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!

The Cost of Hesitation: Why Delaying a Leadership Change Quietly Destroys Value

By Greg Togni • January 12, 2026
Few decisions carry more weight, or more emotional friction, than upgrading management. Whether in a private equity–backed business or a closely held private company, leaders know the decision matters. They also know it’s uncomfortable. Incumbent executives may have helped close the deal, built the business, or earned deep loyalty from employees and customers. In that context, waiting can feel prudent, even humane. Yet across ownership structures, cycles, and industries, the evidence points in one direction: delaying action on leadership misalignment quietly erodes value long before performance visibly breaks. What the Data Consistently Shows Research across management transitions paints a consistent picture. Roughly half of PE-backed companies replace the CEO within the first two years of ownership, with many changes occurring in the first year. Studies of executive transitions show failure rates between 30% and 40% in the first 18 months, most often driven not by incompetence but by misalignment- on mandate, pace, or priorities. The lesson is not that boards are impatient. It’s that leadership fit matters more than familiarity, and a misfit rarely corrects itself with time. The Most Expensive Period Is After Doubt Sets In By the time a board or ownership group agrees that a leadership upgrade may be needed, value erosion is often already underway. Growth initiatives slow. Decision-making becomes cautious. Reporting grows heavier as leaders explain results instead of driving them. High performers sense uncertainty and begin to disengage. In PE-backed environments, this dynamic plays out faster and with fewer buffers. But private companies experience the same slow bleed, just over a longer horizon. The “One More Quarter” Fallacy “Let’s give it one more quarter” is one of the most expensive sentences in governance. Boards and owners often justify delay by pointing to an initiative in flight, system implementation, or temporary market headwinds. But studies of executive performance show that trajectory matters more than absolute results. If clarity, momentum, and conviction are not improving, time rarely fixes the issue. A common pattern: leadership change is debated for several quarters. When a new executive finally steps in, they make decisive moves within 60 to 90 days, moves that had been discussed, analyzed, and deferred for a year. The opportunity cost of that delay is real, even if it never appears cleanly in the P&L. Missed Windows Are Permanent Losses The most dangerous cost of waiting is not short-term underperformance; it’s a missed opportunity. In PE-backed companies, similar windows appear around add-on acquisitions, operational transformations, or pricing resets. A capable but misaligned leader can miss those windows by moving too slowly or pulling the wrong levers. Once missed, those opportunities rarely reopen on the same terms. Loyalty Is Expensive, But So Is Delay Many delayed leadership changes stem from understandable loyalty: to founders, long-tenured executives, or leaders who were instrumental during diligence or early growth. But fiduciary responsibility ultimately outweighs emotional equity. The most effective boards separate gratitude for past contributions from clarity about future requirements. They also recognize that earlier action is usually kinder. Early transitions allow for controlled narratives, thoughtful role changes, and dignified exits. Late-stage changes tend to feel abrupt, personal, and destabilizing. A Simple Test for Owners and Boards One question cut through most debates: If we were hiring for this role today, knowing what we now know, would we make the same choice? If the answer isn’t an unambiguous yes, delay rarely improves the outcome. Another signal is how leadership discussions consume time. When meetings shift from strategy and growth to coaching, shielding, or compensating for leadership gaps, the decision has often already been made, just not acknowledged. Why Smart Owners Explore the Market Early High-performing PE firms, and increasingly, sophisticated private owners, often explore the executive market before a final decision is reached. This isn’t about undermining management; it’s about sharpening judgment. Seeing the caliber of available talent reframes the question from “Can this work?” to “Is this the best we can do?” In many cases, an external perspective provides clarity faster than another quarter of internal debate. Timing is Everything Upgrading management is never easy. But the evidence, data, deals, and lived experience are clear: indecision is rarely neutral. The organizations that consistently outperform aren’t the ones that change leaders most often. They’re the ones who change them on time. And in a world of compressed timelines, competitive markets, and rising expectations, timing isn’t just a leadership issue; it’s a value creation issue.

