Figuring out your niche — and what you can charge for it — is an essential first step for intrepid fractional CFOs, experts say.
Three weeks ago, on Wednesday August 16, 2023, CFO Drive magazine published a “Deep Dive” article “Three key steps to the fractional CFO seat: Figuring out your niche — and what you can charge for it — is an essential first step for intrepid fractional CFOs, experts say”.
This article was by veteran business magazine reporter Grace Noto, who earlier reached out to interview me on her subject.
This CFO Drive article begins as follows:
It’s the era of the part-time CFO: the financial leader who works flexible hours putting their unique skill sets to use at multiple businesses. As opportunities for this type of work expand, however, finance leaders who want to make the jump to fractional CFO work need to ensure they are covering all their bases.
A key step before taking on such a role is “knowing what it is that you bring to the table and what your specialty is,” said Michelle Delker, founder of The William Stanley CFO Group, a Wesley Chapel, Florida-based boutique fractional CFO and financial services firm.
Find your niche
While some might think of CFOs as one-size-fits-all, that’s far from the case, with each leader bringing a unique background and experience to the job — Delker likened it to choosing restaurants, where two might serve the same type of cuisine such as Japanese or Italian fare, but specialize in different regions or cooking styles.
In the last segment of this CFO Drive article, entitled “Read the fine print”, the author quotes me on the importance of a full and reasonably comprehensive contract between the contracting CFO and the company that he or she is to serve on an interim or part-time basis.
One of these key points is to clearly delineate your duties, responsibilities and authority. There should also be indemnity protection for your vulnerabilities.
I was also quoted on potential special compensation opportunities from the interim, part-time or fractional position relationship. This might come from a special executive bonus tailored to the special strengths that you as the “hired gun” bring to the company.
My quoted comments also suggested creation of your own separate legal entity, typically a limited liability company (LLC), to seek out and take on part-time assignments. This might also give rise to a marketing opportunity by choosing a distinctive tradename to brand your LLC raising visibility in your field.
To see Grace Noto’s full article in CFO Drive, go to LINK:
Three key steps to the fractional CFO seat | CFO Dive
In addition to this fine recent article, I also offer for consideration two articles I wrote on related subjects, published earlier by CEOWORLD magazine, that you also might find of interest.
1. This article of mine, published by CEOWORLD in 2017, discusses issues to consider when taking on interim or part-time C-level job opportunities:
Interim CEO & Turnaround CEO Employment Agreements | Attorney Robert Adelson
2. This article of mine, published by CEOWORLD in 2018, discusses issues to consider when creating a consulting business including an LLC to take on interim and fractional assignments between full-time CEO, CFO or other C-level positions:
Consulting Between CEO Positions | Executive Consulting | Attorney Robert Adelson
It is my hope that this recent CFO Drive article, as well as my two earlier articles published in CEOWORLD, all with links above, will be of benefit. If you or a colleague is considering taking on an interim, part-time or fractional position as CFO, CEO or other C-level position, and you have questions on contract terms, compensation, liability or other issues, please do reach out to me at firstname.lastname@example.org or call 617-875-8665.
Eleven days ago, on Monday July 27, 2023, the executive career advancement website IvyExec published an article I wrote on “Becoming a Remote C-Suite Executive – Opportunities & Employment Terms to Negotiate For”.
As we emerged from the COVID-19 pandemic, remote work has become a fact of life for almost all businesses. Many executives are now working from home offices or suburban satellite offices and participate in meetings and conferences via online communication tools like Zoom. As a result, there is a growing trend of CEOs and C-suite executives interviewing for and assuming new positions without having to leave their homes or nearby home offices.
My article was designed for CEOs, C-level and senior executives, to offer advice and legal terms to seek and negotiation strategies related to remote work.
The article offers illustrations of how remote zoom meetings are aiding non-profit groups and client development, and then moves to how those same techniques are aiding C-level and senior executives conducting nation-wide job searches for new executive positions.
