Interim CFO

How can an interim CFO contribute to your business?

An interim CFO is an acting CFO who can lead a change, transformation, acquisition, threat of closure or fill a vacancy when it is necessary to have the right skills and leadership. An Interim Manager can start the assignment immediately and bring excellent leadership skills and is experienced in driving and implementing changes.

I get an assignment, a mission and a deadline, that’s the only thing that counts.

What specific competencies does an interim CFO have?

The interim CFOs we work with have at least 15 years of experience in operational change work from various companies and industries, usually in an international context. Deep knowledge and skills of the finance function, from accounting, including consolidated accounting, and reporting, to business control, financing, and implementation, is a requirement. Most of them also have experience of IPOs, acquisitions, carve-outs, buy-outs, etc. All our partners are verified good leaders with a habit of handling emergency situations where delivery from day one is necessary.  

As an Interim Manager, you can not just ‘stir up dust’ or revoke decisions. I make all the decisions that are necessary and support the management. You have to leave a strong organization when you end the assignment.

Read interview

Why hire an interim CFO?

A problem needs to be solved – hiring an interim CFO is a safe and cost-effective solution. When the business is facing a change, need to perform a turnaround, integrate an acquired company, implement a new business system, or divest a company, an interim can run the project quickly and with a committed and motivated team – with sustainable results. Sometimes you need to bridge a vacancy and here an interim CFO can quickly come in and ensure that the finance function continues without interruption.  

An interim CFO can also support the existing CFO in a specific project or sub-part. Our customers can be found in listed and privately-owned companies, as well as in the public sector.  

By engaging an interim, the business achieves rapid results in the form of increased growth, reduced costs, more effective processes, implemented change, or as support during the time you are recruiting a permanent CFO.  

Eva Kaijser, one of the interim CFOs we have the privilege of collaborating with, says that an example of an assignment is when a CFO does not have the time or capacity to carry out, for example, an IPO, acquisition, or reconstruction. “This is where I do the most good. One day I am in a company that is at the top, and the next day it is a reconstruction. That’s what drives me.” 

Read the full interview here.

When is it a good idea to hire an Interim Manager?

3 examples of when you may need an interim CFO

1. To drive a transformation

The role of the CFO is often to create stability in a major change, a transformation. A transformation can mean many different things, ranging from changing the business model, entering new markets, or expanding or adapting a business to new external conditions. During all changes, the company’s basic routines and processes in the financial area must still work, something that is the CFO’s core responsibility. The CFO often also has a strategic role alongside the CEO and the management team in identifying the major changes that need to be made, and in the practical work in the actual implementation.

Read a case study about transformation of a sales-company here.

2. To lead a turnaround

The CFO’s role is often to lead the processes when a company has profitability problems. To perform a turnaround, an analysis needs to be made to find out where the problem areas are, to be able to develop and implement a strategy to overcome the issues. In severe situations, the best solution can be to liquidate the company. The interim CFO leading the turnaround will assess the causes of the situation and develop a strategic plan that needs to start at once. Usual measures are, for example, lowering the costs of the production, make the purchasing organization more efficient, renegotiate with the suppliers, banks and investors, and to analyse the needed skills for the transformation. During a turnaround, the focus must be on processes, structures, costs, and sales. To be successful, you will need a leader who has done this several times before and the ability to motivate and engage the organization.  

Read an interview about performing a turnaround here.

3. To carry out acquisitions or divestments

When performing an acquisition or a divestment, there is often an impatience from owners and board to see their expectations become reality. But if the process goes too fast and is not properly controlled, things can go wrong. To lead the complex process of M&A or divestment, you need to have extensive experience in everything from analyzing new business opportunities, to negotiations with banks and investors, find the right buyer, perform a due diligence, etc.

Driving and leading these kinds of complex processes require energy, skills, and the right resources. Some businesses lack the needed competence internally to run a complex and business-critical process. To achieve the goals, an interim CFO efficiently leads the different workstreams in a sustainable way and secures the expectations of the CEO, board, and owners.

Read an interview about change management, divestment and acquisition here.

What attracts me with interim management is to drive change, leadership, and that you clearly see the result of your work. Unlike management consultants, I am hands-on and drive change together with my colleagues as one in the team.