Riley Drake, as CFO of a company that provides management services for trade shows, witnessed a budget crisis unfolding after a number of clients canceled orders last year. Drake saw the need to reduce overhead to keep the company within budget, and he believed that the company had little choice but to lay off one of its workers.
In a bold step, Drake decided that he would resign his position so that none of his colleagues would have to be laid off. His CEO was surprised at his willingness to sacrifice his job, especially in the midst of a deep recession, but she accepted his resignation.
Drake then decided to start his own business, CFO4Lease, to offer financial guidance and assistance to small and mid-sized companies that aren’t yet large enough to afford a full-time chief financial officer.