CFOWise

Why Our Industry?

We love being part of the permanent part-time CFO services industry. We have the opportunity to make a real difference in assisting the rising generation of 21st century entrepreneurs tackle the new economy and build thriving enterprises. We also get to work with companies that are experiencing difficulties or challenges that need desperately to turn their businesses around. 

The foundation of our industry is delivering high impact results to our clients at an affordable price. Our target market includes most start-up, emerging, and medium-sized companies with sales up to $50 million. 

Whether you join our firm or you decide to participate in this growing industry in another way, you should be able to enjoy many benefits. This industry is also not without risks. We will take a few minutes to discuss the benefits and risks below: 

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 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 one of our partners can typically handle concurrently), our concerns about the financial impact of job turnover and time between jobs has quickly dwindled.

We have found that when we structure our relationships with our clients correctly and we earn the role of CFO and trusted advisor, we enjoy greater stability and job security than we did when we held full-time executive positions earlier in our careers. 

HIGH AND SUSTAINABLE EARNINGS
Our CFOs can earn a respectable six-figure income working just a few days per week. Depending on our own efforts and commitment, this industry can afford us a level of earnings equal to or potentially in excess of one full-time executive job.

When we serve our clients effectively, we tend to build trust-based and long-term working relationships. Our clients are still our clients many years and decades into the future. As such, our earnings potential is sustainable and does not depend on finding new projects or even many new clients once we have established our practices. 

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 our background more than a full-time employer. There is nothing like knowing that we have been able to make a significantly positive impact for our clients, and then having those clients thank us for our knowledge, wisdom, expertise, and skill.

We have all worked too long and too hard to gain the education and experience we have to let it go to waste or become dormant. Adding value far beyond our cost in a market that has so many un-served needs provides us with a tremendous amount of fulfillment and satisfaction.

COMMAND OF FUTURE
We have all experienced the feeling that comes from knowing that the decisions and practices of others can negatively impact us. 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. This industry empowers us to take control of our own destiny and stay true to our values and principles.

This empowerment is a result of the diversification of our sources of income. Regardless of what a client may do or ask us to do, we still have many other clients (most likely between 5 and 12) who contribute to our income. We are much more in control of our future than anyone else, and the decisions of others will have very little impact on our income and our values. 

OBJECTIVITY
Income from many clients, not just one employer, increases our objectivity. Our personal agendas and priorities take a back seat to the best interest of our clients and we work to serve their interests above our own. It is our professional responsibility to advise our clients in this manner, and we are more able to do such knowing that all of our income is never on the line. We are more willing to have a “tough” conversation with the CEO or owner of one of our clients because it is the right thing to do, regardless of how it might impact us personally.

Our clients appreciate this about us and often look to use and implement more of our advice than our prior full-time employer. 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. We control our schedule and can easily include as much or as little vacation, personal, civic, religious, and other time as we want to complement our professional responsibilities. 

RESPECTABLE CAREER IN A GROWING INDUSTRY
Our 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 our industry and the value we bring to our clients. They are often a major source of our referrals. Knowing that the future of our economy is primarily based on innovation and entrepreneurs who commercialize that innovation into thriving organizations, we can confidently 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. To learn how our firm helps qualified professionals mitigate these risks and achieve success as quickly and effectively as possible, please visit Why CFOwise. Whether you decide to join our firm or not, we have a sincere interest in your success!