Transition Finance Director NIM Europe

Interim CFO, Administrative and Financial Director

Interim management is increasingly used for interim CFO (Administrative and Financial Director) assignments. In a context marked by major transformations in companies, it is important to call on specific and cutting-edge skills to successfully carry out the transitions.  

What is a transitional Administrative and Financial Director?

The interim administrative and financial director supports companies in their transformation, or responds to a specific need: exceptional account closure, buyout, sale or merger phase… whatever their sector of activity. He can also manage the cash flow, audit the accounts of certain units, implement performance management tools. The transition DAF works in close collaboration with the general management. Depending on the size of the company, it will have more or less weight in the strategic decisions made.  

Scope of action of the transition DAF

The interim CFO is in charge of all of the company’s financial activities. He generally leads the accounting, management control, treasury and financial analyst teams. Its scope can be French or international. The financial volume he has to manage is variable, it is a criterion that will lead to the choice of the best transition CFO for the company. The fact that he has acquired experience in situations comparable to that of the company that requires his services is also a key element. He works in close collaboration with the company’s internal services but also with external service providers: accounting firms, CAC (auditors), banks, state services, etc.  

The role of interim management in finance

The interim manager, after having made an inventory of the financial situation of the company and in accordance with the expectations of the management committee, will make proposals for action and organization. If this is the purpose of the mission, he will supervise the annual accounts for the current period. Otherwise, he will put in place measures to clean up the accounts and an organization capable of responding, after his departure, to the new challenges of the company. Beyond the accounts alone, he may also be tasked by the management committee with the sale or purchase of certain real estate or with carrying out specific operations related to investments and cash. He will also have to manage the financial aspect of the investments and the loans associated with the banks. If the company is going through a major crisis, it may be required to intervene in the bodies set up by the public authorities to monitor these operations (CIRI).  

Missions of the Interim Chief Financial Officer

The job of interim CFO encompasses several missions:
  • Oversee financial and administrative services
  • Realize the business plans with the general management by forecasting the associated budgets and evaluating the needs
  • Build reporting tables for the company, shareholders and tax services
  • Ensure that the company’s margins are sufficient to ensure its viability
  • Control the correct application of the tax regulations of the countries in which the company is present
  • Ensuring the consistency of financial practices regardless of the country
  • Find financing at the best cost from dedicated organizations
 

Qualities of transition CFOs

The transition CFO must be rigorous, honest and have the charisma to advise managers, supervise the company’s teams and impose themselves vis-à-vis external service providers. Have a sense of anticipation, and measure the impact of external events on the company’s finances. Have the necessary perspective and a very analytical and realistic approach to situations. Be a manager trainer for teams and mobilizers in circumstances that often impose extra work for employees. Be very operational by having already mastered all the trades of corporate finance. For large companies, he must be completely English-speaking.  

Skills of the interim Administrative and Financial Director

Transition CFOs are generally graduates of higher education in Finance. They have often spent part of their career in accounting functions either in firms or in international financial advisory structures. They have always successively held positions in finance, management control, accounting, treasury …. and this for more than 10 years. Knowledge of the client’s business sector is often a plus, but above all experience of similar situations (liquidity crisis, takeover by a new shareholder, sale or acquisition of subsidiaries, IPO, LBO with investment funds, etc.). .) In our community of NIM Europe managers, we have many quality and competent transition CFO profiles. They are able to intervene at short notice to save you precious time while responding to your problems. Discover examples of assignments carried out by our interim managers specializing in finance: Discover the different functions of Transition Manager: