What I couldn’t say to my board
Infinia ·
The board meeting is Friday. It's Tuesday and I'm in a spreadsheet trying to make churn match what I told them last quarter.
Collections are messy, and one board member has started redoing our metrics himself. No one has said they don't trust the numbers. No one had to.
The truth is, "The numbers are a little fuzzy right now.” That is what I am afraid to admit out loud. Especially to the board.
My mentor said to get a Fractional CFO. But, I already hired help that didn't help. Besides, the one he vouched for is too busy right now.
Recently, I was burned by two freelance marketplaces.
The designer who delivered 4 weeks late. The engineer that set everything up on a single EC2 instance, “to save money.” Then there was the co-founder who never actually deployed code into GitHub. A story for another day.
That was me several years ago as CEO of Finalysis. We eventually sold that company, but the journey was less than ideal. What I discovered was the value of a good Fractional CFO.
It’s true that most fractional talent is just people in-between jobs. But, find a good one, and your life as a founder gets easier.
The right Fractional CFO must name their last seat, the ARR it was at, and the number they owned. If they can’t do that on the first call, then keep looking.
What sets them apart is ownership. They are not a freelancer, but someone who has a seat at the table. So much more than a trusted advisor. An executive team member.
For us, this was a Fractional CFO in Washington State.
He went to Stanford, had worked for Microsoft, and recently retired from full-time work. The resume was great, but what set him apart was ownership. He saw what was needed, rolled up his sleeves, and went to work.
“You need to raise some funds” he explained in our first meeting. Introducing us to investors who trusted him. Then fixed the books to ensure they passed due diligence.
After that, his job became giving us accurate numbers with a financial roadmap that guided every decision.
Answering when to hire, when to raise prices, and so much more.
The best part was teaching us how to talk with the board using the language of finance. Before long, board meetings were no longer a fearful experience. Instead, they became one of the past parts of each month.
After this exit, I kept seeing the same pattern with founders who asked for my help. Too many fractional’s own a calendar, and not a number. This lead to Infinia. A platform that matches founders with fractional talent.
Before we make an introduction, they name their last full-time seat, the ARR it was at, and the number they owned.
One introduction, to the right person. And if you don't need a CFO yet, we'll tell you that too.
Try it for yourself: https://infinia.fun/for-businesses/intake