Lynn Michl has made a career out of assuming the chief financial officer (CFO) role at companies in tumultuous situations, whether it’s significant growth or a turnaround situation. Now, the seasoned financial executive will lead the Iowa office of CFO Systems LLC, an Omaha-based firm that specializes in outsourcing CFO and controller talent to companies. An Iowa resident since 1994, Michl has held CFO positions with Pella Plastics Inc. and more recently Monarch Holdings Inc., a Waukee-based window and door manufacturer. For the past 3 1/2 years, he has worked as an independent turnaround and restructuring consultant, serving as an interim CFO at client companies across the country.

So you’ve done a lot of traveling as a consultant?

Yeah, on the plane at 5 a.m. every Monday and back home at midnight every Friday night. I did that for a little over a year (while working with a Florida development company). I did the same thing when I was working for a food company in southern Minnesota as an interim CFO, and also when I was working as interim CFO for a Maryland company. When we moved to Des Moines, we still had some kids at home, so we decided that we weren’t going to move anymore. If someone had to travel, it would have to be me.

How did this CFO outsourcing niche start for you?

As an employee CFO, I had been in situations where companies needed restructuring, so I had the opportunity to take some companies through the Chapter 11 reorganization process. I also worked for some companies that were in a very high-growth stage, and the problems that a company faces in a high-growth situation or a turnaround situation are similar. So having done that a few times, I found that I really enjoyed it and loved the ability to come in and help change an organization.

Why did you join CFO Systems?

Brett Frevert started this business eight or nine years ago in Omaha and has been very successful. One of the beauties of Brett’s business model is that he has brought on consultants with different focuses of expertise. We have consultants on staff with a very deep knowledge of the renewable energy industry, others in transportation and ag, another who is very versed in (Securities and Exchange Commission) reporting. My expertise is in turnarounds and I’ve spent a lot of time as CFO of manufacturing companies, so it was exactly what I wanted to do in Iowa. And since he had the infrastructure already built and he was looking to expand his footprint, it was just a perfect opportunity for both of us. … As the business grows, I’ll bring on additional CFO-level and controller-level people. In addition, I can tap into the resources that already exist in Nebraska.

When might a company want to hire a “time-share” CFO?

Our typical target market would be a smaller, closely held or family business that’s growing and has outgrown the capabilities of their bookkeeper and really needs a higher level executive financial person on staff, but they can’t afford it. Maybe they’ve grown to the point where they need to renegotiate their credit line with their bank, or they’re in negotiations with a primary vendor or customer or beefing up their accounting system. A lot of the small entrepreneurial companies are focused on building their products, marketing and innovation; they’re not focused on finance. We can come in and provide that level of expertise so that (the owner) doesn’t need to worry about it.

What do you do when you’re not wearing your CFO hat?

I like to bike. I was a runner until a couple of years ago; I can’t do that any longer, but I’m really getting into biking. I’m going to try my first RAGBRAI this year; I’m really excited about that. I’m also a CASA (court-appointed special advocate) volunteer for foster children. I started in that program a couple of years ago, and it’s been very rewarding. And my wife and I do volunteer activities with our church.

Tell me about your family.

My wife, Catherine, is a reading teacher in the West Des Moines school district. We have three daughters; my oldest is in school in Chicago working on her doctorate in psychology. Our two other daughters are at home; one is in the Waukee school district and one is going to college here. We’ve lived in either West Des Moines or Urbandale for the last 10 years, so this is really home to us. Between Waverly and here is where we’ve raised our kids, and where we plan to stay for a long time.