The role of the chief financial officer has never been more consequential, or more misunderstood. As private clubs face increasing complexity in operations, capital planning and member expectations, the demand for financial leadership that extends well beyond the balance sheet has never been greater.

Still, many clubs find themselves working alongside a CFO who defaults to constraint rather than possibility. The difference between those two orientations isn’t technical; it’s philosophical. As general managers, CEOs and club leaders responsible for driving organizational performance, you must recognize that distinction and demand better.

The shorthand is simple: the CFNO says no. The CFKNOW leads with knowledge.

UNDERSTANDING THE CLUB’S UNIQUE FINANCIAL DNA

Private clubs don’t operate like corporations, and their financials shouldn’t be evaluated like those of corporations. Yet finance committee and board members who arrive from Fortune 500 backgrounds often bring assumptions that simply don’t translate. One of the most persistent and damaging beliefs is that food and beverage losses represent operational failure.

As Club Benchmarking notes, this is what they call the “F&B Trap,” incorrectly believing that corporate profit-and-loss logic applies to an environment where F&B functions as a member amenity, not a revenue engine. Dues are the economic engine, and capital reserves are the measure of long-term health. Member retention is the metric that matters most.

A CFKNOW understands this instinctively, and more importantly, can articulate it clearly to a boardroom full of intelligent people who may not. That interpretive function isn’t a nice-to-have. It’s the job.

THE CFO AS ORGANIZATIONAL CREDIBILITY

Have you watched a well-intentioned budget conversation derail because a board member is applying the wrong mental model to the right problem? This can be frustrating. The CFO who can avoid that by translating club financial reality into language that resonates with experienced executives becomes one of the most valuable assets in the room.

That kind of credibility isn’t established by credentials alone. It’s built through demonstrated operational fluency: understanding the golf course as well as the general ledger, grasping the connection between an F&B labor ratio and a member satisfaction score, and seeing a capital reserve projection not as a spreadsheet but as a promise to future members.

The CFKNOW earns the seat at the table by showing up prepared to lead, not just report. For GMs/CEOs evaluating or developing their CFO, that distinction is worth examining closely.

FROM GATEKEEPER TO GROWTH PARTNER

Department heads, whether in golf, F&B, or facilities, operate in an environment that is often defined by uncertainty. Equipment may fail mid-season, product costs rise and member expectations shift. A vendor brings a compelling opportunity with a short window. In each of these moments, the CFO either accelerates the organization’s ability to respond or becomes its bottleneck.

Consider three scenarios every club leader will recognize:

• The urgent equipment request. A CFNO cites the budget and closes the conversation. A CFKNOW has an “eagle eye.” They evaluate lease options, understand capital cycle timing, review budgets and assess operational risk. Then, they find a path forward that protects financial integrity without penalizing the operation.
• The F&B investment case. When an executive chef requests new kitchen technology or additional staffing, a CFNO sees cost. A CFKNOW looks at member satisfaction data, labor efficiency, service quality metrics and retention implications, and builds the business case rather than shutting it down.
• The time-sensitive vendor opportunity. A CFNO rejects it because it wasn’t in the plan. A CFKNOW evaluates long-term maintenance savings, operational benefit and budget flexibility, and recognizes that the plan exists to serve the club, not the other way around.

In each case, the CFKNOW arrives at the conversation with a 360-degree view of the organization. The result isn’t reckless spending; it’s confident, informed decision-making.

WHAT CLUB LEADERS SHOULD EXPECT—AND REQUIRE

The modern CFO in the private club space must function across four dimensions simultaneously:

• As a strategist, shaping tomorrow’s decisions—not just summarizing yesterday’s results
• As a communicator, translating financial complexity into organizational clarity
• As a partner, building trust with department heads and the GM/CEO alike
• As a business builder, asking “how do we get there?” before defaulting to “we can’t.”

For GMs/CEOs, this means recalibrating what success looks like for the CFO role. Technical competence is the baseline. What separates an effective CFO from an exceptional one is the willingness—and the skill—to lead across the organization, not just managing within a function.

When that leadership is present, the impact is measurable: Boards gain confidence, and department heads gain a genuine partner. The GM/CEO gains an ally who extends their reach into financial strategy. And members, ultimately, experience the difference in the quality and consistency of their club.

The private club industry is evolving quickly. The clubs that thrive will be led by teams where the CFO isn’t just keeping score; the CFO is helping shape the outcome.

The BoardRoom Magazine – May/June 2026

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.