Business: CFO Anywhere
Address: 105 W. Jackson Ave.
Phone/website: 630-643-5600; www.CFOanywhere.com
Owner: Chris Greco, 49, of Naperville
Years in business: 20
What does your business do? “We are a remote CFO. Accounting, bookkeeping. We do HR, we do payroll. We oversee the entire backend of a business, everything a business owner doesn’t want to do,” Greco said. “CFO (stands for) chief financial officer.”
What does that involve? “A lot of paperwork. A lot of reporting. What’s the financial status of your business? Owners go into a business because they like the product they sell. They have a passion for their business. However, not everyone has the right background to maybe understand what goes into a business.
“A lot of owners don’t know that until they start the business, until they open. Tax letters. Payroll letters. Financial reporting. Getting loans with banks. Dealing with attorneys. Opening up the company. Starting another company, another branch. Onboarding. Payroll. What’s our vacation policy? All of that can eventually fall onto our shoulders.”
Is this a busy place? “Very busy. There’s always, every day, no two days are the same. What we’re doing is managing businesses. We’re just not physically there. … I have three full-time employees.”
Do you have clients all over the country? “Yes. Clients I’ve never physically met but have been with them for years through networking, through associations, through meeting people.”
Can you give an example? “I have a client who stated a month ago. They were referred to me by an IT person I knew who worked at another client for five years. Obviously, the IT person saw that maybe they had some struggling with business knowledge or maybe they came to him and said, ‘Hey, do you know somebody who can help us do A, B and C?’ Things happen quickly.”
What are the keys to success? “You have to be understanding. You have to be trustworthy. I get access to financial information.”
How does it work? “We have a whole tier. We have account managers. They have their clients. We get emails every day. We deal with the employees. I just got a call today, ‘Hey, my password expired on my paycheck. Can you reset it for me?’ This guy was in California. I reset it. He was good to go.
“Many clients might have an account department or they might have a bookkeeper. I work with them. I improve their processes. I teach them. I mentor. I coach. … What are our goals? Let’s do a budget. Often, an officer manager may not have the skill level. So, we have a higher skill level. What are our goals? ‘We’re trying to sell the business in five years’. OK, that’s what we’re going to focus on. … There are questions a purchaser might ask. We have to have everything in a nice package. … I can educate the owner how to look at their business differently.”
Do you like your job? “I love it. It’s fulfilling to help others understand what it takes to run a business. And it’s not just monetary. You’re fulfilling other people’s dreams. You’re employing people. You’re impacting a small demographic in society by doing what you’re passionate about. So, it doesn’t become a job. It becomes how can we help others.”
Do you need help? “I have a network of people who are helping. I have tax accountants. I have attorneys. I have a great estate attorney a half-mile away. … There are good people out there.”
Why did you start this company? “I was working at a law firm under the controller. I was doing books, accounting. My client, who was a partner at the law firm, had other companies he was running. He saw my skill level and said, ‘I need your help doing A, B and C.’ So, I did that, still working my full-time job. I built this as I was working my full-time job.”
How many clients do you have? “I’ve never counted. Maybe 30? With that, there’s multiple clients. One client has 12 companies. … Each is different.”
What’s the goal? “I’m trying to alleviate (some of the owner’s work for) the owner to have more time to grow their business, to produce more sales.”
Any favorite stories? “I do a little forensic accounting, research what was done in the past. … One client didn’t trust her tax accountant. … We found issues the tax accountant missed. She got a $200,000 tax credit.”
What’s your advice for someone starting a business? “Have a passion for what you’re doing. … You’re not going to know all the answers. You have to be able to pivot and change. You’ve got to keep swinging.”
Steve Metsch is a freelance reporter for the Naperville Sun. If you know of a business you’d like to see profiled in Down to Business, contact him at metschmsfl@yahoo.com.