When a startup’s VP of Finance or CFO decides to move on, board members and investors should conduct an exit interview. Such interviews provide invaluable insights into the inner workings of the company, potential areas of concern, and possible operational improvements. It’s not just about identifying issues; it’s about understanding the myriad reasons behind a finance professional’s departure, whether due to internal disagreements, better opportunities, or something more dangerous. At the heart of the matter, VCs and board members bear fiduciary responsibilities. Their duty is to ensure the startup’s financial infrastructure remains intact and that operations are seamless. The departure of a financial figurehead, like a CFO, can be indicative of deeper operational issues or even potential fraud. Hence, holding exit interviews becomes crucial. While it may not be necessary for the entire board to be involved, at least one member should be. The insights gained from these interviews often transcend pure finance, shedding light on the broader operational aspects of the startup. Therefore, it’s imperative that exit interviews become a standard procedure, ensuring the well-being and transparency of the startup ecosystem. Whether it’s a full-time CFO or a fractional one, understanding the reasons behind their departure is paramount for the future success and stability of the business.