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.

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 rob@attorneyadelson.com or call 617-875-8665. 

Forming a Competing Company to Take 100% Ownership of the Business You Built

The bold self-help response when your employer reneges on promise of shared ownership  

Two weeks ago yesterday, on Sunday February 19, 2023, CEOWorld magazine published an article I wrote on “Forming a competing company to take 100% ownership of the business you built”

This new article is designed for designed for CEOs, COOs, C-level and senior executives, who  were brought aboard a company by the owner or owners of the company to fill the need specific knowledge or capabilities, to retain or develop new business, to exploit a perceived opportunity, or to otherwise develop and execute a business turnaround for the business.   To take on this assignment to join the owner’s company as CEO or other senior position, the executive was recruited with the owner’s offer of significant equity and shared ownership, to thus enable the executive to have a significant stake in the value he or she was bringing to the business and its owner.  Yet, once your job was done or largely done, the owner moved the goal posts  on you or has otherwise reneged on the promise made of significant equity on which you relied to take the position.

In this case,  where you have done your job, met expectations and  delivered value as expected, and the owner now changes the rules and denies you the equity  you earned, this article suggests to you a self-help strategy to make you whole for what the owner has denied you, and maybe even more equity than you were first promised (serves the double-dealing owner right!).

My article discusses this self-help strategy covering these topics –  

• What are the right circumstances to take, for yourself,  the ownership you were promised? 

• What are the constraints and circumstances that would limit such corrective self-help action on your part?

• How do you go about setting up shop, to create your own company  in head-to-head competition with your former company and its owner?

•  Is this self-help strategy the right choice for you?

As part of the discussion on forming your own company, my  article offers important cautions and tips for those who would wish to take this advice and form their own competing business.   These important cautions and tips, are also drawn from lessons learned and experience gained from my past CEO and C-level executive client representations in this field.

At the end of the article, I conclude by stating that if  you have essentially built a business, with production, marketing and sales, and the owner has chosen not to fulfill his or her promises to you of shared ownership, this article suggests to you a road map for self-help.  With the right executive employment counsel advising you, you may well be able to take charge.  For many who have done just that, it has proven to be professionally and financially rewarding.  Whichever course you take, best of luck to you!

To see my full CEOWORLD magazine. article, go to LINK: https://ceoworld.biz/2023/02/19/forming-a-competing-company-to-take-100-ownership-of-the-business-you-built/

Or on my website at https://www.executiveemploymentattorney.com/forming-a-competing-company-to-take-100-ownership-of-the-business-you-built/

This was my 40th article published in CEOWORLD since 2016.  Previously, the editor advised that I can use “Featured in the CEOWORLD 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.  

On its own initiative, CEOWORLD magazine created on their website a library of Robert Adelson published articles.   You can peruse this library and/or read as many of my 40 published articles as you wish.  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. https://www.linkedin.com/company/ceomagazine/