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.

Challenges

  • 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.

Solution

  • 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.