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March 17, 2014 By Samuel Dergel Leave a Comment

Now available: Samuel Dergel’s New Book – GUIDE TO CFO SUCCESS

Dear reader,

If you have been following my blog for the past year, you know that I have been working on a book aimed at helping the Chief Financial Officer become more successful in their career and at their employer.

Many of you have been extremely supportive as I journeyed from decision to write the book through its completion.

Today, is the day I, and many of you, have been waiting for.

Today, Monday March 17th, is the date that my new book is available in stores across the United States. Guide to CFO Success: Leadership Strategies for Corporate Financial Professionals, available in hardcover and e-book, is published by Wiley & Sons.

(Guide to CFO Success will be available in Canada on March 31, the United Kingdom and the rest of the world on April 9)

Moving beyond the technical acumen required for the job, Guide to CFO Success: Leadership Strategies for Corporate Financial Professionals teaches chief financial officers the specific leadership skills they need to contribute positively to an organization while also maintaining an awareness of their role in a global economy.

It discusses not only how to build and navigate a successful career path, but also how to effectively build teams and manage relationships.

This book teaches current and aspiring CFOs to:

• Recognize the non-technical skills they need to become a thriving leader
• Plan a winning career roadmap while avoiding occupational dangers
• Transition effectively to a new CFO role or organization
• Properly manage all internal and external business relationships
• Build and develop a winning finance team, including succession planning

With numerous real-world examples of successful and not-so-successful CFO relationship management strategies, Guide to CFO Success is the only book on the market dedicated exclusively to the leadership management skills of the CFO.

How you can help make this book a success

Whether you prefer to read the book in hardcover or on Kindle, here are some steps you can take to make Guide to CFO Success a success:

1) Read the book – Your feedback is very important to me. You may love the book, or you may not. Either way, what you have to say is very much appreciated.

2) Recommend the book – You have people you know that would appreciate the advice and guidance in the book. This is a perfect opportunity for you to continue to build your personal brand and add value to your network. You can make your recommendations in person, by email or via social media platforms.

I advise that you recommend the book once you’ve read it, as you will be able to add your own spin based on your own experience and perspective.

3) Review the book on Amazon – Once you have read the book, writing a review of the book on Amazon is very valuable. Reviews on Amazon are key to driving online sales and recommendations. I would greatly appreciate if you were to write a review on Amazon.

4) Gift it to your favorite CFO – You may want to give this book as a gift to someone that has been influential to your success or that can benefit from the advice and strategies discussed in the book.

5) Recommend me as a speaker – I am currently scheduled to speak this spring at conferences in Toronto, Washington, DC, New York and Baltimore. The more conferences I speak at, the more opportunity I will have to talk to current and future CFOs about their success.

However you decide to assist in making this book a success, I appreciate it.

Thank you for your continued support!

Samuel

February 6, 2014 By Samuel Dergel 2 Comments

3 Lessons Learned: The Failure of Heenan Blaikie

The Canadian legal and business communities are getting over the shock that a storied, successful and well known establishment corporate law firm has decided to shut its doors this week. (Read the Financial Post: Heenan Blaikie partners vote to wind up operations)

Heenan Blaikie has been an icon in the business community in Canada for decades. The fact that it can just disappear and disintegrate in a matter of weeks leaves many lessons to be learned. Here are some of the things that were reinforced for me this week.

#3 – Job security is a myth

The only place that job security exists is in your head. There is no such thing as a safe, life-long, job.

Throughout my career in recruitment, I have always heard from individuals that were looking for the safety and security of a career in a firm that is too big to fail. And every so often, stories of failures, restructurings, refocused strategies and mass-layoffs make the headlines. If you would have asked any employee (and many partners) this past December if they had any fear for their career with the firm, they would have given you a look that would be a mix between being puzzled and that you must be out of your mind.

Don’t ever think you have job security. I don’t care what company you work for, even if you work for supposedly secure jobs in government. You job is at risk. If you don’t want to be unemployed, or to minimize your time in transition, you must build and invest in your network. You can only expect your network to work for you if you have invested in it before.

If you’re a CFO or senior finance professional, you may want to read my chapter on CFO Transition in my upcoming book.

#2 – Beware the multi-headed monster

If you’re my age, you remember Sesame Street well. You will also remember the two-headed monster with a smile.

Professional services firms have a challenge becoming a business like the others. The nature of this type of firm (accounting, legal, engineering, marketing or even executive search) can be very perplexing. In most publicly owned businesses, the boss is the CEO and the Board represents the owners. Managing relationships for an executive in a standard environment can be challenging enough. While there is a chain of command, the number of people to keep happy is limited and controlled.

