Areas of Practice
Executive Search
Financial leadership positions in companies are a cornerstone requirement and depending on where we are in any given economic cycle, the profile of that individual will change. Identifying and attracting this talent requires a rigorous approach. Assessing an executive’s ability to thrive in given situations across a myriad of industries and financial ownership structures is a skill that sets us apart.
Our Approach
We will work in partnership with you to find the best financial leader, or leaders, for your business.
We combine deep and broad commercial knowledge with a proven executive search and assessment process to help you find finance leaders who best fit your organisation’s unique needs and will have a lasting impact.
Functional roles:
Chief Financial Officer
Group/Finance Director
Financial Planning and Analysis Director
Group/Financial Controller
Head of Finance
We provide a comprehensive overview outlining a complete picture of candidates’ relevant business and functional expertise, marketplace and industry knowledge, leadership abilities, character and motivation, cultural fit, and capacity to grow and change with the job.
We will shortlist a meaningful selection of candidates using our five-point search process:
-
Analyse the challenges unique to the organization the role and attracting talent to the opportunity. Agree the narrative to be presented to candidates
Agree the skills, knowledge and abilities required, offering insight and fresh perspectives on how clients can think about their needs; when appropriate, challenge client assumptions and present alternative ideas for how to conceive a compelling role.
Develop a customised position and candidate specification, detailing the company, the role, responsibilities, goals and key challenges of the position as well as the experience, qualifications and competencies required for success.
Determine the client priorities that will shape the search process and agree consensus with each decision maker involved.
-
Conduct targeted research into companies and sectors to find those with relevant skill-sets and qualifications, supplementing our extensive knowledge of and relationships with board directors and senior executives across industries.
Develop a long list of prospects best qualified for the role, with the goal of providing real options for clients to consider.
Talk with third-party contacts to identify and qualify prospects; core to our approach, this preliminary referencing work makes for more productive long-list discussions.
-
Approach potential candidates to test their interest in the role, drawing on our insights about candidate interests and aspirations to persuade strong prospects to consider new opportunities. This will be a mix of new and existing relationships with individuals.
Conduct face to face competency-based interviews with candidates based on the proven skills, knowledge, abilities and aptitudes outlined in the position specification.
Develop a short list of candidates with the qualifications and interest in the position.
-
Present the most qualified candidates based on analysis and appraisal against the agreed brief.
Drawing on informal external views on each candidate to confirm and enhance our knowledge of the candidate’s achievements and track record, provide meaningful insight into past performance and reputation.
Verify each candidate’s professional qualifications.
-
Assist in negotiations regarding compensation and other terms to help finalise the search.
Communicate regularly with client and placed executive during transition.
Conduct client satisfaction survey to improve service and refine approach.
After our process has concluded we will follow up periodically, with both you and our placed candidate, to ensure all is going according to plan.
Interim Engagements
All of our assignments are referred to us via Entrepreneurs, Chair, CFOs, Private Equity or Venture Capital investors, or any professional service firm involved within the ‘Deal’ ecosystem.
Assignments are usually situational briefs rather than a well thought through job description. This encourages important and challenging dialogue to define the key deliverables and give clarity to an expected outcome.
Assignments usually fall into one of three categories:
Corporate Finance
Transformational Change
Leadership Gap
Corporate Finance
Fundraising - Angel, crowdfunding, venture capital or private equity
Bank refinancing or facility negotiation
Divestment, carve out or sale process (Exit)
Financial due diligence
Build an integrated P&L, balance sheet and cash flow forecast
Data room build, modelling of scenarios, Q&A response
Strategic input regarding moving into or out of markets or product lines
Prep for IPO - Reporting requirements and IFRS
Transformation or Change
Post acquisition integration: harmonising people, processes, systems and IT
Root and branch review of financial processes, controls and team
Embedding cash discipline and cash flow forecasting
Establishing investor grade management information and covenant modelling
Leadership
Gap management or planned absence: Interim CFO, Interim Finance Director, Interim Head of Finance, Interim Financial Controller
Project or Program Director: ERP Selection and implementation, SSC or BPO feasibility
Whether you’re embarking on a turnaround, raising capital for growth, scaling faster than budgeted for, or you have changed ownership structure, we will work with you to find your first or next CFO, FD or FC on a permanent or interim basis.
Reasons to hire an Interim CFO
-
Many Founders of start-ups don’t necessarily understand the value an experienced CFO can bring to their business. Often, they are put off by the salary cost, rather than the experience and advice that can help navigate the company through the initial stages of strategy and becoming investable.
