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A fractional CFO expert operator builds the financial model, owns the board reporting infrastructure, and runs the fundraise preparation process – they do not review your numbers and offer commentary. Forward Share Ventures Finance expert operators have supported Series A and Series B raises, M&A diligence processes, and financial infrastructure builds at growth-stage companies.
What Finance expert operators do that consultants don't
A Finance expert operator owns the financial operating cadence for the engagement period: financial model architecture, board reporting, variance analysis narratives, and the fundraise preparation process. They produce the model, write the board narrative, and run the data room – they do not review a model someone else built and suggest changes. The accountability distinction is load-bearing at Series B: a fractional CFO who builds a financial model that fails to survive investor diligence is accountable for that failure in the next board reporting cycle. That accountability changes how carefully the model is built and how honestly its assumptions are pressure-tested before it goes to investors.
How Forward Share Ventures vets Finance expert operators
Finance STAR cases must document specific fundraise or financial infrastructure outcomes: Series closed at specific amounts, diligence timeline from first meeting to term sheet, board reporting infrastructure built with specific deliverables, or financial model changes with documented investor response. Cases must specify what the expert operator personally built: the model architecture, the reporting package, the data room structure. Verified cases include Series B closes with documented fractional CFO involvement, financial infrastructure builds with specific board reporting outputs, and M&A diligence preparation with timeline and outcome documentation.
When a Finance expert operator is the right call
The clearest situations: you are approaching a Series B raise and your financial model was built at Series A and no longer reflects the business; you have no board reporting infrastructure beyond a monthly spreadsheet; or you are between CFO hires and need continuity on financial operations and board reporting while the search runs. Finance expert operators are also high-leverage for companies with a strong finance manager who lacks Series B-level fundraise experience – the fractional CFO provides the specific fundraise expertise the internal team needs without replacing the operational finance capacity already in place.
Expert operators in this practice
Ace Tarakchian – Fractional CFO, Series B fundraise preparation, board reporting infrastructure, financial model architecture
Frequently asked questions
What does a fractional CFO own?
A fractional CFO owns the financial strategy and infrastructure layer: the financial model, board reporting, investor communications on financial matters, and the fundraise preparation process. For companies approaching a raise, the fractional CFO also owns the data room construction and the investor diligence process. They are the senior financial decision-maker for the engagement period – not a reviewer of the numbers, but the operator who builds and maintains the financial infrastructure the company runs on. The scope is explicitly agreed at engagement start based on what the company actually needs, but the operating ownership is genuine.
When do you need a fractional CFO versus a bookkeeper or controller?
A bookkeeper ensures transactions are recorded accurately. A controller ensures the books are closed correctly and compliance obligations are met. A fractional CFO builds the financial model, owns the investor and board financial narrative, and runs the fundraise preparation process. The three roles are complementary, not interchangeable. Most Series A companies need all three: a bookkeeper or accountant for transactional accuracy, a controller for close and compliance, and a fractional CFO for the financial strategy and fundraise preparation layer. Conflating them – asking a strong controller to fill the CFO role for a Series B raise – is a common and expensive mistake.
What financial infrastructure does a company need before Series B?
Series B investors expect four financial infrastructure components: a three-year financial model with scenario analysis (base, upside, and downside) built on defensible unit economic assumptions; historical monthly financials for the last twelve to eighteen months in a consistent reporting format; cohort analysis for the core unit economics (CAC, LTV, payback period) with at least two years of cohort history; and a board reporting package that demonstrates the leadership team's ability to track and communicate the metrics the business is managed on. Companies that arrive at Series B without these components extend their raise timelines by six to ten weeks while the materials are built under investor pressure.
How do you evaluate a fractional CFO's track record?
The STAR case evaluation for a fractional CFO is specific to fundraise outcomes and financial infrastructure outputs. Ask: "Tell me about a Series B process you ran – what was the financial model situation when you engaged, what did you build, and what was the close outcome?" Ask: "What was a financial model assumption that was challenged in diligence – how did you defend it or revise it?" Ask for the CEO or founding team reference who can confirm both what was built and the fundraise outcome. The evaluation should also cover stage match: a CFO with deep public company or PE portfolio experience may lack the specific Series B SaaS fundraise pattern recognition that a growth-stage company needs.
What does a fractional CFO engagement cost and produce?
A fractional CFO engagement runs at a day-rate or monthly retainer – typically fifteen to twenty-five hours per week for a fundraise preparation engagement, ten to fifteen hours for an ongoing board reporting and financial model maintenance engagement. For a Series B preparation engagement running sixteen to twenty weeks, the all-in cost is substantially below a full-time CFO hire at $250K–$400K base plus equity. The output is a fundraise-ready financial infrastructure: model, board package, data room, and investor materials. The ROI is measured against the raise outcome – a fractional CFO who helps close a $20M Series B at a clean multiple pays for the engagement in the first month of the raise.
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