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August 9, 2016 By Samuel Dergel Leave a Comment

A CFO Success Story: Jim Burns, CFO of Accela

Jim Burns - CFO of Accela

Jim Burns – CFO of Accela

The following is from an interview with Jim Burns. Jim became CFO of Accela in June 2016. Previously, Jim served as CFO of Silver Spring Networks, as announced in CFO Moves. This interview was edited for clarity.

  • Quick Takes from Jim Burns on…
    Some key challenges to a rapidly growing software companyReally making sure that you integrate well and deliver on your promise. Progress shifting from more license based models to cloud based and recurring SaaS based models.

    Older tech companies having a difficult time growing

    There’s been such a shift to cloud, and to analytics, and to SaaS. New companies, those that are starting the kind of legacy free, are the ones where all the growth is coming from.

    Advice to future CFOs

    Get as broad a level of business and operational experience as you can. You get a totally different perspective looking through the lens of somebody in the business versus somebody in finance. I’m seeing more and more CFOs these days that didn’t come up through the public accounting ranks.

    The new CEO/CFO relationship

    It seems CEO increasingly wants to be able to spend their time externally making a name for the company with customers and wants a CFO that can make sure that everything, not just the numbers, come together, and that the business is operationally being optimized continuously too.

    Building your career

    Take chances to do jobs you’ve never done before. Your job isn’t just to run it, but to make it substantially better when you left the role versus when you started it.  I shy away from jobs where everything is working perfectly when you go in, because there really is no other way but down.

Samuel: Congratulations on your move to Accela. How do you feel? What are you excited about?

Jim: Well, this is a company that I had to do a fair bit of digging into, to get familiar with it, before joining. And the more I learned about it the more excited I got. They’re really in a great place, and there’s not a lot of competitors. If you think about the enterprise software space, there are so many people trying to get in, and this company has been a market leader and it’s successful. Once you get into state/local governments business, it’s about as sticky as it gets. They just don’t churn very much. It really builds a nice client base, SaaS platform from civic engagement, they’ve been broadening their portfolios through both, organic development and quite a number of acquisitions, and I think it’s just a very exciting space to be. If you look through some of the comparatives they have in the public marketplace, they traded eight nine times sales multiples, because investors just appreciate how strong and sticky this business is. So that’s very attractive. Also the management team is great and the board is great, and everyone is very engaged and focused, and that’s a big deal for me too.

Samuel: At what point in time during the interview process did you decide that this is the place for me, this is where I want to go?

Jim: My initial interview with the CEO was very good and then I got even more excited talking to Mark Jung, who’s the chairman of the company. Mark has been around quite a number of opportunities and he’s been CEO of multiple places and on multiple boards. He really validated everything I hoped the opportunity would be, and then some. So it was fairly early on that I got excited that this might be a great thing.

Samuel: You’re in, and you’re trying to figure your way around this new organization. What do you see are the challenges ahead of you?

Jim: I think the markets are growing great, the company has been through a lot of change recently with quite a number of acquisitions. And that’s heavy lifting and the company is working through it. They made nine acquisitions over just a few years. So really making sure that we integrate that well and deliver on the promise, that we get them making great progress shifting from more license based models to cloud based and recurring SaaS based models. And that’s a wonderful thing to do when you’re private versus public. So just continuing the post that mix shift and in trying to get the EBIT margins where they can be for a company of this size.

Samuel: You’ve come from HP, the technology company that it was and still is a very large and successful business. And you’ve made a transition in both your previous opportunity and this opportunity to a much more entrepreneurial, high growth situation. Tell me about that. How was the experience, what have you learned?

Jim: That is a very interesting question. The HP that I left was very different than the HP that I joined back in the late 80s. Hewlett and Packard had set the company up and the very engineering culture to go after growth opportunities. They then realized that the real brilliant engineers did not want to work amongst thousands of other engineers, so they set the company up as a bunch of small to mid-size businesses that had all the resources they needed to either succeed or fail. Most businesses I worked with were anywhere between four to six hundred people-sized businesses. The HP I left had consolidated so much. The division I was in had a hundred and thirty thousand people. So when I went to Silver Spring it was kind of like going back to my original HP route. It was seven hundred people, 300 million dollars in revenue. And Accela is very much in the same boat. Honestly, I enjoyed the earlier days in HP better than the late days in HP, even though I had a much more senior level of responsibility. It’s the difference between flying, with a dashboard in the cockpit versus being able to see through like a crop duster and see through the windshield and know everything that’s going on. It’s just because of the scale of it. Most of the old tech companies are having a difficult time growing right now because there’s been such a shift to cloud, and to analytics, and to SaaS. And new companies, like Accela, the ones that are starting the kind of legacy free, are the ones where all the growth is coming from. And a being part of that growth story is very exciting.

