I have no clue how those big-time CFOs, with seven-figure salaries, manage to get fired for screwing up and immediately land new jobs. It's like, their skins are coated with teflon and nothing sticks. And that's fine. May be they deserve such recognition. Most definitely, the companies who hire them deserve what they get.
Those CFOs and Controllers who toil in smaller companies, rarely get fired for poor performance. If they are knowledgeable, diligent and hands-on, they don't screw up. Yet, no matter how hard they work, they can loose their jobs. The owner retires; or someone makes him an offer he cannot refuse; or, despite everyone's best efforts, the business goes under. Very rarely one of us gets fed up with the abuse and quits on his own – I know a few brave people.
Well, nobody waits for the unemployed small business CFO or Controller with a new position. Nobody knows who he is. There are nearly 6 million companies with less than 100 employees in this country. Recruiters have never heard of them. So, this erudite, experienced, smart and loyal professional is thrown into the grinding machine of job searching, where every CFO/Controller listing generates thousands of responses.
It turns out, the trickiest part of the small business CFO's job search is the references list. Of course, you've got your connections – bankers, auditors, attorneys. There are former coworkers and subordinates who will be happy to speak about you. You compiled a two-page long list of excellent professional references. But… it fails.
Why? Because there are no "supervisors" on the list. Well, technically, if you are a real CFO, no one supervises you. The only person (sometimes, there are two) between you and the higher powers of the Universe is the Owner/CEO. And how many of them did you have in the past 15 years anyway? Two? Three?
In some instances, they are still reachable and you have permission to use them as references. However, most of the time… Who are you going to use? The one, who sold the company and went back to Thailand? Or the guy who has been hiding from creditors and changed all his contacts?
Now you have this prospective employer – another privately-held company. You passed all interview levels, including the owner. He seems to like what he is hearing from you very much. At the end, he asks,"May I have your last boss's number?" Didn't you just tell this guy that you were cheated out of your annual bonus at that job?
Here is my advice:
- ALWAYS expect that someone will want to speak with at least one of your old bosses.
- During the interview process, never reveal anything that may come back to haunt you.
- If your wonderful reference list is not enough, never show any resistance to providing the former bosses' contacts. It's very suspicious and will end your chances right then and there.
- Give them whatever info you have. Who knows what's going to happen?
This is the best you can do.
The Frustrated CFO 