Finding a CFO at short notice isn’t always easy. Interim CFOs exist to fill a short-term role in your company. You may need to cover a staff absence or the help of a CFO to oversee the restructuring of your company. The most effective way to hire an interim CFO at short notice is by working with a specialist recruitment agency.
There are dozens of scenarios where you could find yourself looking for an interim CFO at short notice. The vital role of a CFO means that most companies need a quick replacement to keep the company moving smoothly.
While you may be considering overseeing recruitment in-house, working with an agency will get you quicker results. A specialist recruitment agency, like FD Capital, can streamline the process for short notice recruiting.
We’re breaking down why you might need to hire an interim CFO and why an agency is the best way to find the right candidate. An agency like FD Capital Recruitment will find the best candidate for short notice hires.
Why You Should Hire an Interim CFO
An interim CFO may be a new position in your company. While a fractional CFO is a part-time position, an interim CFO is a full-time executive who works on a short-term contract. Most interim CFOs operate on contracts of up to 6 months.
Most interim CFOs are hired at short notice, either to replace your current CFO or to oversee a specific project. An interim CFO will typically be hired with a specific purpose in mind. They may be covering a leave of absence or overseeing an internal audit.
There are three benefits to hiring an interim CFO for the first time. Many companies choose to trial the c-suite position with an interim CFO before making it permanent.
1. Experiment with the role of CFO
If your company is still in the development stage, you might not want to make the financial commitment of a full-time CFO. Hiring an interim CFO gives you the chance to test the position. A start-up CFO may decide to hire an interim CFO to allow them to focus on other aspects of the business.
Hiring an interim CFO can allow you to curate the role to the needs of your business. A financial executive can be invaluable when exploring fundraising opportunities, forecasting, and company systems. An interim CFO can also change the fortune of businesses struggling financially or operationally.
2. Overseeing a Merger or Acquisition
If your company is going through a merger or acquisition, you may find yourself hiring an interim CFO at short notice. You’ll want to be certain of your company’s finances during this time. An interim CFO can help you optimize the valuation of your company and ensure it meets M&A due diligence.
CFOs engage with stakeholders in every area of your business, including board members, investors, and external partners. An interim CFO will go through your finances and prepare everything that’s needed for your M&A deal. Once the job is done, you can decide to transition your CFO into a permanent position or return to a smaller team.
3. A Fresh Perspective of Your Finances
Not every company has a financial executive on their c-suite team. Start-ups and companies in development often find themselves navigating tricky financial situations.
Many interim CFOs are hired for their specific skill set. Working with a recruitment agency like FD Capital can help you identify your company’s needs. CFOs can help to identify potential opportunities or to navigate the current cost of living crisis.
Hiring a CFO will give you a fresh perspective on your company’s finances. While they’re expected to buy into the company vision, CFOs are expected to give their unbiased opinion. An interim CFO can be hired on a per-project rota or to fill the gap during a leave of absence.
Why You Should Use a Recruitment Agency for Short-Notice Hires
Most interim CFOs are hired at short notice. Whether it’s as a replacement or for a specific project, hiring an interim CFO can be a time-sensitive issue. It can take weeks to hire someone and cost thousands of pounds, particularly when recruitment is carried out in-house.
1. Saves your company time and money
Start-ups and small businesses can find the recruitment process time-consuming, particularly with administrative work. If you have a small team, you’ll want them to focus on their responsibilities instead of spending time recruiting.
That’s where recruitment agencies come in. A boutique recruitment agency, such as FD Capital, is more cost and time-effective than in-house recruitment. They’ll deal with all the administrative work, including organizing candidate interviews.
Outsourcing your recruitment means that your current employees can continue to oversee their usual responsibilities. A recruitment agency relieves the cost and time pressure of short notice recruitment.
2. Candidate Short List
Using a recruitment agency means that you can benefit from candidate screening. Instead of meeting dozens of candidates, the agency will provide you with a short list of the most suitable and qualified applicants.
FD Capital is a boutique recruitment agency that takes a curated approach, identifying the specific needs of your company. An agency like FD Capital will match your company with the best candidate. This shortlist process is more time effective and will shorten the recruitment cycle.
3. Agencies Have Industry-Specific Knowledge
You want to work with a recruitment agency that is an expert in your industry. You can benefit from their extensive insight and knowledge, including their contacts. Specialist recruitment agencies will have their finger on the pulse, understanding salary expectations and the latest industry trends.
4. Agencies Excel at Temporary Positions
Recruitment agencies are best placed to fill positions with short notice. They have a database of potential candidates who they can short list quickly. This insight means that agencies can typically find interim CFOs within a few days. These agencies can speed up the process by looking at their talent pool instead of advertising externally.
Hiring an interim CFO at short notice doesn’t have to be stressful. Working with a specialist agency will streamline the process and help you find the ideal candidate. Start your recruitment process today by contacting FD Capital recruitment at recruitment@fdcapital.co.uk.
