Grooming Yourself for an Executive Finance Role
The role of Chief Financial Officer (CFO) in the private club industry has evolved significantly, requiring a blend of executive leadership, financial acumen, and strategic foresight. However, many clubs lack a clear succession plan, leaving a thin pipeline of talent ready to step into the CFO role. Complicating matters, job titles do not always reflect the actual responsibilities performed — some with the CFO title lack true financial strategy expertise, while many controllers or directors of finance operate at a more advanced level than their title suggests.
To bridge this gap and build a stronger talent pipeline, professionals must take proactive steps to elevate their expertise and executive presence. Here are five ways to groom yourself for an executive finance role in a private club.
1. Expand Beyond Accounting to Financial Strategy
A strong CFO must go beyond accounting fundamentals and possess financial foresight. To elevate your role:
- Build expertise in capital planning, financial modeling, and forecasting. Take on projects that involve multi-year financial planning and cash flow projections. Volunteer to work on capital projects that require financial structuring, such as renovations or new amenities at your club.
- Understand long-term financial health indicators beyond budget variances. Familiarize yourself with key performance indicators (KPIs) like net available cash flow, capital reserves, and dues dependency ratios. Attend workshops or courses focused on financial sustainability specific to nonprofit membership organizations, if you are at a member-owned club.
- Gain experience in capital project funding and financial stewardship. Work with your club’s financial institutions to understand loan agreements, reserve funding strategies, and investment policies. Take an active role in discussions about funding major club improvements and sustainability initiatives.
- Learn how to communicate complex financial data to key stakeholders in a way that drives strategic decisions. Develop the ability to translate financial insights into actionable recommendations by using real-world examples and visual aids like dashboards and trend analyses.
Many clubs still conflate accounting and finance. By positioning yourself as a financial strategist rather than a transactional accountant, you can bridge that gap and add value at a higher level.
2. Strengthen Leadership and Executive Presence
A CFO is not just a numbers expert but an essential part of the leadership team. Clubs need financial professionals who can confidently engage with Boards. To establish yourself as an executive:
- Develop the ability to present financial information clearly and persuasively. Focus on distilling complex data into key takeaways, using visuals like charts and graphs for clarity, and tailoring your message to your audience. Ensure financial reports are actionable by providing context, avoiding jargon, and linking data to strategic outcomes.
- Engage in discussions with accomplished individuals and board members. Demonstrate financial expertise by leading conversations about reserve fund management, financial risk assessment, and capital funding strategies. Prepare thoroughly for the finance committee and board meetings to instill confidence in your recommendations.
- Establish yourself as an influential advisor by proactively guiding strategic discussions. Initiate conversations about financial trends affecting the industry, such as increasing labor costs and capital investment planning.
- Be proactive in decision-making by analyzing financial data to anticipate challenges and opportunities. Instead of reacting to variances after the fact, identify potential financial risks early and propose solutions before they impact club operations.
Executive presence is more than just holding a leadership title — it’s about being recognized as a key decision-maker whose insights and perspectives shape the direction of the organization. To cultivate a strong executive presence, focus on refining your communication style to be clear, persuasive, and impactful. Confidence plays a crucial role — project authority through your posture, tone, and the way you engage with colleagues, stakeholders, and leadership teams. Additionally, go beyond the numbers by providing strategic insights, connecting financial data to broader business objectives, and demonstrating a deep understanding of the organization’s goals. A leader with executive presence not only delivers information but also inspires trust, influences decisions, and drives meaningful outcomes.
3. Seek Education Beyond the Club Industry
Many private club finance professionals rely on industry-specific resources such as HFTP and CMAA. While these organizations provide valuable insights, advancing to an executive level requires a holistic approach and looking beyond the club industry. Consider:
- Attending executive leadership programs or nonprofit financial management courses. Universities and business schools offer specialized courses on financial leadership, strategic thinking, and governance in member-driven organizations.
- Developing presentation and public speaking skills through organizations like Toastmasters. Confidence in public speaking is crucial for engaging with boards, committees, and club members.
- Expanding financial expertise through nonprofit finance and investment strategy development. Programs focused on endowment management, donor stewardship, and nonprofit capital funding strategies can deepen understanding of financial sustainability.
- Learning negotiation and leadership skills through executive education programs. Courses on conflict resolution and leadership coaching can help you navigate challenging board dynamics and decision-making processes.
To operate at an executive level, you must develop a broad business perspective that extends beyond private clubs. This includes gaining a deeper understanding of finance principles, economic trends, and strategic leadership. Exposure to nonprofit associations, hospitality, and real estate finance can provide insights into capital investment, operational efficiencies, and financial sustainability. Seeking out cross-industry education and professional networks will help broaden your strategic thinking and adaptability in complex financial environments.
4. Develop a Strong Network and Find a Mentor
While attending industry events is valuable for networking, it may not always provide exposure to advanced financial leadership. Many club finance professionals find that deeper financial expertise is often gained through engagement with broader business and finance communities. Seeking mentorship from financial leaders from different industries can provide fresh perspectives and elevate strategic thinking beyond the club finance sphere.
5. Proactively Seek Out Opportunities for Growth
If you aspire to be an executive, you must actively create opportunities to develop the right skills. Consider:
- Volunteering for strategic projects at your club. Take on initiatives that involve multi-department collaboration, such as implementing reserve funding policies, evaluating long-term capital plans, or managing financial risk assessments.
- Requesting exposure to board meetings, financial negotiations, and executive decision-making. Ask to be included in discussions about member assessments, funding reserves, and financial reporting best practices.
- Learning how to manage and mentor finance teams to develop future talent. Identify high-potential staff within your department and offer coaching on the areas that you have already mastered.
- Exploring opportunities at clubs with larger finance teams or more complex financial structures. If your current club does not provide the experience needed to advance, consider forming mastermind groups with finance professionals at other clubs to exchange insights, discuss financial challenges, and learn from peers. This collaborative approach can provide valuable exposure to different financial models and leadership styles before making a move to a more complex club environment.
If your current club doesn’t offer room for growth, seek external learning experiences or, explore positions at another club that will challenge and develop your skills.
Final Thoughts
The private club industry must take a more structured approach to financial leadership development, but professionals can also take ownership of their growth. By expanding financial expertise, strengthening executive presence, seeking education outside the industry, building a network, and proactively seeking leadership opportunities, finance professionals can position themselves as the next generation of CFOs in private clubs.
HFTP – Clubs Online – March 2025
Michelle Riklan is a career strategist, consultant, and search executive with KOPPLIN KUEBLER & WALLACE, a consulting firm providing executive search, strategic planning and data analysis services to the private club and hospitality industries. Michelle can be reached at (908) 415-4825 and at Michelle@kkandw.com.