New Opportunity: General Counsel

By Effie Zimmerman • January 5, 2026
General Counsel ABOUT THE COMPANY A-dec is the premium leader in the dental equipment industry, designing and manufacturing products that span dental chairs, lights, handpieces, furniture, air management, infection control, and delivery systems found in dental offices and operatories. With over 1300 employees and headquartered in Newberg, Oregon, A-dec’s familial culture and values have been attributed to their commitment to the Newberg community and its employees through various investments and programs. ABOUT THE POSITION The General Counsel (GC) will manage legal matters for the organization and affiliated entities, including all litigation defense coordination, intellectual property, business development, contracting, unfair trade practices, anti-trust, corporate governance, and the coordination of legal matters managed by outside counsel. GC will provide legal advice to management, provide counsel on negotiating corporate transactions, and prepare related documentation. Provide strong leadership, guidance, and pragmatic business acumen, recognizing the business consequences of legal advice. GC is a strategic and innovative thinker who can develop and articulate a clear understanding of the company’s strategy from all perspectives and find creative solutions to complex legal problems with a strong ability to balance legal and business risk. DUTIES & RESPONSIBILITIES Corporate Governance & Strategy Serve as a trusted legal advisor to the executive leadership team on corporate governance and risk management. Oversee corporate governance matters, including board support, entity management, and compliance with applicable corporate laws. Support business development, joint ventures, and other strategic transactions from due diligence through integration. Board meeting preparation and serves as acting Secretary in Board of Directors’ meetings and prepares all necessary Board and Shareholder documents. Regulatory & Compliance Partner with corporate regulatory leaders to ensure compliance with U.S. and international laws and regulations applicable to medical/dental devices, manufacturing, quality systems, and global distribution. Interface with corporate regulatory leaders to manage regulatory risk and ensure compliance. Develop, implement, and maintain company-wide compliance policies and training programs. Commercial & Contract Management Draft, review, and negotiate a wide range of commercial agreements, including supplier, distributor, licensing, manufacturing, and customer contracts. Support global sales and supply chain operations with practical, business-focused legal guidance. Establish contract standards and processes to improve efficiency and risk management. Intellectual Property Oversee protection, management, and enforcement of the company’s intellectual property portfolio, including patents, trademarks, and trade secrets. Work with internal teams and external counsel on IP strategy aligned with product development and global expansion. Litigation & Risk Management Manage all litigation, disputes, and claims, including product liability and commercial matters. Select and manage outside counsel, controlling costs and ensuring high-quality outcomes. Oversee risk mitigation strategies. Legal Operations Build and lead the legal function, including internal staff and external legal resources. Develop budgets, manage legal spend, and improve legal operations and processes. Foster a culture of ethics, compliance, and sound risk judgment across the organization. MINIMUM QUALIFICATIONS Knowledge, Skills and Abilities Strong business acumen with the ability to balance legal risk and commercial objectives. Deep understanding of regulatory, compliance, and quality requirements in a manufacturing environment. Excellent negotiation, communication, and leadership skills. Practical, solutions-oriented mindset with high ethical standards. Ability to work collaboratively with business clients and proactively become involved in business initiatives. Ability to interact effectively with associates at all levels in all businesses across North America and in countries where A-dec has a presence. Ability to interface and negotiate with legal representatives at dealers and suppliers. Ability to communicate clearly, concisely, and effectively. Good listening skills. Skilled at working independently and leading critical matters to conclusion with little supervision, while coordinating with other attorneys and stakeholders. Demonstrated ability to quickly establish trust and rapport within A-dec. Strong leadership skills to manage projects and influence decisions, with the ability to be persuasive in reinforcing the best interests of the company. Understands business implications of decisions. Strong analytical, organizational, and time management skills. Travel, including internationally as needed, to perform the duties of the job. Expert legal document drafting and research skills. Education and Experience Requires Juris Doctor (JD) from an accredited law school. Must be a member of the bar in good standing; admission to the Oregon State Bar preferred. 10+ years of legal experience in a relevant law firm or corporate setting. Experience as an Associate, Assistant, or General Counsel is preferred. Experience in medical devices, pharmaceuticals, or other healthcare-related experience is desirable. Experience in a manufacturing business is preferred. Experience in a global business with international distribution is preferred. Interested in Learning More? 180one has been retained by A-dec to manage this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .

