PE-CXO’s Success Stories cast a spotlight on private equity-backed operators and the tools and tactics they leverage to create real value. In each entry, a leading executive details a practical solution to a critical business issue. To be featured, contact mallory.stokker@pe-cxo.com with the subject line “Success Story.”
Executive: Jim Tolbert is CEO of Adelante Education Group, and a former McKinsey & Co. consultant and Morgan Stanley M&A banker. Tolbert has been a PE-backed CEO in the higher education space for 15 years and previously served as CFO of a similar PE-backed company.
Solution: Relentless communication, openness to learning, trust-building, and understanding the dynamics that define effective CEO-CFO partnerships.
Finding the Right CFO to Complement a CEO
The CEO’s job is to set the direction of the company and establish goals. It’s the CFO’s job to push back on the CEO and keep them aware of the financial constraints upon their company and how the CEO’s plans align with the resources available. Selecting the right CFO to fulfill this mandate is critical.
There are two major types of CFOs: the accountant CFO and the strategic CFO. Even as CFO, I was definitely the latter, as I did not have an accounting background and relied on my controller for expertise.
Read more: How Sponsors and CEOs Assess Private Equity CFO Candidates
When I became CEO, I sought an account...