CFOs should be ideal people to drive pricing, but they usually aren’t.
They are awesome because they care about margin. They build forward looking revenue and profit models. They have resources to calculate every KPI imaginable. And most importantly, they have a ton of influence in the company. This sounds like the ideal person to influence – if not own – pricing.
Why are Millennials carving a non-linear career path that rubs their parents and more seasoned professionals the wrong way? Do they have some insight into or prescience about today’s circumstances that can benefit everyone?
Emerging professionals (aka Millennials) have been identified as being more self-aware and more caring of the entire world around them. As of 2020, those born in the Millennial years (1981-1996) will be the largest percentage of the workforce (49%), therefore, it is inevitable their views will shape the workplace.
What is the cost of a losing one employee? In concrete terms, according to the Society of Human Resource Management, losing a young professional employee can cost an organization between $15-25,000. However, that is a conservative estimate. If the organization wants to find and train a replacement, that number will increase to 6-9 months of their salary. And, as the professional becomes more skilled and entrenched, that dollar amount grows.
Most business owners view the sale of their business as the financial reward for their years of hard work and dedication to their passion. In many transactions, a business owner may want to keep a minority equity stake (for example, 10%-49% ownership retained post-transaction) in the business to participate in potential future growth and demonstrate to the buyer that they still have “skin in the game”.
