Spike in succession planning an opportunity for virtual CFOs

Family businesses ripe to pass on often need help after getting stuck in their ways, says the principal of a financial advisory firm. A spike in succession planning in the wake of COVID-19 has created a wealth of opportunities for advisers and virtual CFO services, says one finance specialist. Principal of iFin Capital and iFin Advisory, Nathan Hogan, said some strong family businesses got stuck in their ways and needed some help to make the transfer. "We're seeing a real spike in the last 12 months of this activity of passing on things to generations," he said on the latest Accountants Daily Insider podcast. "A lot of it really is around really good family businesses that have done well and generally they've had an internal finance manager or someone who's started as a junior and worked their way up. "Sometimes those businesses have the biggest issues because there has been a bit of inaction for a long time and they might not be looking around the corner as much as you would like to see from your CFO."