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 protected] or call 617-875-8665.

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:

• Adding to your knowledge, experience and skill set,
• Aiding and encouraging you to stay current in your field,
• Expanding deal flow for new CEO and senior executive positions and business opportunities,
• Lengthening your financial runway with money coming in so you don’t have to take the first position offered,
• Enhancing your bargaining position when you find a position you like.

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 [email protected].

​

On October 26, 2017, CEOWorld magazine published an article I wrote on  “Interim CEO and Turnaround CEO Employment Agreements: Terms and Compensation.”
This article was designed for executives, who have been offered, are seeking or are now considering taking Interim CEO or Turnaround CEO positions.

The Interim CEO may be one of the following:

• company insider from the Board or current executive suit or a current consultant to the Company, as Interim CEO, chosen in part for familiarity with the company and essentially to be a placeholder until the new CEO can take up his or her duties

• executive outside the company recruited to fill that role, someone with a name in the field to maintain the position of the company in the eyes of analysts and investors until the search for a new CEO is completed and the replacement installed

• an executive hired or recruited not just as a placeholder but as a true Turnaround CEO, who is being brought in to “right the ship” when a company is in turmoil, unprofitable or otherwise not performing to the desired level.

This article discusses the different roles each would play as Interim CEO or Turnaround CEO and the different terms each should seek in employment, compensation, severance, equity, disclosure and indemnification from the company that needs their services.

To see my full CEOWorld magazine article, go to LINK:  http://ceoworld.biz/2017/10/26/interim-ceo-and-turnaround-ceo-employment-agreements-terms-and-compensation/
or my website https://www.executiveemploymentattorney.com/interim-ceo-and-turnaround-ceo-employment-agreements-terms-and-compensation/

​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 senior executives who are navigating the shoals of noncompete, nonsolicitation agreements and going into a new position or change of control.  If you or any colleague of yours has a need in this area, please do reach out to me at [email protected] or 617-875-8665.

​