Harry Macintyre, CFA

If CFOs are asked: Why did gross margin drop last month? And the CFO says… “I’m not sure. We’ll look into it.” Game over. Credibility gone. Strategic influence is dead on arrival. Here’s the brutal truth: If you can’t explain why performance changed, you’re not a strategic CFO. And it happens all the time. 👉 Revenue down? Is it price, volume, or conversion? 👉 CAC rising? Is it channel fatigue, ad assets fatigue, or offer decay? 👉 Margin compressed? Was it fulfillment, returns, or discounting? 👉 EBITDA slipped? Was it operational inefficiencies? The best CFOs do one thing differently: They build a system for Root Cause Analysis. Every week. Every time. They pick metrics that move the needle They break them down into drivers They extract an insight that leads to action Because reporting the past is not enough. If you want influence, you have to tell the story behind the numbers. This is what we do in the CFO Effect and this week is all about dissecting the gross margin. Check in the comments. #CFO #CFOInsight #FPandA

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Most CFOs think about tax compliance. Few treat tax incentives as a strategic lever. In this CFO-led conversation, identify and use specialty tax incentives like R&D credits, energy incentives, and cost segregation to improve cash flow and fund growth initiatives. Expect true stories, real numbers, and a candid look into a CFO’s decision-making process – including practical screening questions for all industries. DAY 1 Breakout session presented by Capstan Tax Strategies 📍 Spring 2026 CFO Leadership Conference 📅 June 3–5, 2026 | Boston, MA RSVP: https://lnkd.in/ehJ5A8iF

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Another great insight from Secret CFO in the latest newsletter. Great CFOs don’t hide behind financial statements; they connect them. Because a P&L that looks strong can still mask a weak business. You can post record profits while your balance sheet is bloated with inventory that’s quietly bleeding cash. Warehousing costs go up. Discounting eats margins. And suddenly, what looked like “profit” turns into future losses. That’s why the best CFOs think in systems, not silos. They know every decision flows through all three statements: income, balance sheet, and cash flow. Revenue without cash is vanity. EBITDA without liquidity is fiction. And growth without working capital discipline is a ticking time bomb. The real game is integration: 🧩 The P&L tells you what happened. 📊 The balance sheet shows you what it’s doing to your future. 💸 The cash flow reveals how much oxygen you have left to play offense. That’s the essence of The CFO Effect: connecting the dots to create long-term value for shareholders. 💬 How do you make sure your team connects the three statements in practice, not just in theory? #StrategicFinance #CFO #FPandA

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Good vs. Great: The PE-Backed CFO Difference Most PE-backed CFOs focus on hitting yearly numbers—thinking that’s what sponsors expect. But data says otherwise. A recent Accordion survey found that 2 out of 3 sponsors actually prefer CFOs to prioritize long-term equity value over short-term gains. The takeaway? The best CFOs think beyond the year ahead—they strategize for the exit from day one. 🔍 Click below to read how CFOs can shift their focus and create lasting value! #PrivateEquity #CFO #Leadership #ValueCreation

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Operational CFO and CEO in a conversation CEO: Our costs are rising faster than revenue. What should we do? Operational CFO: I'll implement stricter budget controls and review our spending patterns. CEO: How long until we see results? Operational CFO: Next quarter. We'll cut nonessential expenses, renegotiate with vendors, and track variances weekly. -- Transformational CFO and CEO in a conversation CEO: Our costs are rising faster than revenue. What should we do? Transformational CFO: Let's look at where we're spending money vs. where we're creating value. CEO: What do you mean? Transformational CFO: Some departments cost us $2M but generate $10M in value. Others spend $2M to deliver $2.2M. We need to restructure around value, not just cut costs. CEO: Go on... Transformational CFO: We can automate the low-value work, invest in high-return areas, and reshape our cost structure. It's not about spending less. It's about spending smarter. -- TAKEAWAY One maintains the system. The other rebuilds it. Both matter. But transformation requires a CFO who sees beyond the spreadsheets into the actual business mechanics.

