When to Bring in an Interim CFO — and What to Expect

Many people think of interim/fractional CFOs as emergency hires or last resorts that are only brought in when a company is in hot water. The financial advisors at KSH Consulting are here to change that narrative. Hiring an interim CFO is more than a bandaid. 

Our experienced senior living financial consultants will help your company thrive during periods of change, transition, uncertainty, and for years to come following their placement. We create custom, sustainable strategies and financial plans so that all the groundwork is already laid for the systems and operations, allowing your next full-time financial leader to start already ahead instead of playing catch up.

When to Bring in an Interim CFO

Organizations can decide to bring in interim support for a wide range of reasons and situations. One of the most common is that there is a leadership gap that needs to be filled, often from a sudden departure or leave of absence. One of the largest benefits of bringing in a fractional CFO in this situation is that they’re experienced in the CFO position, the senior living industry, and in bringing stability to organizations that have been rocked by sudden change. They act as the calm in the storm, leading the organization through to the other side with ease.

Another reason a company might bring in interim CFO support is when it’s facing a big change or growing more quickly than the current financial team can handle. A significant change could include an affiliation, a restructuring, a new build, the introduction of a new care level, and more. Experienced interim CFOs have helped lead organizations through all of these changes before, so they know how to chart the path forward. 

Sometimes, especially for smaller organizations, it makes sense to bring in an interim CFO during or after a period of significant growth to help evaluate the finances and determine the best course of action to use that growth and amplify it. By choosing a fractional CFO instead of a permanent hire, you have the time to determine your needs and find the best candidate for your organization – if you end up deciding you need a full-time CFO at all. 

Certainly not the only other reason people bring in an interim CFO, but the last we’ll focus on here, is when an organization simply wants a new, outside perspective on their operations and systems. A fractional CFO is an outsider to the organization, unaware of the reasoning behind each habit and process, and therefore able to examine everything objectively and find inefficiencies a long-time employee may overlook. 

What to Expect When You Bring in an Interim CFO

When you decide to work with an interim CFO from the KSH Consulting team, you can be sure that they will start taking action on day one ensuring that your organization's operations don’t stall. All of our team members were once permanent, full-time CFOs at senior living communities, with decades of experience between us all, so you can be sure your organization is in good hands. 

We’ll match your organization to one of our team members based on your specific situation and their prior experience to ensure the best possible partnership. They’ll take on all the responsibilities of CFO immediately, making decisions, evaluations, strategies, and financial plans while acting as the confident, composed leader your organization needs. 

The interim CFO will work with the rest of your financial team to create strategies, forecasts, and sustainable plans and get everyone on the same page by “financial translating” the data and numbers into actionable decisions motivated by the shared mission of care. Our consultants aren’t just here to get you through a transition, we’re here to help support your organization so it can grow and thrive long after our placement is complete. 

Plus, we’ll help with the onboarding process of your new full-time hire – an often overlooked aspect of the leadership hiring process that can have a massive impact on retention – so they can start off on the right foot. If you think your senior living organization would benefit from bringing in an interim CFO, get in touch to begin working with one of our advisors at KSH Consulting.