Below is a client testimonial from Willie and Gina Gillis.
“Thank you, Ren. We will always be grateful to you for helping us get our taxes in order. Although you may not recall, when we first met, the IRS was seeking an excess of $110,000 in (overdue) taxes. Through your coaching and guidance, we were able to bring 10 years of taxes current, and reduce our total tax liability to $7,000. You have been a great adviser and friend. Words cannot express our gratitude!”
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Here are the truths of being a CFO (through the eyes of many CEOs and other CFO colleagues):
1. The truth of the matter is that a business can generally survive without a CFO.
2. The truth of the matter is that most CEOs don’t fully understand the CFO function, and become confused as to its role within an organization.
3. The truth of the matter is that some CEOs confuse the role of a CFO and a Controller.
4. The truth of the matter is that CEOs who view the CFO as a “cost center” don’t have a CFO, while those CEOs who use the CFO as a catalyst for change and efficiency generally are more profitable and more successful, especially at exit time, when it counts the most.
5. The truth of the matter is that in most organizations the CFO would be deemed second in command, and sometimes that is too close for some CEOs.
I have two clients with very similar business models. One has a 30%+ EBITDA Margin, the other struggles to achieve a 6% EBITDA Margin. The difference is that the former has a functioning CFO, and the latter does not allow the CFO to function.
When the stakes are high at the time of an exit, which CEO would you want to be, the one who exits at an 8x EBITDA Multiple or the one who fights to achieve a 4x EBITDA Multiple.Posted by Jeff McCandless