The short answer
When the CFO resigns or drops out without warning, the first 72 hours decide whether the company stays able to act: access, signing authority and the next deadlines have to be secured before the succession is settled. After that there are four routes for the interim period: an internal stand-in, an interim head of finance, an interim CFO or CFO as a Service. Which one fits depends on three questions: how long is the gap? Is it the management or the strategy that is missing? How much knowledge sits in a single head?
A regular replacement takes six to nine months including notice period. The interim arrangement is therefore not a stopgap for weeks, but is usually planned for around six months.
The first 72 hours
The aim is not to replace the CFO but to secure the work that is running. Five points belong on the list:
- Deadlines for the next 30 days. Monthly close, VAT and payroll filings, bank and investor reporting, covenant notices, payment runs. Who does what by when?
- Access and authorisations. Bank access, signing and approval rights, accounting system, planning files, tax adviser portal. Anyone who so far had access only through the CFO needs a second person.
- Open commitments. What was promised to banks, investors, auditors or tax advisers, and by when?
- Liquidity position. A current view of account balances and the next 13 weeks. Where no forecast exists yet: 13-week cash flow forecast with Excel template.
- Communication. Who informs the team, shareholders, bank and investors, and with what message about the interim period?
If the CFO is also a managing director, deputising arrangements, bank mandates and possibly entries in the commercial register come on top. That is a matter for legal advice, not for a checklist.
Four routes for the interim period
| Route | When it fits | Limit |
|---|---|---|
| Internal stand-in (head of accounting or controlling) | Short gap, stable processes, no financing under way | The person does the work on top of their own; strategy and the investor level stay untouched |
| Interim head of finance | The leadership of the team is missing, the strategic level is covered | Financing and investor talks stay with the management |
| Interim CFO | Vacancy in finance leadership, funding round or transaction pending | Day rate, usually full-time, fixed-term |
| CFO as a Service | Ongoing part-time support because a full-time role would not be fully used | Not a replacement for a full-time vacancy |
Day rates and monthly fees are covered in Interim CFO cost in Germany and in CFO as a Service per month. How the search works is set out in How to find an interim CFO.
How fast an interim arrangement can be in place
With providers, first profiles are usually available within 24 hours, and the start typically follows within a few days. That is the main reason an interim arrangement should not wait until the succession is settled: a regular hire takes six to nine months, and every week without finance leadership costs time with closes, banks and investors.
The handover: what the departing CFO should leave behind
If there is time until they leave (notice period), these points belong in the handover:
- Current state of planning, forecast and liquidity outlook, with the assumptions behind them
- A list of all banks, investors, adviser contacts and open commitments
- Closing calendar and responsibilities in the team
- Documentation of the models and systems, so the successor does not start from zero
- A session in which the successor or interim person goes through the numbers with the departing CFO
If the CFO drops out without notice, the knowledge exists only in files and heads. The interim person's first task is then to reconstruct planning, access and open commitments.
Frequently asked questions
How quickly do I need to react after the CFO resigns?
The deadlines of the next 30 days and system access should be settled within a few days. The decision on the interim arrangement should be made within the first one to two weeks, because a permanent replacement takes six to nine months.
Is an internal stand-in enough?
For a short gap with no financing under way, it can be. As soon as a bank negotiation, a funding round or a close with hard deadlines is coming up, the extra load on the stand-in becomes a risk.
What does the interim arrangement cost?
An interim CFO costs 1,400 to 2,500 euros per day in Germany at market level, CFO as a Service 2,500 to 15,000 euros per month. Details and a worked example are in the linked articles.
Do I need an interim CFO straight away, or is a head of finance enough?
If only the leadership of the team is missing and the strategic level is covered, an interim head of finance is enough, available from nugrow from 1,300 euros per day. If financing, investors or a transaction are pending, you need CFO-level cover.
What if the CFO is also a managing director?
Then the deputising arrangement, bank mandates and the commercial register are affected. That should be settled with legal counsel.
Further reading
- How to find an interim CFO: platforms, providers and selection criteria
- Interim CFO cost in Germany
- Interim mandate: cover, replacement and termination
- 13-week cash flow forecast with Excel template
- Interim management for the finance function
- CFO as a Service at nugrow
This article is an overview and does not replace legal or tax advice.
