CFO Construction & Construction: example of a transition assignment for an accounting director

Calling on an interim CFO is a strategic solution in many contexts: crisis management, relay management, large-scale financial operations, etc. But what is the role of the interim CFO and what are the advantages of using his services? To better understand the benefits of his intervention, we present here a transition mission of a CFO commissioned by WAYDEN to work with a player in the construction and public works industry.

 

Interim CFO: what is its role?

The CFO (Administrative and Financial Director) is the guarantor of the financial stability of a company. Its main mission is to ensure the economic development of the company and to identify the levers to be activated to Improve performance. As the manager’s right-hand man, he has cross-functional accounting, financial and legal expertise.

The interim CFO is assigned for a period of 6 to 18 months. He can intervene, in an emergency if necessary, to respond to a financial problem within companies in all sectors of activity. Thanks to his long career, proven know-how, outside perspective and interpersonal skills, he can help the company overcome the challenges encountered and achieve its goals.

When to call on an interim CFO?

Here are some examples of transition tasks to be entrusted to a CFO:

• Managing a crisis (sudden drop in activity, loss of key accounts, litigation, very strong growth, etc.);
• Optimize the administrative and financial management of the company;
• Replace an absent CFO (relay management) on a temporary basis;
• Manage complex financial operations (mergers and acquisitions, compliance, change of shareholders, search for financing, etc.);
• Lead change management (financial restructuring; implementation of a new financial policy; digitization of the CFO function…) ;
• …

 

Example of a transition assignment for an accounting director for the construction and public works sector

In 2015, one of the leaders in the construction industry in France was facing major challenges, linked to very strong growth. With a turnover of €680 million and nearly 2,500 employees, the Group was facing the consequences of its very rapid development. The Secretary General was in a state close to burnout and the Finance Department was disorganized.

It is in this context that the Group’s management decided to call on WAYDEN to request the intervention of an interim manager in order to overcome this delicate phase.

However, the Group had very specific needs. Indeed, the interim manager had to be able to relieve the Secretary General, without the latter feeling his position threatened and in such a way that he remains cooperative and trusting.

To meet this need, WAYDEN has chosen to appoint a woman who has demonstrated a strong ability to listen and great interpersonal skills. This is how Caroline ERISET, interim manager at WAYDEN, successfully took on this mission. A finance professional, she is a chartered accountant and has a double degree. After starting her career at PGA Arthur Andersen as a consultant, she worked as Accounting Manager at Agilent Technologies France, then as Accounting and Tax Director of the Fenwick-Linde Group in France, where she was responsible for two holding companies and a consulting role for 10 subsidiaries. She then joined Price Waterhouse Coopers in 2009 as Director of Accounting, where she managed financial operations (takeovers, mergers, demergers, liquidations of entities, etc.). It was in 2011 that she finally took the path of interim management.

During the mission to the Construction Group located in a commune in the Yvelines, Caroline ERISET was responsible for:

• Lead the structuring of the function to strengthen the autonomy of the teams, by recruiting three directors;
• Implement improvements to the information system and reporting tool ;
• Prepare financing files for external growth operations to be presented to banks to ensure the continuation of the group’s growth.

 

This mission, which lasted 6 months, was particularly life-saving for the position of Secretary General and for the company. The latter was able to regain the upper hand and focus on his priorities. WAYDEN also assisted the client in identifying a new Accounting Director to be recruited within the new organization.