Your to-do list before kicking off a CFO search

Hiring a CFO is one of the most pivotal decisions your organization will make. Whether this is a new hire or a backfill, strong financial leaders will play a critical role in charting the course for your business’s future.

But before the first interview is scheduled, it’s worth stepping back and getting the house in order. Transformative CFO candidates expect more than just a job description and compensation range when you approach them about an opportunity. They want to see a company that’s clear on its future, unified in its strategy and prepared to move with purpose.

If you’re preparing to hire a new financial leader, here’s what we recommend doing first:

Establish compensation expectations and define your interview process

CFOs are in high demand, and the most talented candidates are likely in conversation with multiple companies. Before launching your search, decide on your target compensation and be prepared to lead with your best offer. You should also determine your interview philosophy. How many rounds will you run, and who will be involved in each stage? A clear, well-paced offer and interview process sends a strong signal that your business is aligned internally and serious about hiring.

Clarify your business needs and long-term vision

Your ideal CFO candidate will want insight into where your business is headed. That means articulating financial goals, anticipated growth strategies and organizational priorities.

To provide candidates with a window into this information, we recommend collecting and organizing your financial data. Be prepared to share documents under NDA and ensure internal alignment on the strategic direction of the business. Are you pursuing organic growth, acquisitions or both? What are the key risks and opportunities on the horizon?

Strong CFOs will use this information to run scenarios and pressure-test your plans. Sharing quasi-sensitive company information is also a good way to keep candidates engaged in the hiring process. This exchange signals your trust and investment in their candidacy.

Keep the CEO actively engaged in the hiring process

In the last decade, CEOs and CFOs have grown to be equal partners in company leadership. Your CEO should always play a role in the hiring process; the more involved, the better. Even if you have a strong hiring team, the cultural and interpersonal alignment between CEO and CFO deserves personal investment and will prove worthwhile once these two critical leaders are working shoulder to shoulder.

The takeaway

Hiring a transformative CFO means identifying a leader who can help shape the next chapter of your business. By clarifying your goals, preparing your team and aligning internally, you create a hiring environment that attracts, and engages, the right candidates. Taking time on the front end to map out your search process will ensure a stronger likelihood of landing a high-caliber CFO for your business.

To learn more about CFO recruiting, contact Ryan Krumroy at (336) 217-9129 or ryan.krumroy@charlesaris.com.