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Many entrepreneurs are faced with a common question: When is the right time to hire a CFO?
Endeavor Mentor, George Lenyo of EY Detroit
Luckily, Endeavor Detroit has the ideal mentor to answer that question – George Lenyo of EY. George, along with many others from EY offices around Michigan, mentor Endeavor Entrepreneurs focusing on their company’s financial strategy as the business grows.
At a recent Endeavor Detroit Entrepreneur Lunch and Learn, George discussed the importance of professionalizing finances as a company scales. While every company needs an accountant to manage bookkeeping and financial information, scaling companies often need the additional expertise that a Controller or CFO can provide.
Of course each company’s situation differs, but George suggests high-growth companies should have a Controller or CFO, depending on the company’s stage. Understanding that a CFO may not be in the budget for a growing business, George suggests hiring a Controller whose talents can be cultivated to grow with the company, and consider hiring a part-time CFO who is willing to mentor and lead the Controller to become the ideal CFO for the company.
As George shared with our Endeavor Entrepreneurs, the ideal Controller:
And when an entrepreneur is ready to recruit a Controller or CFO, start with a network of trusted mentors and advisors to find the ideal candidate to lead your financial strategy through the growth stage.
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