In a professional services firm, every partner is the boss. Add a number of people with big egos and who are not afraid of litigation and you can find yourself facing a multi-headed monster that is not as cute and cuddly as the Sesame Street version.

Managing relationships is a key component for the success of any executive. From the perspective of a CFO, I believe it looks like this. In my soon to be released book, I discuss the issues of managing these relationships for success, and dedicate one chapter to the challenges of managing the relationships of the people you report to.

#1 – The world is changing. Are you?

This applies to all businesses as well as individuals.

The post-mortem on Heenan Blaikie will continue for a while. When a personal relationship breaks up, there is his story, her story and the truth. In a partnership that has many heads and egos, the story can only be more complicated.

From an informed outsider’s perspective, the legal industry has been going through changes in the past years and decades, mirroring the changes that have been going on in rest of the business world. In today’s world, business needs to grow to keep their competitive advantage, needs to assess strategic opportunities and threats, and must take on a more global perspective while keeping a local flavor.

All businesses must adapt to the changing realities facing them. Failure to do so can lead to doors closing.

On a more personal note, each one of us needs to be aware that to continue to stay relevant and employable, we must continue to improve, change and adapt so that we can thrive. Sitting at your desk while the world changes outside your window will only leave you dazed, confused and lost when security leads you outside the building.

What are you doing to:

Create your own job security?
Get the best out of your work relationships?
Stay ahead of the curve in a continually changing world?

June 4, 2012 By Samuel Dergel Leave a Comment

Hot and Cold Networking Doesn’t Work.

Originally posted on Hank Blank: Thoughts on Networking, New Business & Agency Searches:

Hot and Cold Networking Doesn’t Work.

The new Jobs Report came out yesterday and the report wasn’t too cheerful. Very tepid job growth. That’s life in the New Normal. We live in a world with an unemployment rate of 8.2% in the U.S. My friend Lynn Marie Hammond reminded me that the Euro Zone’s stagnant economy has left 17.4 million people out of an active population of around 156 million people without a job.

I read in this month’s issue of OC Metro that even the well educated and diverse Orange County the land of desperate and over indulged housewives only added 12,600 jobs from January 2010 to January 11. Not much growth for a county of three million people.

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May 8, 2012 By Samuel Dergel Leave a Comment

https://dergelcfo.com/2012/05/08/1077/

March 22, 2012 By Samuel Dergel 4 Comments

5 Steps to Building your Finance Dream Team (and 3 tips on how to get it done)

As CFO, you can be the best in the world (for your business), but if your team is not up to par, you and your company will suffer. A key foundation for a CFO’s success is their Finance Team (see bottom of my CFO Relationship Map). CFOs I have spoken with agree that A Strong CFO needs a Strong Finance Team.

How does a CFO build their Finance Dream Team?

By having a Talent Plan. Your Talent Plan needs these key components:

1) Vision. What do you want to accomplish as CFO?

2) Needs Assessment. What talent do you need to support you in attaining your CFO Vision? What are your needs today? What will they be in the future?

3) Team Assessment. Assess your current team critically. Do they, individually and as a group, currently have the knowledge, skills and abilities (KSAs) you need to accomplish Vision? Will your team be able to meet your needs in the future?

4) Hire, Promote, Train and Unhire. Once you know your what your needs are and what your team can deliver to you, you need to activate decisions by hiring and unhiring key people, as well as training and promoting those that can deliver.

5) Continuous Hiring. Having a continuous hiring plan is beneficial. (Read: When Should a CFO Hire?)

Sounds simple. Yet most CFOs I speak with agree that this is difficult to implement. With CFOs having so many things to get done, Talent Planning and Management takes too much time for most CFOs to put the necessary effort and focus into it.

Here are some tips on how busy CFOs can accomplish each component of their Talent Plan.

1) Advice & Coaching. Working with an internal resource (HR) or an external resource (executive search firm) can be very beneficial in putting your Talent Plan together – from Vision to Continuous Hiring. CFO Coaching in particular can allow you the resource to become a better CFO while preparing your plan to become one. (Read: CFOs: 5 Reasons why you need an Executive Coach.)

2) Outsource key time-suckers. The hiring process takes a lot of time. Many CFOs are under the impression that they can make great recruiters, with the idea that they don’t have to pay a fee. Working with an executive search firm that you trust will not only make the process easier, but will add value to you and your company. (Read: Executive Search: Do CFOs understand the difference between Cost & Value?)

