Case Studies - Search Services
Company Wants to Quietly Replace their CFO
A $150 million family owned, multi-line transportation, warehouse and distribution business had decided to part ways with their CFO for both business and personal reasons.
- Management of the business was transitioning to the 2nd generation.
- The CFO was aligned with the father.
- The new, younger company leaders wanted to develop their own team.
- The CFO was a minority owner and resolution of the ownership interest and employment contract needed to be negotiated.
- The CFO was involved in all aspects of the business including Accounting, HR, IT and leading an operating division.
- The company had a complex multi-bank financing structure that had been orchestrated by the incumbent CFO.
- A complex multi-state tax picture needed to be considered in screening candidates.
- An experienced LauberCFO and the Vice President of Recruitment met with the family to gain an understanding of the situation and recommend a course of action.
- LauberCFOs was engaged to complete a “quiet replacement” to respect the many years of service that had been given by the outgoing CFO.
- One of LauberCFOs interim resources with a CFO competence was engaged to provide a bridge between the outgoing CFO and the new hire.
- A detail profile of what the owners were looking for in their new CFO was completed and used as the basis of the search.
- The successful candidate had exceptionally strong financial management skills to address the complex nature of the business and in addition had transportation related experience.
What this meant to company
- The 2nd generation ownership was able to add an important member to their management team for the future.
- Because the LauberCFOs process started with a detailed profile, all family members were able to agree in advance with what their new CFO should look like.
The value of a LauberCFO Search Process
- If helpful, LauberCFOs is able to utilize their financial management expertise to help owners understand what skill level and behavioral characteristics will bring the most value to their business.
- A profile driven process is used to ensure all candidates presented match with the clients unique needs.
- Being able to focus only on qualified candidates saves valuable management time.