Samuel: Now that you’re in the growth game, with nimble companies that are very different than the HP that you left. What preconceived notions fell by the wayside once you’ve made it into Silver Spring?

Jim: Honestly, there was a lot that I was able to bring from a process maturity standpoint from HP that Silver Spring needed to grow to. Companies go through different transitions. They go through a starter phase and then they go to a scaling phase and then they go to a more mature optimization phases. And then, unfortunately some of them start to go in decline after that. When I joined Silver Spring, it has just gone IPO six months before, so it kind of had a successful chapter one but it was really struggling with the growing pains of the company. And a lot of the entrepreneurial types that are drawn to startups really shun structure. They don’t want structure. And yet the lack of process and structure was really bootstrapping the company. So I think I came in at a good time when the company needed to put some more process and more discipline and some more rigor in terms of how the portfolio was planned and reviewed. How the businesses were run. Kind of getting the businesses do more of a sinus rhythm so that you could run more collaboratively cross functionally, etc. I consider myself a good chapter 2 guy, and I think Accela is in the same boat now. They’ve made a great name for themselves and now it’s just all about continuing to scale larger and do acquisitions and integrate them effectively and operate in multiple geographies and countries. It’s just a different way of working, but it’s what I like doing, it’s what attracted me to Silver Spring and what attracted me to Accela now.

Samuel: Now that you’re CFO and you’re on your way to another success, what advice do you have for those that are aiming to move into that senior role over the next coming year?

Jim: I think that getting as broad level of business and operational experience as you can. I spent nine years outside the finance function. In HP I was general manager of a couple of businesses. I ran multiple different operational supply chains and services and support and sales operations. You just get a totally different perspective looking through the lens of somebody in the business versus somebody in finance. I’m seeing more and more CFOs these days that didn’t necessarily cut their teeth and come up through the public accounting ranks. They’ve had a broader blend of operations. I think the CEO increasingly wants to be able to spend their time externally making a name for the company with customers and wants a CFO that can really make sure that everything, not just the numbers come together, but that the business is operationally being optimized continuously too.

Samuel:  What do you feel has made you successful?

Jim: I think the combination of getting the mentors through my career that not only helped and coached me, but took chances on me to do jobs that I had never done before. Because I had kind of shown a track record before. I always believe your job isn’t just to run it, your job is to make it substantially better when you left the role versus when you started it. I took a lot of jobs where people told me to stay away, people who take those jobs get fired, kind of high complexity jobs, and those ended up being some of my more rewarding roles. Because when you go into something you really can make a name for yourself, it’s demonstratively better when you leave the role versus when you join the role. As long as the right elements are there for the role, there’s any number of roles. I sort of shy away from things where everything is working perfectly when you go into it because there really is no other way but down. This job at Accela has got all the things I want – relative to having a good fast growing market and good leadership position. But also a number of things internally that can use my experience and help to allow them to reach their goals a little quicker.

+++++++

A CFO Success Story is a feature of Samuel’s CFO Blog, where Samuel Dergel follows up on his book, Guide to CFO Success, speaking with CFOs featured in CFO Moves and CFO Moves Canada, Samuel’s popular and comprehensive weekly report on CFO Movement across the USA and Canada.

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Filed Under: Accela, Investor Relations, IPO, Jim Burns

July 12, 2016 By Samuel Dergel 1 Comment

A CFO Success Story: Naresh Bansal, CFO of Actiance

Naresh Bansal - CFO of Actiance

Naresh Bansal – CFO of Actiance

The following is from an interview with Naresh Bansal. Naresh became CFO of Actiance in May 2016. Previously, Naresh served as Vice President, Finance of ZScaler, as announced in CFO Moves. This interview was edited for clarity.

