As an owner of a small- to mid-size company, you operate your business in an increasingly complex environment. I regularly meet with business owners just like you, performing business development activities for BeaconCFO Plus, a Cleveland, OH based part-time CFO service firm. I’m often asked how part-time CFO services can benefit small- to- midsized companies and what other firms compete with our services.
The question of our competitors may appear to be an odd question to ask, but it is one I am always happy to answer. The part-time CFO service industry is somewhat fractionalized in the Northeast Ohio market. It is made up of many solo practitioners, a national firm with local CFOs and local firms that have multiple CFOs on staff who deliver services. Regardless of size, there are many choices when searching for part-time CFO services in Cleveland.
Before sharing some of these providers, it’s important to understand the type of services provided by part-time CFOs. Essentially, they are broken down into:
- Recurring services provided on a part-time basis anywhere from 4 hours to a few days per week
- Project/interim work which can range from several months up to a year or more
Understanding the type of part-time CFO service required will help you make the best choice of provider. For example, it is not uncommon for a project to lead to a recurring engagement, so you would want a provider who could meet both of those needs. Further, you want to ensure there are sufficient resources within the firm that will be available to take care of your company in a timely manner.
A great resource to determine the fit of a prospective firm is to visit their website. Things to look for include:
- The breadth of experience of their delivery CFOs
- A clear summary of their approach to provide services
- Client testimonials and blogs the firm has posted which is an indicator of their expertise
In alphabetical order, below are a few companies providing part-time CFO services in Cleveland, Ohio.
- B2B CFO – A national firm headquartered in Arizona. They provide traditional CFO services with respect to profit improvement, working capital management and cash flow in addition to business transition services to buy, sell or transfer your company. B2B has one local representative in the Cleveland market.
- FocusCFO – Headquartered in Columbus, OH, FocusCFO concentrates on providing recurring CFO services to its clients. They provide pure CFO work, defined as being forward-looking and operationally focused, by placing an emphasis on driving cash flow from operations and strategic planning. FocusCFO has three area directors in the Cleveland market.
- Harvest CFO – Headquartered in Cleveland, OH, Harvest CFO provides interim CFO consulting services and permanent placement of full time CFOs for private equity and middle market companies with revenues typically between $30M – $500M.
BeaconCFO Plus is dedicated to helping its clients navigate the financial, strategic and operational challenges they face in operating their businesses. Our team of 9 CFOs provides a full spectrum of recurring, project and interim CFO services to privately held companies and portfolio companies of private equity firms with revenues between $2M – $100M+.