A rapidly growing company faced a critical challenge: their Chief Financial Officer (CFO), a seasoned veteran with over 20 years of experience, was experiencing severe burnout. This stemmed from the company’s explosive growth trajectory. In just five years, operations had expanded dramatically, transitioning from a solely British Columbia-based entity to a pan-Canadian and US presence. This expansion significantly increased the workload and pressure on the CFO.
Challenge
The escalating workload had pushed the CFO to their limits, leading to consistent burnout and a potential risk to their long-term health and well-being. Furthermore, the company owner recognized the urgent need for a succession plan for the CFO’s role to ensure the company’s continued financial stability and smooth operations in the future.
Approach
To address this critical situation, the company sought the expertise of FSQ. FSQ stepped in at a fractional CFO level, assuming responsibility for the financial operations of the Canadian branch and overseeing the existing finance team. This strategic approach served multiple purposes:
- Immediate Relief: By taking on a portion of the CFO’s responsibilities, FSQ provided immediate relief, allowing the CFO to focus on higher-level strategic initiatives and recover from burnout.
- Knowledge Transfer: This collaborative arrangement enabled the FSQ team to gain a deep understanding of the company’s financial intricacies, fostering a smooth knowledge transfer and building a strong foundation for future succession planning.
- Positive Impact: FSQ’s involvement yielded immediate positive results, including:
- Improved Financial Reporting: Streamlined processes ensured timely and accurate financial reports.
- Reduced Receivables: Proactive measures led to a significant decrease in outstanding accounts receivables.
- Enhanced Cash Flow: Optimized cash flow management significantly improved the company’s financial stability.
Results
Through this collaborative partnership, FSQ has become an integral part of the company’s finance team. By providing crucial support and expertise, FSQ has not only alleviated the pressure on the CFO but also contributed to several key improvements in the company’s financial performance. This successful collaboration has laid the groundwork for a smooth and effective succession plan, ensuring the company’s long-term financial health and continued growth.