Samuel: What attracted you to Actiance?

Naresh: For the last 4 – 5 years, I was at a company called Zscaler that has done extremely well. I helped the company grow from a company of less than 200 people to a company of well over 800 people. But what really piqued my interest was there is such phenomenal opportunity for similar growth at Actiance. And after talking to the executive team and board members, and realizing how committed they were. It really helped solidify my interest in the company, and I decided that I do want to be part of this success story. The product which they had developed is so completely ahead of the technology curve, in the potential that it offers. It has a great executive team as well as great backers.

  • Quick Takes from Naresh Bansal on…

    The new CFO

    The role of the CFO has evolved so much, we cannot do just finance; we have to make sure that we understand and are partnering with all the other parts of the organization – like marketing, sales, engineering, pretty much every part of the organization. You need to understand that they are part of the business, and to be a partner of that.

    Dealing with rapid growth

    You need to make sure there are defined processes around that growth. Especially when you’re growing at such a fast pace – it becomes even more important that we have all the processes in place. You need to make sure that you’re thinking ahead of the curve.

    Developing your team

    Give them more responsibility. People want to be challenged. If you have people who are hungry to get more, they won’t be satisfied unless they are constantly being challenged. If people are given additional responsibility and accountability, they will rise to it.

    Learning from others

    Be very open – if your counterpart has a better idea, be open to adopting their idea. Be collaborative. It’s not about people imposing their will on the next.

    Networking is key

    You have to be constantly staying in touch with your network. It could be anyone. It could be the auditor that you work with, your external vendor that you work with. We all need to make a very conscience effort – this has to become second nature.

Samuel: Each career move that you’ve made has been good for you. What does this opportunity have for you, in your ability to deliver and accomplish, that some of the other maybe didn’t?

Naresh: I feel that the opportunity at Actiance is unique. When I look at the market opportunity, they have the top ten of the ten top banks as their customers. And it’s the ability of the company to monetize those customers. That was a very compelling reason.

For me, having been the head of finance for my last company, this was a phenomenal opportunity to step into the more official CFO role of the company and help them grown substantially, to drive the strategy, drive the approach.

This company is at the intersection of big data, social media and compliance. And all of these three markets are all growing at a phenomenal pace. This is reacting to great opportunities, in a much more regulated environment.

Samuel: What are some of the new challenges that face you in this new adventure at Actiance?

Naresh: There are 2 kinds of software companies. There are companies that have been born in the cloud. There are some companies that have been around for a while and are transitioning to the cloud. Actiance has both of those aspects. Actiance has been in a transition where they have been moving from a perpetual software licensing model to a cloud model. And this is really what I brought to the table – that past experience of having been in those fast growing SaaS companies. Bringing that mindset in terms of how you look at metrics, which metrics to look at, how operationally should we be looking at, whether we should be looking at the pricing strategy, looking at the compensation strategy for the sales teams, looking at it across the board, looking at how the planning needs to be done, etc. In SaaS companies, it’s a very different approach to all of these things.

The second aspect is the rapid-growth the company was experiencing. How do you make sure there are defined processes around that growth? Especially when you’re growing at such a fast pace – it becomes even more important that we have all the right processes in place. And if we don’t have all those processes in place, then we’re putting them in place. We’re putting all the systems, the controls, the whole environment. When you’re a small company, you do what you do. But as you’re growing, you have to make sure that you’re thinking ahead of the curve, and that you have all of the right systems, the right processes. And looking at where the team has the experience and the tools to help build us to the next level.

Samuel: Do you feel have enough of the right team members necessary to accomplish what you need?

Naresh: It’s like anything else – as the company grows, there are different talents of people that we need to look at. As of today, when I entered the organization, there is the absolutely the right amount of people that we need. The people here are phenomenally dedicated. We do have the right team. But as the company grows, we need to make sure we have the correct leaders in all the areas.

Samuel: What are some of the top CFO challenges that face growth companies – like yours – today?

Naresh: Every company is different. Every industry is different. And every stage of growth is different. If you’re dealing with a very fast rate – how do you balance all of the requirements and all of the resources? Finance is one of the areas that you should be able to help with that. But what other things can you look at? How can I help the sales team deliver their growth objectives? How can I make sure as the CFO, I’m the enabler of that growth and not the impediment? It needs to be a good balance where you are growing at a very good rate, but at the same time making sure you keep your burn to a minimum. And where you are adding value to your investment along the way. To me, that’s the main challenge – how do you grow at a fast rate? And making sure that you’re very disciplined about your capital allocation.

