Not only has the CFO role evolved in the private club industry, but more and more financial leaders are exploring a career path toward a head of club role and are being tapped by their boards as actual or potential successors. As the role has expanded into a deeply strategic partner to the general manager and the board, and as clubs have grown more complex, so have the expectations placed on their leadership teams. The result — a natural evolution: more CFOs are becoming strong candidates for the general manager (GM) or GM/chief operating officer (GM/COO) role.

While heads of finance have occasionally transitioned into the head of club role in the past, this path is becoming more common. Not only has the CFO role evolved in the private club industry, but an increasing number of financial leaders are now exploring this trajectory and being considered by their boards as successors. However, this does not lessen the value of traditional operational career paths.

Why CFOs Are Becoming Viable Future GMs
Today’s CFO is multi-faceted, with responsibilities that extend far beyond financial statements. They play a central role in strategic planning, risk management, scenario modeling, member economics, capital planning, and long-range forecasting. This expanded scope makes it increasingly important for the CFO to have a seat at the table — and a voice in the boardroom — so they gain a complete understanding of the big picture and become not only valuable, but instrumental in organizational decision-making. This gradual trend is influenced by several factors, including…

1. Clubs Are More Complex Than Ever

Changing member expectations, rising labor costs, capital improvement cycles, and economic volatility all require sophisticated financial insight. In addition, the increasing frequency and severity of natural disasters nationwide have placed significant strain on many clubs — from facility damage to operational disruptions to unexpected financial burdens. CFOs naturally play a central role in helping clubs navigate these challenges through disciplined forecasting, risk management, and strategic planning.

2. Boards Expect Strategic Financial Leadership

Boards and finance committees have become increasingly sophisticated, often composed of highly experienced financial professionals — including CFOs, investment managers, private equity executives, and corporate leaders. Many clubs are also seeing younger board members who bring fresh perspectives and a stronger expectation that the club should operate with the efficiency and discipline of a modern business.

And while a club is a business, it is also something uniquely personal: a member-owned community and, for many, a second home. That dual identity can sometimes lead to tension, with some board members focusing heavily on financial returns and metrics while overlooking the relationship-driven, hospitality-centered nature of club operations.

This is where today’s CFO becomes invaluable. Their ability to tell the club’s financial story in a way that is digestible to members with varying levels of financial acumen — and to provide strategic options while brokering thoughtful conversations grounded in both business logic and member-centric priorities — significantly elevates their influence. When CFOs serve as trusted advisors to finance committees, they help board members balance sound financial management with the club’s mission, ensuring decisions support the experience, culture, and long-term vision that define the club itself.

3. CFOs Are Building Operational Expertise

As more CFOs work closely with department heads, participate in operational planning, and support member-facing initiatives, they gain a deeper understanding of the entire operation. Today’s department heads are increasingly expected to step outside their comfort zones and own their business lines—including managing budgets, understanding labor costs, and demonstrating accountability for financial performance.

A strong CFO plays a critical role in this evolution. Beyond oversight, they serve as mentors, resources, and true business partners to department heads, helping them understand not just the “what” of their numbers but the “why” behind them. By explaining financial drivers, operational impacts, and how each department’s results connect to the broader operation, the CFO empowers department heads to make better, more informed decisions.

For the CFO to be effective in this capacity, they must also develop their own operational fluency. Understanding how each department works — its demands, constraints, rhythms, and member-facing impact — enables the CFO to support all constituents better and provide guidance that is contextually grounded, not just financially accurate.

Why More CFOs Are Developing Operational Expertise
CFOs are intentionally deepening their operational knowledge for several reasons. A few main reasons include:

To become stronger strategic partners

Understanding how each department functions enables CFOs to provide relevant, actionable insights.

To support decision-making across the organization

To support better decision-making across the organization, since every financial decision directly affects daily operations, and vice versa.

To contribute to succession planning and leadership depth

A head of club position may not be in every CFO’s future plan. Still, many recognize that developing broader skills allows them to contribute more meaningfully to the organization — whether or not they ultimately become a GM. While a key part of the role is serving as the GM’s financial thought partner, strong CFOs are also deeply invested in helping their GM succeed and shine in the eyes of both the members and the board.

This evolution is not about replacing the traditional GM track. It’s about preparing for the future and ensuring that, when leadership changes happen, people are already equipped to step forward.

How Clubs Can Support Cross-Functional Leadership Development
Clubs benefit enormously when they intentionally cultivate leaders across functions. Supporting CFOs — and other department heads — in gaining operational exposure strengthens the entire leadership pipeline.

Ways clubs can encourage cross-functional development:

Provide rotational experiences

Allow CFOs to spend time with golf operations, F&B, membership, HR, facilities, etc.

