Organizations can’t track their finances on vibes alone (unless they’re Enron—and you’ll recall how that worked out). The same goes for deciding when it’s time to hire their first chief of finance.

It’s a tantalizing prospect: A startup is growing, and it’s in need of its first CFO to take control of its finances. But some companies give out the CFO title “too easily” without thinking through what they really need from a finance leader, according to Ash Athawale, SVP of Robert Half’s executive search practice. Before jumping at such an opportunity, CFOs need to “make sure the company is ready for you,” he said.

Athawale also advised that founders ask themselves, “Where are we at this stage?” before hiring a CFO. Does the role they need to fill align with the skill set of a CFO, or are they actually seeking a “glorified controller or an accounting manager?”

The key difference, according to Athawale, is if the startup needs someone to track the current state of its finances or if they need a finance leader who’s more forward-looking. When a client tells him they “‘need to start looking at planning the future,’ that is a good sign.”

Read more about why some orgs hire CFOs prematurely.—AZ

As chief financial and strategy officer for the Americas at Mitsubishi UFG, one of the world’s 10 largest banks, Mark Thumser knows about deals of all sizes. He shared his perspective with us on what the financing landscape looks like for middle-market companies, what kinds of financing deals are getting done, and when it might be wise for a middle-market firm to opt for bank financing over private credit.

Are you seeing middle-market companies hold back on new projects due to macroeconomic uncertainty?

There have been some instances where projects are paused or where timelines are extending and being delayed. I do think there’s uncertainty with the rates. Maybe six months ago, the rate forecast would have said there’s going to be two or three rate cuts this year. Right now, it looks like there’s zero. That’s going to make financing costs more expensive. It’s going to put a little more pressure on cash flows, and depending on what industry they’re in, if they’re exposed to energy commodity prices, of course, they’re going to adjust the timing on some of those deals.

But we look through the near-term uncertainty and choppiness, and look at the multiyear trends. I still think the economy is strong and very resilient. At some point, this situation likely gets resolved in the Middle East, and then there will be some reversion to normal on energy prices…The demand for the energy grid, for LNG [liquid natural gas] facilities, for onshoring and reshoring and diversification of supply chains, [for] AI data center build-out, and frankly, companies deploying AI…I think those trends will continue for several more years.

What financial metrics are most important to lenders now.—CV

Eli Lilly may be winning the GLP-1 battle, but it’s turning its attention back to the broader pharmaceutical war.

On Tuesday, the pharma giant announced it agreed to acquire three vaccine makers for roughly $4 billion in total:

• Curevo is creating a shingles vaccine with fewer side effects than similar shots on the market. Eli Lilly is buying the company for up to $1.5 billion.
• LimmaTech is working to develop vaccines for bacterial pathogens, including some STIs. Eli Lilly agreed to pay $780 million for the biotech company.
• The Vaccine Company (B- for name creativity) is developing a vaccine to protect against the Epstein-Barr virus. Eli Lilly is paying $1.55 billion for the firm.

Eli Lilly became the first healthcare company to hit a $1 trillion market cap late last year, thanks to the booming success of its cash cow GLP-1 drugs, Zepbound and Mounjaro. The company commanded 60% of the US obesity drug market in Q1, beating its main rival, Novo Nordisk, which owns 39.4% of the market.

Brew Markets has more on the pharma company’s takeover binge.—LB

Skip the noise and cut to the jobs that matter. CollabWORK curates openings from top employers and shares them directly in trusted spaces like CFO Brew—click here to see the full list for readers like you.

• Controller at Tutor Perini
• Financial Analyst at Ralliant
• Financial Controller and Operational Risk Manager at Advantage Bank
• Financial Analyst at Hive Group LLC
• Indirect Tax Manager at Colonial Pipeline Company