Samuel: As a leader. How do you develop other leaders?

Naresh: There is the hiring of people who are very smart – even if they haven’t done everything, but that they smart and have a lot of potential. The other aspect to being a leader is to give your team a lot of guidance and mentoring and tutoring along the way, to be in a position that you’re able to guide other people, and to groom these folks to become the future leaders.

And the third element is giving them more responsibility. People want to be challenged. If you have the right people who are hungry to get more, they won’t be satisfied unless they are constantly being challenged. To me, if people are given additional responsibility and accountability, people will grow. The problem then is – how can I grow? If I have a strong team, that going to help me grow? Will it help my role, help me to do more things, help me to partner with other parts of the business in a more effective manner. To me it’s all about hiring the right people. Helping and grooming them by providing them coaching, and by giving them more responsibility along the way.

Samuel: Other than the CEO, who do you feel is the most important business partner for the head of finance in any organization?

Naresh: Well, the CEO is the most important. But when I look across the table, everyone who is on the executive team is a critical component of that. Also marketing and sales are among the most important people. If you’re looking only at the numbers, everything smells great, everything looks great. So you need to ask yourself – how can I partner with the sales team to make them into a high performance organization, making sure they have the right quotas, making sure they have the right compensation structures in place. On the flip side, it’s sort of making sure we’re setting the targets in the right way. And by providing the correct incentives for the marketing leadership so they can effectively deliver. Supporting these guys with a large enough budget allocation so they can have the right tools in order to deliver these numbers. So it’s a very important partnership with sales and marketing.

Similarly, for cloud operations and engineering, it’s about making sure we’re growing in all the appropriate areas – that we have enough engineering talent, that we’re bringing in more and more, and that we’re doing it cost effectively. Whether it’s putting all the data centers we have in different parts of the world, making sure we have the right contacts in place, so we can help the company scale as we grow. And since we are growing, we need to be looking at expanding in different geographies, and building multiple data centers.

Samuel: What’s your style to get the other senior-level executives to work together with you?

Naresh: We are very fortunate in that it is very collaborative – we all feel and believe we are going in the same direction. How do we make this company a big success? Everyone is looking for the ideas. And similarly, I’m very open to ideas – if my counterpart has a better idea, I’m very open to adopting their idea. Or if I have an idea, they are very open to adopting my ideas. It’s very collaborative. It’s not about people imposing their will on the next. Because, in the end of the day, it’s about how to create value for everybody.

Samuel: What advice would you give to finance professionals who want to grow into the CFO chair?

Naresh: The role of the CFO has evolved so much, we cannot do just finance; we have to make sure that we understand and are partnering with all the other parts of the organization – like marketing, sales, engineering, to pretty much every part of the organization. You need to be able to understand that they are part of the business, and to be a partner with the rest of the executive team. And not even just the executive team – but all the different parts of the organization, to understand their needs and their requirements. How to work with them in a better way, to collaborate and help grow the company. That’s one aspect.

The external factor is networking. Networking is key. If you know your friends are the board members or the people that you work with, it’s not like you meet them once and they’re going to call you the next day for an opening. Because you only want them to call you when they have an awesome opportunity. Not just any opportunity that they have available. You have to be constantly staying in touch with your network, whether it’s the board member that you’ve worked with in the past, or some of the executives that admire your work and that you played a role in their success. It could be anyone. It could be the auditor that you work with, your external vendor that you work with. Everybody will want to work with somebody that has good success. And can bring success to your organization.

Samuel: You’re preaching to the converted. All finance professionals will agree with that in principal, but they’ll always say – I’m too busy. How is someone like yourself able to give attention to that while being very busy?