Include them in operational planning meetings

Exposure leads to understanding, which leads to better decisions.

Encourage participation in industry education

HFTP programs, CHAE certification, CMAA membership, BMI courses, and public speaking or presentation workshops all help broaden a CFO’s operational understanding and strengthen their ability to contribute across the organization.

Foster collaboration between the GM and CFO

The healthiest clubs view these roles as complementary, not siloed.

When clubs intentionally develop cross-functional leaders, they create stability, continuity, and stronger future leadership options.

How CFOs Can Prepare for GM or GM/COO Roles
For CFOs exploring broader leadership roles, preparation should be thoughtful and aligned with the club’s needs.

1. Gain Operational Fluency Across Departments

CFOs benefit from developing a working understanding of how each area of the club operates.

The CFO’s approach for gaining this knowledge can include:

• Spending time with department heads, shadowing them
• Meeting department heads in their work environments
• Observing how cross-functional teams function day-to-day

By doing the above, the CFOs can see how financial decisions affect the member experience and overall club performance. These one-on-one conversations also create space for department heads to share their challenges, wish lists, and opportunities, giving the CFO a clearer picture of operational needs and how best to support them.

2. Learn From the general manager

Much of a GM’s work happens behind the scenes — board relations, member diplomacy, staff leadership, and crisis management.

CFOs should engage their GM in conversations such as:

• How they manage board dynamics
• What goes into operational priority setting
• How they approach member communications
• The leadership challenges that aren’t visible on paper

This mentorship strengthens collaboration and fosters internal succession readiness.

3. Become a Strategic Thought Partner

The most effective CFOs go beyond reporting the numbers. They:

• Help the team think through different scenarios rather than relying on static budgets.
• Translate financial information into practical strategies.
• Point out opportunities as well as risks.
• Offer insights that strengthen both operations and the member experience.

This kind of partnership demonstrates a readiness to take on broader responsibilities.

4. Build Visibility and Trust with the board

CFOs must be prepared to communicate with confidence and clarity. Effective CFOs:

• Present information in a way that commands the room while remaining respectful and approachable.
• Engage thoughtfully when questioned or challenged, holding their own in complex financial discussions.
• Come prepared with accurate, well-organized data to support their recommendations.
• Demonstrate that their guidance is grounded in what is best for the club, both financially and operationally.
• Navigate disagreements with diplomacy, keeping conversations constructive and member-focused.

Even when their recommendations aren’t adopted, strong CFOs maintain trust by staying professional, solution-oriented, and aligned with the club’s long-term interests. Over time, this steady, tactful approach often leads boards to naturally gravitate toward the CFO’s perspective — sometimes without realizing how effectively they’ve been guided.

5. Explore Professional Development

Continual learning is essential for CFOs who want to broaden their leadership capabilities. HFTP offers conferences, chapter events, webinars, and other programs. Pursuing the CHAE certification further demonstrates a commitment to excellence in hospitality finance. CFOs also benefit from dual membership in HFTP and CMAA, which expands their professional network and educational resources.

To strengthen communication and executive presence — skills that are increasingly important for today’s financial leaders — CFOs can:

• Participate in Toastmasters or Dale Carnegie courses.
• Enroll in an executive presence program (Wharton, UPenn, Northwestern)
• Take online courses from LinkedIn Learning, Coursera, or Udemy, to name a few.
• Engage in KOPPLIN KUEBLER & WALLACE’s Step Up and Speak Out program.
• Consider executive coaching or other leadership-development opportunities.

These experiences help CFOs communicate with confidence and contribute more effectively across the organization.

Conclusion
While not every CFO aspires to become a GM, the role’s growing breadth is creating new ways to contribute, collaborate, and lead. As clubs navigate increasing complexity, financial leaders who understand operations—and who partner closely with GMs and boards—help strengthen the organization today and prepare it for tomorrow.

And for those CFOs who are interested in pursuing a GM or GM/COO role, the landscape is changing. Clubs are viewing financial leaders differently than in the past, and the door to these positions is more open than ever for those who have developed the operational insight, communication skills, and leadership presence required for the role.

Ultimately, this expanded pathway is about supporting stronger clubs through well-rounded, well-prepared leaders—wherever their career aspirations may lead.

HFTP Clubs Online – December 2025

Michelle A. Riklan, ACRW, CPRW, CEIC, CJSS is a Career Strategist, Search & Consulting Executive at KOPPLIN KUEBLER & WALLACE (KK&W). KK&W is the leading executive search and consulting firm in the private club industry. Michelle can be reached at 833-KKW-HIRE (559-4473) ext. 717 and at michelle@kkandw.com.