5 Reasons An Interim CFO Might Be A Good Thing

The chief financial position, sometimes known as vice president of finance, is one of the hardest positions to hire for. It’s also one of the hardest to retain. It’s estimated that CFOs average only 2 1/2 to 3 years at best at most facilities. There are a variety of reasons for this, which we’re not going to touch upon. Instead, we’re going to give you 5 reasons why bringing in an interim CFO might be a good thing.

1. Quick learners. There’s a different between knowing you have to go to a new place and learn all the players that you’re going to have to work with for hopefully a long time versus going into a new place with a mission to accomplish. Interim CFOs normally hit the ground running, and because they’ve been around, they’ll often have a wealth of ideas to bring to the table.

2. Skilled communicators. Because they’re used to making more first impressions than the norm, they’re more skilled at creating positive relationships to help get things moving quicker.

3. Well rounded. Many times CFOs are only skilled in what they’re the best at, that being budgeting and finances in general. Interim CFOs often can come in and see the big picture as opportunities for improvement. Billing, medical records, even IT issues are easier for them to assist with because often those issues have come up at other places.

4. Evaluation. If you need someone to come in and help evaluate talent, an interim CFO is a good place to start. The CFO meets with every director that has something to do with financials, and could probably tell you if your materials management director is working on saving you money with your suppliers or taking advantage of offers that aren’t quite ethical for suppliers to make.

5. No strings attached. If you and the CFO don’t get along, you can change to someone else based on the terms of the contract. If you do get along, you could pretty much keep the CFO for as long as you needed. You’re going to get honesty from an interim CFO because they’re not worried about keeping their job. If you’re in trouble, or if you’re doing good, you’re going to get the truth. And no matter what the truth is, at least you know and can decide if you have to do something about it.


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