The CFO Shortage - A look at CFO Labor Market Trends

Looking at Google data, we see that between August and October 2022 there has been a significant uptick in searches for the terms “CFO” and “chief financial officer”—50% and 22% respectively. But even though Googling CFO is the simplest way to see these trends, it’s not the only confirmation that there is increasing demand for CFO candidates.

That rising demand is for a particular kind of CFO. Let’s call it the modern CFO. Let’s look at the current landscape as it has evolved along with businesses over the last couple of decades.

From Accounting to Financial Analysis and Planning – How the CFO role Evolves

Consider your basic business that has a product or service to sell. There is an initial investment to create your product. Revenue begins to flow. The business has someone on staff who has the accounting skills to keep track of revenues, expenses, and pay the taxes. This person may be called the controller, or maybe even the CFO. Over time, as the company grows, it begins to invest its profits in order to increase the business’s capacity, enter new markets, or increase the customer base. Instead of just tracking revenue and expenses, the CFO value to the company begins to shift from recording historical data to focus on driving long term performance of the company and how best to leverage its resources to accomplish the intended results.

The individual who started out as the controller is now expected to provide some financial analysis on a variety of business issues. What is the company’s breakeven point? What are the margins per customer or product? To increase capacity, should we increase the labor pool, invest in new equipment, or outsource? What is our return on this investment? Should we finance our expanded capacity with operating cash flow, debt or raise through equity?

This is the point in the life of the business where the accounting and finance function begins to evolve from record keeping (historical) to helping the business make decisions with a financial approach (future-focused). In many instances, the individual in the controller role may not have the skills needed to provide this type of value.

Where Does the Modern CFO Exist?

Most large privately held or publicly traded companies have historically been a great training ground for modern CFOs. The accounting and finance functions not only ensure the accuracy of the financial statements, but they also work with other functional areas to help them manage financial results, as well as understanding the financial drivers of the business. This exists as these organizations require another level of financial sophistication in order to attract outside investors, board members, and maintain compliance as a public company. Most accounting and finance individuals who are trained in this world learn the best practices of their craft here.

What Does the Modern CFO Offer?

The modern CFO who drives business success is expected to bring the following to the table:

Economic approach to decision making – This is different from an accounting approach. It includes thinking about where to acquire more capital, whether to make investments etc.
Participation as an executive leader – While they might be officially in charge of the finance function, they now need to share their overall business acumen with the company to influence other decisions that are perhaps outside of their scope of responsibility. In many organizations, the CFO will even interact with customers in contract review/negotiation, but also for customer retention.
Ability to provide business partnering – These internal partnerships reflect the leadership of the modern CFO. The CFO and their team, partners with manufacturing, sales, marketing, and others to help them understand the decisions they make from an economic perspective, and how analysis and projections inform the interdependent web among all of the functional areas within a company.
Team management and development – The CFO’s team is on the front lines of business every day, having an impact on all functions. The CFO wants a team of financially savvy people who also have the emotional intelligence to help them partner and engage with other teams. The litmus test for a good financial team is whether they are being invited to meetings in other areas of the business, or if they have to invite themselves.

Supply and Demand – CFOs Who Drive Business Success to the Next Level

The demand for modern CFOs continues to increase based on a few critical drivers, while the supply isn’t keeping pace.

An increase in demand is being created by private equity firms acquiring companies who are for the first time accepting institutional investment. When this occurs, these companies typically need to adopt a new governance structure with a formal board, and since their new investors are financially astute – they normally desire the modern CFO to ensure both accurate financial reporting, and this modern CFO to help drive financial performance. A good portion of the companies that the PE firms acquire under this scenario don’t already have a modern CFO in the seat, resulting in the need to recruit an outsider.

In addition, medium sized family owned and/or founder led companies are increasingly adopting financial and governance best practices that were once only employed by public or PE backed companies. These shifts normally require a modern CFO which in turn is driving more demand for them.

Their pull on the dwindling supply affects the rise in demand and the subsequent shortage we are seeing. This article in the Association of Accountants and Financial Professionals in Business dives into the increased expectations for company CFOs.

The good news is that many financial officers currently working in high-stakes public companies want to take the skills they’ve learned over time and apply them in a business where the intense risk of projection-failure and the massive stress of issuing quarterly earnings won’t shorten their lifespans.

The bad news is that at this point that supply is dwindling and there are fewer truly experienced modern CFOs to meet the continually rising demand for their services.

CFO Recruiters – The Search for Your Next CFO

It is possible to recruit the modern CFO down from the heights to a company that wants to be more competitive, financially strategic, and continue to grow. Many CEOs are unsure of how to determine what CFO skills are needed in their company, let alone how to evaluate CFO candidates. If you have been searching for the CFO to move your business forward and are finding it tough to find the right person for the job, you are not alone. This is where an executive search firm with the right expertise can help a company not only align the company needs with the skills needed in the role, but also how to effectively run recruitment for this critical search.