A recent example of this: I was introduced to a rapidly growing business to business service company that were in decent shape commercially, however the CEO was overwhelmed, having to manage everything operationally and financially. The business had a part time Finance Director and a bookkeeper, but their focus was purely on the numbers. We introduced an Interim CFO, with experience of being the ‘Co-Pilot’ in start-up companies, to bring some rigour into the operations of the business in areas such as HR, legal, supply chain, freeing up the CEO to focus on growth and strategy. The Interim helped to define what the longer-term requirement of the business was and recruited a successor.
-
If you are contemplating an ‘Exit,’ in whatever form that might take (private equity sale, trade sale or an IPO), there are things that you need to get right and a logical process to follow. The experience necessary to do this isn’t a regular requirement for a company so this is often a reason to engage an interim finance hire.
A recent example of this: I was introduced to a £40m turnover manufacturing business via their investor. They had reached a point in their growth where their order book had doubled presenting an optimum time to explore interest in a sale.
We introduced an Interim CFO to prepare commercial and financial information and put this into a data room, whilst the advisors prepared the IM.
-
When a company goes through an acquisition process, they don’t always get exactly what they thought they were buying. Taking the time to calibrate people, processes, systems, and IT post-deal will pay dividends.
A recent example of this: I was engaged by the CFO of a B2B services company that had recently acquired a competitor business in Europe of an equivalent size. The CFO was stretched and needed a peer to take the integration project off their hands and hand it back complete.
We introduced a private equity experienced Interim CFO with lots of post-acquisition integration experience and an influential positive personality to bring the staff with them.
-
When a growing business is looking to raise capital to supercharge their strategy, sometimes they will consider more than one option in parallel, often called a dual track process.
A recent example of this, the CFO of a private equity backed business was considering the IPO route alongside a secondary private equity buyout. They needed the expertise of a CFO that had been through an IPO and prepared short and long form reporting.
We introduced an experienced CFO that had been through two similar processes to support the CFO and the business.
-
Sometimes not everything is as it seems. The COO of a business that had an astronomical growth journey was looking for a CFO to provide cover over a busy period and hold the fort whilst a permanent search for a CFO was undertaken.
We introduced a CFO with a similar blueprint of recent career history to the business, to maintain business as usual and free up management to focus on recovering after recent world events. Within a few months it was announced that the business had exited to a strategic secondary buy out and the newly appointed permanent CFO announced not long after.
The profile of the new CFO was not that of a standalone PE experienced CFO as this isn’t what the new group required.
-
No matter how successful a joint venture, when the numbers don’t add up, they just don’t add up. We were confidentially introduced to a business via the majority shareholder to help provide some diligence and transparency on reporting and cash management, within a potentially hostile management team.
We introduced a CFO with experience of working within difficult professional situations, but with a disarming personality to run the numbers discreetly. It became apparent very quickly that, although it was a good business, the basic processes, controls, and cash management weren’t robust enough and that education and training for the team was necessary to improve the situation.
-
Sometimes the glitz of joining an MBO masks the reality that being in the trenches of a start-up requires you to be both practical and hands on. Managing cash as well as the more glamourous bank negotiations and board presentations. Not everyone understands this until faced with the facts.
Recently we worked with a business that was experiencing a bottleneck of activity and the Finance Director just needed some extra bandwidth to regain composure and refocus.
We introduced an experienced Interim CFO to bring under control invoicing and payments and positively influence a junior team.
-
When your business hits a certain size or level of activity, you must find people that know the things you don’t and that will provide honest counsel.
Recently we worked with a growing multisite services business that has bold ambitions to expand on the back of strong revenue growth. Prioritising current business activities alongside pushing for growth can run the risk of you doing both things badly.
We introduced a part time experienced CFO to bring some challenge and guidance to the founder and help prioritise the workload.
-
Sometimes a change of ownership for an entrepreneurial business can trigger changes within the management team. With any change there is uncertainty and anxiety within the team that remains. Bringing onboard an interim CFO can stabilize the finance team, in preparation for a new permanent CFO to be appointed and has the added benefit of taking pressure off the search process giving all stakeholders time to run a fully aligned process.
Recently we worked with a family-owned business that had sold part of their business to private equity and as part of the deal needed to hire an investor grade CFO.
We introduced an experienced interim CFO to enhance the finance departments quality of reporting for senior management and stakeholders, and provide better quality analytics and forecasting. The interim stayed to allow for an orderly handover to the newly appointed CFO.
Reasons to hire an Interim FD
-
Growth companies very often hire quickly, reacting to pressures on the business. It can feel like they are constantly playing catch up.
