How do you know when your business needs more financial leadership, but not necessarily a full-time CFO?

In this episode of Are You Ready?, Neil Cockburn sits down with long-time colleague and financial leader Ray Hawrelak to explore the growing role of the fractional CFO. With more than four decades of experience across real estate, public companies, private enterprises, family businesses, and not-for-profit organizations, Ray shares how businesses can access senior financial expertise exactly when they need it.

Ray reflects on a career that has taken him through economic downturns, corporate restructurings, company sales, public company leadership, and family enterprise transitions. Drawing on those experiences, he explains how the role of a fractional CFO extends far beyond financial reporting. Whether helping with acquisitions, financing, leadership transitions, governance, succession planning, or special projects, the role is often about providing experienced guidance during critical moments in a company's growth.

The conversation explores common misconceptions about fractional CFOs and why many business owners view them as temporary placeholders rather than strategic advisors. Ray explains that the most effective fractional CFOs stay close enough to the business to understand operations, identify risks, mentor future leaders, and bring valuable external perspective to management decisions.

For family enterprises, growing companies, and organizations facing increasing complexity, a fractional CFO can provide senior-level financial leadership without the commitment of a full-time executive. As Ray notes throughout the discussion, the goal is not simply oversight. It is helping businesses navigate change, build stronger financial foundations, and make better decisions.

This episode provides valuable insights for business owners wondering whether their organization is ready for the next level of financial leadership.

About Ray Hawrelak

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Ray Hawrelak, FCPA-FCA, is a highly respected financial executive with more than 40 years of experience across public, private, family-owned, and not-for-profit organizations. Throughout his career, he has served in senior financial and operational leadership roles, including more than 20 years with Princeton Developments and executive positions within public companies, private equity-backed organizations, and family enterprises.

Today, Ray serves as a fractional CFO, director, and trusted advisor to entrepreneurs, family businesses, and private companies, helping organizations navigate acquisitions, divestitures, financing, succession planning, governance, and growth. He is known for his practical leadership, broad business experience, and ability to guide organizations through complex transitions with integrity and collaboration.

About Neil Cockburn

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Neil Cockburn is a Chartered Professional Accountant (FCPA), Family Enterprise Advisor (FEA), and Trust and Estate Practitioner (TEP), and the Director of Family Enterprise Advisory Services at Kingston Ross Pasnak LLP. With more than 40 years of experience working alongside business owners and family enterprises, Neil specializes in succession planning, intergenerational wealth transition, and estate strategy. He is known for helping families navigate complex transitions with clarity and confidence—always grounded in one central question: Are you ready for what comes next?

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To learn more and connect with Neil Cockburn of Kingston Ross Pasnak, please visit: https://www.krpgroup.com/our-people/neil-cockburn

This video podcast series is proudly produced by the team at Road 55 - located in Edmonton, Alberta. For more information, please visit: www.road55.ca