The Step-Up Candidate: 5 Essential Lessons from a First-Time PE CFO

Stepping into the CFO seat for the first time is like walking onto a stage under a high-powered spotlight – and in a private equity-backed business, the lights come on immediately.  

Financial competence is table stakes. True success is defined by what comes next: heightened visibility, faster timelines, and a much smaller margin for error. 

At JM Search, we’ve observed a consistent pattern among first-time finance executives we place: Technical skill alone rarely determines success. Instead, it’s shaped by how quickly a new CFO earns trust, exercises judgment, and balances decisive action with strategic restraint. 

As Matt Quinn, Partner at JM Search, notes: “Every situation is different, but the environment matters enormously. The strength of the CEO, the sophistication of the business, and how aligned leadership is all influence whether a first-time CFO can truly succeed.” 

To explore how these dynamics play out in real-time, we connected with Gabriel Ventura, CFO of Mr. Greens Produce, a PE-backed foodservice distributor. Stepping into his first PE-backed CFO seat, Gabriel learned that navigating this high-stakes transition requires more than just financial acumen. It demands a complete shift in how you lead, listen, and execute. Here are his insights on mastering the first year as a CFO. 

The Preparation Happens Long Before the Title 

There is no single path to the CFO seat. But those best positioned to succeed tend to arrive with more than one perspective. 

Ventura’s path included eight years in investment banking, focusing on M&A and leveraged buyouts. This sharpened his technical instincts and taught him how to make complexity land with savvy audiences under pressure. 

“When you’re pitching major transactions to sophisticated investors, you learn fast that numbers without a story don’t mean much,” he says. 

But the real differentiator was his operating experience. After banking, Ventura moved into roles that put him close to sales, procurement, and operations – working directly with business leaders and frontline teams to understand how decisions were truly made and executed. 

“That experience taught me that the best finance leaders are not the ones with the most sophisticated models. They’re the ones who understand the business well enough to know the levers that matter to drive results, and how to help other leaders make better decisions.” 

That blend mirrors what we see across the market: Our recent CFO Compensation & Insights Study revealed that while many first-time CFOs hail from FP&A or accounting backgrounds, a meaningful portion also bring deal, strategy, or capital markets experience. 

Ryan Tomei, Principal at JM Search, sees this pattern consistently: “The strongest first-time CFOs are usually direct partners to a CEO – and they’ve already operated at scale. They may be stepping into a CFO role at a smaller company, but they’ve seen how a more complex business really works.” 

Takeaway #1: Technical chops get you in the door. Operating instincts determine how far you go. The CFOs who ramp fastest aren’t just fluent in the numbers, they understand how decisions actually get made on the ground and which levers move the needle. 

The Strategy of Restraint 

Most first-time CFOs of investor-backed businesses feel pressure to make an immediate impact to prove themselves. The gaps in the business are visible, and the instinct to move quickly is understandable. Ventura was no stranger to this feeling, but he learned early that patience is part of the path. 

“When you step into a new CFO role, especially at a private equity-backed company, you see opportunities to make changes immediately,” he says. “The temptation is to fix everything at once, show value quickly, and demonstrate that you know what you’re doing. But I learned fast that such an approach usually backfires.” 

What works instead is getting aligned with the CEO and board before pushing for transformation. 

Tomei explains: “If a first-time CFO lacks alignment with the CEO and the sponsor, it can become a recipe for disaster. But with the right leadership in place, they can get up to speed quickly and start building momentum.” 

This transition is famously difficult. Our recent research found that, at the time of the survey, 65% of first-time CFOs reported they’d considered leaving their role in the past six months. One of the top reasons? Challenging relationships with their CEO or board. This makes the soft skills of trust-building just as vital as the hard skills of the close. 

Takeaway #2: Resist the urge to fix everything at once. Early restraint isn’t passive; it’s strategic. Alignment with the CEO and board comes before transformation, and that trust is what gives you the authority to lead real change later. 

