What exactly is a CFO+?
The definition varies depending on the investor and the search consultant. At its core, it’s a CFO with special expertise, often shorthand for a finance chief with restructuring experience.
But what does that mean: operational or financial restructuring?
That, too, is a matter of definition.
Some CFOs have extensive experience in “right-sizing”: they streamline unprofitable product lines, shrink the manufacturing footprint, optimise processes and so on. Others are stronger at restructuring the liabilities side of the balance sheet. And some can do both. I wouldn’t advise claiming that for yourself unless you have a proven track record in both.
In theory, a Chief Restructuring Officer (CRO) can take on this role too (CROs have their own areas of focus). But the CRO is usually a temporary position that challenges both the CEO and the CFO, sometimes deliberately. Working together in a crisis takes a lot of nerve, trust and collegiality, which aren’t always there. That’s why some investors don’t consider a CRO. The CFO+ has the advantage of filling what is usually a permanent role. They can and must make a lasting impact, whereas the CRO, often being temporary, can afford to be less mindful of sensitivities.
What decides it is the company’s starting position. Search consultants shouldn’t launch straight into a medley of candidates, but first understand the business model and the specific challenges.
That isn’t always easy!
Often a company’s problems only emerge during the search. Wherever people are involved, human factors come into play. And not every client puts all the problems on the table at the start. That calls for sensitivity. What matters is finding the right type of candidate, anywhere from an assertive lone fighter to a sparring partner for the CEO. We’ve built relationships with these candidates over many years, regardless of current demand. That’s part of TALENTspy’s DNA.
What’s your experience with this question?
Or have you ever had to change horses in midstream?
