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…

CASE STUDY: When Married Owners Strategies Differ

Tom wanted to grow the business rapidly with outside investors and Nancy preferred downsizing the business to retain majority ownership and control

The Thompson Companies is a specialty retailer of children toys. Tom and Nancy Thompson founded the business in 2002, together shortly after they were married. The business started out as a hobby, but rode the wave of a strong economy and flourished enough for both of them to leave their full-time careers and dedicate themselves to the new business. As the business grew, both were in agreement on most business issues.

The business came to a crossroad. More…