Ascent CFO Solutions is a team of diverse and talented financial professionals. In this series, we will spotlight team members to highlight the unique talents and experiences that each one brings to the table for our firm and clients. First up is Carol Wood, a Fractional CFO with a career focus on helping technology companies scale to their next level of growth. We are thrilled to introduce you to Carol, and we hope you enjoy learning more about her.
Did you always know you wanted to be a (Fractional) CFO when you grew up? How did you get started in finance and accounting?
“In some ways, yes! When I was little, my aunt gave me voided checks so I could play ‘business’. I remember seeing everyone carrying briefcases around, and I wanted one too.
As I got older, my father encouraged me to pick a major where I would get a stable job out of school. With my aptitude for working with numbers and since I liked the idea of being in a business environment, it led me to pursue accounting.
I started my career in public accounting, and after working in several industries, I developed a passion for the technology industry. There are always so many exciting things going on in tech, and I’ve been fortunate to work with some really great companies.”
Speaking of those great companies, you were the CFO of Intrado, Freshwater Software, PaySimple, and Dizzion, all of which had successful private equity or strategic exits. What did these experiences teach you? What do successful exits have in common?
“It’s inspiring to work with entrepreneurs who have big ideas and take big risks to bring them to life. They’re investing their own money, taking investment money from friends, family, and shareholders, and they’re putting their necks on the line to grow their businesses.
I’ve seen the hard work that goes into growing a business, and I’ve been through the ups and downs with these teams. Every company has its waves and has to pivot at some point. It requires adjustments and immense perseverance to get to an exit. It’s so rewarding to see entrepreneurs succeed, along with their teams who contribute their sweat and tears and their investors who took risks with their capital. There are so many pieces that go into it, and it’s very exciting to be a part of a successful outcome.
What all of these companies had in common was perseverance and the ability to be flexible and go through change. Along the way, there were times to invest and take risks, and other times when they needed to pull back. The team and the people are key. It’s important to have a team that’s really dedicated and committed to the journey.”
You also have a lot of experience in fundraising and VC. Tell us about it.
“In my previous roles, I have been the ‘VC-person’ that a company hires when they’re raising their Series A. As the CFO, I help them get their financial operations and strategy in order to prepare them for the next level of funding. This also helps position companies for an exit, whether it’s through private equity, a merger or acquisition, or an IPO. I typically stay with a company from $2-$40 million, help them get to that transition, then it’s time for me to go and do it again.”
Why did you become a Fractional CFO (as opposed to staying a full-time CFO)?
“Initially, I was very attracted to the work-life balance piece of it. I love that I’m able to travel and work from anywhere while engaging with multiple early stage companies.
Being a Fractional CFO allows me to stay a little more high level and not be quite as much in the weeds, and I enjoy being able to see a broad range of companies. Every team approaches their business differently–management styles, business strategies, you name it–and there are opportunities to learn from each company I work with. Two of my clients run on EOS (“Entrepreneurial Operating System”), so I am learning all about that now. Even in this stage of my career, there is still plenty of learning to do.
My passion is helping early stage companies get to their next level, and my skills are really aligned for that type of situation. At Ascent CFO Solutions, I love that we have a strong base of technology clients that I am able to work with as a Fractional CFO.”
Why did you ultimately choose to bring your talents to Ascent CFO Solutions?
“Ascent CFO Solutions has a culture that I really resonate with. It’s hard to put into words. When I was interviewing with Ascent CFO, I liked that I was talking directly to the founder of the company. Dan was very thoughtful in making sure I was the right fit for Ascent and that Ascent was the right fit for me. That was very important to me. I like Dan’s approach toward growing the company and investing in building a supportive culture. I like that we have all-hands team meetings, a Christmas party, and other social events throughout the year.
Most of all, there’s just something special about the people that he is hiring. He’s attracting people that fit the culture, and they’re people that I really enjoy working with.”
You’ve mentioned that your passion is contributing your accounting and finance expertise to help early-stage companies. What are some of the first things you do when you’re guiding an early-stage company through growth?
“Financial modeling is the first thing, and making sure the company is adequately capitalized. When we understand where the inflection points are, we know when the company will need additional capital and we can plan for that.
I also focus on creating a smooth financial operation function. I’ve received a lot of positive feedback in my career about this. The companies I’ve worked with can get through an audit without any problems. I focus on creating the right processes and controls. When you get a smooth financial operation going, it allows you to scale. It’s all about getting the right systems in place for ownership and equity management, payroll, HR, possibly upgrading the ERP system, and so on.
Another important element is guiding and building the team. I interact with my peers on the leadership team to make sure we’re all working together and rowing in the same direction. I help them strategize and put the building blocks in place to get to where we want to be. In building the accounting teams, I enjoy mentoring and elevating those people to succeed within their roles at the company and in their careers.”
You have run nine marathons and numerous half marathons, triathlons, and other races. (Wow!) What has training and running in these endurance races taught you?
“Perseverance. Things get hard at times. I know that if I keep going and have that mindset that I will push through it, it will get better. The satisfaction at the end is worth pushing through the challenge.”
What's something about you that not many people know?
“If I wasn’t an accountant, I would be a veterinarian. I love animals, and I pursue volunteer opportunities where I can help them. I volunteer at the Denver Dumb Friends League every Thursday morning. I went to Africa last year to vaccinate dogs, cats, and donkeys, and I’m planning to go back later this year. Currently, I am fostering a very sweet dog. I’m focusing on helping her gain some weight and nourishing her into a healthy lifestyle so that someone can adopt her. That is another reason I am grateful to be a Fractional CFO–it gives me the flexibility to devote time to pursuing these additional passions of mine.”
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Ascent CFO Solutions is a Fractional CFO firm giving high-growth startups and established companies the custom financial strategy and execution they need to grow. Learn more about us here.