When to Choose Interim/Fractional vs. Permanent CFO Support

Interim finance leadership is too often thought of as a band-aid or a patch job, but in practice, it's actually a strategic tool that sets an organization up to make its next permanent hire smarter, not just minimize its current crisis. Typically, senior living organizations seek fractional leadership help when there’s a sudden departure or gap, there’s a big change or transition happening, like an affiliation, or the board wants an outside perspective. 

In each of these situations, interim support is the way to go because the organization is facing a change or its future direction is uncertain. If a CFO resigns without notice, an interim leader will keep the organization from stalling while you find a new full-timer. If the organization is going through an affiliation, restructuring, or other change, and you don’t know what things will look like in a year, bringing on a full-time leader might not be the best idea.

Plus, fractional leadership means a new perspective that has no qualms about finding inefficiencies and improving organizational structure. Instead of being stuck in the routine mindset of this is how we’ve always done it, an interim CFO can dig deeper and dissect what’s working and what’s just habit. 

The experienced senior living financial consultants at KSH Consulting are here to help set your organization up for success, to get you through this period, and lay the groundwork for years to come. Our team members are passionate, mission-driven finance experts with decades of experience working in the senior living industry. We understand the unique financial challenges that senior living non-profit organizations face, and we’re ready to help guide you through them so you can come out the other side stronger than before. 

Interim leadership can come in during a period of change or strategic growth, keeping everything running smoothly and putting the proper, necessary systems and processes in place for when it’s time to find a permanent hire. A permanent hire makes more sense once the dust has settled and the interim leader has worked out all the kinks. 

With an interim CFO in place, you can really take your time finding the perfect fit for your permanent hire. You don’t have to feel rushed or panicked, hiring someone you know might not be right for the organization because you feel like you’re out of time. Find someone you have a genuine connection with, trust, and are certain is aligned with your mission. 

When you stop seeing fractional support as a lesser option or emergency hire, you can start treating the interim period as an intentional time of assessment and preparation for the future. Much of the work interim leaders do is what helps the permanent hire succeed. The organizational structure, systems, and role itself are all in better shape because of the interim CFO’s efforts. Our consultants will stay on to help with the onboarding process for the full-time CFO too.  

When choosing between interim/fractional and permanent CFO support, one of the biggest factors to consider is timing. Do you need to fill the position immediately? Is there a clear end point when the position might no longer be necessary? Are you unsure what the organization will look like a year from now? If the answer to any or all of those questions is yes, consider interim support before rushing to find a permanent hire. 

If your senior living organization is in need of interim/fractional support, get in touch with KSH Consulting to learn more about how our team of experienced senior living financial professionals can help your organization get through this transition and grow from it.