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#314: [Owner Success Stories] What is a Fractional CFO, Why is the Market Growing, and What is it Like Working With One?
Ep.#2 [THEME FOUR]
Running a business is a lot like running a sports team. You need all the positions filled—ideally with the top talent—in order to even participate in the game.
Many middle-market private companies are going without positions that are needed in order to participate in the game. So many lack the resources to find, hire, and maintain A-player executives who can fill each function (finance, sales, marketing, IT, HR, etc.). A-players completely take the responsibility for the department, come up with a long-term plan, and execute their strategic initiatives with accuracy against that plan because they have “been there and done that” before.
Without A-player executives, it’s hard to even participate in the game of business because all the responsibility for each department lands on the shoulders of the CEO/owner. This leads to burnout and ultimately a failure to reach the full potential of the company and long-term valuation target.
Today, Ryan breaks down why the middle market struggles to get access to top executive talent and how the fractional executive market is helping fix this problem. He then dives into the specifics of the fractional CFO services industry and the various types of offerings out there. Finally, Ryan interviews two owners who have a fractional CFO and what that has done for them and their businesses.
// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast
Fractional CFO Overview, Ryan Tansom // 01:00
Ryan goes in-depth about why the fractional CFO space exists and why it’s so crucial to the mid-market, and then he tee’s up the two 30-minute segments with Steve Schaffer and Jimmy Fritz.
Why every business–regardless of the size–needs highly skilled talent overseeing each function but typically falls short.
Why most companies can’t afford high-level executives even though they employ an outsized portion of the population.
Why the fractional executive marketplace is growing rapidly.
How a CFO helps a CEO run a company through the financial lens.
Why doing EVERYTHING yourself leads to burnout.
How the role of a CFO can help offload many operational responsibilities from a CEO.
What it truly means to be a fractional executive.
The different business models of fractional executive companies (and in more detail fractional CFO services).
Owner of Schaffer Manufacturing, Steve Schaffer // 19:30
Steve Schaffer was born into his family business. Like many second-generation family business owners, he grew up working in the company. In 2008, he bought the business from his dad and took over the long-term family company. Like many first-time business owners, he thought he knew everything he needed to know about running the business.
After some hard lessons, he realized the company was making no money and needed to make a change. After engaging with Arkona’s fractional CFO services, he has clarity on how to organize his cash so he can see where his company has been, where it’s going, and how close he is to the ultimate goal. In this episode, he talks about his 10-year process of starting confused, stressed, and unhappy, to now–when he is having fun, creating wealth, and going on 200-mi
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By Arkona - Intentional GrowthEp.#2 [THEME FOUR]
Running a business is a lot like running a sports team. You need all the positions filled—ideally with the top talent—in order to even participate in the game.
Many middle-market private companies are going without positions that are needed in order to participate in the game. So many lack the resources to find, hire, and maintain A-player executives who can fill each function (finance, sales, marketing, IT, HR, etc.). A-players completely take the responsibility for the department, come up with a long-term plan, and execute their strategic initiatives with accuracy against that plan because they have “been there and done that” before.
Without A-player executives, it’s hard to even participate in the game of business because all the responsibility for each department lands on the shoulders of the CEO/owner. This leads to burnout and ultimately a failure to reach the full potential of the company and long-term valuation target.
Today, Ryan breaks down why the middle market struggles to get access to top executive talent and how the fractional executive market is helping fix this problem. He then dives into the specifics of the fractional CFO services industry and the various types of offerings out there. Finally, Ryan interviews two owners who have a fractional CFO and what that has done for them and their businesses.
// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast
Fractional CFO Overview, Ryan Tansom // 01:00
Ryan goes in-depth about why the fractional CFO space exists and why it’s so crucial to the mid-market, and then he tee’s up the two 30-minute segments with Steve Schaffer and Jimmy Fritz.
Why every business–regardless of the size–needs highly skilled talent overseeing each function but typically falls short.
Why most companies can’t afford high-level executives even though they employ an outsized portion of the population.
Why the fractional executive marketplace is growing rapidly.
How a CFO helps a CEO run a company through the financial lens.
Why doing EVERYTHING yourself leads to burnout.
How the role of a CFO can help offload many operational responsibilities from a CEO.
What it truly means to be a fractional executive.
The different business models of fractional executive companies (and in more detail fractional CFO services).
Owner of Schaffer Manufacturing, Steve Schaffer // 19:30
Steve Schaffer was born into his family business. Like many second-generation family business owners, he grew up working in the company. In 2008, he bought the business from his dad and took over the long-term family company. Like many first-time business owners, he thought he knew everything he needed to know about running the business.
After some hard lessons, he realized the company was making no money and needed to make a change. After engaging with Arkona’s fractional CFO services, he has clarity on how to organize his cash so he can see where his company has been, where it’s going, and how close he is to the ultimate goal. In this episode, he talks about his 10-year process of starting confused, stressed, and unhappy, to now–when he is having fun, creating wealth, and going on 200-mi