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 email@example.com or call 617-875-8665.
Last Thursday, on October 2, 2020, CEOWorld magazine published an article I wrote on “Working Remotely as a C-level Executive – Opportunities and Considerations.”
This new article is designed for designed for CEOs, C-level and senior executives, dealing with the negatives of the Covid-19/Coronavirus pandemic on many businesses and executive employment situations, but also giving rise to new opportunities.
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 CEOWorld magazine. article, go to LINK:
Or my website at https://www.executiveemploymentattorney.com/working-remotely-as-a-c-level-executive-opportunities-and-considerations/
This was my 30th article published in CEOWORLD over the last five years. Previously, the editor advised that I can use “Featured in the CEOWOLRD 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. 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.
It is my hope that this article on the new COVID-19 inspired opportunities opening up across the US to CEOs, C-level and senior executives is timely 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 tweet or share this article. If you or any colleague of yours has a need in this area, please do reach out to me.
Last Tuesday, on March 27, 2018, CEOWorld magazine published an article I wrote on “Consulting Between CEO Positions”
This article was designed for CEOs and other C-Suite, VPs or other senior executives who have achieved a level of success and now find themselves between executive positions and might want to consider doing some consulting before accepting the next full-time job offer.
My article discusses the advantages consulting offers the CEO and other senior executives between positions, including the following:
The articles also indicates how low cost it is to begin consulting. At the end, the article offers half a dozen suggested steps to begin and develop a consultancy if you do want to give it a try.
The article concludes with the suggestion that if you do develop a consultancy you may want to keep it around and offers advice on how you can retain the business you created to co-exist with the full-time position after you accept a job offer for your next full time position.
To see my full CEOWorld magazine. article, go to LINK: http://ceoworld.biz/2018/03/27/consulting-between-ceo-positions/
Or on my website https://www.executiveemploymentattorney.com/consulting-between-ceo-positions/
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.
It is my hope that this article will be helpful to CEOs and other senior executives who are in between full-time permanent positions and might want to giving consulting a try during that interim period. If you or any colleague of yours has a need in this area, please do reach out to me, your executive employment lawyer, at firstname.lastname@example.org.