3) Build your leadership team first. Let your leaders build their team so they can deliver to you.

The War for Talent is returning; don’t get caught unprepared.

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March 7, 2012 By Samuel Dergel 4 Comments

CFOs and The Cloud

In my last blog, CFOs, Information, and IT, I wrote about why IT is important to the CFO, and what the CFOs today need to understand about IT.

The Cloud is a hot topic for many in IT today. This is an important topic for CFOs to be understand, because as I mentioned in my previous blog, CFOs today need to be aware of ongoing changes in IT and the impact it can have on them.

What is the Cloud?

“The Cloud” is short for “Cloud Computing”, which Wikipedia defines as the delivery of computing as a service rather than a product, where shared resources (software and data) are provided to computers and devices over the internet.

To get a better understanding of the options when it comes to the Cloud, I went to my fellow CFO Intellectual Exchange Network member Laura Mikovsky, HANA Solution Partner at SAP.

Mikovsky explained that there are 2 options when it comes to the Cloud.

Software as a Service (SAAS) – this is a licensed (per user) model, hosted by a solution provider.

Infrastructure as a Service (IAAS) – this lesser known Cloud solution is more appropriate for larger companies. Essentially, the company is responsible for managing and installing the applications and data they use on remote computers and storage that is running remotely.

“It is important for an organization to define which option is best for them.” says Mikovsky.

What are challenges that CFOs face with the Cloud?

To find out what these challenges were, I spoke with Yehuda Cagen from XVand Technology in Houston. Cagen’s company services small and mid-sized companies in Texas and around the US. Cagen says, “There are two types of challenges CFOs face with the Cloud. The first is that they know what the Cloud is, but are not sure where to start. The second type of CFO isn’t sure what the Cloud is, but their problems can be solved in the Cloud”.

What are some of the benefits of the Cloud?

Less worrying about IT – Cagen quotes one of his CFO clients who, after implementing a Cloud solution from ISUtility, said “I don’t talk about IT anymore”.

Cost and Cash Effectiveness – Paying per user allows for paying for what you need and use, as well as spreading IT costs over a period of time, without making an upfront investment in hardware and implementation. SAAS counters the ongoing uncontrolled costs of upkeep on an IT system installed on premises.

Self-Service – Mikovsky says the working with the Cloud allows the business user to have more control over their IT needs, and be less reliant on the IT department. (This is good news for anyone that has ever waited for IT to deal with a mission critical finance technology issue).

The Mobile CFO – The Superstar CFO: After the Crisis published by CFO Publishing in partnership with SAP, refers to The Mobile CFO. Most CFOs will admit that a lot of work does not happen at the office anymore. Having access to their data and information in the Cloud allows a CFO (and the finance team) to be more mobile, and possibly more effective.

Disaster Recovery and Business Continuity – Stuff happens. Earthquakes, hurricanes and other natural disasters can have a strong negative impact on a business. Moving to the Cloud can allow for a business to continue in unfortunate times. Cagen recommends looking at how this impacts the business, as well as how potential Cloud providers are set up to ensure this continuity.

There have to be downsides to the Cloud. What are they?

Implementation risks – “Garbage in, Garbage Out” applies. We have all seen the impacts of a bad implementation. Becoming involved with the needs analysis and planning of implementation should lead to reducing implementation risk when it comes to the Cloud.

Security – Finance people are often able to better understand what they can see. Not having your computers and systems on-site can feel uncomfortable to a CFO. If the computer equipment is all locked up in a room, CFOs feel more secure. But this may not necessarily be the case. It is possible to have better security off-site than on. Asking the right questions can lead to better sleep patterns – at least about IT. Cagen recommends that CFOs put their potential Cloud providers in the hot seat and ask them the tough questions about security.

Backup Recovery – Systems work. Most of the time. Sometimes they fail. Ensuring recovery via testing of backups is critical to any system implementation. The Cloud is no exception.

As CFO, you should not expect to be an IT expert. Understanding key IT concepts, such as the Cloud, will allow you to understand how you can better access the data and information you need to make more appropriate decisions.

Have you moved some or all of your systems to the Cloud? How has the Cloud impacted your finance team and organization?

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October 5, 2011 By Samuel Dergel 4 Comments

New CFOs and the Entrepreneurial CEO – How to make it work

I have been privy to viewing (from near and far) many successful entrepreneurial businesses over the last 20 years. I have always been fascinated by how one person (or a small group of people) can create an amazing business out of nothing. It takes a certain type of individual to have the motivation, drive and skills to be a successful entrepreneur.

