'09
By Bari Faye Siegel Photograph Courtesy Christine Findlay/ ChristineFindlayPhotoGraphicArts.com
In an economy where all businesses are desperately grappling with the ugly necessities of staying afloat—including ever-growing accounts receivables and longer-than-ever sales cycles—it’s more crucial than ever that companies focus on core competencies.
Vladimir St. Phard, president of Customized Benefits Solutions, a full-service health insurance benefits and human resources provider in Hightstown, admits that his staff of 10 was juggling the administrative tasks of the firm—including critical financial paperwork—until he learned about B2B CFO and began working with consultant Steven Schertz.
“The idea of an outsourced CFO was incredibly interesting when Steve was recommended to me. I really wanted to see what he could do for us,” St. Phard says. “He consulted with us for no charge, took a look at our books, and came back with some interesting ideas of ways to reduce costs, save money, and even some tax benefits we hadn’t thought of. I was sold right away.”
Typical B2B CFO clients are small-to-mid-sized companies that need an experienced financial professional but are unable to afford one full-time. The idea behind B2B CFO, a partnership firm consisting of 134 financial professionals across 43 states, is straightforward. Founded in Arizona in 1987 and now in place in 43 states, B2B CFO is a cooperative, not a franchise, of 134 consultants like Steven Schertz—an option that’s becoming increasingly popular for struggling businesses as well as out-of-work CFOs. New Jersey is currently home to 11 B2B CFOs, and there are two more in New York City.
“I perform all financial work except for CPA-related tasks such as audits, reviews, and taxes,” says Schertz, who has been a consultant specializing in retail, manufacturing, distribution, and logistics at B2B CFO since late 2008. “I do the work that is necessary for the accountants to get that work done on time.”
Each B2B CFO partner pays a five percent gross-proceeds fee to the partnership. In exchange, partners share a web portal filled with a seemingly never-ending supply of useful articles and links to brochures and other marketing materials. When CFOs join the partnership, they get six months of mentoring from the company about venturing out on their own as outsourced financial professionals. This mentoring came in especially handy for Schertz, who found himself jobless and with few options in a downward spiraling economy.
Joe Worth, another B2B CFO partner located in nearby Wall, welcomed Schertz to the partnership and continues to be a valued resource. Schertz learned about the concept of “outsourced CFOs” after being laid off at Congolium from his position reporting to the senior vice president of finance in June 2008. After considerable due diligence, Schertz joined B2B CFO in the last quarter of 2008. Less than a year later, his business is flourishing.
Pages: 1 2
Pingbacks:
No Pingbacks for this post yet...
