

I need advice on our company's CFO position? - hackfromtheback

I have a member of my team who has suggested that we hire someone as an interim CFO. The only problem is that we are low on cash and this person wants $100 an hour plus 5% of my company. We are preparing for our first round and I don't want to be contstrained by a timeclock when speaking with him. My question is, Should I wait and try to find a CFO who will work for just equity or should I hire this guy for his credentials and have him help us as our budget permits?
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kochbeck
5% is pretty much for contract rate offset. But $100/hr is not an unusually
large hourly rate right now for finance.

I'm curious what you want this person to do? If you're prepping for an angel
or seed round, is there something unusually complex about your business that
requires more than a proforma cashflow summary and a cap table? If not, seems
like you're overspending for something that you can probably convince someone
to do for you for free.

Try looking for an advisor who bangs that sort of thing out or already has one
setup for a business like yours. For companies I've advised, it wasn't
uncommon for us to spend 3-4 hours putting all that together one time. It's
not brain surgery, and you'll be better off having learned how.

