MMT Chats: What Exactly Is a Fractional CFO and How Do I Hire One? Part 2

This MMT Chat explains exactly how a Fractional Chief Financial Officer (CFO) can empower small business owners to overcome the complexities of financial management. Tom Barr President of TK Molds & Engineering, Grady Cope President & CEO at Reata Engineering & Machine Works and Troy Roberts, CEO of Beanstalk Collaborative Community Wealth in Denver, CO, (and an AMBA as an current board member) explain:

• What a Fractional CFO is and how they differ from traditional accounting professionals.
• The range of services a Fractional CFO can provide.
• Common misconceptions, such as cost concerns and the belief that only large companies need a CFO.
• How to source and onboard a Fractional CFO, including how industry associations can assist.

Q&A

1. Can you describe the process of deciding to bring a fractional CFO on board?
2. What were the key factors that made you realize it was time for this change?
3. What were some of your initial hesitations about bringing in a fractional CFO, and how did those concerns change after working with them?
4. Many business owners think they can't afford a CFO, especially part-time. How would you address this common misconception?
5. What advice would you give to other business owners in the industry considering bringing in a fractional CFO, especially regarding how to find and onboard the right one?
6. In your experience, how can industry associations, like AMBA, help members better understand the importance of professional financial management services?

If you missed Part 1: The Hidden Obstacles Holding Your Business Back (and You Don't Even Know It), go back and watch to hear the personal and professional benefits these two shops experienced working with a Fractional CFO.