After I first retired from the Marine Corps, I was the President of a small business services holding company and badly needed a Chief Financial Officer (CFO). The pace of the company was fast as we oversaw the operations of four small businesses and one public charity. We had a solid bookkeeper but she didn’t have anywhere the background we needed from a CFO. So, with this in mind, the search began and as we identified the requirements, we saw that it was going to be an expensive proposition to find a qualified financial professional. We ultimately found a great person to fill the role, but the burden of another large salary didn’t help the cash flow. What we really could have used was a Part-Time executive.
Years later, I ran into a Part-Time CFO who worked for three different companies. Depending on the company, he would work one or two days a week for a greatly reduced salary for each of the three. However, he only worked four days a week and made more money than if he worked five days for one employer. Needless to say, he was a happy professional but what he told me was so was his clients. As a Part-Time executive at each of the three companies, he leveraged the existing employees and provided the oversight that was required. This was clearly a win-win situation that many small business owners would love to explore but never thought of.
The 2014 article below from Forbes provides some great rational as to why it makes sense to go with a Part-Time executive.
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