CFO

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Apr29

Linda Chan

Know More: Career 1-800-Flowers.com, Career

Since many in-house attorneys interface with the chief financial officer (CFO), how can one tell the difference between an effective CFO and a bad CFO? Is it easy to spot a bad CFO? CapitalEyes, a Bank of America Business Capital bi-monthly e-newsletter on leveraged finance, writes that an effective CFO is important for the start-up, turnaround, and growth oriented business, especially when cash is tight. Lender cooperation and ability to obtain equity funding may be essential.

CapitalEyes summarizes ten qualities of the effective CFO. Since the CFO is the custodian of money, the first quality is honesty. A CFO who approves exorbitant outside advisor fees, or negotiates for him/herself annual raises with an extended severance package while the rank and file experiences salary freezes, might not be the best choice. Indeed there are turnaround executives who do not have strategic vision or care for the future growth of an organization, and believe that whether the company goes bankrupt or gets sold, they have already negotiated their compensation for a win.

Another quality is communication skills. A good CFO communicates information even when not asked, and does not tell half-truths to manipulate situations, or to make one feel that one would not have found out about the true financial performance or state of the company if one did not ask the questions.

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