Table of Contents
1. Business Needs and Objectives
- Current Stage of Business
- Startups: Need help with fundraising, financial modeling, burn rate monitoring.
- Growth-stage: Require scaling support, KPI tracking, cash flow management.
- Mature businesses: May need strategic advice, M&A readiness, or exit planning.
- Financial Complexity
- Specific Goals
2. Experience and Expertise
- Industry Experience
- Technical Skillset
- Financial modeling and forecasting
- Budgeting and variance analysis
- Cash flow management
- Internal controls and risk management
- Fundraising and investor relations
- ERP and financial systems implementation
- Strategic Mindset
- Ability to align financial strategy with business goals
- Experience with board-level presentations and strategic planning
3. Scope of Engagement
- Time Commitment
Determine expected hours/week or days/month. Set clear boundaries for availability and responsiveness.
- Duration
- Roles and Responsibilities
4. Cultural Fit and Communication
- Can the CFO communicate financial matters to non-financial stakeholders?
- Should integrate with your executive team and inspire confidence.
- Determine whether physical presence is required.
5. Track Record and References
- Look for examples of similar businesses the CFO has helped.
- Verify credentials, past employers, and check for red flags.
6. Technology Proficiency
- Experience with accounting systems and tools.
- Ability to implement new systems.
- Comfort with dashboards and analytics tools.
7. Cost and Value Proposition
- Pricing model (hourly, daily, retainer).
- Will their expertise reduce costs or improve cash flow?
- Are they affordable and deliver ROI?
8. Compliance and Risk Management
- Familiarity with SOX, GAAP/IFRS, tax laws, and audit standards.
- Capability to design and implement internal controls.
9. Network and Influence
- Can they open doors to funding, partnerships?
- Can they manage relationships with external advisors?
10. Legal and Contractual Considerations
- Define confidentiality, deliverables, termination clauses.
- Ensure data privacy and IP protection.
Factor | Key Considerations |
Business Needs | Stage, financial complexity, goals |
Experience & Expertise | Industry knowledge, technical & strategic skills |
Scope of Engagement | Hours, roles, duration |
Cultural Fit | Team integration, communication style |
Track Record | Testimonials, successful engagements, references |
Tech Proficiency | Familiarity with tools and data-driven decision making |
Cost & ROI | Pricing model, value for money |
Compliance & Risk Management | Regulatory and control systems experience |
Network & Influence | Access to investors, banks, advisors |
Legal Aspects | Contracts, confidentiality, IP protection |
How Faber LLP Can Support Your Organization with Fractional CFO Services
At Faber LLP, we recognize that many growing and dynamic organizations require high-level financial leadership but may not yet need—or want the overhead of—a full-time CFO. Our fractional CFO services offer the perfect solution, providing you with strategic financial expertise on a flexible and cost-effective basis tailored to your business goals.