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This is Chris Redgrave for Zions Bank Speaking on Business.
At 29, Kent Thomas appeared to be living the dream, happily married with children and the CFO of a publicly-traded company in a major market … until he was asked to do something that would compromise his principles. It was a defining moment in his life and helped him to establish firm ethics he's followed throughout his career, including in his current business, Advanced CFO Solutions.
The idea behind this Cottonwood Heights company is to provide CFO services for small and medium sized companies who may need them but don't have funds to hire a full-time position. Advanced CFO Solutions is set up so they can fill this position for the company until they grow big enough they're ready to hire their own. With a contracted economy, many companies have eliminated their CFOs and controllers but still need these important services. Advanced CFO is smart because they can do the work efficiently for a fraction of the cost.
This is a model that's working for Kent, who now has 20 employees. The company is also up 25 percent this year over last. As a CFO, Kent says he's in the business of trust. Clients trust Advanced CFO Solutions to provide accurate financial information and transparency. He has a one-strike rule with dishonesty — if someone wants to get creative with the numbers, he won't work with them. He's not interested in doing business with someone who doesn't share his ethics.
Advanced CFO Solutions is selective about the business they work with, and Kent will turn business away rather than grow just to grow. This is because he insists that he and his employees constantly make decisions in their clients' best interests.
Another best practice for Kent is to pay his employees based on performance. This puts them all on the same page and means the better they take care of clients, the more money they make. And, more referrals from their clients. Ninety percent of Advanced CFO Solutions' new business comes from referrals, so that tells you what kind of service they offer.
For Zions Bank, I'm Chris Redgrave, speaking on business.
Advanced CFO Solutions 2663 Bridgeport Ave. Cottonwood Heights, UT 84121 801-942-0408 www.advancedcfo.com
