Hey everyone! I’m Bette Hochberger, CPA, CGMA. Today I want to give a guide on choosing the right Fractional CFO. If you are a business seeking financial advisory services, this one is for you!

As businesses strive for growth and success, having access to sound financial advice becomes crucial. Fractional CFO services have emerged as a valuable solution, offering businesses the expertise of a Chief Financial Officer (CFO) without the full-time commitment. However, with numerous options available in the market, selecting the right fractional CFO for your company can be a daunting task. Here’s what you are going to want to look for:

Expertise and Experience

The first and foremost quality to consider in a fractional CFO is expertise and experience. A competent fractional CFO should possess a strong financial background, preferably with a Certified Public Accountant (CPA) qualification and a proven track record of success in various financial roles. 

Look for individuals who have worked with companies of similar size and industry, as they will be better equipped to understand your specific financial needs and challenges.

Industry Knowledge and Insight

Every industry has its unique financial dynamics and challenges. It is important to find a fractional CFO who has experience and knowledge relevant to your particular sector. An expert with industry-specific insight can bring valuable perspectives and tailor financial strategies that align with your business goals.

During the selection process, ask candidates about their experience in your industry and how they have successfully addressed financial issues faced by companies similar to yours. A CFO familiar with your sector’s difficulties will be better prepared to provide relevant advice and identify growth opportunities.

Alignment with Company Goals and Values

The fractional CFO will play a critical role in shaping your company’s financial future, so it’s crucial to choose someone who aligns with your business goals, values, and long-term vision. A fractional CFO who understands your company culture and shares your commitment to success will be more invested in helping your business achieve its objectives.

To check if they align with your company, have detailed discussions with potential candidates about your goals, challenges, and values. See how enthusiastic and interested they are in your business, as it shows their dedication to your financial well-being.

Communication and Collaboration Skills

Effective communication is important for any financial advisor. A proficient fractional CFO should possess excellent communication skills, both in presenting complex financial information in a clear and understandable manner and in actively listening to your concerns and needs.

Furthermore, a collaborative approach is crucial for a successful working relationship. Look for a CFO who can work seamlessly with your internal finance team, executives, and stakeholders. Open communication and a collaborative spirit will facilitate the integration of the fractional CFO into your company’s decision-making processes.

Selecting the right fractional CFO is a critical decision that can significantly impact the financial success of your business. When considering financial advisory services, prioritize qualities such as expertise, industry knowledge, and alignment with your company’s goals and values. An experienced and insightful CFO can provide the financial leadership and guidance necessary to drive growth and profitability.

I hope you learned something new today. If you are seeking Fractional CFO services, schedule a meeting with me, and I’d love to discuss more. As always, stay safe, and I will see you next time.