A recent example of this: I was introduced to a fast-growing SaaS business that was trying to do lots of things at the same time. They had reached £4m of ARR and were heading towards doubling that revenue number within 12 months. The part time CFO was fully engaged in Series A fundraising, with no time to manage the day-to-day finances, the development of KPIs and reporting, or managing and developing a promising ambitious Financial Controller.
We introduced an experienced interim Finance Director to manage the Financial Controller, develop the quality and cadence of monthly reporting and develop analysis and KPIs. Finance became more visible in the company and the focus became business partnering rather than reactive and back office.
-
When a business is having its moment of success and the subsequent growth overwhelms the operational leadership, bringing an interim that has experienced this situation before just makes sense. When you couple this with an opportune sale approach and the subsequent added information demands put on the business it becomes essential.
A recent example of this: I was introduced to a Founder via their investor, who was unsure as to the level of individual to bring into his team as he was replacing an experienced and loyal Financial Controller.
We introduced an experienced interim Finance Director to manage cash, build the fundamental reporting, KPI management and respond to information requests from the potential suitor.
-
Getting a systems implementation right is incredibly hard and involves months, sometimes years of planning. When they go wrong, they can go spectacularly wrong. We were recently engaged by a business where things looked as though they were on the wrong path.
We introduced an experienced Finance Director with experience of change programmes involving systems, but also an incredible eye for practical detail and process.
-
When an entrepreneur is certain that what they need to run finance in their business is less sophisticated (or expensive), than an alternative posed to them, it can be difficult to persuade them that the quickest and most cost-effective way to get the business to where it needs to be, is to go heavy.
Recently we were approached by a privately owned business, with a simple revenue model, (automatic recurring monthly revenue), however data capture and processes had become outdated and no longer fit for purpose in this bigger, busier business.
We introduced an experienced interim Finance Director to simplify current processes, controls, and data capture, automate where possible and replace themselves with a more junior Finance Manager. The interim did not need to be actively managed and the subsequent new hire inherited a finance function that worked properly.
-
When all the lifting and shifting of an integration programme has finished and finance and operations are harmonised, this is where the fun starts. Understanding how the business does and doesn’t work. Taking the best of what one group company does and rolling it out to the rest, and getting people to talk to one another, empowered with fresh insight and analytics.
Recently we were approached by a privately owned business that was part way through a buy and build strategy and had just finished integrating their sixth business. The time had come to start gaining insight into how the businesses were performing now that the benefit of synergies was being made.
We introduced an experienced FP&A Director to work with the CFO to create information flow and feedback mechanisms to each group company, empowering management with the information they needed to aid decision making.
Reasons to hire an Interim FP&A Director
-
Management information in both financial and commercial terms is the lifeblood of all businesses and allows operational leadership to make sound informed decisions. In some contexts, it also acts as a defence from activist investors.
A recent example of this: I was asked by a network contact that had been appointed as CFO of a growing Healthcare business to introduce a strong commercial interim. There was a lack of any form of management information, so they needed an experienced interim FP&A Director to help build an MI framework and push finance out into the business to partner operational leadership.
-
When you join a new company as CFO, particularly from a different industry sector, you view the business through a different lens. You make different information demands from your team which they can find uncomfortable and not the norm, particularly if they aren’t technically strong.
A recent example of this: I was approached by a professional services business to introduce an FP&A interim with strong data analysis experience to deep dive legacy data and create a new suite of KPI reports for the CFO.
We introduced an experienced interim FP&A director to work closely with the existing team and build out a dashboard for the CFO to access.
Reasons to hire an Interim FC
-
Sometimes to retain your best people, you need to give them the space they need in their personal lives for them to be the best they can be for your business.
A recent example of this: I was approached by an investment house to introduce an interim to cover a period of planned absence for their CFO. The business was in great shape, the team well-formed and positive.
We introduced an experienced Group Financial Controller to take the reins of the business in a positive collegiate way, support and guide the team and engage with the operational leadership. The focus of the interim was to maintain a positive and functional team and keep the CFO appraised.
-
Growth companies need to be ready to spring into action when opportunity presents itself. One of the consequences of running lean means there are times when everything happens at the same time and finance can be overwhelmed.
A recent example of this: the CFO of a privately owned SaaS business, having just acquired another business in a different geography, was under pressure to prepare completion accounts ahead of audit.
We introduced a technical Financial Controller with experience of recently integrating a group of acquisitions and completing the acquisition accounting for each.
-
Often a client feels they must engage an interim with exactly the skillset that the business needs for that moment in time. If it is something technical, often the skillset will be in high demand or the individual with exactly that type of experience won’t fit into the situation.
