Jeffrey Keene, CFA, CPA

If you’re a CFO trying to land a private-equity role, here’s the truth no one says out loud: PE firms don’t care about your credentials. They care about your chaos. You don’t get hired into PE because you’re “polished.” You get hired because you’ve been punched in the mouth by a business and stayed standing. PE doesn’t want the CFO who kept everything smooth. They want the CFO who kept everything from falling apart. They’re impressed by: • the time you stabilized cash when payroll was 48 hours away • the time you fixed a close that was 15 days late • the time you cleaned up a dumpster-fire ERP • the time you rebuilt a finance team full of passengers • the time you took a business from “WTF” to “we’re fine” PE wants operators, not ornaments. They want CFOs who can walk into a burning building and decide which fire to put out first. So if you want to position yourself for a PE seat: Stop selling perfection. Start selling your scars. Tell the truth about the messes you fixed. Own the ugly projects nobody else wanted. Lead with impact, not acronyms. And stop acting like a slightly shinier Controller, it’s obvious. In PE, pretty résumés get interviews. Battle-tested CFOs get offers. CFOs: what’s the “war story” you’d lead with if you dropped the corporate filter? 👇 #PrivateEquity #CFO #FinanceLeadership #ExecutiveSearch #ValueCreation #PEBacked #CFOCommunity #OperationsExcellence #Leadership #FinancialStrategy

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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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Takeaways every aspiring CFO should know (from a group of top CFOs) “Your first CFO role will expose you." Not re your technical accounting knowledge…your leadership gaps. This is what one CFO is our cohort of CFOs working groups said in one of our working groups facilitated by The Catalyst Project. The consensus was that becoming a CFO isn’t about mastering numbers. It’s about mastering complexity. Here are the takeaways from the discussion: 1. You are no longer the finance expert. - You give the pulse checks: Everyone (from the board to operations)will see the numbers differently. And it’s your job to align them all, without losing the story. 2. You must trade control for influence. - Let it go: There’s not enough time to approve every forecast or chase every budget line. You’ll need lieutenants you trust and the courage to say no to the noise. 3. You will lead culture more than the HR team does. - This one surprised me: The CFO sets the tone for accountability. Spend tells the story of values. “If you want to know what matters then follow the money”, one CFO said. 4. Every mistake is magnified. - Ouch: Cash. Risk. Investor trust. One slip up isn’t just a learning moment…it’s a headline. Precision isn’t just a skill...it’s a survival trait. 5. It will be lonely. Wow...but so common: “You will say NO more than YES” said another CFO. You’ll be seen as the barrier to dreams…until those dreams fail without you. So if you’re keen on stepping into your first CFO role, know this: It’s not a bigger finance job. It’s the most demanding leadership role in the business. “Get ready to build TRUST faster than forecasts” - or both will break.

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I put Claude vs ChatGPT through a very unsexy stress test this weekend: act like a junior accountant, ingest QuickBooks reports, untangle recon issues, and draft IFRS-compliant financials. My verdict: 🏆 UX + context winner: Claude Claude’s desktop workflow is a real edge for “enterprise-style” work. When the model can sit alongside the actual files, you spend less time packaging context (zipping folders, exporting, re-uploading) and more time solving the problem. It was especially good at diagnosing what was actually wrong — and why. 💪 Scale + brute-force winner: ChatGPT Once the workstream was mapped, ChatGPT was better at grinding through volume — patterns, checks, classifications, and “did we miss anything?” scanning. Reality check: ChatGPT’s output was stronger, but only after a fair amount of steering. And in the end, neither produced financials you could use — too many judgement calls and tie-outs still needed a human. Did help speed up problem identification and solution generation. Bigger takeaway: This is why I’m watching the shift toward AI-native ERPs (Rillet, Campfire, etc.) — systems designed around structured data, workflow, and auditability- and you can plug in your accounting into the LLM. Will Xero/QuickBooks catch up? They have distribution — but innovation is harder when you’re protecting a billion-dollar subscription machine. Curious: team incumbent or team startup in the AI accounting race?

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I was hiring for a FP&A role within my team and I uncovered something shocking! Like many CFOs, I thought there was a universal definition of FP&A, and I could not be more wrong. There are as many definitions of FP&A as there are companies. I started wondering why the definition of this role isn’t common to all organizations. The more I interviewed people, the more I understood that the definition depends on the vision of the organization in terms of finance function. I’ve noticed that most companies look at the finance function as a reporting function. Thus, they turn their FP&A department into a reporting machine, spitting out reports without understanding how to leverage them. It's like using a Ferrari just to drive to the mailbox. On the opposite side, my vision as a CFO for Transformer Table is focused on building a data driven organization. The finance department is at the heart of the business, gathering data from different departments. Therefore, the finance function should become the intelligence hub of the company by turning data into insights to take better decisions. By doing so, we position ourselves as business partners with our internal clients, understand their needs, and use that to create value. It turns out I was prone to naïve realism. It’s a cognitive bias that makes you think that you see the world in an objective way. But, my perception was far from being a reality. During the next few days, I’ll share my perspective about finance in a digestible way. I feel that too often we’re turning something simple into something complicated, and it doesn't have to be that way. What’s your thought about the FP&A function? What are the interesting definitions you came across with? #CFO #FPandA #FinancialPlanning

