Guide to CFO Success

Proven leadership strategies that will impact your career and your company

Having the right CFO is a critical component for every company's success. Guide to CFO Success provides CFOs and those in the making with a strategic blueprint to benefit their companies and their careers. This book reveals how to build a strong, successful career plan with guidance on team building and management of the multiple relationships that CFOs face on a daily basis, plus how to balance one's work and personal life.

• Offers strategic guidance for leadership growth for CFOs
• Presents essential information for every CFO who wants to play a tactical role in their organization
• Includes best practices for building and developing the most effective Finance Team
• Features practical career advice for future Chief Financial Officers

From balancing one's work and personal life to dealing with the CEO, Guide to CFO Success has the answers you need to plan for a strong and successful career.

Preface xi

Acknowledgments xv

CFO Advisors xix

Chapter 1: Chief Financial Officer 1

What Is a Chief FInancial Officer? 2

Personal Attributes of a Successful CFO 4

Skills Required for CFO Success 6

CFOs Are Different 8

Work–Life Balance 11

The Other Important Thing to Balance 12

Career versus Employer: A Question of Ethics? 13

Focusing on Your Career Helps Your Employer 15

Conclusion 16

Part One Successful Career Strategies for the CFO 19

Chapter 2: Planning for Career Success 21

Playing to Your Strengths 23

Personal Brand 25

Networking 27

Social Media for the CFO 31

Skills Development 36

Career Coaching 38

Conclusion 39

Chapter 3: Career Danger Signs 41

Career Danger Signs 42

Conclusion 48

Chapter 4: Should a CFO Moonlight? 51

Perception Is Reality 52

Acceptable Moonlighting Methods 52

Conclusion 58

Chapter 5: The CFO in Transition 61

The Grieving Process 62

Welcome to Your New Job 63

Ideal State 64

Catching Up From Behind 65

How CFOs Find Their Next Opportunity 69

Accepting Your Next CFO Role 69

Negotiating Your Next Employment Contract 71

Conclusion 78

Chapter 6: Starting Your New CFO Role 81

Onboarding 82

Onboarding Experiences of Real CFOs 87

Conclusion 95

Part Two Successful Employment Strategies for the CFO 97

Chapter 7: Planning for Success at Your Employer 99

The Case for a Formal Plan for Success 100

Executive Coaching for the CFO 110

Conclusion 112

Chapter 8: Relationship Management for the CFO 113

The CFO Relationship Map 114

Elements of Relationship Management 115

Examples of Successful CFO Relationship Management 118

Examples of Failed CFO Relationships 120

Why Do CFO Relationships Fail? 121

Conclusion 123

Chapter 9: Relationships with the CEO, Board, and Investors 125

The CEO Relationship 125

Relationship with Your Board of Directors 131

Relationship with Investors 141

Other Situations 146

Conclusion 149

Chapter 10: Relationships with Fellow Executives 151

Human Resources 152

Information Technology 156

Marketing 160

Sales 165

Production 168

Conclusion 172

Chapter 11: Relationships with Outsiders 175

Auditors 176

Lenders 178

Lawyers 182

Other Outside Relationships 184

Conclusion 185

Chapter 12: Building and Developing Your Finance Team 187

Elements of a Great Finance Team 188

The Cost of a Great Finance Team 191

Plan for a Great Finance Team 192

Building Your Finance Team 197

Superstars 199

Develop Your Team 201

Methods to Develop Your Team 204

CFO Succession 206

How Do I Become a CFO? 207

Your First CFO Role 208

Conclusion 209

Bibliography 211

About the Author 213

Index 215

Samuel Dergel, CPA, CA, CPC (San Francisco, CA and Montreal, Canada) has been successfully involved with executive search and consulting for over 13 years. He is an active CPA, Chartered Accountant (Canada), a Certified Personnel Consultant, and is a graduate of McGill University in Montreal, Canada. Samuel is known as "The CFO Expert" and is an active blogger, social media leader, and speaker on the topic of the role of the Chief Financial Officer.

Guide to CFO Success

Leadership Strategies for Corporate Financial Professionals

Today's Chief Financial Officers generally have the technical skills they need to perform their jobs, but do they have the leadership ability? As part of the Wiley Corporate F&A Series, Guide to CFO Success: Leadership Strategies for Corporate Financial Professionals helps current and aspiring CFOs develop the leadership strategies they need to positively impact their careers and deliver consistently exceptional results to their employing organizations.

The modern CFO's actions impact not only the companies they work for but also nations around the globe, requiring them to bring much more to the table than solid technical expertise. This book aims to not only inform CFOs of their organizational value, but to also show them how to take responsibility for their own career success using specific techniques and strategies. Beginning with a discussion of successful career strategies and then moving into real world employment scenarios, Guide to CFO Success not only examines the characteristics of a successful CFO, but how to transition successfully into a CFO role, how to manage relationships at all levels, and how to build a successful finance team.

Author Samuel Dergel is a widely respected consultant, executive recruiter, and coach. His advice is based on over a decade of conversations with CFOs and his extensive firsthand experience working through the issues they face. The only resource of its kind, Guide to CFO Success is the first and only leadership book aimed exclusively at CFOs to help maximize their unique role and take their careers to the next level.