Details
Robert Baker
24th April 2025
Insights
In my previous article, Snakes & Ladders, I explored the unpredictable journey to CFO — full of calculated moves, unexpected setbacks, and career-defining leaps.
But what happens when you reach the summit? You’ve led a successful PE exit, navigated the intensity of due diligence, and delivered a great result for shareholders. And then… the dust settles. You’re left with a rare moment of clarity (and perhaps uncertainty): What’s next?
For many, the obvious path is to remain a CFO in a more scaled or complex environment. That might mean a business closer to exit, one with broader international reach, or a role that blends financial leadership with commercial ownership — perhaps even stepping into a CFO/CRO hybrid.
But for others — those seeking new challenges, greater flexibility, or a change in pace — there are several compelling alternatives to consider.
From CFO to CEO: Leading the Whole Business
Moving into a CEO or COO role could be a natural progression if you’ve been deeply involved in strategy, operations, and commercial decision-making.
This is particularly relevant in portfolio businesses where continuity and financial discipline are prized. Often, the best way to make this shift is within the business you’ve just helped sell — where investors are keen to retain trusted leadership with a deep understanding of the company and a clear vision for what comes next.
Operating Partner: Step Back from the Frontline, Stay Close to the Action
The Operating Partner role offers a unique transition from operator to advisor. You remain influential — guiding portfolio companies on financial rigour, strategy, and leadership — without being caught in day-to-day delivery.
It’s an excellent way to build new skills while leveraging decades of CFO experience. And for those with aspirations of a future NED career or a long-term role within a PE/VC fund, it can be a smart and strategic next step.
Fractional or Interim CFO: Variety, Autonomy and Commercial Impact
Many established CFOs are drawn to the variety and freedom of interim or fractional work. It’s a model that offers high impact, commercial breadth, and the flexibility to balance personal priorities.
Whether parachuting into a turnaround, scaling a founder-led business, or supporting a short-term transaction, this route allows you to stay close to what you do best — without the long-term intensity of a full-time role.
It’s also a natural gateway into NED roles, investment opportunities, or building a broader portfolio career.
NED Roles: Influence Without Operational Grind
Some CFOs choose to step back from operational delivery and build out a portfolio of Non-Executive Director roles.
Like Operating Partner positions, NED work allows you to stay commercially involved, offer strategic counsel, and remain close to the world of high-growth businesses.
CFOs are particularly well-positioned to transition into NED roles. Their finance and governance experience is naturally aligned with board-level responsibilities. Just as importantly, having served as a key board member alongside a CEO, many CFOs are well used to advising, mentoring, and supporting from a position of knowledge — while also being comfortable stepping back from day-to-day decision-making.
NED roles vary widely from Chair appointments to advisory board positions, depending on the business’s stage, sector, and ownership structure.
The route into these roles is often network-driven. Whether through search firms, professional advisers, or the broader ecosystem of contacts built throughout your career, opportunities tend to come via recommendation and reputation. Many CFOs begin with one NED role alongside a full-time position before evolving into a fully portfolio-based career. Increasingly, these roles offer a compelling mix of challenge, autonomy, and the potential to invest or take equity in early-stage or investor-backed companies.
Spotlight on Adam Bellamy
I’ve known Adam Bellamy for nearly 15 years as a candidate and client. A Chartered Certified Accountant by background, Adam made a conscious decision in 2018 to step away from full-time CFO roles and carve out a successful portfolio career as a Non-Executive Director.
Adam brings deep sector knowledge across fitness, leisure, restaurants and retail, having held senior finance roles in those sectors for over two decades. As CFO of PureGym, he played a pivotal role in scaling the business from around 20 gyms to over 200, leading the acquisition of LA Fitness, overseeing two major private equity transactions, and completing several major debt raises.
After the second PureGym sale process concluded in 2018, Adam shifted gears, initially becoming a NED at PureGym and then going on to build an impressive portfolio, including roles at Ten Entertainment Group Plc, 1Rebel, Loungers Plc and Gymfinity Kids, among others. Within his portfolio, Adam held the Chair role at Ten Entertainment and is currently Chair of 1Rebel. Adam feels his CFO background has been highly valuable for his NED roles, not least during the successful public-to-private sale processes for Ten Entertainment (2024) and Loungers (2025).
In addition to his board work, Adam invests in high-growth businesses and collaborates closely with founders and management teams to help them scale and create long-term shareholder value. His career path highlights the breadth, freedom, and impact that can come from moving beyond a traditional CFO remit.
Final Thoughts
There’s no single playbook for life after a PE-backed CFO role, and that’s precisely the opportunity.
Whether you’re motivated by broader operational leadership, strategic advisory work, entrepreneurial investment, or simply a new work/life rhythm, the possibilities are richer than ever.
As Adam’s story shows, with the right mindset and network, the next chapter can be just as energising and rewarding as the last, if not more so.
About The CFO Practice
At The CFO Practice, we specialise in recruiting CFOs and Finance Directors for high-growth, investor-backed businesses.
We partner with CEOs, boards and investors to appoint finance leaders who can navigate complexity, drive transformation, and create long-term value. Whether you’re planning the next move in your own CFO career or building out your senior finance team, we’re here to help with insight, experience and a refreshingly personal approach. You can find out more about how The CFO Practice support this through our Executive Search services.