CFO Studio Magazine with Bernd-Peter Bier, CFO, Bayer

EVENTS EXECUTIVE DINNER SERIES The comments made by these guests are their own and may not reflect the opinions and/or policies of their companies or of CFO Studio and/or its promotional partners. 24 WWW.CFOSTUDIO.COM 4th QUARTER 2015 Leading by Example SUCCESSFUL LEADERS HAVE SUBSTANCE, INTEGRITY, AND VISION “T o Lead, or Not to Lead,” that was the question, during a CFO Studio Small Markets and Emerging Growth Companies Executive Dinner, held recently at Red Knot at Galloping Hill in Kenilworth, NJ. Bill Craig, Chief Executive and CFO of Tarantin Industries, a wholesale distributor of propane equipment, heaters, and hearth products, was discussion leader, and Andrew Zezas, Publisher of CFO Studio magazine, and Host of CFO Studio, facilitated the conversation. Mr. Craig’s perspective is an interesting one as he is both a CEO and CFO at Tarantin Industries. “As a CEO, your foot’s on the gas; as CFO, it’s on the brakes,” said Mr. Craig. “The challenge has been to try and balance those two things in terms of motivating people. Everyone wants to do well. They want to be appreciated. They want to be taught. They want to be led. Leading is about resolving uncertainty. …As the CFO, you’re the risk manager. …As a CEO, you’re leading the way.” Leadership for CFOs at middle-market companies presents added challenges, as the CEO is setting the agenda, but, said Mr. Craig, “You’ve got to figure out how to lead and also do your job.” The 22 CFOs in attendance offered their tried-and-true strategies for becoming successful leaders, with a few rejecting the premise that certain people are born leaders and others are not. What successful leaders have in common, the group agreed, is substance, integrity, and a vision — not just style and image. Leaders establish connected relationships and inspire colleagues. They bring teams together around a shared purpose and a common set of values. When you look at great leaders, whether in the military or in business, they are willing to put themselves at risk, if necessary, and to lead by example. Effective leaders are transparent. “I start my day by saying good morning to everybody. That’s important because it’s my opportunity to say, ‘How’s it going? What do you have to do today? Any problems that you had yesterday? Do we need to talk about anything?’ It’s my first chance to interact with everyone. I lead with communication,” said Ron Tassello, CFO of Bardwil Industries, based in Hasbrouck Heights, NJ, a textile manufacturer of fine kitchen and bath products and linens. Leadership is not static; it is constantly evolving. “I’m required to demonstrate multiple types of leadership, because if I’m dealing with the factory workers and managers, they need one type of leadership. When I deal with IT, they require a different type of leadership,” said Eric Wukitsch, COO and CFO, Vantage Custom Classics, an Avenel, NJ–based manufacturer of identity apparel. A common challenge is dealing with business owners, the attendees agreed. When leading a group where one has established authority, those whom you lead are compliant to a certain extent. Leading a leader creates a different set of challenges. “I don’t think anybody in this room will dispute that there are times when ownership has grandiose plans and we have to bring them back to reality,” said Mr. Wukitsch. It’s important to know when to push and when to back off, when to lead and when to serve. “You’ve got to get them on the same wavelength, then you can lead. That is so important,” said Ed Schultz, Principal of Allendale, NJ–based Highland Business Group, a consulting firm. Born to Lead “Is one born with the capacity to lead or is it an acquired skill?” a question that has been debated for decades, became an important component of the conversation during this CFO Studio Executive Dinner. “You are either born with it, or you’re not. If you don’t have it, you can develop it a bit, but you’re never going to be an effective leader,” said Walter Cirillo, Vice President, Treasurer of Edison, NJ–based AeroGroup International, which designs, imports, and distributes Aerosoles footwear. “Leadership traits are not learned in school. You are born with the ability to know when and how to get in front to rally your troops to victory,” added Robert Berkowitz, CFO of Pine Brook, NJ–based Wilmington Paper Corporation, specializing in recycling-management programs. Creating an environment of empowerment Bill Craig led the discussion on leadership