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CA / CPA / MBA is not enough. Many finance leaders think, we have hired CA or CPA or MBA and our finance team is sorted. But its far from truth. I have worked with many CAs, CPA or MBA. I am one too. I respect the degree. - It gives discipline. - It gives structure. - It teaches you how not to break rules. But very early in my career and life, I realised degree alone does not run a business. A business needs someone who knows how to keep the lights on. You basically need a professional degree plus "business thinking". Professional degree is the foundation, not the finish line. So yes, hire a CA or CPA or MBA. That is important. But make sure they can also think like an operator, not just a reporter. #BusinessThinking

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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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Is the Interim CFO Private Equity’s most valuable secret weapon? In recent weeks, I’ve spoken with portfolio chairs, PE operating partners, and interim leaders, and there’s a theme that’s hard to ignore: The Interim CFO is often the go-to fix when a full-time hire just isn’t landing. Here’s what’s driving it: ⚡ Speed over search When a deal closes or a CFO exits suddenly, sponsors don’t have 6 months to run a full search. The right interim can be in-seat in days, stabilising, assessing, and delivering. 📈 Transformation-first mindset 70% of interim CFO mandates I’ve seen in the last year start with change management, not BAU. That means fixing reporting, unlocking cash, team overhaul and renegotiating debt before the new permanent hire even arrives. 💸 Cost as investment, not overhead The best interims aren’t cheap at £1200-£3000 per day — but they can save millions by avoiding bad decisions, securing better financing terms, or hitting covenants that preserve valuation. 🧠 Fresh eyes, no baggage Interims can challenge sacred cows without worrying about internal politics or legacy relationships. Sponsors value that neutrality. In short: An Interim CFO isn’t a stopgap. They’re a force multiplier for value creation. And in today’s market, that might just make them indispensable. #PrivateEquity #CFO #Leadership #ValueCreation #InterimManagement #FinanceTransformation #STOIX

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If you’re a CFO or Controller interviewing with a PE-backed company, here is some advice for you. PE firms aren’t looking for someone to “keep things running.” They’re hiring finance leaders who can bring clarity fast, tighten the close, forecast with confidence, and manage cash like it actually matters, because it does. You’re expected to know the numbers cold and explain what’s driving them without hiding behind accounting language. Experience with process building, ability to report to both the local leadership as well as the PE Sponsor and balance the different needs is important to show ability to handle. Most are growing through M&A so highlighting integrations as well as opening balance sheet experience will be important. Bottom line is it's all about process building, team building & growth in a fast-paced environment. On top of understanding the rigorous reporting requirements. At Synergy Search, most of our work is with PE-backed companies. We see exactly why strong candidates get passed on. Technical skills are assumed. What separates the ones who get hired is their ability to build structure, partner with operators, lead through change, and perform when expectations are high and timelines are tight. If you’re walking into a PE-backed interview and want to sanity-check your story before you’re in the room, reach out. These interviews are different, and the bar is higher.

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"Almost-CFOs" are in high demand at <$100m companies. They want somebody that can oversee and streamline accounting, do FP&A, and interface with bankers, auditors, tax folks, and even investors. It’s a mix of strategy & execution, but heavy on operational GSD. The companies are small enough that this position makes sense. Sometimes, the fit is fractional. Sometimes, FT. For those ready to make the next step, I recommend taking on a FT role first before going fractional as it will round out your skills more. You'll likely step into a mess. The profile of these companies is such that they are frustrated with the lack of performance, and they are ready to pay for somebody to own it. Good news for you, because with your accounting background you can easily make an amazing transformation. Get them cleaned up, set up with streamlined softwares, and on rails of success. And you can improve your FP&A skills. No better way to practice and learn than on a real-life scenario. For many of you, this will be an adjustment. Up until now, there's been leadership above you. The new feelings of ownership takes a minute to get used to. But it's empowering. I invite you to take the leap.

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I keep seeing the same pattern across finance transformations. The transformation budget gets approved...dashboards get built...decks are sharp...meetings multiply...everyone is busy (and exhausted!) Six to twelve months later, the organization is still operating more or less the same. Work did not change. Activity masquerades as progress, and when the numbers don't move, people go looking for friction. They usually land on Finance. Not because Finance designed the mess but because we funded it, governed it, and reported on it. Most transformation efforts don't fail because the tools were wrong or the teams weren't capable. **Transformations fail because no one asked what was supposed to STOP once the new thing started.** If nothing old is allowed to die, nothing new has the oxygen to live. You're just stacking more work on top of work that already wasn't working. Where have you seen this show up in your own organization, and what finally broke the cycle, if anything did?

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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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CFOs know compensation is their largest expense. A common mistake is treating it only as a cost. In my piece for CFO Dive, I explained why comp is one of the few levers we can actively control in a volatile economy. When managed strategically, it drives performance, retention, and competitive strength — and ultimately positions the business to scale.  https://lnkd.in/et2sZdRQ

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