Naresh: This is one of those things where I wish I could do a lot more. It’s true, the job that you have at hand is far more important. But at the same time, networking is great. Some of the things that I have done personally is that I’m part of the local CFO group here which is call FEI, and they have the monthly dinner. And I at least try to go, if not every month then at least every other month. It’s a great avenue where they bring in a great speaker and have a dinner meeting, so at least you’re not taking anything away from your day. And then you have the fabulous chance to meet the rest of the leaders of the CFOs, share your ideas, and just be able to network. And even in my day to day job, things come up where I might have some questions, but at least I know I have a network of people who I can call and ask for guidance, and ask – have you ever had the same challenge? And how have you dealt with that challenge of such a scenario. Without sharing anything confidential. People generally want to help each other out. I’ve had people call me, asking for advice, and I actually feel like I’m privileged enough to be able to help out somebody.

Samuel: Anything else you want to share with our readers?

Naresh: I think we all need to make a very conscience effort to network – this has to become second nature. Especially as a CFO. Because, especially in my world, you’re not just managing your company, but your also constantly hiring as well. Networking is the key. And to try to learn and absorb. Every year – what have I added on to my skill sets. What more have I learned? And not just be content and think I’m the one who knows everything.

+++++++

A CFO Success Story is a feature of Samuel’s CFO Blog, where Samuel Dergel follows up on his book, Guide to CFO Success, speaking with CFOs featured in CFO Moves and CFO Moves Canada, Samuel’s popular and comprehensive weekly report on CFO Movement across the USA and Canada.

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Filed Under: Actiance, CFO Peer Groups, CFO Peer Groups, CFO Success Story, CFO Success Story, FEI, Financial Executives International, Marketing, Naresh Bansal

November 5, 2014 By Samuel Dergel Leave a Comment

The C-Suite Relationship Map

I am fortunate to speak with hundreds of executives each year, in addition to those that I follow and track. Over the years, I have learned a lot about success, what works and what doesn’t, from these talented leaders.

One area that successful executives have in common is their ability to get the best out of their corporate relationships. No matter the discipline of the C-suite executive, their technical ability is just the base upon which they start having an impact on their organization. The CXO is not an island, but is integrated into an ecosystem that is mutually dependent. The success of any executive relies on others. Those who recognize, nurture and sustain successful corporate relationships are those that accomplish more.

My blogging and recent book, Guide to CFO Success, focuses on my primary audience, the CFO and the Office of Finance. Some of the content is CFO specific, but the guidance with respect to relationships applies across the executive suite. Guide to CFO Success spends a few chapters dealing with relationship management for the Chief Financial Officer. A key tool in this discussion is my CFO Relationship Map, a copy of which is visible below.

CFO Relationship Map - October 2014

While I created the Relationship Map for my discussion with my Finance audience, this Relationship Map is useful to all executives who wish to succeed in their own environment.

The Relationship Map is a graphical representation of the areas of corporate relationships. They include who you work for (at the top of the map), who you work with (internally, on the right of the map, and externally on the left), as well as those that support you (your team).

In the CFO Relationship Map, you’ll notice that the CFO reports to the CEO, Board and Investors, and works with the other executives of the company internally. The CFO has a number of important outside relationships, which can include bankers, lawyers, auditors and other advisors. And, as I say in my book, the CFO can only be as good as the team they have allows them to be.

Depending on your own situation, your personal Relationship Map will look different. However, like other executives, you have people you work for, work with internally as well as externally, and have people that support you.

To read the full article on the BlueSteps Executive Career Insider Blog at this link.

You can also map out your own relationships, using this blank Relationship Map or by creating your own.

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Filed Under: BlueSteps, Board, Build your Finance Team, Build your Finance Team, Build your Finance Team, CEO, CEO, CEO, CIO, CPA Firm, IT, Sales Department, Sales Department, The Fresh CFO

October 28, 2014 By Samuel Dergel 1 Comment

Do CFOs Listen to Podcasts?

As someone who creates content aimed at the CFO and other senior finance executives, understanding what Senior Financial Officers like to consume as content is important. There is a lot of different types of content out there. Traditional content creators like TV, newspapers and magazines are no longer the only providers of professionally oriented content. Professional services firms, associations and groups, software providers and anyone that wants to get the attention of a Chief Financial Officer is creating content to catch the attention of this Very Important Decision Maker.

When preparing to write my book, Guide to CFO Success, I created a CFO Advisor group to seek the opinions of senior finance executives and learn from their actual experiences. As part of my ongoing quest in providing fresh and relevant Finance oriented content, I reconstituted my CFO Advisor group so that we can all learn and grow.

