What each does
| Turnaround CEO | Turnaround CFO | |
|---|---|---|
| Focus | Direction, team, customers, culture | Cash, numbers, lenders, controls |
| Main tool | Decisions and communication | Forecast, scoreboard, diagnosis |
| Biggest risk if missing | Drift, wrong strategy, demoralised team | Cash shortfall, bad data, lender breakdown |
Who should lead first?
Cash short and lenders nervous?
CFO first. Nothing else survives a cash crisis.
Numbers fine but strategy and team in trouble?
CEO, or a strong owner-CEO supported by a CFO.
Owner-managed business?
The owner stays CEO; add a CFO for the numbers and the lender conversations.
Both weak?
An interim CEO and an interim CFO, with clear roles.
The strongest pairing
Many turnarounds succeed because a decisive leader and a rigorous finance lead work together weekly. The CFO's role is to make sure every decision is taken with the numbers in view.
See our interim CFO for turnaround page.
CFOAvatar complements every turnaround
A human CFO sees your business at the review. Problems do not wait for the meeting. CFOAvatar is connected to your accounting data and checks your numbers every day, so the scoreboard in a turnaround is always current. Ask it what an owner in trouble would ask:
What owners say after the numbers started talking
You have planned to set goals along with me and have been proactive in ensuring that we reach milestones as planned. In the event you depended on me for my inputs or consent, you have been prompt and caring in ensuring that we do not waste time.
The founders were consistently hands-on and always available for a call or conversation whenever clarity or direction was needed. That level of accessibility, combined with their integrity and absolute character in execution, built a level of trust that is rare in professional services.
Before CFOSurge came into the picture, our business lacked financial discipline. Once their team started overseeing our finances, everything fell into place. There was accountability and when you know someone is keeping track, you ensure things get done properly. It’s been three years and the systems they put in place are still working well. Our business is in a much better position today.
Quoted word for word from our clients. Read more client words →
Questions owners ask us
What does a turnaround CEO do?
Leads the recovery of a struggling company: sets direction, rebuilds the team and leads stakeholders through change.
Do I need a turnaround CEO or a turnaround CFO?
If cash and lender trust are at risk, a CFO first. If the problem is leadership or strategy, a CEO. Owner-managed businesses usually need a CFO more.
Can a CFO lead a turnaround?
Yes, especially a financial turnaround, with the owner retaining the CEO role and decisions.
How long do they stay?
Typically three to twelve months, with a planned handover.