This search is perhaps the most challenging there is, especially these days. Bringing in the expert on this will free you up to fill your countless other roles and focus on your endless list of important leadership tasks. Ending up with the right CFO will yield such growth that your search will have paid for itself in no time.

Check out our experience helping great companies hire modern financial leaders here!

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New Opportunity: Vice President, Aftermarket

By Catherine Landgraf • June 11, 2025

Vice President, Aftermarket ABOUT THE COMPANY Dover’s Vehicle Service Group is the global leader in designing and manufacturing vehicle service, collision and automotive OEM equipment. It is one of the founding companies of Dover Corporation, an eight billion dollar diversified global manufacturer. VSG consists of fifteen leading vehicle lifting brands (Rotary, Forward, Blitz, Ravaglioli, etc.), collision repair (Chief), wheel services, diagnostics (Butler, Rotary, Chief and Ravaglioli) and tier-one automotive brands (WARN Automotive) with operations worldwide, including regional business operation centers and large manufacturing facilities in the U.S., Europe and Asia. ABOUT THE ROLE Responsible for developing and executing the VSG Parts and Service business strategy in the Americas. This is a critical leadership role that requires strategic thinking, operational excellence, and the ability to inspire and motivate cross-functional teams to achieve Aftermarket objectives while exceeding customer expectations. ESSENTIAL DUTIES AND RESPONSIBILITIES Develop and implement a Parts and Service strategy to increase market share and add growth opportunities by leveraging complimentary products to the existing offering’s portfolio. Create a marketing strategy for recommending parts and services to existing customers and an outlet to attract new conquest customers using the Parts and Service area of the business. Partner with internal Supply Chain teams to develop an inventory stocking and replenishment model to ensure business success. Partner with dealers to develop a shared inventory and consumption model with clear visibility of parts supply in addition to developing incentives to drive the right behaviors. Stay current with industry and market trends and apply learnings to the VSG Aftermarket strategy. Create detailed budgets and forecasts, including annual sales and profitability targets to meet business and company financial and growth goals. Track and report internal progress to targets, utilizing technology and automation to reduce errors and administrative burden. Direct and coordinate activities relating to part quotations, including ensuring e-commerce ease of use. Developing innovative techniques for recommending parts and services to customers that generate incremental sales. Appraise existing offerings compared to competitors in terms of price, specifications, and delivery model and recommending changes in sales techniques, process design, or other procedures as necessary to achieve goals. Communicate regularly with internal functional teams including Operations, Service, Training, and Sales to effectively manage and grow and develop the parts and service processes. Motivate and inspire a team to achieve company goals and foster an environment of personal development and leadership growth opportunities. CRITICAL SHORT-TERM OBJECTIVES Develop and implement the Aftermarket structure and business strategy that: Expand parts and service market share. Improve supplier and customer network capabilities. Create higher levels of customer satisfaction and loyalty. Generate growth and expansion of the business into a new segment. Access and align internal resources needed to execute the enhanced Aftermarket business strategy. OVERALL QUALIFICATIONS – Skills and Experience Deep understanding of Parts and Service market in the Americas. Minimum of 10 years of progressive experience with parts and service delivery models. Proven track record of successfully transforming parts and service organizations to improve efficiency, productivity, and profitability. Strong leadership skills with the ability to inspire and motivate cross-functional teams. Excellent analytical and problem-solving skills, with the ability to identify root causes and implement effective corrective actions. Strong communication skills, both written and verbal, with the ability to effectively communicate complex concepts to diverse audiences. Demonstrated ability to work in a fast-paced, dynamic environment and adapt to changing priorities within all levels of the organization. KEY DOVER COMPETENCIES Customer Impact : Creates value for customers addressing known and unknown needs. Knows and understands all aspects of the global market, including: economics (regulatory issues, corporate compliance, etc.), products and services, channels, the customers and their end-markets. Strategic Mindset : Has understanding of global industry or market; creates breakthrough strategies that alter the competitive dynamics in a market, and establishes a series of competitive advantages yielding profitability that exceeds expectations for the organization. Results Driven : Produces results that exceed Dover’s strategic objectives via a combination of planning and implementation, while living the Dover Values. Strong Business Acumen and Sound Judgment : Uses instinct as well as data to accurately assess business situations and industry trends; makes timely, appropriate decisions and implements appropriate plans while living the Dover Values. Winning the Right Way : Operates with High Ethical Standards, Openness and Trust. Conducts him/herself with high ethical standards and fosters a culture in the organization to conduct business aligned with those standards. Builds and Manages Collaborative Relationships : Establishes and nurtures numerous relationships within Dover. Takes action to partner with the communities in which we operate and to be an appropriate corporate citizen. Interested in Learning More? 180one has been engaged by VSG to manage this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .

New Opportunity: Vice President of Sales & Marketing

By Greg Togni • June 10, 2025

Vice President of Sales & Marketing ABOUT THE COMPANY Dover’s Vehicle Service Group (VSG), is the global leader in designing and manufacturing vehicle service, collision and automotive OEM equipment. It is one of the founding companies of Dover Corporation, an eight billion dollar diversified global manufacturer. VSG consists of fifteen leading vehicle lifting brands (Rotary, Forward, Blitz, Ravaglioli etc.), collision repair (Chief), wheel services, diagnostics (Butler, Rotary, Chief and Ravaglioli) and tier-one automotive brands (WARN Automotive) with operations worldwide, including regional business operation centers and large manufacturing facilities in the U.S., Europe and Asia. ABOUT THE POSITION Reporting to the Vice President (VP) & General Manager, VSG NSA , the Vice President (VP) of Sales and Marketing will lead the strategy, development, and execution of all sales and marketing initiatives to drive profitable revenue growth, market share, and brand visibility for VSG, NSA. This position will build, mentor, and manage high-performing teams while working cross-functionally to align business goals and customer needs. The VP will play a key role in shaping the company’s growth strategy and ensuring its leadership position in the market. RESPONSIBILITIES : Sales: Develop plans and strategies for achieving the company’s sales goals. Own the Annual Sales Plan and three-year strategy for driving growth in core business, identified adjacencies, and initiatives. Define sales processes, systems, and infrastructure that drive desired sales outcomes, identify improvements, and provide detailed and accurate sales forecasting. Create a culture of success and ongoing business and goal achievement. Become known as an employer of choice and a customer-facing team that top sales and customer service professionals want to join. Manage customer expectations and serve as the chief customer advocate within the business. Manage key customer relationships and participate in closing strategic opportunities. Travel for in-person meetings with customers and channel partners to foster key relationships. Drive product / services roadmap and definitions with Product Management including corresponding business models and pricing backed by marketplace analysis of customer requirements and competitive offerings/positions. Identify product gaps and improvement opportunities to provide superior, customer focused products. Collaborate with Product Management and cross functional teams to realize products in a cost effective, timely manner. Pursue alternative sales channels and customer segments to expand and leverage penetration of product offerings. Develop sales tools and sales management approaches to maximize effectiveness of direct sales and channel sales forces. Pursue sales force automation (leverage CRM solution) for all field sales personnel to streamline processes, reduce costs, and improve communication. Marketing: Assist in transitioning an internally focused business with strong Brand and Product reputation to that of a customer centric organization focused on delivering broader service and experiences customers will pay for. Develop and lead Voice of the Customer programs and insights, managing and scaling our support teams, and working closely with Product Management, Engineering, Sales, IT, Dover Central functions, and management to continuously improve the customer experience Establish KPIs to measure achievement of objectives across the organization, especially in activation, qualified leads, conversion, NPS and end customer satisfaction. Ensure marketing effectiveness, customer engagement, and conversion. Manage monthly review of promotions, product launches, trade shows, catalog, and digital activation with respective commercial and product leaders. Maintain 18 month rolling view, ensure spend aligns to budget, and track spend to results. Partner with Corp Marketing function to ensure consistent marketing across global Brands, and aligned internal and external communications. CRITICAL OBJECTIVES NEXT 2-3 YEARS Develop and execute VSG’s long-term Sales, Channel, and Customer strategy. Consider existing and new product portfolio, regions, channels within core and non-core business. Evaluate core Sales and Marketing organizations to drive sales and streamline responsibility for VSG team, Partners, and National Rep agencies. Make recommendations and implement a new organization, key talent, and investments. Optimize customer and partner focus to drive growth through most valuable and growable customers. Ensure highly professional account-based sales planning/management occurs with all top customers (weekly, monthly, quarterly). Put in place a predictable sales planning and execution tool that supports business planning and SIOP. Ensure clear metrics and tools are utilized to provide stakeholder clarity. OVERALL QUALIFICATIONS – Skills and Experience Master’s degree in applicable field of study Minimum 10 years experience in related roles supporting premium brands Self-motivated work ethic with a strong sense of urgency Demonstrated transformational leadership experience Extensive experience with leading successful sales and marketing teams Confident presentation and public speaking skills Excellent verbal and written communication skills Ability to build positive relationships at all levels of the organization Strong business acumen; strategic and analytic thinker Ability and willingness to travel KEY DOVER COMPETENCIES: Builds and Manages Collaborative Relationships: Establishes and nurtures numerous relationships within VSG and Dover. Takes action to partner with the communities in which we operate and to be an appropriate corporate citizen. Change Leadership: Aligns an organization and its people to drive for improvement and adopt new, challenging directions. Energizes a whole organization to want to change in the same direction. Influences others in a mature and empowering manner. Motivates and Inspires: Creates an environment that stimulates others to follow. Builds teams that fully use individuals’ capabilities, creating results beyond just the sum of the parts. Self-Awareness and Personal Development: Role models a personal leadership style that includes self-awareness; accepts feedback, understands and maximizes strengths while working to overcome weaknesses. Interested in Learning More? 180one has been engaged by VSG to manage this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .

Don’t Get Duped – 5 Red Flags of a Professionally Written Resume

By Greg Togni • June 6, 2025

At 180one, we see A LOT of resumes. Some look like they were typed on a Brother Word Processor 30 years ago, some are 6 pages long, 2 pages long, some have different fonts and sizes of fonts throughout, and then there are third party professionally written resumes - easy to spot, hard to comprehend, and make the reader ask the question – if the candidate can’t write their own resume, what else can’t they do that they said they’ve done? In the high-stakes world of job hunting, a well-polished resume is believed to be the gateway to securing an interview. As a result, many job seekers turn to professional resume writers to boost their chances. While this can be helpful, it can also create inconsistencies and red flags that hiring managers and recruiters quickly learn to recognize. If you're on the hiring side or the job seeking side, here are 5 factors to consider when reviewing or submitting a professionally written resume. 1. Overly Polished or “Corporate” Language One of the most obvious signs is language that sounds more like a press release than a personal statement. Phrases like “forward-thinking professional with a proven track record of leveraging synergistic strategies” may impress at first glance—but they often signal a generic, massaged resume. Why it’s a red flag: Recruiters are increasingly wary of “buzzword bingo.” In fact, a 2022 study by Cultivated Culture found that over 50% of resumes included vague jargon or fluff that made it difficult to identify actual achievements. Many professionally written resumes are filled with generic buzzwords like "results-driven," "synergy," and "dynamic leader." While these terms may sound impressive, they often lack substance and fail to convey meaningful information about a candidate's actual skills or achievements. According to a study by Cultivated Culture, 51% of resumes included fluffy buzzwords, clichés, or the incorrect use of pronouns, which can turn off potential recruiters. 2. Mismatch Between Resume and LinkedIn Profile Professionally written resumes often use a distinct tone, layout, and terminology. If a candidate’s LinkedIn profile is far less polished or completely different in format and language, it could indicate the resume was outsourced. Why it’s a red flag: Consistency matters. Hiring managers want to see that a candidate has a clear sense of their professional identity. Discrepancies raise questions about authenticity. 3. Inability to Explain Resume Content in Interviews When a resume is written by someone else, candidates often struggle to elaborate on the content. They might stumble over project details, metrics, or use terminology incorrectly. And sometimes, the candidate just comes right out and say that they had someone else write it for them – which then opens up a bunch of assumptions of the candidate. Why it’s a red flag: You can’t trust a resume at face value if the candidate can’t speak to it with confidence and clarity. It shows that they lack ownership of their work product (or the work product of someone who they hired). 4. Generic or Inflated Achievements Third-party writers often try to make every bullet point sound impressive, even when the underlying work was basic. A line like “Spearheaded initiatives to drive cross-departmental alignment” might describe routine weekly meetings. Why it’s a red flag: Inflation makes it harder to evaluate the real value a candidate brings. It also shows a disconnect between what they actually did and how it's being presented. Plus, does your organization need another blowhard in the conference room who controls the meeting with word salad? 5. Too much information being presented While everyone thinks that AI is controlling the review of every resume and that you need to have every keyword included in your resume to make it to the next step when applying, the truth is that at some point the resume will be reviewed by a human. Professionally written resumes tend to be jam packed with information with visually stunning sections, tables of information, and varying fonts to draw the eye – but it’s just too much for the reader to comprehend what you’ve actually done. Why it’s a red flag: Employers are looking for future leaders who know how to convey their thoughts, ideas, questions succinctly. So if you are unable to accomplish this with your resume – that you’ve had plenty of time to write, edit, modify before distributing – what will happen when you’re on the job presenting in the boardroom? Final Thoughts A professionally written resume isn’t inherently bad, many candidates benefit from outside help, especially if they’re unsure how to present themselves. However, authenticity matters. When hiring managers sense that a resume doesn’t align with the person behind it, they’ll dig deeper and often move on to more transparent candidates. Resumes are personal. They are a summary of all that one has accomplished in their career. This is their professional fingerprint and no one else should have the same fingerprint. So, make sure that the next time you are updating or creating a new resume, make it yours, not someone else’s or trying to be someone you’re not.