New Opportunity: Chief Financial Officer

By Effie Zimmerman • December 23, 2025
Chief Financial Officer ABOUT THE COMPANY Superior Duct Fabrication is a market-leading fabricator of highly technical commercial ducting and specialty HVAC products, serving mission-critical end markets such as data centers, semiconductor manufacturing, healthcare, higher education, and industrial facilities. Founded in 2002 and headquartered in Pomona, CA, Superior operates out of five strategic manufacturing sites across the Western U.S. and Ohio, with a deeply experienced union workforce, vertically integrated operations, and a reputation for quality, speed, and reliability. In 2025, Seattle-based private equity firm Pike Street Capital made a platform investment in Superior to accelerate growth through geographic expansion, product innovation, and targeted acquisitions. With a strong leadership team, trusted customer relationships, and increasing demand for sophisticated air handling solutions, Superior is positioned for rapid, scalable growth. THE ROLE Superior is seeking an experienced and results-driven Chief Financial Officer (CFO) to lead the financial strategy and execution of its private equity-backed, high-growth business. The CFO will play a critical role in enabling both organic and acquisitive growth, optimizing operations, and driving value creation in partnership with the CEO, President, and private equity sponsor. This is a hands-on executive leadership role ideal for a proven financial leader with deep manufacturing expertise and a track record of operating in dynamic, performance-driven environments. RESPONSIBILITIES Executive & Strategic Leadership Serve as a strategic partner to the CEO and executive team, actively contributing to policy, direction, and long-term planning. Help define and execute the company’s growth strategy in alignment with operational, financial, and market objectives. Drive a high-performance culture through accountability, transparency, and collaboration. Lead by example, setting the tone and culture across the organization. Operate as a player/coach—comfortable building models, developing presentations, and engaging directly in critical business issues. Attract, develop, and retain top-tier financial and operational talent. Lead major business initiatives and projects (e.g., productivity improvement, pricing strategies) with measurable results. Shoulder broad business leadership responsibility, beyond traditional finance functions. Financial Planning & Analysis (FP&A) Own the development and ongoing refinement of annual budgets, monthly forecasts, and long-term financial planning. Track and maintain key performance indicators (KPIs) to measure performance against strategic goals. Conduct hands-on analysis of financial performance, with actionable insights to achieve growth and EBITDA targets. Lead investment analysis and decision support—including customer pricing models and full business case development. Demonstrated expertise in labor cost management and margin improvement strategies. Bring experience across multiple ERP platforms; ERP selection and implementation experience is highly preferred. Accounting & Financial Operations Oversee all accounting and finance functions, ensuring accuracy, integrity, and timeliness of financial information. Prepare and deliver comprehensive financial reporting packages, including monthly P&L, balance sheet, cash flow, and covenant compliance. Ensure all financial statements are prepared in accordance with GAAP and meet internal and external stakeholder requirements. Lead all month-end close activities, including general ledger, balance sheet reconciliations, and overhead allocation. Enhance and scale accounting processes, systems, and internal controls to support company growth. Coordinate the annual audit process, ensuring unqualified audit results. Lead the preparation and management of company-wide budgets, including revenue and capital expenditure planning. Treasury & Working Capital Management Lead cash flow forecasting, management, and decision-making around weekly cash disbursements. Improve the full cash cycle—credit policy, collections, inventory, and payables management. Manage lender relationships and covenant compliance. Use forward-looking cash flow analysis to guide capital structure decisions and working capital strategy. M&A & Private Equity Engagement Collaborate with the leadership team and private equity sponsors on M&A add-on strategies and roll-up execution. Experience or understanding of value creation planning, reporting, and board-level communication. QUALIFICATIONS Bachelor’s degree in Finance, Accounting, Business Administration, or a related discipline; CPA and MBA strongly preferred. Extensive experience in senior financial leadership roles, ideally within a private equity-backed or high-growth manufacturing environment. Deep understanding of financial and operational disciplines, including P&L ownership, balance sheet management, cash flow optimization, and capital allocation. Demonstrated experience in corporate governance, risk management, and regulatory compliance. Proven ability to lead complex negotiations related to financing, vendor agreements, M&A, and commercial terms. Expertise in budgeting, forecasting, financial modeling, and working capital management; prior public accounting experience is a plus. Strong business acumen with the ability to quickly assess new challenges and make sound, data-driven decisions in a dynamic environment. Natural leadership presence with the ability to build trust and credibility across all levels of an organization and with external stakeholders. Resilient under pressure with a disciplined approach to prioritization, execution, and delegation. Exceptional communication skills—both written and verbal—with the ability to clearly articulate financial concepts to non-financial stakeholders. Committed to service excellence, with strong interpersonal skills and a collaborative leadership style. High attention to detail and precision, balanced with the ability to think strategically and see the broader business context. Interested in Learning More? 180one has been retained by Superior Duct Fabrication to manage this search. If interested in learning more about the opportunity, please contact Tom Haley /503.334.1350/ tom@180one.com .
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