Case: Interim CFO Services During Key Personnel Transitions

For business decision-makers, a situation where a key person announces their departure can cause a lot of stress and challenges. This is a familiar situation for many, yet the company's financial operations must continue to run smoothly despite the changes. In such a situation, Interim services are helpful, as this case example demonstrates.

Just before Christmas, the CFO of an internationally operating company discovered Gallant's Interim services while urgently searching for help to cover a Controller position and submitted a contact request through the website. The schedule was tight, but the situation was quickly addressed. Two experts who best matched the company's needs were offered, from which the client selected a candidate based on resumes and interviews. Gallant's Interim CFO began working on the company's premises at the start of the year. Overall, it took only about two weeks from service assessment to the start of the service.

Four Stages: From onboarding to development projects

Often, the person previously in the role trains Gallant's expert in the tasks before leaving the company. In such situations, the schedule is often tight, and the onboarding must be done efficiently to ensure that the necessary information is passed on.

In this assignment, the Interim CFO's work was divided into four clear stages:

1. Onboarding:
   Initially, the departing Controller trained the selected Interim CFO in the job responsibilities. Right from the start, it was crucial to grasp the predecessor's tasks and become familiar with the company's operational models.
2. Independent work:
   After the onboarding, Gallant's expert continued to maintain and document the financial processes independently. This ensured that the necessary information could be transferred to the newly hired Controller.
3. Training the new Controller:
   When the new permanent Controller started, the Interim CFO trained them for the role using clear process descriptions and documented work instructions.
4. Financial Advisor in development projects:
   Once the new Controller was trained, the Interim CFO continued to support the finance team in strategic development projects. Additionally, the finance team could work with peace of mind, knowing that the Interim CFO was available as a backup resource and support if a sudden need for a substitute arose

Key Responsibilities

The Interim CFO's work included both monthly financial reporting routines and major development projects. The financial reporting involved compiling and analyzing financial reports from international subsidiaries, which were then delivered to management and the board. At the same time, the company was restructuring its organization, requiring significant changes in financial reporting and accounting systems. This project significantly increased the workload of the finance team, to which Gallant's expert provided much-needed additional capacity.

Outcome of the Collaboration

The collaboration with the client went well. The international team quickly harmonized with the Interim CFO, and they managed to adhere to strict reporting schedules despite personnel changes.

The assignment required swift familiarization and adoption of new systems, yet it was essential to maintain the reporting timelines. Alongside routine financial tasks, there were automation and development projects for financial management processes, which were tied to specific schedules. Additionally, the regulations and reporting requirements of the public company imposed their own demands on financial reporting and forecasting.

Interim CFO ensures the smooth operation of finances during transition situations

An Interim CFO is a flexible and efficient solution in sudden change situations, ensuring the continuity and development of financial management. This case example demonstrates how Gallant's Interim service can help companies navigate critical situations, whether it's the departure of a key person or a temporary resource shortage.

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