I wanted a CFO with public company experience; I needed an HR department, new office space, and a board which could help me grow the business. Insight, the private equity firm I chose, helped me with all that.
Landing a million-dollar investment for your startup is exhilarating. But as big as that number sounds, it doesn't go far. Many startups just getting off the ground won't have a CFO to monitor finances. It doesn't take much for spending to spiral out of control.
The only way people can really be excellent is with truth, so you have to have a CFO who will have the intellectual capacity and conviction to tell you you're wrong and try to support that with data.
The CEO era gave rise to the CFO (not certified flying object, as you might imagine, but chief financial officer) and, most recently, the CIO, chief investment officer, a nice boost for the bookkeeper you can't afford to give a raise . . .
Because we weren't having success finding a CEO, our investors insisted that we hire these managers a temporary CEO and CFO. That didn't go great.
The path to the CEO's office should not be through the CFO's office, and it should not be through the marketing department. It needs to be through engineering and design.
The comptroller of New York City ought to have all the characteristics of a major corporation's CFO - quiet rigor, obsessive care for detail, incorruptible judgment, an ability to work assiduously behind the scenes with the key stakeholders.
It's awesome that you have a female CFO and a female GC, but if you look at the investing partners, and it's 15 dudes, I do think those people are going to get left behind if they don't get with where the world is going.
I know a few CEOs who delegate the understanding of their financials and their business metrics to the CFO, and then stop worrying about all that 'numbers stuff.' Don't do that. You have to know your numbers inside and out - they are your life blood.
Today, I think a CFO needs to be more of an operating CFO: someone who's using the financial data and the data of the company to help drive strategy, the allocation of capital, and the management of risks.
I try getting in front of as many opportunities as possible, but in the late '90s, I had no idea that I'd end up being CFO of a technology company. I'd no idea what venture capital was.
If your CFO is more important than your CHRO (Chief Human Resource Officer) you're nuts!
My grandmother started as a ticket-taker and basically became the CFO of my dad's company. It was a very important first impression for me - I've always looked on the business with more eyes than just as a wrestler.
Over the time that I followed Warren Buffett, one CFO told me, it's very important to pay attention not only to what Warren Buffett says and what he actually does - often there are subtle differences between the two.
You see more women in the CFO ranks. It's an evolution.
This site uses cookies to ensure you get the best experience.
More info...