I have also seen many entrepreneurial companies reach a ceiling on their growth potential. The management structure and style that has made them the success they have become can no longer support continued growth without a radical change in how the company is run.

This inflection point is where it can continue its growth and success.

Or it can all fall apart.

It is at this time that the Entrepreneurial CEO, driven by his or her own logic or by outside forces (usually external investors), understands that he or she needs to hire a Real CFO.

I have been called in to situations like this to help with the CFO Search. The biggest challenge CEOs face at this inflection point is emotional, not logical.

A recent article by Alix Stuart in CFO.com called How to Avoid Power-Hungry Bosses discusses this issue, and provides a 7 point check list on how to avoid a “Control Freak CEO.”

From my vantage point, the challenge for CFOs as they assess new and exciting opportunities is more than just avoiding difficult situations. The challenge is: How does a new CFO “make it work” with an Entrepreneurial CEO on the cusp of major change?

In essence, the company needs to be ready for a Real CFO. For an outside CFO candidate on the verge of accepting an offer from a growing company, this is difficult to assess.

The Question for the incoming CFO is: Are they ready for a Real CFO?

The Question for the Entrepreneurial CEO is: Are we ready for a Real CFO?

For companies facing this important point in their growth, I always recommend our CFO Readiness Program.

You can learn more about our CFO Readiness Program by reading our blog – CEO and Investors: Are you ready for your First CFO?

If you are a New CFO getting ready for (or having just started) a new role in a growth company with an Entrepreneurial CEO at the helm, you need to learn more about how this CFO Readiness Program will help you help your new company.

If you are an Entrepreneurial CEO that knows you will be facing an uphill battle in the move towards a more corporate structure, our CFO Readiness Program will equip you and your entire team to make the shift with more impact and less pain.

If you are an Investor in (or on the Board of) an Entrepreneurial Growth Company on the cusp of change, investing in CFO Readiness will take the guessing out of making the shift to the more corporate environment that will make you sleep better at night.

So, how does a New CFO “make it work” with an Entrepreneurial CEO on the cusp of major change? With the CFO Readiness Program.

September 28, 2011 By Samuel Dergel 1 Comment

CFOs: Your Relationships Matter

I wasn’t planning to write another blog this week.

But then I read Relationship-building Key for CFOs Seeking Operational Experience by Emily Chasan in the Wall Street Journal’s CFO Journal.

Cary McMillan, former CFO of Sara Lee was interviewed, and was quoted saying:

Chief financial officers wanting to move higher up in the C-suite should look for opportunities to build relationships with their firm’s customers, and sales and marketing teams.

Hmmm. Sounds like good advice. The kind of advice you’d get if you read Road Map to Successful CFO Relationships.

Relationships Matter.

They matter if you are looking to move up in the C-Suite. But where relationships really matter is in the CFO function you are in today.

A Great CFO does more than just manage the financials. He or she is a key partner in running an organization. To be that business partner, you need to be part of the business. To be part of the business, you have to have solid relationships with ALL sides of the Relationship Map – the people you work for, the people you work with, the people that work for you and the people on the outside of your organization who you could not do without. All of these people are critical to your success.

What have you done today to build your relationships with the people on your CFO Relationship Map?

August 28, 2011 By Samuel Dergel 1 Comment

How to Find the Best Recruiter for Your Needs

As a follow up to my guest blog post (CFOs and Recruiters: Beefs and Beef) written for Cindy Kraft, CFO Coach, here is the next part – How to Find the Best Recruiter for Your Needs

Here is a glimpse of the post:

In my last guest blog for Cindy (CFOs and Recruiters: Beefs and Beef) I reviewed the 5 categories of complaints that CFOs had with recruiters.

So, how do you find the best recruiter for your needs?

[Visit Cindy’s Blog to read more]

August 25, 2011 By Samuel Dergel 5 Comments

Does a CFO need a PA?

A recent article in CFO World UK (The bottom line on time management) got me thinking about CFOs and Personal Assistants (PAs).

Personal Assistants (formerly known as secretaries) used to be standard for senior level executives in companies of all sizes. With the advent and proliferation of computers and personal devices to assist with communications and scheduling, many executives have taken control of their own agenda and their own communication methods.

So the questions that need to be asked in the current world we live in are:

Does a CFO need a PA? [polldaddy poll=5451855]
If a CFO needs a PA, why? [Share your comments below]

How you can help make this book a success

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