Then, my article suggests techniques to build a comfort level with prospective employers, for those executives who would like to take up an executive employment opportunity as a remote CEO or C-level executive, including the following negotiation strategies:
To see my full article, go to LINK: https://ivyexec.com/career-advice/2023/becoming-a-remote-c-suite-executive-opportunities-employment-terms-to-negotiate-for or my website, go to LINK: https://www.executiveemploymentattorney.com/becoming-a-remote-c-suite-executive-opportunities-employment-terms-to-negotiate-for/
IvyExec hosts articles and webinars from experts in the career, leadership, and business spaces who wish to share their knowledge with our audience. In April 2021, I was invited to write for IvyExec since it seeks original content on the topics of career development, leadership, and business strategy as it applies to senior-level and C-Suite professionals. IvyExec blog posts and webinars are shared with its community of more than 2 million members on its website, in its newsletter, and on its social media channels. https://www.ivyexec.com/career-advice/write-for-us/
IvyExec claims a “Community of 2.5M+ Leaders”.
See also – https://www.ivyexec.com/
It is my hope that this article on opportunities opening up across the US to CEOs, C-level and senior executives for remote work, originally inspired in 2020 by pandemic necessity, remains timely for many and will be of benefit. Hopefully, the topics I discuss including to conduct nationwide job searches, to interview and take positions in desired urban centers and also in more others locations, and to do all that without the need to even leave your home office or local satellite office, and finally, the chance to work remotely and effectively and to negotiate the right terms to secure this desired employment – will be of benefit to the CEO, C-level and senior executive clients I represent. Feel free to share this article. If you or any colleague of yours has a need in this area, please do reach out to me.at email@example.com or call 617-875-8665.
The bold self-help response when your employer reneges on promise of shared ownership
Two weeks ago yesterday, on Sunday February 19, 2023, CEOWorld magazine published an article I wrote on “Forming a competing company to take 100% ownership of the business you built”
This new article is designed for designed for CEOs, COOs, C-level and senior executives, who were brought aboard a company by the owner or owners of the company to fill the need specific knowledge or capabilities, to retain or develop new business, to exploit a perceived opportunity, or to otherwise develop and execute a business turnaround for the business. To take on this assignment to join the owner’s company as CEO or other senior position, the executive was recruited with the owner’s offer of significant equity and shared ownership, to thus enable the executive to have a significant stake in the value he or she was bringing to the business and its owner. Yet, once your job was done or largely done, the owner moved the goal posts on you or has otherwise reneged on the promise made of significant equity on which you relied to take the position.
In this case, where you have done your job, met expectations and delivered value as expected, and the owner now changes the rules and denies you the equity you earned, this article suggests to you a self-help strategy to make you whole for what the owner has denied you, and maybe even more equity than you were first promised (serves the double-dealing owner right!).
My article discusses this self-help strategy covering these topics –
At the end of the article, I conclude by stating that if you have essentially built a business, with production, marketing and sales, and the owner has chosen not to fulfill his or her promises to you of shared ownership, this article suggests to you a road map for self-help. With the right executive employment counsel advising you, you may well be able to take charge. For many who have done just that, it has proven to be professionally and financially rewarding. Whichever course you take, best of luck to you!
To see my full CEOWORLD magazine. article, go to LINK: https://ceoworld.biz/2023/02/19/forming-a-competing-company-to-take-100-ownership-of-the-business-you-built/
Or on my website at https://www.executiveemploymentattorney.com/forming-a-competing-company-to-take-100-ownership-of-the-business-you-built/
This was my 40th article published in CEOWORLD since 2016. Previously, the editor advised that I can use “Featured in the CEOWORLD magazine” and the CEOWORLD “Logo” on my website and add CEOWORLD magazine in my LinkedIn profile’s “Experience Section” as an “Opinion Columnist.” and authority in the field.
On its own initiative, CEOWORLD magazine created on their website a library of Robert Adelson published articles. You can peruse this library and/or read as many of my 40 published articles as you wish. See https://ceoworld.biz/author/robert-adelson/
With more than 12.4+ million-page views, CEOWORLD magazine is the world’s leading business magazine written strictly for CEOs, CFOs, CIOs, senior management executives, business leaders, and high net worth individuals worldwide. https://www.linkedin.com/company/ceomagazine/