I learned many years ago that there are two words you never use with a start-up founder. Those two words are, “You should.” If you have never thought about this, in time, you’ll come to agree with this sage advice. This applies to the question about a tax expert becoming a part-time CFO. I have…
Your client loves to brag about you. In every meeting with a third party, he/she refers to you as the company’s CFO. I cringe when I hear them say that. I casually tell the banker, vendor, or the other person I’m meeting that I’m a consultant. If they have questions, I’ll answer them. I’ve never…
I get asked this question often by CFOs who want to start an independent consulting practice, “Mark, what about health insurance?” If your spouse is still working, the answer is easy to this question. Get on or stay on that plan as the cost should easily be lower than self-employed plans. My consulting business started…
I first heard the term fractional in front of the title CFO when I was introduced to a client. The year was 2008 or 2009. I looked at Jim with a quizzical look. I didn’t ask him, “Jim, what’s a fractional CFO?” There’s nothing fractional about me. I suppose that’s good marketing because the term…
Since I have CFO clients who read this blog, I probably need to watch what I write. But I have to be truthful. That’s because my first consulting project occurred while I was holding down a full-time job. Does that mean I think it’s okay for a CFO to moonlight by performing occasional consulting services? Sometimes,…
Do you accept every LinkedIn connection request that you receive? I probably accept 30 to 40 percent of my requests to connect, and that’s because of a simple mistake that LinkedIn members keep making. Please Don’t Do This Please don’t send LinkedIn’s generic request. Take the extra step by explaining why you want to connect…
If you are in the early stages of your part-time CFO practice, you will be faced with the opportunity of serving a potential competitor of an existing client. Do you take the job or decline the work? I have always had an unwritten guiding principle of never serving a competitor. But there are exceptions, probably….
One of the most gifted and creative consultants I’ve ever met is Mike Schrader who is based in Columbia, Missouri. Mike once said the first thing he asks a new client/owner is how they spend their time. He’s even had them track it for a week or two allowing him to be a better coach to them. When…
My journey to becoming a Free Agent CFO™ started in 1993 when I helped a small business obtain a $500,000 operating line of credit and to create their financial management and reporting systems from the ground up. Afterward, I was gratified hoping I could do more of these projects in the future. Little did I…
Have you ever wondered why you prefer being a sole practitioner, an army of just one person? Why not run a CFO practice with a handful of professionals who can do what you do? Even though I know the answer for myself, I’ve never heard another consultant clearly articulate their response as well as Roger…
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