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CFO turnover is at a decade high. In this article former chief financial officers share their advice on what matters most today for securing the top job in finance. CFOs must possess experience and skills that go well beyond traditional expertise in budgeting, planning, and risk mitigation. CFOs now serve as board advisers. “The job is hard, so you have to have a passion for it,” says Karen McLoughlin, former CFO of Cognizant Technology Solutions. #CFO #leadership #executivesearch #boardmembers https://loom.ly/PCwqkHU

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CFO confidence took a 21-point hit this quarter—but finance leaders aren’t standing still. Despite tariffs, labor concerns and market uncertainty, 78% still expect profit growth. How? By doubling down on tech, rethinking costs and optimizing supply chains. In uncertain times, those focusing on long-term results while managing short-term challenges will come out ahead. How is your company adapting? Download our Q1 2025 CFO survey report for actionable insights and strategies. https://gt-us.co/3DUpDzq #FinanceLeaders #CFO #DigitalTransformation #TechInvestment #BusinessGrowth

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You can tell a lot about a PE firm by looking at its CFO. Every number tells one story. Every CFO tells another, usually about the partner they work for. After years of recruiting finance leaders, one pattern keeps showing up: the PE CFO starts to mirror the partner. Calm, methodical partner? You’ll see a CFO who plans two quarters ahead. Reactive, deal-chasing partner? That CFO’s running on Slack and caffeine. It’s not good or bad. It’s human. Two people share pressure long enough, and they sync up. That’s why “fit” in a CFO search isn’t about resume lines. It’s about wavelength. Does this CFO thrive under intensity, or burn out from it? Does the partner value process, or pace? The best pairings see the echo and adjust before it becomes noise. If you’ve lived this dynamic, what makes a CFO/partner pairing work? (And when it doesn’t, what cracks first?)👇 #PrivateEquity #CFO #Leadership #Finance #ExecutiveSearch #PEBackedCompanies #CFOLeadership

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CFOs, are you tackling a business combination? 🤝 Be sure you are getting the accounting right. ASC 805 lays out the framework, but the details can be complex. This high-level guide breaks down key steps, from identifying the acquirer to measuring assets, liabilities, and noncontrolling interests. Get the insights you need to stay compliant and confident. Read here 👉 https://okt.to/uxLUNp #CFOInsights #BusinessCombinations #CFOLeadership

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I typically follow the principal of "walk before you run". As a CFO, some examples of this in practice include: * Before switching banks, try the new one out on one or two products before trying to switch all at once. * For our company's first acquisition, target a smaller company rather than a bigger company. * When we're closing financial statements in 10 days and want to go down to 2 days, set an interim goal of 5 days. * When training someone in a finance role, give them a solid foundation in the basics before giving them advanced tasks to do. There are tons of applications for "walk before you run". A baseball analogy would be "swing for singles rather than home runs". Is there agreement with this principle out there? More examples beyond the 4 I've outlined above?

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🔴 Lack of Impulse Control Will Kill Your CFO Career What I’ve learned over years of working in private equity portcos is this:  - Impulse control is a CFO’s secret weapon.  - It’s the difference between being a trusted leader or a liability. Here’s where I’ve seen even great CFOs stumble (myself included): - Saying More Than Needed – The urge to explain everything is real. But over-explaining weakens your position and invites unnecessary scrutiny. Say what’s needed, then stop talking. - Trying to Be Funny at the Wrong Time – I’ve made this mistake before. A well-placed joke can break the tension, but the wrong one can break credibility. Know your audience. - Over-Apologizing – Confidence matters. Own mistakes, but don’t apologize for things outside your control. - Battling PE Sponsors on Every Question – PE investors ask hard questions. That’s their job. The best CFOs don’t get defensive—they answer with precision and move on. - Letting Conversations Go Down Rabbit Holes – Not every topic needs a full debate in a boardroom. Know when to say, "Let’s take this offline." - Committing to Numbers Prematurely – I’ve seen CFOs throw out numbers on the spot to look decisive. That’s a dangerous game. A smart CFO waits until they’ve vetted the data. - Misusing Silence – Silence can feel uncomfortable, but it’s powerful. A well-timed pause in a negotiation or a board meeting can shift the entire conversation. - Overpromising to Please the Room – Setting aggressive targets to make investors happy in the moment will backfire when you can’t deliver. Be ambitious, but be real. - Choosing Battles Wisely – Not every disagreement is worth it. Pick the fights that actually move the business forward. - Letting Nonverbal Reactions Speak for You – Frustration, eye rolls, sighs—people notice. A great CFO stays composed. - Forcing an Answer Instead of Saying ‘I’ll Get Back to You’ – Sometimes, the best response is, "Let me run the numbers and follow up." Rushing an answer can create bigger problems later. I had to learn these lessons the hard way. But once I did, everything changed—how I communicate, how I lead, and how I build trust with investors, boards, and teams and my CEO. What’s the hardest communication lesson you’ve had to learn as a finance leader or CFO? Let’s hear it. ♻️ Repost so others can learn from this!

