Exit Is Now - Plan Accordingly With Scott Snider The Role of a Fractional CFO in the Exit Planning Process
Nov 23, 2023
In this discussion, guests Michael Stier and Darren Cherry from FocusCFO share their immense expertise as fractional CFOs. They highlight how CFOs transition businesses from merely generating income to creating long-term value. Michael reflects on his VC-backed exit experience and how it shapes advisory practices, while Darren discusses his journey from cost accountant to CEO. They emphasize the crucial role fractional CFOs play in identifying pain points like scaling and cash flow, ultimately guiding owners through the intricate exit planning process.
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CFOs Look Out The Front Window
- Many owners confuse accounting with strategic financial leadership and expect accountants to be CFOs.
- Michael Stier clarifies CFOs look forward while accountants look backward and provide strategic direction.
Use Fractional CFOs To Improve Tax Outcomes
- Don't view FocusCFO as a tax or audit replacement; use them to enable tax planning and cleaner records.
- Engage a fractional CFO to improve CPA efficiency and unlock proactive tax strategies.
Celebrate When You Need A Full-Time CFO
- Treat outgrowing a fractional CFO as a success milestone, not a failure.
- Transition to a full-time CFO when complexity or time needs exceed ~50% of a week.
