Dear Jennifer,
Please draw up the list of 'must-haves' and the deliverables for the CFO position in your firm. These are essentially the reasons why you are hiring a CFO.
Performance metrics cannot be determined unless you research the pricing of the deliverables you aim to negotiate.
Often, determining the salary is the straightforward part, as you can easily access this information through existing sources such as recruitment consultants or your professional network. However, the challenge lies in structuring the compensation package. Take the time to thoroughly understand all aspects of interest and keep an eye out for top talent.
Hiring for a C-suite position is tricky as there is no learning curve for the talent at this level. Therefore, trade-offs must be carefully planned. Seek a candidate within your industry with diverse experience so that you can provide ample growth opportunities within your organization.
Another crucial aspect is autonomy. Hiring at this level requires a balance in span of control, as trust can only be established over time. The provided link may offer further insights: Top 10 Questions for CFO
Wishing you all the best!