Recently we worked with a global software business that needed to implement IFRS quickly due to a large acquisition. Resources and data were thin on the ground and the client didn’t have the time to manage the interim closely.
We introduced an experienced interim Group Financial Controller who was technically excellent, fastidious with detail but more importantly knew where to go to find the answers with minimal supervision.
-
In a post-deal situation, information requests from the new investor in the business tend to heighten. If you couple this with team attrition, demands made of the CFO reach a tipping point where only the most experienced know what to do.
We were recently engaged to find an experienced interim Group Financial Controller to give the interim CFO breathing space, firstly to compose themself and secondly to give them the time needed to rehire a team on a permanent basis at a pace that didn’t feel like a rush.
Setting out your stall confidently and giving yourself the best chance of success in the face of a demanding audience can often be forgotten and will only result in stress and sleepless nights.
-
One quote from my network which will always stay with me, is:
“If you can’t change the person, change the person.”
In a lean fast-growth business, every team member is important and needs to be on their ‘A-game’. So when you are faced with a situation where information output and quality isn’t where it needs to be there are difficult conversations to be had.
A recent example of this: I was approached by the CFO of a rapidly growing technology business that had an under-resourced, ill-equipped team. With further acquisitions on the horizon, it was critical to get cadence in monthly reporting and quality back into management information output.
We introduced an interim Group Financial Controller from a fast-paced financial services background to fix processes, controls and systems, and embed a solid foundation on which to bolt on acquisitions.
Reasons to hire an Interim Head of Finance
-
Sometimes it’s sensible to spend more for a shorter period than it is to spend a smaller amount for a longer period, which can come with the added burden of managing the interim.
Recently we helped a business that had an exodus of junior members of staff but still had the investor demands for management information.
The preferred solution for the business would have been like for like senior management accountant replacement however, in a market that is frothy at the junior end and with management time poor, an experienced hire was the ideal short-term outcome.
We placed an experienced interim Head of Finance who quickly acclimatised and was able to help in a far broader way adding much needed bandwidth to the finance team.
-
When there is a need to replace a longstanding employee who is well regarded and has the knack of keeping the monthly reporting cadence running on time it can be an emotional wrench. Trying to replace someone on an interim basis like for like, in terms of stage of career and experience, is like finding a needle in a haystack.
Recently we were approached by a privately owned business in this situation, and we introduced an experienced interim Group Finance Director who had lots of experience going into situations where things weren’t broken, maintaining high standards and had a personality that really engaged the business. Often the job title isn’t the most important thing.
-
When there is change in your team the best course of action is to work quickly to replace, but also limit the pressure on the team members that remain.
A recent example of this: I was approached by a CFO of a successful retail business that needed to replace a direct report that was leaving for a promotion. The remaining team was strong but, with year end and Audit approaching, it was necessary to add some firepower to the team.
We introduced an interim Head of Finance to have an orderly handover of the outbound team member and support where needed in the finance team.
-
![Large white quotation marks on a black background.]()
“Ray is a top-class recruiter with a unique approach of engaging clients and candidates with the same level of energy and enthusiasm. He is very thorough and spends time to understand the perspectives of employers and candidates, which results in a very close match of mutual requirements. I highly recommend him to employers and candidates.”
Dindo Sy Chu – VP Finance
-
![Large white quotation marks on a black background.]()
“I found Ray to be a pleasure to deal with as a candidate. Ray's approach is that he is a problem solver and matches the needs of the companies that he has relationships with to a candidate's skills. This business-centred and mature approach translates into excellent opportunities for his candidates and I would recommend Ray to high-quality professionals who will deliver for their clients.”
Oliver Bond – Private Equity CFO
-
![Large black quotation marks on a white background.]()
“Ray has always been an extremely personable recruiter who is straight and honest with you from the moment you meet him. He encourages candidates and clients alike to consider alternative options and possibilities to achieve their desired goals. Ray's unique energy and enthusiasm always leaves you upbeat when working with him.”
Shirley James – Finance Director
-
![Large white quotation marks on a black background.]()
“Over the many years that I have known Ray Nicholls he has been a great sounding board for career and assignment related questions, always offering quality advice. He regularly contacts me about Interim CFO opportunities and a couple of these have resulted in interesting roles. I would highly recommend Ray as a recruiter for senior end finance roles into SME, PE and PLC businesses.”
Paul Bergin – Interim CFO
“There is always someone else who can do what you can do, so you’ve got to make sure you do it first.”
— Mike Bloomberg