179. Fractional CFOs: DO NOT HIRE (until you do THIS)
Summary
Michael King advises fractional CFO firm owners on the optimal timing for hiring their first CFO. He details five essential readiness indicators: having documented service delivery processes, sufficient cash flow for onboarding, a defined employment and compensation structure, confidence in client acquisition, and operating at approximately 50% capacity. By meeting these criteria, firm owners can avoid common pitfalls like the "golden handcuff" trap and successfully scale their operations.Episode description
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If you’re new to the channel, my name is Michael King. I’ve been building and managing my Fractional CFO firm, KFE Solutions, since 2016. I’ve also coached hundreds of other Fractional CFO firm owners to help them start and scale their firms as well. Today, I share the lessons I’ve learned over the past 8+ years to help others build their firms and have outsized impact for their clients.