The First 90-120 Days: Fewer Slides, More Listening 

When asked what mattered most early on, Ventura pointed to three priorities: 

1. Get on the ground. He spent time in warehouses, on sales ride-alongs, and in procurement meetings.  

“I wanted to see how decisions got made day-to-day,” he says.” That context is what lets you know which numbers matter and which ones are just noise.” 

2. Stabilize the financial foundation. He focused on clear forecasting and segment profitability. Without this clarity, strategic decision-making would stall. 

3. Assessing your team honestly. He identified where the talent gaps were, and determined he’d need to build out the company’s FP&A capabilities to support the growth strategy.  

This instinct mirrors what we saw in our research, where CFOs shared they routinely prioritize upgrading FP&A roles. Once the foundation is set, building this function becomes a top priority, with 55% of lower-mid-market CFOs and 64% of upper-mid-market CFOs adding or upgrading FP&A roles. 

Takeaway #3: Spend your first 90 days in warehouses, on ride-alongs, and in the weeds of how decisions actually get made. Early wins come from visibility and context – understanding the business before trying to optimize it. 

Credibility is Built Quietly 

For a first-time CFO, credibility isn’t established through bold declarations; it’s built through consistency and follow-through. Here’s how Ventura approached it: 

With the CEO and board 

His rule is simple:  

“No surprises, no sugarcoating. If something is off track, surface it early with a clear plan to address it. They don’t need you to have all the answers, but they need to trust that you’ll tell them what’s actually happening and that you’re thinking several moves ahead.” 

Across the organization 

When sales needed clearer customer profitability data, finance delivered it. When procurement wanted better insight into pricing trends, analytics followed.  

“When people see that you are genuinely trying to help them win, not just checking boxes or running a finance agenda, momentum builds,” Ventura says.  

Takeaway #4: Credibility is built quietly, through consistency and follow-through. When finance removes friction and helps other functions win –rather than adding oversight – trust compounds fast. 

From Quick Wins to Durable Value 

As Ventura settled into his role, his focus shifted from short-term fixes to building for the long term: better data, stronger processes, disciplined capital allocation, and leadership development. 

“We’ve been making significant investments in the foundation: talent and processes, go-to-market capabilities, analytics. These are the kinds of things that don’t show up in EBITDA immediately, but they’re critical if you want to scale the business the right way.” 

This longer-term orientation is especially relevant in extended private equity hold periods, as Quinn notes:  

“First-time CFOs are often well suited for these situations. They want to build, and they’re thinking about the business over five or six years, not just the next transaction.” 

Takeaway #5: Play the long game. The strongest first-time CFOs invest in talent, processes, and analytics that build durable value, even when those investments don’t show up in next quarter’s numbers. 

Advice for Success: Both Sides of the Table  

Ventura is quick to point out that first-time CFO success isn’t just about the individual; it’s also about the environment. 

For leadership teams bringing on a first-time CFO, he emphasizes the need for clarity and patience: Be crystal clear about year-one priorities. Allow time for listening before expecting major transformation. Create room for experimentation and learning. These actions don’t lower expectations; they help strong hires contribute more quickly. 

For those stepping into the seat themselves, he stresses the importance of prioritizing judgment over technical models. Scale your impact by empowering your team. And master telling the story behind the numbers.  

“By the time you’re ready for the role, people assume you’re technically strong,” says Ventura. “What really matters is judgment, influence, and understanding how to lead through others.” 

Final Thoughts 

As Ventura puts it: “The role is about helping a team win together. You’re not there to have all the answers. You’re there to help everyone else make better decisions and execute more effectively. That shift – from being the smartest person in the room to being the person who makes the room smarter – is what the job truly requires.” 

At JM Search, we partner with investors and leadership teams to ensure first-time CFOs aren’t just qualified for the role, but positioned in environments where alignment, clarity, and expectations set them up to succeed from day one. Learn more about CFO Executive Search here.  

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Gabriel Ventura is the Chief Financial Officer of Mr. Greens, a private-equity-backed foodservice produce distributor. He has held senior finance and operating roles across public and private companies, including Goldman Sachs, Anheuser-Busch InBev, and Quirch Foods.