Fractional CFO RFP Template
Request comparable proposals from fractional CFO candidates. Structure your search for better outcomes.
Key Takeaways
- •Structured RFP gets comparable proposals for easier evaluation
- •Include company background, specific needs, and evaluation criteria
- •Request specific information: experience, approach, pricing, references
- •Send to 3-5 qualified providers for optimal comparison
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RFP Structure Overview
An effective RFP provides enough information for providers to understand your needs and respond meaningfully:
Section 1: Company Overview
Brief description of your business: industry, size, stage, and business model. Enough context for providers to assess fit.
Include: Revenue range, employee count, ownership structure, growth trajectory
Section 2: Current Situation
Describe your current finance function: team structure, systems, pain points, and what's prompting this search.
Include: Existing staff, accounting system, major challenges, trigger for engagement
Section 3: Scope of Work
Specific responsibilities and deliverables expected. What do you need the fractional CFO to actually do?
Include: Strategic priorities, reporting requirements, meeting cadence, specific projects
Section 4: Requirements
Qualifications and experience you're looking for. Industry experience, specific skills, availability requirements.
Include: Industry preferences, technical requirements, hours/week needed, start date
Section 5: Proposal Instructions
What you want in their response. Format, content requirements, deadline, and submission process.
Include: Response deadline, required sections, contact for questions, evaluation criteria
Information to Request from Providers
Ask providers to include these elements in their response:
About the Provider
- Company/individual background
- Relevant experience and credentials
- Team members who would work on engagement
- Similar clients served (with permission)
- Industry specializations
Approach & Methodology
- How they would approach your needs
- First 90 days plan
- Communication and meeting cadence
- Tools and technology used
- How they measure success
Pricing & Terms
- Pricing structure (hourly, retainer, hybrid)
- Estimated monthly/annual cost
- What's included vs. additional
- Contract terms (minimum commitment, notice period)
- Payment terms
References & Validation
- 2-3 client references
- Case studies or examples of impact
- Professional certifications
- Insurance/bonding (if required)
Suggested Evaluation Criteria
Create a scoring framework before receiving proposals. Typical criteria include:
| Criterion | Weight | What to Look For |
|---|---|---|
| Relevant Experience | 25% | Industry knowledge, similar client work, specific skill match |
| Proposed Approach | 25% | Thoughtfulness, understanding of your needs, realistic plan |
| Cultural Fit | 20% | Communication style, values alignment, personality match |
| Pricing/Value | 15% | Competitive pricing, clear value proposition, flexibility |
| References | 15% | Quality of references, relevant feedback, track record |
Don't Over-Weight Price
The cheapest option is rarely the best value. A more expensive CFO who delivers $200K in value beats a cheaper one who delivers $50K. Focus on capability and fit; negotiate price if needed.
Suggested Selection Timeline
Week 1: Prepare & Distribute RFP
Finalize RFP, identify providers, send requests
Weeks 2-3: Proposal Period
Providers prepare responses; answer questions
Week 4: Initial Review & Shortlist
Score proposals, narrow to 2-3 finalists
Week 5: Finalist Interviews
In-depth conversations with top candidates
Week 6: References & Decision
Check references, make selection, negotiate terms
Frequently Asked Questions
Do I need an RFP to hire a fractional CFO?
Not always. For straightforward needs with clear scope, a few conversations may suffice. RFPs are most useful when: you're comparing multiple providers, need board approval for the engagement, want standardized proposals for comparison, or have complex requirements that need clear documentation.
How many providers should I send the RFP to?
3-5 providers is typically ideal. Fewer than 3 limits your options; more than 5 creates evaluation burden without much additional insight. Quality matters more than quantity—target providers who seem like genuine fits based on initial research.
What timeline should I allow for responses?
Give providers 1-2 weeks to respond. Shorter timelines may get rushed proposals; longer delays lose momentum. Specify your response deadline and decision timeline in the RFP so providers can plan accordingly.
Should I share budget in the RFP?
It depends. Sharing budget helps providers scope appropriately and avoids wasted time on mismatched expectations. However, some prefer not to anchor providers to a number. A middle ground: share a budget range or indicate 'budget commensurate with experience' if you're flexible.
Related Resources
How to Hire a Fractional CFO
Complete hiring guide
Interview Questions
What to ask candidates
Fractional CFO Pricing Survey
Current market rates
Red Flags to Watch
Warning signs in evaluation
Skip the RFP Process
If you'd like to discuss whether Eagle Rock CFO is the right fit for your needs, let's have a conversation. No formal RFP required.
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