From Divestment to Stardom: Building a Finance Function from Scratch for ASX-Listed Financial Services

Starting a new job is one thing. Being handed the reins and told, 'Right, build the entire finance function - systems, processes, the lot' is another. No pressure, huh?

That's precisely the challenge that this story tells about an individual settling into this new business. She was the second employee at a newly listed financial services business, spun off from a major financial institution. An ASX 100 company, no established processes, no systems, no team – just a blank slate and a whole lot of expectations.

A Blast from the Past:

Now, here’s where things get interesting. This individual had been on the radar for some time, first crossing paths while searching for a role after returning to Melbourne. Despite best efforts, another recruiter had secured an incredible opportunity for her first. However, she remembered the experience and valued the approach—treating candidates with the same respect and care as clients, a philosophy that remains central. In this case, that commitment paid off.

The Challenge:

As Group Financial Controller, her first mission was to build a finance function capable of meeting the stringent reporting requirements of an ASX-listed company. No small feat, especially with a December year-end looming and the pressure of those holiday-period deadlines.

The task was to assemble a functioning team with limited time and resources, but it wasn't without its hurdles. They were starting from scratch, the team was understaffed, and those reporting deadlines were relentless. They needed people who not only had the skills but also the right mindset – those who saw the challenge as an opportunity for growth, not just a gruelling test of endurance.

The Solution:

Over the next 12-24 months, they built a fantastic team of interim and permanent professionals across financial reporting, financial accounting, and operational finance. They had designed a strategy that was to bolster the team with interims during peak reporting periods (year-end and half-year), then transition those who were a great fit into permanent roles once things calmed down. It worked a treat!

Sure, there were some late nights and long hours, but with a clear vision and a supportive team, they pulled through. And hopefully, a small part was played by being there to maintain stability in the team by offering encouragement and reminding them of the bigger picture both to the business, and their own career.

The Outcome:

Fast forward a couple of years, and they now have a fully functioning and stable central finance team of 10-15 people. The Group Financial Controller ended up as the Chief Financial Officer, and the first person she hired through the process has taken over her role as Group Financial Controller. Talk about wins for all those involved!

Key Takeaways:

• Building a team from scratch is tough, but it's also incredibly rewarding. With the right people and a shared vision, you can achieve amazing things.

• Interim solutions can be a game-changer. They provide much-needed support during peak periods and can often lead to permanent placements.

• Never underestimate the power of relationships. Treating candidates like clients can pay dividends in unexpected ways.

Looking to build or enhance your finance team? Reach out – we'd love to help you write your own success story!