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So You Want to be a Fractional CFO: Determine Whether This is the Future For You
Are you a CFO for a company looking for more challenge from your job? Perhaps you are a banker, CPA, or entrepreneur and have thought about becoming a CFO. Or you are between jobs and looking for the next phase of your work career. If these are your thoughts, a fractional CFO career is a very realistic and viable option. This is the book for you if you want answers to these questions.
Can I make a living being a fractional CFO?
Will I enjoy or be challenged being a fractional CFO?
Do I have what it takes to be a successful fractional CFO?
If I wanted to, how would I start down the path to becoming a fractional CFO?
And… at the end of the book, if you think you have what it takes and want to give it a shot, the ultimate question will be
How do I get started?
Can I make a living being a fractional CFO?
Will I enjoy or be challenged being a fractional CFO?
Do I have what it takes to be a successful fractional CFO?
If I wanted to, how would I start down the path to becoming a fractional CFO?
And… at the end of the book, if you think you have what it takes and want to give it a shot, the ultimate question will be
How do I get started?
180 pages, Paperback
Published June 16, 2023
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Displaying 1 - 5 of 5 reviews
May 4, 2024
Things I learned from this book:
* Starting Point is to save at least 6-months of expenses so you can sustain the effort of finding your first client.
* Break down your client workload to one day a week per client. We are CFO, but only there one day a week
* Think about Fractional CFO work style as a full-time CFO role being a part-time CFO to multiple companies
* The market is growing faster than the number of CFOs entering the space to serve clients
* Oftentimes the best setup is a company that already has a good controller or accounting manager to run the accounting department day-to-day. You need someone to run the financial house every day because you are only there one day, more or less.
* The target market is companies that are big enough to need part of a CFO but not big enough to need it full-time
* Trustworthiness = Credibility + Reliability + Intimacy / Self-Orientation
* Good Focus Range: Start-up to $50 million in annual sales
* Push for monthly pricing through a monthly retainer
* Remember that you are being paid more for the knowledge in your head than for what you can do typing in a spreadsheet
Easy to Read: (5/5) 80%
Deep Content: (3/5) 60%
Overall Rating: (4/5) 80%
* Starting Point is to save at least 6-months of expenses so you can sustain the effort of finding your first client.
* Break down your client workload to one day a week per client. We are CFO, but only there one day a week
* Think about Fractional CFO work style as a full-time CFO role being a part-time CFO to multiple companies
* The market is growing faster than the number of CFOs entering the space to serve clients
* Oftentimes the best setup is a company that already has a good controller or accounting manager to run the accounting department day-to-day. You need someone to run the financial house every day because you are only there one day, more or less.
* The target market is companies that are big enough to need part of a CFO but not big enough to need it full-time
* Trustworthiness = Credibility + Reliability + Intimacy / Self-Orientation
* Good Focus Range: Start-up to $50 million in annual sales
* Push for monthly pricing through a monthly retainer
* Remember that you are being paid more for the knowledge in your head than for what you can do typing in a spreadsheet
Easy to Read: (5/5) 80%
Deep Content: (3/5) 60%
Overall Rating: (4/5) 80%
June 26, 2025
I found this very insightful and comprehensive. It has met my expectations going into it. I particularly liked the part where the author describes the specific traits one would look for to succeed as a fractional CFO as it invites the reader to do their own personal attribute and skillset inventory if they are able to match them.
Being in a virtual CFO firm myself, I do agree with how it is more difficult to retain clients whose relationships are only online and we're not able to build as strong a relationship that clients we can if we're meeting face to face.
However, for the clients we do manage to retain, it is a matter of being able to consistently provide value that has visibility in an online space, this is possible by emphasizing our availability, via email, or video calls, in place of having to be seen on a day to day basis.
I do have to disagree on mentioned price points of 3.5K/client as it is very possible to attain clients willing to pay 7K and up in a virtual CFO setup.
Other than that great read overall and definitely an avid follower of Mr Schultz over at Linkedin :)
Being in a virtual CFO firm myself, I do agree with how it is more difficult to retain clients whose relationships are only online and we're not able to build as strong a relationship that clients we can if we're meeting face to face.
However, for the clients we do manage to retain, it is a matter of being able to consistently provide value that has visibility in an online space, this is possible by emphasizing our availability, via email, or video calls, in place of having to be seen on a day to day basis.
I do have to disagree on mentioned price points of 3.5K/client as it is very possible to attain clients willing to pay 7K and up in a virtual CFO setup.
Other than that great read overall and definitely an avid follower of Mr Schultz over at Linkedin :)
June 25, 2023
Great read about the world of fractional CFO’s!
Tom has done a great job of explaining the history behind the growth of fractional CFO’s. If you’re interested in learning more about the value of a fractional CFO, and whether you might be a good fit, this book is a must read.
Tom has done a great job of explaining the history behind the growth of fractional CFO’s. If you’re interested in learning more about the value of a fractional CFO, and whether you might be a good fit, this book is a must read.
July 22, 2025
feel like I could have just googled this entire book for one half scroll of answers. only picked this up cause it was in the free little library and was curious
January 1, 2025
I read this book when I was feeling ready to get out of pure accounting and into more finance and strategy. I felt unsure of my abilities, but Tom lays out a framework for determining whether you are capable of taking this step, and it was very helpful. Some of that insecurity will propel you to hustle to learn what you need to do the job. There is no fluff here, just inspiration, hard data and encouragement - I read the book in about 24 hours, even with 3 kids and a full-time job - I couldn't put it down. Highly recommend!
Displaying 1 - 5 of 5 reviews