Working as an interim CFO

‘I’ve just recently finished up with Total Tools after being with them for twelve months as their Interim CFO. My career over the last 3 or 4 years has taken me down the path of interim CFO roles, which are a little bit different to permanent CFO roles as they are usually based on a key need for change or crisis management.

The core attributes of someone who can take on that kind of interim role are courage, flexible leadership, emotional intelligence, change management and being able to quickly assess a situation or problem. Technical finance skills are a given. Leadership styles become important depending on the agenda. Having a collaborative style together with proposing a vision quickly is also vital in aligning teams.

The major difference between the role of an interim CFO and a CFO working in an organisation for a long while is the pace of change required in a shorter period or being brought in to solve a specific problem. I have often been engaged to realign finance teams, introduce new skills or manage a specific problem either during a period of crisis or when the business model is evolving.

When an organisation is about to undertake change all sorts of emotions come into play with individuals as they embrace uncertainty. Being able to wear a different leadership hat to suit the situation is critical. During COVID-19 this has become more visible as leaders have had to remain calm whilst still pursuing growth. Earning trust quickly is also vital.

By way of example, my recent interim role at Total Tools required me to redesign the finance team following the organisation’s decision to abandon an IPO. I was hired post this decision by the board (and departure of prior CFO) to assist the CEO with rebasing the business, resolve specific commercial and governance issues and embark on a sale process. Therefore the finance team’s skills needed to be reassessed; particularly as some staff were recruited to support the IPO and so the mood was of uncertainty and anxiety. This environment requires not only being able to assess the team’s ability, but also to understand their motivation during a time of uncertainty.’

On transitioning to leadership and managing teams in difficult situations

‘Moving to leadership roles wasn’t all smooth and I definitely had some lessons to learn. I recall early on in my career as CFO of PaperlinX Merchanting Australia, New Zealand, and Asia, I was very focused, knew the numbers and led my team well however I guarded my personality. Authenticity is so important to creating a team as it enables people to connect with the human element of yourself. As I have been able to share more of myself with my teams and peers, people have related to me more effectively. They can begin to understand they shouldn’t be afraid of mistakes but instead learn from them.

I have had many difficult issues to resolve with teams. A major one was during my Interim CFO role at Slater and Gordon in 2015. They had gone through a difficult period in the market after acquiring a UK based business. I joined a finance team who were all at burnout point, not only because of the acquisition but also due to an extensive ASIC investigation. The challenge was in keeping the team motivated whilst building boundaries to protect them from exhaustion. They needed to be both aware that there were still a few hard days ahead but that I, as a leader, gave them my full support as well as structured goals and timelines. The project involved a lot of long days often with after-hours conferences with the UK business.

It was vital to build trust and confidence that there would be rewards and opportunities for those who committed to those circumstances. This included the opportunity to develop leadership and technical skills that were once in a lifetime and a real asset to a finance career. Keeping teams focused in an organisation that is troubled and often in the media is challenging. Devoting time to individuals is particularly important in these situations which can be extremely time consuming for a CFO.’

Switching off and finding a balance

Sometimes it can be difficult, but I try to stay present with my family. I earmark times where I turn off, even if it is just for a short while before logging back on later at night. To be able to articulate that to your colleagues requires you to be honest and clear about your boundaries. This can be challenging when operating as an Interim CFO during a crisis or highly intensive sale process.

Making time for yourself can also be a struggle. I have a five-year-old child and finding a balance between that and being a CFO is challenging and does require compromises. This is where having a supportive partner and family network is important.

Advice to those trying to advance their careers

Stay abreast of current technical trends, play to your strengths, and continuously learn and develop your emotional intelligence. Make sure to ask your line manager for opportunities to try new things whilst showing initiative. Your attitude and commitment to supporting the CFO, CEO and broader business is what counts particularly in today’s economic climate. You need to be able to demonstrate the ability to add value, go above and beyond whilst remaining technically proficient.