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How do you get more companies to invest in manufacturing in the U.S.? Administrations on both the left and right have encouraged reshoring or onshoring through the use of a carrot (government spending) or stick (tariffs)—both of which are imperfect.   The Zonda Economics team recently finished an 18-page report that looked at 6 key topics:   1. Policy overview & reshoring 101 2. Geographies that are poised to benefit from reshoring 3. Industries that would benefit the most from reshoring 4. Challenges to reshoring manufacturing in the U.S. 5. Intel's Ohio project - a case study 6. Uncertainties and policy risks that could alter the reshoring outlook   The map below is pulled from the report and highlights the regions that have already benefited the most from reshoring. In short, the Southeast, along with the combined eight-state Great Lakes region, saw the highest concentration of activity, with over half of the announced investment dollars flowing into this broader Eastern corridor.   Subscribers to the Zonda National Outlook report can log in today to learn more. Sarah Bonnarens Eric Alanis Kyle Cheslock Cameron McIntosh Keith Hughes Dan Fulton Justin Williams Susan Heffron Shaun McCutcheon Travis Hudson #housing #reshoring #onshoring #tariffs

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OK, Friday hiring debate here - “Does a Controller really need a CPA?” It’s one of the most common debates I see in Accounting & Finance hiring — especially inside PE-backed Portfolio companies. Some of our clients insist on it. Others say it’s outdated. Most candidates have strong opinions either way. Here’s what I’m seeing:  * Pro-CPA: - Demonstrates a rigorous technical foundation - Signals discipline, credibility, and commitment to the craft - Often correlates with stronger audit, compliance, and controls experience - Gives PE firms confidence in environments where accuracy really matters  * Anti-CPA (or ‘CPA nice to have, not required’): - Plenty of top-tier Controllers don’t have the letters — but do have the track record -Operational experience, leadership, and systems skills often outweigh certifications - The best PortCo Controllers are usually business partners, not just technical accountants - Ruling out non-CPAs can shrink your candidate pool more than you realize From my seat — after placing A&F leaders for 20+ years — there’s no universal right answer. It depends on: - The maturity of the finance function - The speed of the value-creation plan - The complexity of reporting - The strength of the existing team And ultimately… what the next 18–24 months look like for the business Sometimes a CPA is non-negotiable. Other times, it’s a nice-to-have, not a dealbreaker. So… Are we overemphasizing credentials? Or underestimating their value? Is CPA a true success predictor — or an outdated hiring filter? Curious to hear your perspective:   If you’re a hiring leader — do you require it? Why or why not?   If you’re a candidate — has CPA (or not having one) helped or hurt your career?

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Finance leaders say they’ve automated. The data says otherwise. • 98% of CFOs say they have invested in automation. • 41% say only a quarter or less of their processes are truly automated. • Just 1% have automated 75% or more. The gap? Partial automation. Digitisation, scanning invoices, and using OCR aren’t automation. Without end-to-end integration, from supplier onboarding to payment execution, teams are still stuck in manual workflows. True AP automation delivers: • Seamless ERP integration for accurate, real-time data. • Unified workflows from invoice to payment reconciliation. • Time back for finance leaders to focus on strategic decisions. Partial automation creates more tools, more complexity, and more workarounds. End-to-end automation creates efficiency, accuracy, and scalability. It’s time to reassess: Is your finance team fully automated or just partially there? Read our President Robert Israch's latest article with Business Reporter here: https://lnkd.in/gVmd_yyS

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CFO retirement rates hit a seven-year high of 56% in H1 2025—significantly above the seven-year average of 41%. Many CFOs approaching retirement may not seek another CFO position, instead moving to non-executive board roles. How is your organization preparing for an increase in CFO retirements? In the comments: Discover more insights in our interactive index: https://bit.ly/47nvaaM #CFOTurnover #CFO #Retirement

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80% of finance leaders say manual work is holding their teams back. That’s not a productivity issue. It’s a growth problem. When AR teams spend hours chasing payments, value creation stops. Disconnected ERPs, missing data, manual matching… it all adds up to slower cash flow and frustrated teams. There’s a smarter path forward. One where cash is applied in seconds, not days. And your team focuses on strategy, not spreadsheets. Scroll through the carousel 👇 --- Give your cash applications rocket fuel - https://ow.ly/fj0650Y8UPI

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Big-company CFOs aren’t waiting for the future, they’re actively building it. A new survey of 655 senior finance leaders at $1B+ firms reveals where they’re investing, what’s keeping them up at night, and how they’re engineering transformation from the ground up. https://lnkd.in/gv3fwYZg

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