The foundation of the permanent part-time CFO industry is delivering high impact results to start-up, emerging, and medium-sized companies with sales up to $50 million. Most of these companies cannot afford a full-time CFO, but they could benefit significantly from the perspective of and value-added from a senior level executive like a CFO. Here are a few of the benefits I have discovered since joining this industry:
GREATER STABILITY THAN FULL-TIME CFO AND EXECUTIVE ROLES
The statistics on C-level job turnover and time between jobs are staggering. With slightly varying results, most would agree that the average tenure of a CFO Career is less than 3-4 years with an average of 6 months between CFO roles. One thing is certain - gone are the days of loyal and diligent service to one employer for an entire career.
With so much uncertainty in the job market, the stability and security that traditionally came from one paycheck have become uncommon. Even if you are the best CFO, turnover and time between jobs will come from mergers, acquisitions, and a host of other unpredictable and unforeseen reasons.
Stability and security have found a new structure, one that our industry personifies. You see, with "paychecks" coming from five to twelve different and un-related companies (that's about how many clients I serve concurrently), my concerns about the financial impact of job turnover and time between jobs has quickly dwindled. I now enjoy greater stability and job security than I did when I held full-time executive positions earlier in my career.
HIGH AND SUSTAINABLE EARNINGS
Depending on my own efforts and commitment, this industry can afford me a level of earnings equal to or potentially in excess of one full-time executive job. I have been able to build trust-based and long-term working relationships with my clients, many of whom have been with me for almost as long as I have been in this industry. Hence, my earnings potential is sustainable.
PROFESSIONAL FULFILLMENT AND SATISFACTION
The entrepreneurs, CEOs, business owners, and founders of most businesses often do not know what they are missing until they hire a part-time CFO. Once they do and their CFO does a respectable job for them, they often value their background more than a full-time employer. There is nothing like knowing that I have been able to make a significantly positive impact for my clients, and then having those clients thank me for my knowledge, wisdom, expertise, and skill. Adding value far beyond my cost in a market that has so many un-served needs provides me with a tremendous amount of fulfillment and satisfaction.
COMMAND OF FUTURE
The decisions and practices of others can negatively impact anyone at any time, often without warning. In addition, many may be tempted to do things with which they disagree or that are contrary to their values when they feel financial pressure. The diversification of my sources of income have empowered me know I control my future more than anyone else, and the decisions of others will have very little impact on my income and values.
OBJECTIVITY
Income from many clients, not just one employer, increases my objectivity. My personal agenda and priorities take a back seat to the best interest of my clients and I work to serve their interests above my own. I am more willing to have a "tough" conversation with the CEO or owner of one of my clients because it is the right thing to do, regardless of how it might impact me personally.
I have found that my clients appreciate this about my ability to approach them in this manner, and they often look to use and implement more of my advice than some prior full-time employers. One of our CFOs was recently in a board meeting with a new client when the chairman of the board looked past all of the other executives and managers and asked our partner: "You work for many companies in many industries and have an objective opinion of things. What do you think we need to be doing to improve this company?"
FLEXIBILITY
No matter their personal and professional priorities, those committed to this industry enjoy more time flexibility than most other one-employer jobs afford. I control my schedule and can easily include as much or as little vacation, personal, civic, religious, and other time as I want to complement my professional responsibilities.
RESPECTABLE CAREER IN A GROWING INDUSTRY
The part-time CFO industry has grown and developed tremendously in the last twenty years. This is no longer an industry defined by CFOs who try to get a few clients until they find a full-time job. There are many professionals in North America that have dedicated their entire careers to this industry and who have established or are in the process of establishing a long-term clientele.
Bankers, attorneys, CPAs, investors, and other professionals respect this industry and the value-added to businesses. In fact, they are often a major source of our referrals. Knowing that the future of the economy is primarily based on innovation and entrepreneurs who commercialize that innovation into thriving organizations, I know that our impact is significant and that we have the respect of all who understand what we do.
POTENTIAL RISKS
This industry is not without potential risks, which include professional liability and lost time and resources learning how to best market, sell, and service clients. An additional risk is the tendency most in this industry have to base their entire income only on their own billable time without opportunities to leverage their efforts into additional income.
