• Why did you want to become a fractional CFO? 

What I was hoping to do as a Fractional CFO, and what has now turned into my favorite thing about being a Fractional CFO, is the ability to advise and add value to more than one company. I love getting to be a part of various companies’ teams and cultures. As a people-person, being a part of multiple teams is my favorite part of this career.

• Why industries are you focused on?

While at Crown CFO, my focus has been on serving construction companies in Kansas City (I also have experience in the manufacturing and nonprofit sectors).

• Why do you enjoy the industries you focus on and why do you bring value to those industries? 

The construction industry has several extra layers of knowledge required to plan, price and account for their business; and although all construction clients are different, that specific expertise is required for all construction firms. 

All construction companies I have worked with have had strong company owners/managers that are busy running the business but have less time and experience understanding the construction accounting. I have always enjoyed the challenge associated with the construction industry.  I love helping my clients better understand their business not only through better historical accounting but using that accurate historical data to better plan for the future.  This means not just anticipating and budgeting for the coming year but also understanding the need for new/more capitalization or even succession planning.

Practically, this almost always includes help that affects managers understand the difference between profits and cash; when it is better to be over vs underbilled; and how their net working capital affects future business opportunities and how to best manage it, including not only how these items affect current operations but how that affects long term planning and budgeting. 

• What are common challenges that you see in businesses in Kansas City?
  

The biggest challenge I commonly see is eliminating the “status quo.” When I start working with a company, my first priority is to understand everyone’s roles and responsibilities. When I ask why they do certain things I am often told “because that is what I was taught to do.” I always challenge the teams to understand how their roles, and specific procedures, are benefiting the company as a whole. Understanding how each team is connected holistically is an important part of a successful business. Often, we can replace these “status quo” items with simpler processes that reduce errors and free up time for project management.

Another common challenge is assisting the company’s operational teams to communicate and work with the financial teams. While both teams hold important data, often they do not share information on a timely basis. Once I am involved with a company, I develop management reports that are used by both the operational teams and the finance teams, enabling them to understand how their information works together, helping them communicate to strategize and manage the business.

• What was the most challenging part of your CFO career?

I think the biggest career challenge I have faced (along with most) was handling COVID. Trying to plan for the unknown while understanding the ever-changing regulations felt like a career of learning packed into eighteen months. It taught us all to not get too comfortable – you must always plan for cash stress-testing and ongoing forecasting.

• What other tips or insights can you share that you have learned in your work experiences?

It is (almost) never a bad idea to communicate more. A 30-minute monthly meeting often leads to better operational understanding and less last-minute fire drills.

• What was your favorite business trip?

I used to have to “commute” to New York City. My children were young when I commuted into the city, so I felt like I had the best of both worlds – I worked in the big city but lived in a small city with my family. While it was a very hectic time, I very much enjoyed the experience and created some wonderful memories and a love of NYC. 

• Where was your favorite vacation and why?

Although I love my regular beach and skiing trips with my family, my favorite vacation was a girls only trip to Paris in December 2019. We had the most amazing experience and had no idea that COVID would be changing the world in a very short time. 

• What business books do you recommend?

My favorite business books are the E-Myth and EOS business model books. Both provide insight for a small business owner/manager that is universally applicable.

• What is a must-have in your office?

Coffee! Hands down!

Learn how Crown CFO supports growth-stage KC owners. Connect with Kerry George at kerry@crowncfo.com.