Are the Top 5 Reasons CFOs Need LinkedIn.

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