Forbes magazine recently had an article on the how a CFO can make a significant impact on a family business.
While most people assume that most family businesses are small businesses, approximately 35% of the Fortune 500 is family-controlled.
The article profiles the CFO of family-run Molina Healthcare about how he has contributed to the company’s growth and furthering the company’s mission. Clearly, even though Molina Healthcare is a large, public, national company, the insights that he has as a CFO are equally relevant for small businesses here in the San Francisco Bay Area.
Here are some excerpts from the article:
“As CFO, I helped position the company to access capital markets to finance our growth. This included securing adequate financing and leading the efforts to pursue expansions and acquisitions, as well as implementing new products and services. Knowing the numbers – what they mean and what you can do with them – can make or break a company.”
“Focusing on the need and purpose of making a return helps to keep the right balance. As we always say, no margin, no mission. We couldn’t do what we do at Molina Healthcare if we weren’t profitable. To do this, we have to be consistent, responsible, cost-efficient and innovative. However, to grow and further your company’s mission, you have to be willing to take risks. It’s important to believe that your business is a long-term risk investment.”