Getting started
What is a fractional CFO and do I need one?
- What is a fractional CFO?
- A fractional CFO is an experienced chief financial officer who works with your company part time, on a monthly retainer, instead of as a full time hire. You get senior judgment, the kind that usually costs a quarter of a million dollars or more a year, scaled to what your company needs right now.
- What is the difference between a fractional CFO and a full time CFO?
- The work is the same caliber, the commitment and the cost are not. A full time CFO is a permanent executive with a full salary, bonus, equity, and benefits. A fractional CFO gives you that level of judgment on a flexible retainer, sized to your stage.
- Is a fractional CFO worth it for a small company?
- For most companies in the few million to fifty million dollar range, yes, because the financial decisions usually outgrow the books well before a full time CFO is justified. If you are very early and mainly need clean books, a lighter tier is the right place to start.
- When does a startup need a fractional CFO?
- Usually when the decisions have outgrown the books: a board asking for a forecast you cannot produce, runway math that changes every time you look, a raise or audit on the horizon, or the CEO still running every cash decision.
Pricing and engagement
How does pricing and engagement work?
- How much does a fractional CFO cost?
- At Island Waters, monthly retainers run from $1,000 to $10,000 or more across five tiers, priced to the value and the risk removed rather than by the hour. See the pricing page for the full ranges.
- Do you charge by the hour?
- No. Every tier is a flat monthly retainer. You get a senior operator's judgment without watching the clock or getting a surprise invoice when something hard comes up.
- What is included in a retainer?
- It depends on the tier. The lower tiers focus on clean books and financial reporting. The upper tiers include full CFO judgment: board-ready forecasts, fundraising preparation, diligence support, cash strategy, and the ongoing advisory that keeps you deciding from clarity rather than fear.
- How long are contracts?
- Month to month. No long-term commitment required. We stay because the work creates value, not because you are locked in.
Industries and fit
Who do you work with?
- What industries do you serve?
- We focus on four: technology (AI and SaaS), healthcare and biotech, pharma, and pharmacy, in that order of where our depth runs. We are open to a strong fit outside them when we can deliver real value.
- Do you work with pre-revenue companies?
- Yes, if the situation calls for it. Pre-revenue companies in fundraising mode or with a complex financial structure often benefit from CFO-level thinking early. If you are truly at idea stage, a lighter bookkeeping arrangement usually makes more sense.
- Do you work with companies outside the United States?
- We serve United States based companies remotely from Arizona. If you are headquartered outside the US, reach out and we can talk through whether it is a fit.
About Island Waters
About the firm
- Are you a CPA firm? Do you do taxes or audits?
- No, Island Waters is not a CPA firm, and we do no attest work, no audits, reviews, or compilations, no tax preparation or filing, and no legal or investment advice. Tax is handled by an independent, trusted tax partner under a separate engagement. We are your single point of contact through preparation and filing.
- Who does the work?
- Shawn Elliott does the CFO work directly. No associates or subcontractors run your engagement. When you work with Island Waters you work with Shawn.
- How do I get started?
- The first step is a conversation. Use the contact page to reach out, and we will schedule time to understand what you are working with and whether there is a real fit. No pressure, no pitch deck.