CFO in family business
The non-family CFO or independent auditor
Family businesses are known for their strong connection and stability, but this unique dynamic also brings its own challenges. This is due to the special combination of business, family and ownership. Increasingly, we see the need for a non-family CFO or an independent auditor, especially when the owner-manager (DGA) steps down as CEO but remains involved as a shareholder.
At Beerensteyn Partners, we have the experience to fill this role effectively, for example as a non-family CFO or as an independent auditor.
What is a non-family CFO?
In a family business, emotions and personal interests can complicate structured and well-considered decision-making, especially when complexity increases, such as during generational transitions or rapid growth. A non-family CFO brings the necessary objectivity and professional distance to effectively address these challenges. Imagine being in the midst of a generational transition, with conflicts between family members threatening the continuity of the business.
Our non-family CFO steps in and provides a structured approach with a focus on rational decision-making. We identify and analyze core issues, advise on strategic choices, and help establish a robust governance structure. This not only prevents the escalation of conflicts, but also ensures that the business remains on track for future growth.
Why Beerensteyn Partners as a solution?
At Beerensteyn Partners, we understand that every family business is unique, but also often faces similar challenges. Our non-family CFOs have the experience and expertise to address these issues effectively. Our approach is centered on intensive collaboration and delivering tailored solutions that not only solve problems, but also contribute to the long-term success of your family business.
For example, if you’re dealing with a situation where the informal family structure no longer fits the current scale of the organization, our independent CFOs can help implement an Advisory Board or a Supervisory Board to strengthen governance and restore the balance between family interests and business goals.
Benefits of working with Beerensteyn Partners
- More emotional distance and years of experience for objective judgment
- Strengthening governance and structure within the family business
- Promoting transparency and professionalism in decision-making processes
- Balancing family interests and business goals
- Support during complex transitions such as generational shifts
- Preventing and resolving conflicts through independent mediation
Family charter and advisory
For many family businesses, it would be beneficial to proactively establish a family charter and, where necessary, appoint an external Advisory Board (BoA) or Supervisory Board (SB) before problems arise. A family charter outlinees the shared vision of the family and includes agreements on decision-making, ownership, and the role of family members within the business. In addition, an external BoA or SB consisting of a mix of family members and one or more independent experts can play an key role in strengthening the governance of your family business. These boards provide objective advice, oversee the execution of strategies, and ensure a balance between family interests and business goals.
Engaging an independent auditor or consultant can contribute to the continuity and professional growth of your company.
True experts, highly versatile
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Frequently Asked Questions
What is the difference between a non-family CFO and an external advisor?
A non-family CFO holds a permanent position within the company, focused on day-to-day financial management, while an outside advisor works more on a project-basis providing strategic advice.
How long does a non-family CFO typically work in a family business?
This depends on the company’s needs and can range from a few months to several years.
What role does a non-family CFO play in decision-making within a family business?
Our non-family CFO plays an advisory role in decision making, providing objective analysis and recommendations without being influenced by family interests or personal relationships.