I recently polled my CFO Advisors on their content habits, and will be sharing some of their insights over the coming weeks.

To begin with, I thought it would be interesting to understand whether CFOs listen to podcasts. Most of the content I have created over the years have been in text, whether on my blogs, in other media articles, as well as my recent book. I have never created my own podcasts, but I have been interviewed for a few podcasts over the past while.Do CFOs Listen to Podcasts

As you can see from the graph, about half of my CFOs do listen to podcasts, while 12% of them tune in to podcasts on a regular basis.

It is interesting to see that CFOs are beginning to take a shine to the podcast as a form of content delivery. To get a better understanding of the value CFOs are getting from podcasts, as well as the future of podcasting focusing on senior finance executives, I spoke with Jack Sweeney, host of CFO Thought Leader, a series of podcasts sharing firsthand lessons from leading Chief Financial Officers. I had the opportunity to be interviewed twice by Jack for his CFO Thought Leader podcasts, and appreciated his insights and questions, which led to the creation of valuable content of interest to the CFO.

“Like many people, my “content consuming” behavior has entered a period of great change. I find I’m adopting the ways of my teenagers (early adopters). We depend almost exclusively on our TV’,s DVR and we take an iPad on family trips so we can access Netflix anytime and anywhere. Meanwhile, I’ve begun to listen to the NPR podcast on weekends simply because I added the app to my iPhone.

I find that there is a noticeable shift in my behavior and meanwhile, from everything I’ve read I’m not alone.  Why would the behavior of CFOs be any different? Clearly, it’s not, and while CFOs may be laggards when it comes to behavioral changes, they are without question changing their behaviors with the rest of us.  Also, I’ll mention once again the car industry’s adoption of in-dash apps over the next few years will also quickly grow the podcast listening audience (CFOs included).” – Jack Sweeney

Sweeney also pointed me to this quote from Tom Webster, VP of Strategy at Edison Research.

“The continued penetration of smartphones in America is changing behavior significantly. We are now seeing activities that were dominated by desktop usage in 2013, flip dramatically to become mobile behaviors. For millions of Americans, the smartphone has become ‘the first screen.’”

Podcasting is just one more distribution channel for content of interest to finance executives. Will CFOs choose podcasting as one of the major ways for them to consume relevant and interesting content as time goes on? Is podcasting a great way to get the attention of the busy CFO?

Stay tuned.

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Filed Under: Books, Books, Books, books for CFOs, books for CFOs, books for CFOs, books for CFOs, CFO Research, CFOThoughtLeader, Guide to CFO Success, Guide to CFO Success, Guide to CFO Success, Guide to CFO Success, How Samuel Helps, How Samuel Helps, How Samuel Helps, How Samuel Helps, Jack Sweeney, Podcast, Wiley, Wiley, Wiley, Wiley

September 6, 2012 By Samuel Dergel 1 Comment

CFOs need to understand these HR numbers.

I was interviewed last week on DriveThruHR with Brian Wempen. (You can listen to the interview here). We discussed the relationship between Human Resources and Finance. Being that the audience was mostly HR people, I challenged these HR people to understand how to become valuable to the CFO and the Finance Team.

This week, I would like to discuss the value of HR to Finance. And I found some numbers to back it up. (Most CFOs I know like numbers).

I spotted this interesting blog by Dr. John Sullivan which brought  to my attention a Boston Consulting Group study which discussed the value of HR Processes on Profit Growth, Profit Margin and Total Improvement.

I recommend reading the entire post to get the full details of which HR Processes add most value.

But I would like to bring to the CFOs attention the following results from the survey.

Recruitment is the most valuable HR function to a company.

OnBoarding and Retention is the second most valuable HR function.

Questions to CFOs:

    1. Do you find that these HR processes are most valuable to you and your company?
    2. Does your current solution (internal and external) provide you with this high level value?

If you’ve answered no, give me a call. We need to talk.

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Filed Under: HR, HR, HR, Human Resources, OnBoarding, Recruiters

April 6, 2012 By Samuel Dergel 2 Comments

The 1 Thing Younger CFOs Should Not be Afraid of (and 2 Recommendations)

You may be aware that I have another blog called CFO Moves, which tracks CFO Movement across the United States on a weekly basis. I’m happy to share my team’s research with colleagues, clients, CFOs and even competitors. I gain some fascinating insights into Chief Financial Officers through this research, as well as learning from the CFOs I speak with each day.

