For this feature, we interviewed John Goode in Evergreen Advisors’ CFO Advisory Practice. John has over 25 years of executive financial management experience in private and public accounting, where he provided strategic financial advice on process improvement in the construction, technology, and government services sectors. Learn more about John, his career at Evergreen, and whether he likes Pineapple Pizza.
What first made you interested in CFO Advisory?
In 1990, I established a CFO advisory practice in the Maryland, DC, and Virginia markets and built it to seven full-time CFOs. The one-on-one advisory services and the variety of clients and needs kept it different and fun. Providing companies with advisory services that help create value and corporate efficiencies brings me a tremendous amount of satisfaction, accomplishment, and worth.
What industries are you currently working within?
I am currently working in the construction, government contracting, marketing, and ecommerce industries.
As a CFO, how do you balance short-term financial needs and long-term strategic objectives when making financial decisions?
First, I need to understand the company’s long-term strategic objectives. With this understanding, I can align the short-term financial decisions with the long-term strategic objectives. Next, I create a robust model using the short-term financial needs and forecast this to determine whether it will match the long-term strategic objectives.
Throughout this process, the management team is actively involved, leveraging their input and perspectives. The underlying goal is to ensure that the fiscal impact of these decisions is in conformity with the business’s long-term strategic objectives.
What qualities and skills are essential for a successful CFO, and how do you continue to develop and refine your capabilities in this role?
The qualities and skills of a successful and effective CFO include:
- Financial understanding
- Strategic vision
- Leadership
- Analytical skills
- Effective Communication
- Technology proficiency
- Good listener
- Integrity
To maintain and improve these qualities and skills, the CFO must:
- Continue learning new technologies and processes
- Networking with Peers with different skillsets
- Always asking the why and looking for improvement
- Mentoring and coaching
- Introspection
Can you share any experiences or examples that highlight a CFO’s impact on an organization’s success, growth, or turnaround?
I assisted a client in transitioning after the loss of a significant contract. The client needed to forecast the financial impact of the loss and run scenarios of cash position over the next 12 months. Having the ability to remain unbiased and focused, I worked through all the distractions and provided management with the requisite financial statements, allowing management to make informed decisions. With this information, I was able to identify areas of cost savings, which amounted to over $500k, and assisted in refocusing its marketing efforts, resulting in generating sales amounting to one-third of what it did under the previous contract.
Another example is that I assisted a client whose line of credit was put on hold due to its inability to present adequate financial statements to the bank. I was brought in to help recreate a set of books to present to the bank so that the line of credit could be reopened. By working with management and understanding the urgency of this matter, I was able to provide financial statements that met the banking requirements and re-opened its LOC.
What trends and emerging developments are particularly influential in shaping the future role of CFOs and financial leadership in organizations?
Several trends are influencing the scope and focus of the future of the job position now called Chief Financial Officer:
- Digital automation utilizing technologies like data analytics and AI to increase the efficiencies related to financial processes and real-time directed reporting.
- Talent acquisition and development with the requisite digital and analytical skills will be crucial for staying ahead of the competition.
What is a business book you recommend?
I have two books that I have recently read:
- “The 7 Habits of Highly Effective People” by Stephen R. Covey
- “American Icon” by Bryce G. Hoffman
Pineapple on Pizza. Yay or nay?
I’m a huge fan of pineapple on pizza (but you need to add spiced ham).
How Evergreen Can Help:
Evergreen Advisors’ outsourced CFO Practice specializes in managing the accounting and financial reporting needs of emerging and fast-growth companies throughout their life cycle. We work with emerging growth companies to build infrastructure through to later-stage companies that need a subject matter expert and capital market expertise. Evergreen Advisors’ Outsourced CFO team works as a senior member of your management team to provide strategic guidance and oversee day-to-day operations.
If you are in need of an experienced Outsourced CFO, email us at info@evergreenadvisorsllc.com or please visit our website at www.evergreenadvisorsllc.com
About Evergreen Advisors:
Evergreen Advisors is a middle-market investment bank and corporate advisory firm focused on servicing organizations throughout their financial lifecycles to drive successful outcomes. Se