How Samantha Landed Her First CFO Client in 5 Weeks and Found $250K in Lost Revenue

Well, hello there. Hi, my name is Charles and I'm from Profit Surge. I help accountants grow their business, become fractional CFOs, get more clients. I'm a current fractional CFO, prior full time W2 CFO and we've helped a whole bunch of accountants grow their business. I'm here with Samantha. Samantha and I have worked together for a little bit here and we're here to talk about some of the experience that she's had and she's grown in her business. Samantha, thank you so much for being here.

You're welcome. I'm excited to be here. Thank you.

Absolutely. Hey, so why don't we make this really easy. Tell me a little bit about yourself, maybe about your business and what do you do?

Okay. So I recently left the corporate world after working doing accounting controllership. I never made it to CFO personally, but I really have learned that everything I was doing was CFO work anyway just we'd never had a cfo, so I couldn't get to that point. So I recently left it just kind of burned out. Needed something different. And so I decided to start my own fractional CFO business before even finding out about this, these courses. And I, I named it Guide cfo and just starting off on my own.

Awesome. So we made the shift from working at the, at corporate controller level. You know how a cfo. But it sounds like you were doing all the jobs of one and probably all the jobs of a controller and accountant all at the same time is what it sounds like.

Absolutely.

So curious. How did you find us?

So I found you guys on Facebook. I was marketed an ad and I was already previously searching for fractional CFO to start working for another company, doing it myself. And the algorithm figured out that I was looking into this stuff and it found me. And so I, that's really how I found the, the first, the blueprint of course, and then this next mastery program.

So you probably saw my face a million times on the Internet. You probably still do. Sorry. So did that left the corporate world? You're looking at a fractional cfo. I stumble across your feed when you're, when you're scrolling here, when you were looking at starting your own own firm and getting started or maybe thinking about starting your own job instead. Like what was kind of the problem you had before working with us, before.

Working with you guys? I didn't know that I actually had the skills first off. Secondly, I was unsure of how to structure my pay, how to structure myself, how to really build this business. I felt and I knew that I wanted to help people, help businesses, and used all the skills I've had, but I didn't know really where to go to build that business. I've run businesses, but I didn't know where to go after that.

Okay, and when you, you probably, you, you probably consumed a bunch of material before talking with us and going through, you know, whether it be YouTube or Instagram or podcast or a webinar or, or something like that. Why did you choose to work with us or what stuck out about us over maybe anything else that you were looking at?

Most of the other things I was looking at were directly with another university, some sort of certificate CFO program, not necessarily fractional cfo. And really having gone through school, that's like the last thing I want to do is attend another university for another degree to keep on doing that, when really I just wanted the, the core, the solid things I really needed to focus on, not necessarily the theoretical that you get at a university.

Okay, so it sounds like there's a little bit difference between like universities are great, don't get me wrong, like very proud, went to a great college. But it sounds like you were looking for more practical instead of theory.

I was. And that's exactly what I had found going through the program. I needed to really first off, kind of a sanity check of that I was doing things right. And when you get up to those higher levels, you're doing things really on your own and you know, going, okay, yeah, I know that the data is right, but is there a more efficient way? You know, other CFOs don't really share that information, you know, of how that truth is. And so I wanted something a little bit more real world.

That makes tons of sense. I've been a fractional cfo, am still one now, prior full time cfo. And we have hundreds of people in the community we've worked with. So you're definitely not alone. And you found that. Was there anything in particular about working with us that helped you, that maybe helped you either change how you think or some clients or maybe overall, what's most beneficial to you? I guess is a better question.

I would say most beneficial was really giving me more structure and I love planning and I love structure, opening up my own business. You know, you have all these different ideas and these different things and just really honing in those structures. I would say the most beneficial thing out of the program was diving deep into the forecasting and you know, I already know the cash flow statement, the balance sheet, the Income statement, of course. But really diving into how to do that as a fractional CFO and do it efficiently, you know, that's, that was my biggest concern. I don't want to be spending tons of time where I could just pull the data and be able to do the thing without getting into the weeds.