Can you find the CFO?

The idea today that a CFO needs to be grey-haired (or no-haired) is no longer a given. Relevant experience is key, as well as the abilities, skills and knowledge that they bring to the table. What matters today is the results the Chief Financial Officer deliver to their employer.

Today, some CFOs are in their 30s or 40s. I’m not making a judgment on a CFO’s abilities based on age. Age is not relevant to whether a CFO can do the job needed or not.

However, I have seen Younger CFOs and finance executives who are afraid to hire people with more experience than they have. In my opinion, this fear comes from insecurities they have, whether they are conscious of them or not.

In a recent post, I discussed 5 Steps to Building Your Finance Dream Team, which summarizes my thoughts on how a CFO can build the best Finance Team possible.

Younger CFOs need to recognize that finance talent with more years than they have can bring them a perspective and approach that bright-eyed and bushy-tailed talent may not be able to deliver for them.

I highly recommend that a Younger CFO:

1) Include capable and experienced Finance talent that is older than they are; and

2) Develop the skills and confidence necessary to properly manage and further develop Older Finance Talent.

The Finance Team supports the CFO. The CFO needs the best talent for their team.

Remember: The best talent can come from all age groups. Don’t put yourself at a disadvantage by ignoring this important talent pool.

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Filed Under: Better CFO, Better CFO, Better CFO, CFO Moves, CFO Moves, CFO Moves, Financial Executive Coaching, Financial Executive Coaching, Financial Executive Coaching, Financial Executive Coaching, Financial Executive Coaching, Great CFO, Great CFO, Great CFO

November 23, 2011 By Samuel Dergel Leave a Comment

Quoted in: The Small-Firm Path to CFO

Dear Readers,

I was quoted in an article that appeared in CFO World by Lisa Yoon that was released this morning. Below is the part of the article in which I was quoted. For the full article, please follow this link. As always, your comments are appreciated and valued.

Wishing you all a very Happy Thanksgiving,

Samuel

***********************************************************************************************************************

Some Exceptions

For his part, though, CFO recruiter and consultant Samuel Dergel has a more qualified view. Certainly, more smaller firms “are getting more sophisticated” in assessing their need for a CFO, he agrees. “But not all.” Says Dergel, “It depends on the ownership structure.” He notes that manufacturing companies with sales of $50 million or more, for example, may well need for finance chiefs. But at private companies where much of the decision-making is done by the founder, there’s often a tendency to resist turning over the reins to someone else.

From the rising finance star’s perspective, many times “a small-company CFO position will not be helpful” on the bath to a big-company top job, he adds. And in general, a better tack might be to go first to the finance organizations of large companies, and use that experience to move forward toward CFO skills.

Meanwhile, he notes, if there is going to be a jump from a small-company CFO slote to a large-company one, it is best to stay within the same industry, he says. In general, when small businesses hire CFOs, “they usually take the path of least resistance,” he notes. “It’s hard for a small- or midsize company to give you a chance to grow as a finance leader if you don’t have same-industry experience.”

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Filed Under: Career Management, Media, Media, Privately Held, Quoted, Speaking and Training, Speaking and Training, Speaking and Training, Speaking and Training, Speaking and Training

November 3, 2011 By Samuel Dergel 2 Comments

Is it time to replace your CFO?

There have been lots of topics online recently about the need for a CFO. Some of these articles have been referred to in my previous blogs. I recently realized that these articles and blogs talk only about bringing a Chief Financial Officer on board, but do not about replacing a CFO.

I’m very pro-CFO. I am close with a lot of CFOs and know many, many more. So why would I write a blog about replacing the CFO?

When a CFO is hired, they are the right fit for the job. (Unless a company hires the wrong CFO). However, change is a constant. Companies change. Industries change. Economies change. Not only is change a constant of our current business landscape, but change is happening quicker than ever. So in a very short period of time, the CFO that was hired and right for the job may no longer be the right person if he or she is not changing and growing along with the company.

