Why should I use a Fractional CFO/Executive vs Hiring a Full-Time Executive?

Many companies need assistance with strategy, process planning, implementation and execution. However, not every company needs a full-time CFO (or other executive) to implement these plans. Chances are, if you’re generating <$75M in revenue you’d benefit from a fractional executive vs. a full-time executive. A 1099 fractional executive is roughly 50% of the cost of a full-time executive. Or to think of it differently, roughly the same cost as a Sr. Accountant when factoring in benefits and taxes, but provides the expertise to move your company into the future and towards your goals.

What will a Fractional CFO/Executive help me achieve?

We will help you achieve any goal or project you have in mind. However, the best use of a fractional executives time would be to achieve strategic goals for your company. Some examples are below:

Are you starting a business and need someone to assist with setup, funding, finding a location and all of the other things that go with being a startup? On the startup front, we have:

• Helped to start several businesses with general filings, go-to-market business strategy and process planning.

• Received funding from state governments to build buildings.

• Received grants to start businesses including new machinery and working capital.

• Assisted in acquiring funding for growing R&D companies

Are you an owner that is putting in too many hours and needs more time with the family?

• We can help structure your company to ensure your company runs efficiently while you spend time where you need to be.

Does your company need to plan for future expansions and the funding required to do that?

• We will utilize our banking and financial relationships to help you plan and achieve that growth and expansion.

Do you need to restructure your company for future growth or to run more efficiently?

• We will help to standardize departments, processes, work flows, work instructions and procedures to set your company up for future growth. We can analyze labor needs and help design the organization to the current right-size and a future plan

Can’t figure out why the numbers aren’t meeting expectations?

• We will review costing, time trials, quoting/sales processes, changes from baseline years and give you a plan to reach those goals and expectations.

Just need that extra executive to help drive and execute special projects because the rest of the team is too busy.

• We can be that extra hand at a lower cost and without the commitment of full-time headcount.

What does the process of hiring a Fractional CFO/Executive look like?

The typical contract will be month-to-month, with a Immersion period in the beginning and a monthly bill at a fixed monthly rate. The process for every company will vary depending on their goals and needs, however, the standard format can be seen below.

1. Immersion/Start-up: There will be a 2-3 month period where we will meet regularly with your team to learn your business and design a plan to achieve the goals you have in mind. These meetings will occur more frequently than the meetings in the following months, as we must learn about your individual business to strategize for the future.

2. Plan and implementation: As we have these meetings we will develop a plan and share it with the executive team. Once the plan is agreed upon, we will begin to implement that plan.

3. Meetings: We will have regularly scheduled meetings with the stakeholders to ensure progress on the plan. We will also have regular meetings with the executive team to update the status and see if any changes or new projects are needed.

4. Conclusion: Since Fractional CFO doesn’t require long-term contracts, when the customer has determined they no longer need Fractional CFO’s assistance because we have achieved all of their goals, they will provide us a 30-day notice that our services are no longer needed.

If the customer prefers something different in terms of process or billing, we are always open to discussion.

What areas does Fractional CFO service?

The majority of our Executives are located in the Cincinnati, OH area. This includes Northern Kentucky and Southeast Indiana as well. However, we service businesses throughout the USA remotely and are happy to travel if the customer requests us at their location. We work with companies throughout the globe remotely, including Italy, UAE and Moldova. We have a well-connected network, especially in the Cincinnati area, to assist with any needs you may have.

What if I just need a Controller or Bookkeeper?

Fractional CFO has a portion of their business dedicated to delivering day-to-day financial processes and work as well.