Panic. That’s the sound often heard in the voice of a nonprofit CEO when their Chief Financial Officer leaves, no matter the circumstances. Timing is rarely perfect.
Recruiting the right financial management partner is critical. Make a mistake and the negative consequences will quickly spread throughout your organization and beyond, damaging credibility, relationships and, in worst-case scenarios, your ability to retain key staff and obtain or maintain funding.
Ben Franklin had it right when he said, “If you fail to plan, you plan to fail.” Thinking through all aspects of a CFO transition before you begin your recruiting efforts will improve the likelihood of a successful outcome.