For the CFO that wants to continue to be successful with the company they are with, they need to constantly challenge themselves to grow and make sure they can meet the needs of the company as it grows. Coaching can provide support and guidance towards a path of continuous improvement for the CFO.

What I see in many cases is that a CFO gets lazy. Rather than continue to grow, these CFOs focus on their abilities and get stuck in the past.

So, when should a company replace their CFO?

1) When the company has changed, and the CFO hasn’t.

2) When the major investors lose confidence in the CFO.

3) When the company is getting ready to change, and the current CFO does not have the skills and abilities necessary to be a leader for that change.

Some of my CFO Search mandates are driven by these factors. The remainder of my Chief Financial Officer Searches are due to

1) a CFO leaving the company by their own choice

2) a CFO that was asked to leave the company

3) the company hiring their first CFO.

So how exactly does a company hire their next CFO when their current CFO is still in his or her chair?

Stay tuned (and click “Sign me up!” on the right of the blog page to get Samuel’s CFO Blog delivered to your email inbox as soon as it’s published).

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Filed Under: CFO Coach, CFO Coach, CFO Coach, CFO Coach, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Chief Financial Officer, Restructuring, Training and Development, Training and Development, Training and Development, Training and Development, Training and Development, Training and Development

October 27, 2011 By Samuel Dergel Leave a Comment

“Get a CFO on board when you are ready to take on the world”

The title is a quote from Fred Wilson, a VC and Principal at Union Square Ventures, who recently wrote a blog titled “VP Finance vs CFO”.

It’s an interesting blog – you should read it. It certainly got a lot of attention in the social media space (CFO, Tech and VC subsector) in the time since it was published 72 hours ago.

I chose this quote to write my blog post on because it was the meatiest and juiciest for me to work with. In addition to my own direct take on the blog which I recently wrote – Does a Small yet Growing Business need a CFO? – I have written blogs that have touched this topic from different perspectives.

Let us count the ways.

1) CFO Readiness. When is a company really ready to take on the world? Are they really ready for a CFO?

2) Promoting the VP Finance to CFO. Fred says that a VP Finance is about “what happened” and a CFO is more about “What is happening right now”. I do agree with him. But that doesn’t mean the VP Finance cannot become a CFO. Here is how. And here is how as well.

3) The Successful CFO. How does a CFO become a successful? They prepare a plan, map out their relationships, get coaching, and build a strong team to support them.

4) Hiring your CFO. How do you hire them? Read this. How do you NOT hire a CFO? Read this.

Come to think of it, there are more than just these 4 ways.

Just read all my blogs.

And, to not miss any in the future, Click on the “Sign me up!” button on the right side of the blog.

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Filed Under: Accelerated Transition Program, 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, Assessment, Assessment, Blog, Blog, Blog, Board, Board, CEO, CEO, CEO, CEO, CFO, CFO, CFO, CFO, CFO, CFO, CFO, CFO, CFO, CFO Coaching, CFO Coaching, CFO Coaching, CFO Coaching, CFO Coaching, CFO Coaching, CFO Compensation, CFO Consulting, CFO Consulting, CFO Consulting, CFO Consulting, CFO Consulting, CFO Consulting, CFO Consulting, CFO Readiness Program, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, CFO Relationships, CFO Search, CFO Search, CFO Search, CFO Search, CFO Search, CFO Search, CFO Search, Executive Coaching, Executive Coaching, Executive Coaching, Executive Coaching, Executive Coaching, Executive Coaching, Executive Search, Executive Search, Finance Team, Finance Team, Finance Team, Finance Team, Finance Team, Finance Team, First CFO, First CFO, Hire your Next CFO, Hire your Next CFO, Hire your Next CFO, Hire your Next CFO, Investors, Investors, Investors, New CFO, New CFO, New CFO, New CFO, On the Road to CFO, On the Road to CFO, Onboarding, Onboarding, Private Equity, Private Equity, Public Company, Public Company, Public Company, Public Company, Search, Search, Social Media, Social Media, Social Media, Successful CFO, Successful CFO, Successful CFO, Successful CFO, Successful CFO, Succession Planning, Talent Management, Talent Management, Talent Management, Talent Management, Talent Management, Talent Management, Team Structuring, Team Structuring, Team Structuring, Team Structuring, Team Structuring, The Strong CFO, VC, VC, Venture Capital

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