Chief Financial Officer - CFO Brings Logic & Order to what would otherwise be Chaos.

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Presentation transcript:

Chief Financial Officer - CFO Brings Logic & Order to what would otherwise be Chaos

Functional Evolution of Finance Cash Language of Finance Business Analysis Business Planning Business Partner

The Role of Finance Company Variables Type and Size of Business Financial Health of Business Personalities and Backgrounds of Senior Management and Directors Speed of Change

The Minimal Roles of Finance Demanded & Unavoidable 1 st – Administration of Money for Company 2 nd – Provide the Language of Finance as a Common Denominator (Minimal Role of CFO)

The Larger Role of Finance Applying Financial Skills to the Broader Context of the Total Business… Current & Future as a Business Partner to General Management

Mission of Finance 1.To Provide: a.Value to Customers b.Appropriate Return to Investors c.Responsible Environment for Employees and Communities Bakane, CFO

Mission of Finance 2.Operate in Partnership across All Units and Functions to Further Corporate Goals 3.Add Perspective and Match the Organization’s Needs with Capital Sources

Evolution in CFO Requirements

Accounting Details  Specialists  Translator  CFO of (not necessarily CPA’s) Specialists (accounting)  for  MBA’s (Senior Management)

Student Start-Up Multi-Billion $ Business

CFO Mgt. Principles are the Same! Old or New Economy Small or Large Domestic or Multinational Good or Bad Company

External Demands Growing Amount of Required Financial Reporting (Auditing) By Government Agencies (IRS, SEC) and Investing Public (Analysts)  Strong Technical Knowledge  Need to Directly Control the Information Released

CEO’s Increasingly Turning to CFO’s to: Influence Decision Making Craft Internal and External Strategies Communicate to and Help Manage the Board Manage other Functions

CEO’s Increasingly Turning to CFO’s to: Help Manage Operating Companies Help Corporate Financial Literacy Add Economic Value Help Manage the CEO

CFO Company Variables Health of Company Personalities and Backgrounds of Senior Executives & Directors Type and Complexity of Company Speed of Change

CFO’s Intimate Interactions Board of Directors Audit Committee Compensation Committee Executive Committee

Base Organization

Expanded Organization Shared Services Procurement SCM Information Technology Strategic Business Unit, CFO’s Strategic Planning Mergers Acquisitions Divestitures

CEO Audit Committee CFO COO Board of Directors OPCP - Presidents Consultants Corp. Staff Analysts Share Holders Major Suppliers Business Partners Employees Finance Employees Civic Leaders Admin. CFO Immense Time Consumption

Setting Strategies Corporate Financial Personnel

Tricon – CFO Strategies: Prioritize 1.Reduce Debt/Re-franchise –Get to Investment Grade 2.Staff the H.Q. 3.G&A Reductions  Shared Services 4.Standardize & Integrate Systems for Y2K 5.Create a System Wide Co-Op

Setting Financial Policies Internal Control Accounting Policies Measurement Standards/Benefits

Setting Financial Policies Financial Administration of Business –Annual and Long Range Plans –Evaluation of Major Expenditures –Evaluation of Economic Trends –Capital Structure

Setting Personnel Policies Hiring, Training, and Development of the Finance Function Structure and Staffing

CFO’s People Focus Structure the “Best” Key Personnel Working Relationships Communications Operating Procedures

Corporate Skill Curve Technical Mgmt. Leadership/ Political Mgmt. Small/Low Size/Complexity of Firm Large/High Skill Requirements

Functional Skill Curve Entry Middle Sr. Mgmt. Technical Skills Managerial Skills Multiple Tasks Political & Leadership Skills

CFO Career Grid Corporate Cost Acct. Planning, Reporting, Investor Relations Business Analysis, Treasury Strategic Planning Acct.Audit Tax Entry Manager New Co.’s International Crossfunctional New Areas

CFO as a Business Partner - Assistant General Manager

EthicsLeadership Honesty Promise Keeping Fairness Respect for Others Comparison (Social Commitment) Integrity Teamwork & Trust Diversity Recognition Ethical Management Practice Communications Empowerment The CFO

CFO Dilemma(s) Conflict of Interests Credibility Integrity

Becoming the CFO The Last Hurdle To CFO

Lessons Learned – C.F.O. Importance of Your Team Functional Confidant – OM, Kennedy; YUM, Knopf The Bigger the Ego, the More Time you Need to Manage it Succession makes everyone Crazy

L.L. – C.F.O. II Corporate Culture is Important to Understand and Manage –Almost all are Different Do a Couple of Changes Well. vs. Lots of Change with little accomplishment.