#214 How to Launch a Successful Fractional CFO Practice with Kat Wellum-Kent

https://open.spotify.com/show/7yTcgGvYdcXPxz2HbvgB2H

Fractional CFO services are becoming increasingly valuable as businesses seek strategic financial guidance to support their growth. In this episode of the Grow CFO Show, host Kevin Appleby sits down with Kat Wellum-Kent, the founder and CEO of Fractional Finance, to discuss her journey in establishing a successful fractional CFO practice.

Kat Wellum-Kent shares her background as an accountant, her transition from a larger firm to a smaller practice, and her realization of the gap in the market for strategic financial advice. She describes her decision to start Fractional Finance, the challenges she faced in securing her first clients, and the rapid growth of her business over the past two years. Kat's story provides valuable insights for finance professionals considering the transition to a fractional CFO role.

Key topics covered:

Kat's background in accounting, including her time at Deloitte and her move to a smaller practice

Her discovery of the fractional CFO concept and the decision to start her own business

The importance of using the CFO competency framework to assess her skills and identify areas for improvement

The process of securing her first clients, including the power of LinkedIn for lead generation

The growth of Fractional Finance, from two clients in January 2023 to 17 clients by October 2024

The value of Kat's corporate finance experience and how it benefits her clients

The role of a mentor in guiding Kat through the challenges of entrepreneurship

Advice for aspiring fractional CFOs, including the importance of protecting time and backing oneself

https://www.youtube.com/watch?v=7f9qbchI9l4

Links

Kat Wellum-Kent on LinkedIn

Kevin Appleby on LinkedIn

GrowCFO Mentoring

Timestamps

0:04:15 Kat's background and transition to a smaller accounting practice

0:09:28 Kat's decision to start Fractional Finance and the business planning process

0:13:00 Securing the first clients and the power of LinkedIn

0:15:28 The growth of Fractional Finance and the team expansion

0:19:46 Kat's ambition for the business and the market potential

0:22:11 The relevance of Kat's corporate finance experience

0:25:40 The value of having a mentor for guidance and support

0:27:20 Kat's advice for aspiring entrepreneurs and dealing with imposter syndrome

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