When you were progressing as a finance leader, what were the benefits of working with strong CFOs?
After completing my ACA exams, I wanted to continue learning in my career. I had considered an MBA but realised learning directly from strong CFOs offered invaluable insights that could fast-track my development. Working alongside these leaders became my informal MBA, guiding my path from Financial Controller to Chief Financial Officer.
The first CFO I worked with had recently completed his MBA, giving me a unique opportunity to learn from someone with significant experience. He wasn’t just focused on timely and accurate financial reporting; he taught me the importance of being a true business partner. I learned how to go beyond the numbers and play a strategic role in guiding the business toward growth, operational efficiency, and ultimately preparing for a sale.
When this business was ready for an exit, I immersed myself in a private equity environment. I was fortunate to work under another strong CFO, who had a decade’s experience in Corporate Finance at a Big 4 firm. He taught me about deal execution and stakeholder management during a trade sale we completed during the pandemic.
Most recently, before stepping into the CFO role at BB7, I worked with a CFO who had a background in IT and PE-backed buy-and-build strategies. This was hugely important for learning to navigate the complexities of scaling businesses and preparing for a secondary buyout. Throughout these experiences, I consistently took on responsibilities beyond the scope of a traditional Financial Controller.
For me, it’s been very important to seek mentorship from finance leaders willing to guide me toward becoming a top-tier CFO. Establishing this dynamic early, even during the interview process, is crucial. It’s essential to understand whether the CFO values working with an ambitious #2 or prefers a steady partner. I embraced the challenge of being the ambitious #2 and took on responsibilities often reserved for the CFO, which accelerated my progression.
What have you done outside of work to help your transition to CFO?
In my journey to being a CFO, I found development doesn’t stop at the office door. Real growth often comes from surrounding yourself with the right people and taking opportunities to learn from their experiences. Prior to joining BB7, I participated in a “Future CFO” series, a roundtable event for aspiring CFOs. This cohort brought together industry peers to deep dive into the key challenges CFOs face in PE/VC environments, where we could hear from seasoned CFOs sharing real-world experiences.
The topics were highly relevant, especially as I had just completed my second private equity exit. This forum provided practical insights and strategic tools I could apply immediately when stepping into my CFO role.
In addition to structured learning events, I prioritise building relationships and learning from peers. Whether it’s breakfast with an FP&A Director or a coffee chat with an M&A Lead about market trends, I aim to absorb knowledge from those around me. These interactions offer different perspectives and best practices that I can apply to my leadership.
While I haven’t completed formal courses, I have taken time to learn financial systems and ERPs. Understanding which system suits a particular business scenario is crucial for operational efficiency and financial reporting accuracy, enabling me to lead finance functions more effectively.
In summary, my approach to preparing for the CFO role has combined structured learning with informal networking and hands-on experience. By leveraging my network and participating in relevant events, I’ve refined my skill set and transitioned smoothly into CFO responsibilities.
What were some of your first learnings when stepping up from FD to CFO?
As Finance Director of an IT Managed Service business, my focus was solely on financial reporting, forecasting, and budget management. Stepping into the CFO role required me to go beyond the numbers and get stuck into broader strategic drivers of the business.
As a CFO, my role extends far beyond finance. It’s about understanding the full scope of the to build and retain the right talent; client engagement, to understand how our relationships impact revenue; marketing activities, to support the company’s growth strategies; and operational excellence, to ensure efficiency across the business.
I’ve learned that the CFO role is as much about business strategy and operations as it is about financial oversight. Stakeholder management also becomes critical. I regularly interact with board members and investors, providing strategic insights and ensuring clear communication about the company’s financial health. Building trusted relationships with these stakeholders is key to navigating the business toward its goals.
One of my biggest takeaways is the importance of having a strong finance team. A capable team allows me to delegate day-to-day financial tasks confidently, giving me space to focus on broader strategic responsibilities. Investing in my team’s growth ensures they learn best practices, strengthening their capabilities and it enables me to take on the wider CFO role effectively.
Now that you’re in the CFO seat, what is the biggest challenge you’ve faced so far?
Having completed two transactions within three years, I’ve seen the entire process unfold – and the biggest challenge is in aligning the business and its people for what’s ahead.
One significant challenge I’ve faced as CFO is helping the team understand that the transaction process starts from day one. I’ve worked in teams where colleagues haven’t had experience with transaction processes, especially given recent market shifts. Part of my role is to educate and guide through navigating from where we are to a future exit.
With transactions, data quality and accessibility are critical, especially when due diligence begins – there’s no room to scramble and fix problems at the last minute. Ensuring processes and controls are well-documented is essential. These foundational elements may seem administrative but are the building blocks of a smooth transaction process. To me, the biggest challenge lies in getting everyone on board with the mindset that preparation for a transaction begins long before a buyer approaches. My role as CFO is to lead this process and ensure the team is collectively ready for what’s ahead.
In essence, it’s about driving a cultural shift within the team: helping everyone appreciate that success in a future transaction is built on today’s decisions and actions. The more we can prepare now, the smoother the process will be when the time comes.
You’ve operated in complex financial structures including leveraged businesses. How did you get exposure to these opportunities in your career journey?
