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Think Like an Owner
Mike Wyman - The CFO Role in Search Funds - Ep.205
Jan 9, 2024
Mike Wyman, with over 30 years of CFO experience, shares insights on the CFO role in newly acquired businesses with limited financial infrastructure. Topics include developing the CFO Mentality framework, early improvements in finance post-acquisition, and key characteristics for hiring a CFO or Director of Finance. The chapter also highlights the importance of building a competent finance team in the healthcare industry.
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Quick takeaways
- Building a strong CFO role is crucial when acquiring businesses with limited financial infrastructure, with a focus on constant improvement and integrity in financial reporting.
- CEOs should prioritize getting the finance function right early on, investing in efficient reporting systems and software, and empowering their finance team to focus on analytics and decision-making.
Deep dives
Key Points: Importance of Building Financial Infrastructure in Newly Acquired Businesses
When acquiring businesses, especially those with limited financial infrastructure, it is crucial to focus on building a strong CFO role. The CFO should have a constant improvement mindset and prioritize integrity in financial reporting. During the due diligence process, evaluating the ease of obtaining financial information and the quality of financial statements is important. After acquisition, CFOs should prioritize getting the basics right quickly, including invoicing, cash management, and accurate reporting. As the finance team matures, the CFO's role becomes more strategic, focused on analytics, decision-making, and developing an improvement culture.
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