10 things to do if your controller leaves
It's a beautiful day. Your company has just closed a major deal with a key customer. As you sit in your office thinking about the next big challenge, along comes your controller/CFO. “Hey boss,” he says. “You got a minute?” He then proceeds to drop the bomb. Your trusted friend, your advisor, your financial guru is leaving in two weeks. Now what?
10. Panic. JUST KIDDING! Ask questions. Find out if there’s a possibility of keeping your controller. Can a counter offer be made? If not, try to uncover pertinent information such as what prompted the move and what, if anything, could have been done to make things better.Having this type of information will help as you recruit for the controller's replacement.
9. Develop a timetable for a smooth transition. It's highly unlikely that you will be able to fill the controller's position in two weeks, but you may be able to temporarily transfer some of the duties to other accounting staff. Duties requiring a high degree of financial responsibility and management decisions will likely fall on your shoulders, so you will need to make sure you understand clearly what is involved on a day-to-day basis.
8. Update the policies and procedures manual. The next two weeks will be hectic. Regardless, now is the time to update the policies and procedures manual. Doing so will help staff who have been asked to temporarily assume new duties and make the new controller’s transition easier.
7. Determine what skills you are seeking in the controller’s replacement. Knowing the strengths and weaknesses of your accounting staff can help you determine what type of person you need to fill your exiting controller's shoes. For example, if the staff has been with your company for a long time and they know their jobs inside and out, the controller may need to focus only on higher level issues. If, on the other hand, the staff is relatively inexperienced, a technically strong person with good people skills may be called for. Before he departs, you may want to ask your controller for his thoughts on the capabilities of your accounting staff.
6. Keep everyone informed. Keep accounting staff and others in the company informed about the loss of the controller, replacement plans, and transition plans. Keep in mind that other staffers can be an excellent source of referrals. A referral bonus may be helpful in enlisting their aid to fill the vacancy.
5. Make sure the transition plan is on track. Given the tight time frame, you will want to keep track of transition goals on a daily basis. This may seem like a hassle, but you can't afford to let the controller leave without making sure the most important issues are addressed. If remaining staff members are unduly burdened, you may find yourself having to fill more than one position.
4. Consider the qualifications of other staffers. Again, the exiting controller can be an invaluable source of information. He may be able to recommend an internal candidate as his successor. In addition to reducing time and effort spent looking outside, promoting from within can do wonders for staff motivation and retention.
3. Try to buy time. In some instances, the controller may be able to give more than two weeks' notice before departing or work a modified schedule until a replacement is found. Having some level of support, even on a part-time or as-needed basis, can be tremendously helpful.
2. Determine if the position of controller is necessary in your company. Do you really require the services of a full-time controller? Lack of challenge or progression may have been the reason your controller sought another position. Maybe your company only needs the services of a controller at certain times, such as during the monthly closing process. A careful analysis at this time could result in significant savings over the long run.
1. Call Plante & Moran! Whether you’re searching externally for a new controller or CFO or promoting from within, our temporary financial services practice can help you make the transition more smoothly. We can provide experienced professionals at the appropriate levels (including accounting staff) to ensure the continuity of your financial department operations. If you decide you don't need a full-time controller, we can provide assistance as needed. Some of our clients use our temporary controller services as little as one or two days each month.
Finally, Plante & Moran can help you find and hire qualified replacement staff. Our executive search group identifies, recruits, and tests individuals on a highly customized and confidential basis.
Your controller’s two-week notice doesn’t need to be traumatic. A few deep breaths and thoughtful actions can help your transition efforts feel relatively seamless.
10. Panic. JUST KIDDING! Ask questions. Find out if there’s a possibility of keeping your controller. Can a counter offer be made? If not, try to uncover pertinent information such as what prompted the move and what, if anything, could have been done to make things better.Having this type of information will help as you recruit for the controller's replacement.
9. Develop a timetable for a smooth transition. It's highly unlikely that you will be able to fill the controller's position in two weeks, but you may be able to temporarily transfer some of the duties to other accounting staff. Duties requiring a high degree of financial responsibility and management decisions will likely fall on your shoulders, so you will need to make sure you understand clearly what is involved on a day-to-day basis.
8. Update the policies and procedures manual. The next two weeks will be hectic. Regardless, now is the time to update the policies and procedures manual. Doing so will help staff who have been asked to temporarily assume new duties and make the new controller’s transition easier.
7. Determine what skills you are seeking in the controller’s replacement. Knowing the strengths and weaknesses of your accounting staff can help you determine what type of person you need to fill your exiting controller's shoes. For example, if the staff has been with your company for a long time and they know their jobs inside and out, the controller may need to focus only on higher level issues. If, on the other hand, the staff is relatively inexperienced, a technically strong person with good people skills may be called for. Before he departs, you may want to ask your controller for his thoughts on the capabilities of your accounting staff.
6. Keep everyone informed. Keep accounting staff and others in the company informed about the loss of the controller, replacement plans, and transition plans. Keep in mind that other staffers can be an excellent source of referrals. A referral bonus may be helpful in enlisting their aid to fill the vacancy.
5. Make sure the transition plan is on track. Given the tight time frame, you will want to keep track of transition goals on a daily basis. This may seem like a hassle, but you can't afford to let the controller leave without making sure the most important issues are addressed. If remaining staff members are unduly burdened, you may find yourself having to fill more than one position.
4. Consider the qualifications of other staffers. Again, the exiting controller can be an invaluable source of information. He may be able to recommend an internal candidate as his successor. In addition to reducing time and effort spent looking outside, promoting from within can do wonders for staff motivation and retention.
3. Try to buy time. In some instances, the controller may be able to give more than two weeks' notice before departing or work a modified schedule until a replacement is found. Having some level of support, even on a part-time or as-needed basis, can be tremendously helpful.
2. Determine if the position of controller is necessary in your company. Do you really require the services of a full-time controller? Lack of challenge or progression may have been the reason your controller sought another position. Maybe your company only needs the services of a controller at certain times, such as during the monthly closing process. A careful analysis at this time could result in significant savings over the long run.
1. Call Plante & Moran! Whether you’re searching externally for a new controller or CFO or promoting from within, our temporary financial services practice can help you make the transition more smoothly. We can provide experienced professionals at the appropriate levels (including accounting staff) to ensure the continuity of your financial department operations. If you decide you don't need a full-time controller, we can provide assistance as needed. Some of our clients use our temporary controller services as little as one or two days each month.
Finally, Plante & Moran can help you find and hire qualified replacement staff. Our executive search group identifies, recruits, and tests individuals on a highly customized and confidential basis.
In conclusion
Your controller’s two-week notice doesn’t need to be traumatic. A few deep breaths and thoughtful actions can help your transition efforts feel relatively seamless.