Right, right. Because if you can't deliver something to your, the customer in a way that makes sense, in a way that makes sense for you financially from a dollar per hour perspective, why. Right. What's the point? So I know. So it looks like we looked at budget, we looked at cash flow and we got the normal things right, like income statement, balance sheet, statement of cash flows. Was there anything else that kind of stuck out to you for maybe a finance skill or maybe like a soft skill thing that we touched on? Because know, we went through a ton and I'm just curious what stuck out to you the most outside of maybe forecasting?

I would say preparing for, you know, preparing clients for their lending and for what they're looking at. Even if it's like exit strategy, which kind of plays into lending. How to, how to really review the financial statements from a banker's perspective and the information that they want to be seeing, certain ratios, things to that effect. I've really feel that that is a need out there because everyone needs some sort of lending at some point within their business.

Yeah. And whether they need it, they should have access to it. Right. It's always better to have a war chest than to not have one at all. So as a, as a result of implementing the stuff, the learning, the education, the time with me and the team, what are, what are some of the outcomes that you've gotten?

So after just five weeks into the program, I got my very first fractional cfo or let's. Thanks. It was, it was, it was of course in person. So I didn't have a script that I have to go off of. So it really helped me to have that build up confidence and really trust that I knew exactly what I was doing. And I got the first client and it's going great so far. And so I really didn't expect to be at this place for at least another six weeks to maybe eight weeks at this point. So it accelerated it tremendously.

Wow. Now that you have, because you've done the finance work before, maybe didn't know exactly how to package this fractional CFO or what to charge for and all that, and that's figuring that on your own. Huge pain in the rear. What's something You've noticed working with a client that you're surprised about how much.

Of a mess that their income statement really is. Because having run companies and done the income statement myself, I am very particular about making sure it's exactly right. And then I was very shocked. And you even advised that most people's financials are going to be a hot mess. Balance sheet doesn't balance. And you're totally right. And I was very shocked at that, going like, wow, this is going to be easier than I expected.

What, what kind of revenue does this client do?

So he's at one point, 1.4. I think they're going to be about 1.6, 1.7 at the end of this year. Million.

Okay, so. So almost, almost, you know, one and a half to almost $2 million. Your client financials are a mess. So this guy's a million plus dollar year. Business financials are terrible. Is, is what I'm getting at it. It sounds like be like he probably has a lot of things that you can help him with. Just curious, what are some of the first things that you see as like an area of opportunity? If you can share that. I don't know how far you're, you're into the engagement.

I can share a little bit. Definitely. Inventory is a hot mess. They have tons of merchandise that they don't even scan in and out. They just trust the cashiers to do the right price and they have no inventory tracking or anything like that.

Terrifying.

Terrifying. Their cost of goods are based off of actual spend that month instead of doing, you know, an accrual basis, which I'm used to restaurants and manufacturing where it is on an accrual basis when you have inventory. And so it's really showing that their cost of goods on certain things was 90, 95% which isn't right because I know that they're pricing their items correctly. It's not like they're selling a coffee for a dollar.

Okay, all right. I was gonna say I was like operating income negative by a lot. My very next, next assumption there. So sounds like you're working with them on, on some of those and you know, one and a half, almost $2 million. How many weeks are you into the six week intensive so far with them?

I am. So we did our kickoff meeting last week and then this week we had our very first meeting.

Okay, gotcha. All right, so. So we're in the first kind of phase out of curiosity because sometimes I run into people and what did you charge a client?

I just charged him 3, 500. Because I found it organically.

Yeah. And. And, you know, just getting your foot in the door here, first one growing here, you could definitely bump that up next time, but, like, $3,500 you didn't have. So we. We love that. Crazy question. How much do you think you're going to be able to save or making more money in the next six weeks?

I mean, I can already tell you off the top of my head, so.

That'S maybe a rough number. I know, I know.

I'm asking 5,000 just from May for revenue. 25,000 just in May from having hot mess of books just for me. So, I mean, I would assume at least 250,000 within the next six weeks.

That's wild.

Yeah. Really?

And I was sneezing while you were talking. Did I hear 200 or 250?

250,000.

$250,000. You're going to be able to help them with. Yeah.

Insane.

So next time. Time you're like, okay, we're going to go to 3, 500amonth after this. And then. And then next time, how good does it feel like, get your first client, start crushing it with them, like, almost immediately? Because I. I sit down with people and I'm like, I can't charge that much and I can't do this or I can't do that. And I usually preach like, oh, you got to make them more money than they pay you. Again, that's my finance, you know, aggressive marketing brain thinking you're already going to do that by, like, 75 times. And, you know, you're just two weeks in, so you might. You might find more, you might find less. But there. How did. How did it feel to know that, like, this is the impact that you're having with this client?

