Searching for your first permanent CFO and in need of direction?
Have you been through a recent fundraise? What a fantastic milestone for your business.
This may have happened with fractional finance or consultancy support, but it may now be time to add some senior accountancy & finance skills and expertise to your team.
Hiring your first FD / CFO after a fundraise is one of those hires that can quietly make or break the next 18 to 24 months, so it’s worth being planned & intentional.
We have helped many businesses at this stage. Here is my point of view on the journey…
1. Be clear on why you need a CFO now
Post-fundraise CFOs usually earn their keep in a few specific ways. You don’t need all of these, but you should know which ones you do need:
Runway & cashflow: forecasting cash with precision, not vibes
Board & investor reporting: clean decks, predictable cadence, zero surprises
Financial infrastructure: budgeting, controls, audits, systems (NetSuite, etc.)
Decision support: “If we hire X or expand Y, what happens in 6/12 months?”
Next round readiness: metrics, narrative, diligence hygiene
2. Don’t over-hire (or under-hire)
If your main pain is “our numbers are messy and I’m guessing,” that’s a different CFO than “we’re gearing up for Series B and need someone who’s been there.”
Early-stage CFO profile (often best post-seed / early Series A):
Context and company size comparison in their experience is essential
Comfortable with ambiguity & setting their own agenda
Has set up finance from zero or chaos
Passionate about helping early-stage businesses form
Ideally experience of fundraising / pitch decks
Later-stage CFO profile (late Series A / Series B):
Has managed scale and complexity
Experience of entering new markets, generating new business opportunities
Knows audits, multi-entity structures, hiring finance teams
Can partner with the Board and external investors
If you’re not sure, a fractional CFO for 3–6 months can be a fantastic bridge.
3. Assessing the candidates
Beyond technical finance in person and via references.
Judgment under uncertainty: “Tell me about a time you were wrong on a forecast.”
Values alignment: Do you operate in a similar enough way to enable honesty at the point of discussion
Communication: Can they explain numbers to non-finance people without ego?
Fundraise war stories: Have they lived through diligence and board pressure?
Some red flags for fun; Only being focused on control and compliance & or candidates who don’t want to be in the ‘weeds’ and prepared to build from the bottom up.
4. Comp & structure (rough guidance)
This varies wildly, but broadly:
Base is important but bonus/ltip/equity probably more so
Cash should reflect stage, but don’t try to “discount” the role too hard—you’ll pay later
Company benefits matter and assuming yours are limited this should be on the CFOs to do list
If immediately available some candidates prefer the contract to perm route too
5. First 90 days: what “good” looks like
A strong CFO & start to their role should quickly:
Deliver a clear cashflow model everyone trusts
Clean up reporting and establish a revenue & cost cadence
Identify the top 3 financial risks you’re ignoring, and opportunities you need to laser in on
Make you a better decision-maker, not slower
If after 3 months you’re not seeing a significant change in your sense of clarity and decision-making it needs addressing.
We love supporting growth businesses and hiring game changing talent. That is why for FD/CFO roles in scale-ups we leave some of the fee on the table until the 3-month point. We believe in our process and the people we represent.
If you’d like to chat about your options or find out more, you can reach me via email or LinkedIn here.