Take the reins, make the transition

We interviewed CFOs on a range of challenges and considerations that come with business transitions—one of them being the management of the transition triangle: time, talent, and relationships. Let’s take a closer look.

Time

Interviewed CFOs approach time management during transitions in varied ways, with most prioritizing a six-month period to learn the business before driving change. After this, the familiar demands of the CFO role set in, requiring careful allocation of time, strategic delegation, setting routines, and protecting time for reflection. Most CFOs spend their initial years as operators and catalysts, especially in times of crisis, and many wish for more opportunity to act as strategic partners to the CEO.

Talent

Throughout transitions, interviewed CFOs report facing a talent paradox. While great talent conserves time and drives success, many finance leaders have to choose between developing existing staff or bringing in top performers for key roles. Several CFOs find that trying to develop “B” talent into “A” players often diverts time from other priorities, highlighting the importance of securing strong talent early on during big changes.

Relationships

Lastly, CFOs report navigating a range of relationships during transitions, with family dynamics often proving most stressful. Building strong connections with CEOs, executives, and board members is essential, and ongoing communication is key to sustaining these relationships. Many CFOs say that they regret not investing more in external peer networks, which can provide valuable support during unexpected transitions.

To learn more real-world transition management insights from CFOs, download the full article below.