When the chair feels different, it's time to go

The boardroom chair you’ve been sitting in for years suddenly feels different. The company you’ve helped steer through financial storms and market shifts is changing course, and you’re not sure if you’re still the right navigator.

This isn’t just a hypothetical scenario. It’s the reality Mark Fleetwood faced at ScS, the UK furniture retailer. Fleetwood, who joined as CFO in September, found himself handing in his resignation just months later when the company went private in a £100 million deal.

Fleetwood’s swift exit raises a question many CFOs grapple with: When is it time to walk away?

The appeal of steering a public company’s finances had drawn Fleetwood to ScS. But with the retailer’s departure from the London Stock Exchange, that appeal vanished. It’s a stark reminder that our roles can transform overnight, often due to forces beyond our control.

CFOs across industries face similar crossroads. Maybe it’s a merger that shifts the company’s focus. Perhaps it’s new ownership that brings a different vision. Or it could be a gradual realization that your growth has plateaued.

Whatever the catalyst, recognizing when to move on is as crucial a skill for a CFO as reading a balance sheet. It’s about aligning your career trajectory with your personal goals, and sometimes, that means charting a new course.

So how do you know when it’s time?

The Writing on the (Spreadsheet) Wall

As CFOs, you’re trained to spot trends in numbers. But when it comes to your own careers, the indicators aren’t always as clear-cut as a quarterly report.

Take ScS as a case study. The company didn’t just change hands; it transformed its entire business model.

Out went carpets and flooring, in came a “radical change in concept and sensory impact” for their stores. For a CFO who signed up to manage the finances of a public, diversified furniture retailer, this shift could feel like being hired to conduct an orchestra and ending up DJ-ing at a nightclub.

But corporate transformations aren’t the only reason to consider moving on. Here are some signs that might indicate it’s time to update your LinkedIn profile:

1. The Goldfish Bowl Effect: If you feel like you’re swimming in circles, hitting the same challenges year after year without room for new solutions, it might be time to find a bigger pond.
2. The Vision Mismatch: When the company’s new direction feels at odds with your professional ethics or personal goals, it’s not just uncomfortable—it’s unsustainable.
3. The Skills Plateau: If you haven’t learned anything new in months (or years), you’re not just standing still; you’re falling behind in a rapidly evolving financial landscape.
4. The Passion Fizzle: Remember the excitement you felt when you first took on your role? If that’s been replaced by a persistent “Sunday night dread,” it’s a red flag.
5. The Growth Ceiling: If you’ve hit your head on the career ceiling so many times you’re getting a headache, it might be time to look for a room with more headspace.

Making the Call

Deciding to leave isn’t just about recognising these signs—it’s about timing, preparation, and having the courage to take that leap. It’s weighing the security of your current role against the potential of what’s next.

For Fleetwood at ScS, the decision came quickly after the takeover. For others, it might be a slower burn. There’s no one-size-fits-all timeline for this decision.

The key is to approach your career with the same strategic thinking you bring to your company’s finances. Regular self-audits, staying attuned to industry trends, and maintaining a strong professional network are as crucial as any financial planning you do for your organisation.

Charting Your Next Move

So you’ve read the signs, done the soul-searching, and decided it’s time to move on. What now?

First, take a deep breath. You’re not jumping ship; you’re setting sail for new horizons. Here’s how to navigate these waters:

1. Exit with Grace, Enter with Confidence

Remember, the financial world is smaller than your company’s balance sheet. How you leave can impact where you land. Give proper notice, ensure a smooth transition, and resist the urge to burn bridges, even if you’re tempted to set off fireworks on your way out.

2. Know Your Worth (And It’s Not Just Monetary)

As you explore new opportunities, don’t just focus on salary and benefits. Consider the intangibles: Will this new role challenge you? Does it align with your values? Can you make a meaningful impact? Sometimes, the most valuable compensation isn’t found on a paycheck.

3. Embrace the Learning Curve

Switching gears might mean facing unfamiliar challenges. Maybe you’re moving from a public company to a private one (or vice versa), or shifting industries entirely. See this as an opportunity to expand your skill set, not a daunting obstacle.

4. Network, But Make It Genuine

Yes, networking is crucial. But instead of collecting business cards like Pokemon, focus on building real relationships. Share your insights, offer help where you can, and be open about your aspirations. The strongest professional connections are built on mutual respect and value, not just opportunism.

5. Consider the Bigger Picture

As you weigh your options, think beyond your next role. How does this move fit into your long-term career narrative? Are you positioning yourself for future growth, or potentially pigeonholing yourself?

The View from the Other Side

It’s worth noting that not every CFO who weathers a company transformation decides to leave. Some find the change invigorating, a chance to flex new muscles and tackle fresh challenges.

The key is honest self-assessment: Are you energised by the new direction, or merely tolerating it?

In ScS’s case, while Fleetwood opted to move on, others in the leadership team chose to stay, working closely with their new Italian owners to shape the company’s future.

There’s no universal right answer – only the right answer for you.

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