The finalists for WashingtonExec’s Chief Officer Awards were announced March 25, and we’ll be highlighting some of them until the event takes place live, in-person May 11 at the The Ritz-Carlton in McLean, Virginia.
Next is Chief Financial Officer (Private Company, Annual Revenue <$250M) finalist Carter Wood, CFO at Buchanan & Edwards. Here, he talks key recent achievements, learning from failures, proud career moments and more.
What key achievements did you have in 2021/2022?
Our acquisition of RenXTech on Nov. 1 was a big achievement for Buchanan & Edward. It was a team effort, and I’m thankful for the experience I gained during financing, diligence and integration. Lots of work, but very rewarding!
What has made you successful in your current role?
Passion and commitment. I try to maintain engagement by being an authentic leader, striking a harmonious balance between decision-making, fiscal management and collaboration. I lead with an empathetic heart and spirit, and focus on community, diversity and teamwork.
Despite the mass number of resignations happening across nearly every industry, BE incurred a nominal 3% voluntary turnover of corporate staff during 2021. As one of BE’s cultural leaders and mentors, I’m keenly focused on the employee experience and work diligently in shaping how employees work, communicate and relate to each other.
What was a turning point or inflection point in your career?
Like many, my turning point was the realization that I had to get out of public accounting! I went corporate after 3.5 years at Deloitte and never turned back.
What’s one key thing you learned from a failure you had?
Maintaining clear communication of an idea or a decision to all impacted parties is critical. It’s always better to overcommunicate versus assuming someone understands what you’re doing and/or why you’re doing it.
What’s the biggest professional risk you’ve ever taken?
In 2015, I stepped down as CFO from BE so that I could learn from a more seasoned CFO. That step back gave me a runway to accelerate and fine tune my personal and professional growth. I “boomeranged” back to BE in early 2019 and can say, without hesitation, that I am a better CFO today because I stepped away from the CFO role in 2015.
Looking back at your career, what are you most proud of?
While I’m of course proud of certain professional milestones, I’m most proud of all the lasting relationships I’ve built. I’m proud of the way I’ve treated others and I’m proud that many think of me as a genuine leader that cares. At the end of the day, people matter more than numbers. As CFO, I make sure I remember that.
What was your biggest career struggle and how did you overcome it?
Early in my CFO career, I struggled to balance between managing up and managing down. In retrospect, I focused too much energy on managing down in those early days. With age and experience, I’ve learned that managing up is as important, if not more important, for a leader to be successful.