One of my most valuable lessons is the importance of raising your hand and volunteering to support beyond immediate responsibilities. In complex financial environments, especially leveraged businesses, the best way to learn is through direct exposure. From early on, I expressed my interest in participating in financial structuring processes, actively seeking opportunities to contribute.
When I approached my CFOs, I made it clear I was eager to help with arranging financial structures, whether debt financing or complex capital structuring. Most CFOs welcome additional support, especially when you show initiative. By volunteering, I found myself meeting debt and private capital advisors, shaping financial models and learning from experts – opportunities crucial for my development.
Growth happens when you push yourself out of your comfort zone. If you find yourself comfortable but not learning, seek new challenges. Immersing myself in unfamiliar financial scenarios allowed me to fill knowledge gaps that might have held me back.
What do you think are the most important traits for success for PE CFOs?
To thrive as a CFO in the PE environment, you can’t just be numbers-focused; you need to be a people person. Engaging effectively with finance and non-finance professionals is vital. You’ll often find yourself translating complex financial principles into simpler concepts for colleagues. Clear communication helps align the broader team around the company’s goals.
Emotional intelligence is another key component of success in the PE world: the ability to read situations and understand dynamics. As CFO, you balance the needs of multiple stakeholders, including investors and employees. Navigating these relationships requires emotional intelligence: knowing when to push forward and when to take a more measured approach.
In today’s economy, data is crucial for driving strategic decisions, particularly in a PE environment where performance is heavily scrutinised. A strong FP&A function is essential to deliver timely, accurate data that provides actionable insights to guide the business and create value.
It is a combination of strong interpersonal skills, emotional intelligence, and a data-driven approach will help PE CFOs excel. It’s about bridging the gap between numbers and people, ensuring data-driven insights lead to impactful, strategic decisions.
Tell us how strong relationships across businesses have help you progress and succeed.
In any organisation, all roads lead to finance, so it is essential to build strong relationships across non-finance functions. I think of department heads – from IT, Marketing, or HR – as extensions of my immediate team. This mindset breaks down silos and creates a more collaborative environment where finance can support the broader business.
When stepping into a new role, I like to establish working relationships with these department leads. Some areas, like Sales and Operations may require formal meetings to align on goals and performance metrics. Other departments, like IT or HR, may benefit from periodic check-ins. These interactions embed finance into every part of the business, so we can provide proactive financial insights that shape decision-making.
The more you immerse yourself in a business and engage with non-finance teams, the more influence and leadership you can offer. Understanding each department’s challenges and opportunities allows finance to play a strategic role in supporting their goals while ensuring financial considerations remain top of mind. Strong cross-functional relationships positions finance as a true business partner.
In some cases, these relationships have enabled me to take on broader responsibilities, even deputising for the CEO when necessary. This level of trust and collaboration is key to unlocking finance’s full potential within a business. When finance is seen as a collaborative partner, it allows for open communication, better problem-solving, and greater success for the business.
What advice would you give to a senior finance professional looking to move into the CFO seat?
For any senior finance professional aspiring to step into the CFO role, my first piece of advice is to consider the different types of CFO roles available. A CFO in a listed company will require a very different skillset than one in a private equity-backed business. Each has its own challenges and expectations.
Once you know the type of CFO role you’re aiming for, assess available positions and use job descriptions as benchmarks. If you’d score yourself 8/10 on the required skills, start building relationships with executive search firms like Finatal who specialise in PE/VC mandates. Establishing connections can position you for the right opportunities.
If you think you’re closer to a 5/10 or missing key skills, consider taking another Finance Director or FC role – one that allows you to close skill gaps while working closely with a seasoned CFO. These opportunities provide critical learning experiences that prepare you for broader responsibilities.
I’ve met many finance professionals choose to remain in globally recognised companies or take on prestigious roles, only to find themselves stuck with little growth potential. Be open-minded about your career path; even a sector that initially seems uninteresting can offer valuable exposure to strategic decision-making.
In summary, be strategic and realistic about your goals. Understand the type of CFO role you want, assess your readiness, and, if necessary, take on roles that help bridge gaps. Be open to opportunities that offer challenge and growth – you might find that the less obvious choices set you up for long-term success.
How has the Finatal team been able to support your career development?
The support I’ve received from Finatal has been immensely valuable throughout my journey from FC to CFO. Their deep knowledge and extensive network within the PE ecosystem have been crucial in helping me understand the evolving demands placed on finance leaders in PE-backed businesses.
I’ve benefited from regular conversations with the Finatal team about what PE firms look for in a CFO, including technical requirements and strategic leadership skills. This guidance has been instrumental in shaping my career trajectory and ensuring alignment with the expectations of investors and board members.
Additionally, Finatal has been a key partner in helping me build and scale my finance team in line with business growth. We’ve had open discussions about the evolving needs of the finance function, ensuring we have the right people in place at the right time. Their understanding of the modern approach to finance – where agility, data-driven decision-making, and a strategic mindset are critical – has helped me build out a team well-equipped to support the business through each growth phase.
Koby was interviewed by Jamie Irwin, Partner and Head of CFO, and Tom Johnstone, Associate Partner at Finatal. His journey highlights the importance of strategic growth and strong mentorship. If you’re looking to elevate your leadership team, or explore how we can help you to build success in your finance career, please get in touch.
