Emergence of Fractional/Outsourced Trusted Business Advisory Services

March 2018 By Steven McDevitt and Todd Wilkowski
Goering Center for Family & Private Business, newsletter

When I thought about moving back to private practice, I asked business owners what they were lacking from their current service providers.  The answer was almost unanimous: Advice.  I was completely floored!  Digging deeper, I heard consistently that they needed (but weren’t getting) strategic, proactive, “get-to-yes,” risk-leveraging advice.  Most, though, were not culturally or financially ready to bring this expertise in-house.

Hence, the recent resurgence of “fractional,” i.e. outsourced, CFOs, CIOs, general counsel and other trusted business advisors.  Businesses turn to them for a competitive, “value-added” advantage by collaborating with them in developing the appropriate structure to support continued growth, proactively identifying challenges and opportunities and formulating response strategies.  These advisors invest significant time up front to build trust, earn respect, and really learn the business.  The trust and knowledge they develop enables these service providers to give advice the businesses can immediately use.

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