Joining the part-time CFO industry has been a rewarding career choice for me in accomplishing my goals and objectives. I encourage anyone who is interested in this industry to learn more and consider these benefits and risks along with the additional benefits that part-time CFO firms, like CFO wise offer.
Real Estate and Financial expert James Ponte in Scottsdale
is interviewd by LBN host Scott Drake. They discuss the current state of the housing market which Ponte says probably won't start recovering until mid 2011.
Real Estate and Financial expert James Ponte in Scottsdale is interviewd by LBN host Scott Drake. They discuss the current state of the housing market which Ponte says probably won't start recovering until mid 2011.
Is this the dawn of a new environmental era in the United States? Political strategist Brad Bannon says despite public indifference and worry about the threat that new environmental regulations pose to a struggling economy, Democrats in DC are charging ahead. Why? “The reason is that solving environment problems like global warming will help the new administration solve pressing diplomatic, health and economic problems.” Bannon says expect Obama, Carol Browner, his environmental and energy czar, as well as Congressional democrats to push forward with several issues in the coming weeks and months. Bannon is president of Bannon Communications Research, a Democratic political consulting and polling firm in Washington, D.C.
Auto industry expert Rob Dilmore discusses what GM and Chrysler must do to survive.
1) Build well made cars
2) Sell them cheap.
Sounds simple.....
Dilmore says that there are far too many colors and fabric types being offered, which defeats the purpose of mass production. A car needs to be made efficiently so that it can remain inexpensive: The less customization, the lower the cost.
Said Dilmore, “Pouring money into the car companies without a product that will sell in mass is a huge mistake. You can't spend your way out of debt; you have to sell your way…”
In this interview Scott Drake talks with Dilmore about:
• What's really wrong with the auto industry that no one is talking about?
• What can Automotive History Teach us?
• How can the Auto Companies stay afloat in the current economy?
• What should be the Government's Role?
• What trap is America setting for itself with answering problems with money?
• How can India produce a new car for $1979?
• And finally, what is the SINGLE THING General Motors needs to do to meet the immediate needs of Americans that will, in turn, give GM the U-turn they so desperately need?
The U.S. Environmental Protection Agency (EPA), has classified several greenhouse gases, including carbon dioxide, as dangerous to public health for the first time in its 39-year history.
“This finding confirms that greenhouse gas pollution is a serious problem now and for future generations,” Jackson said in a statement. “Fortunately, it follows President Obama’s call for a low-carbon economy and strong leadership in Congress on clean energy and climate legislation.”
The agency’s announcement on Friday was met with criticism from both business lobbying groups and anti-global warming advocates.
Jan Schlitchmann discusses the story with Scott.
Ted Kim has cut his rates by one-third, and his clients couldn’t be happier.
The former Heller Ehrman partner founded Kim Law Advisors after his old firm went belly-up in October. Kim, whose billing rate had doubled to $600 an hour in the past five years, now enjoys the luxury of setting his own profit targets and fees, and claims to possess the golden ticket eluding many of his colleagues in these turbulent times: job security.
Scott talks with Ted Kim about starting his own firm.
Nathan Koppel, staff reporter for WSJ, discusses his recent article on the economy's effect on the surging popularity of some law schools.
Real estate expert and financial commentator James Ponte (ponteteam.com) discusses the mortgage crisis. Historically he compares the current economic environment to past periods and draws conclusions on what the future may hold and how to avoid the "bubble then bust" mentality
Nathan Koppel, staff reporter for WSJ, discusses his recent article on the economy's effect on the surging popularity of some law schools.
Real estate expert and financial commentator James Ponte (ponteteam.com) discusses the mortgage crisis. Historically he compares the current economic environment to past periods and draws conclusions on what the future may hold and how to avoid the "bubble then bust" mentality.
Scott Drake and Jordan Kimmel discjuss what it will take to get investors back in the stock market. Consumer and investor confidence are all thats left to jumpstart the economy. They also discuss PBS Frontline's "Meltdown". It chronicles the beginning of the economic collapse and how unsure economic leaders were about not only what to do but what was coming. They also touch on the often misunderstood and shadowy world of credit default swaps.