When is it Time to Bring a CFO Into the Family Business?

“the event that really triggered our decision to bring in an outside CFO was a situation involving a serious fraud incident”

Most family business accounting functions are initially run by an accounting manager, then a controller, and eventually a chief financial officer. Over time, the accounting department gradually evolves into more of a financial department. As your family business grows in size and complexity there is an increasing need to go beyond just reporting the numbers, and the need to analyze the financial results in a manner to be acted on. More…

ADVISORY BOARDS: Not Just for Big Companies Anymore.

DO YOU EVER catch yourself saying, “why change, we’ve always done it this way” or “I mentioned that idea before, but no one listened” and “I wish we could do this, but it would hurt his feelings?” As small businesses, we have a unique ability to make clear- cut decisions and not get caught up in the bureaucracy. Unfortunately, this same advantage also goes against us, when we are faced with growing the business and making critical decisions. Everything works well when we are in agreement with each other about the strategic direction of the business. But when we are not on the same page, we get bogged down making decisions and deciding on the direction of the business, because our personal feelings often get in the way and impede us. More…