It made me feel really good. It made me really understand and truly believe that I've made the right choice in what I'm doing with my career and where I'm going. It's very empowering, and it. I'm excited to keep on going and helping out other people. Not to mention they're also pretty cool people, too, to work with.

That's awesome. What is really changing your life from moving from corporate accountant to fractional cfo? Right. Like, what's one of the big personal changes or mindset change, perhaps?

Mindset change? I would say just really I've grown more in being solid within my own self and my understanding and my putting my foot forward. Not necessarily, like, not being able to speak up for myself, but I'm not in the day to day data entry, that part of it. And so that is actually really liberating to not have to do that. So that's the biggest thing as far as corporate. That's changed for myself. I'm also, I'm shifting change shifting where I'm working with clients rather than working with the people under me and delegating and leading those people. And so that's really where I got my very first part of my hint at doing any sort of accounting was doing credit counseling. And I absolutely loved working with people and working on their budget and helping them out to understand money's just money, it's not the end of the world. And I get to do that again and I get to feel that again. And I like it. It's helped out a lot with my mindset.

That's awesome. It's so cool that we get to change people's lives. I always say we all have our own gift from God. And if you're here, whether it's you, whether it's me, whether you're listening to this, it's probably things like financial analysis and Microsoft Excel and extending numbers. And that's not nearly as cool as getting on stage, speaking or singing or anything like that. But if that's the power God's given me, shoot, we better use it. So that, that's awesome. Especially to help other people. So where do you think you'd be right now if you didn't work with us and kind of get into this whole fractional CFO thing?

I think I would be trying to network and trying to like find people, maybe try to hook up with other people that are fractional CFOs to pick their brain. I think that would be where I would be at this point. And I'd probably end up settling for just another W2 job.

Honestly, now that you've gotten your first, like, taste of success, right? So you've got, you've gotten the taste where we're in the middle of, you know, moving to the meal, is going back and getting a job like even a thought in your mind anymore.

Not at all. I have no desire to do that ever again. This is, it's amazing. And you know, I know the struggles that are coming down the pipeline, taxes and things like that as running my own business, but I never want to go back to doing that again. And that is, I think, the biggest blessing in itself.

That's awesome. I. I'm so excited for you to get more and more and more of that freedom. There's some drawbacks of owning your own business, but the freedom outweighs it by so much. Now, if there's anyone watching that maybe is on the fence about booking a call or working with us or watching a webinar or learning a little bit more, like, what would. What would you say to them?

I would tell them, if you have any doubt in your mind of what a fractional CFO is and you're curious and you want to do this and jump into this, just do it. It'll change your life, and it'll give you the solid stepping stones to be able to move forward and really make this career happen.

That's awesome. Thank you so much. Do you have any last parting words for the audience or anyone listening about your experience or anything like that?

The last parting words would be, it's an intense program. I took tons and tons of notes and my hands started cramping because I haven't taken that many notes since college. But it was well worth it. And I would say I put in probably about 10 hours a week in between watching the videos and making sure I got the notes and the homework and everything. But I committed to that time, and that was what was most important to me, and I was well worth that commitment for the 10 hours a week that I put in.

When you put in that time, how is your. How has your confidence changed in your ability to offer fractional CFO?

Now that I've gone through, I've. I mean, it's 100% different. I would say I can now go to somebody with an elevator pitch really fast, couple sentences of what I do in person and know that I really believe in myself, that I can do this, that I have the experience and now the depth of the education of it, too.

That's awesome. Well, Samantha, thank you so much for being here. I'm super grateful to have. Have you here if people want to reach you are interested in maybe, you know, working with your fractional CFO firm. Because I have plenty of people who are. What is a fractional cfo? Do I need one for my business? Is there a place that they can reach you? Do you have like a website or Facebook or Instagram or somebody you prefer to send people?

They can visit my website, which is guide cfo g u I d e cfo.com and my email address is simple samanthaide cfo.com.

Awesome. Samantha, thank you so much for being here.

You're welcome. Thank you so much.

You had it. Bye.