Fay Wingrove appeals to small firms with Innovative Solutions for Business in Sheboygan
Fay Wingrove of Sheboygan has been part of the quest for women’s equality in business since starting her first business, Innovative Solutions for Business, in 1995.
“It is hard to believe, but when I graduated from college in 1983, women couldn’t take out business loans in their names. I was oblivious to that at the time, and had no idea that was a law, but it really was a ‘man’s world,’” she said.
It was less than 30 years ago when a woman who wanted a business loan was required, in many states, to provide a signature from a male relative. That didn’t change until 1988 when the Women’s Business Ownership Act, HR 5050, was passed into law.
Reflecting on that, it’s not hard to be impressed with Wingrove’s accomplishments in a male-dominated field. She has devoted her career to overcoming barriers, and now three decades into business ownership, has proven herself to be a forward thinker.
After graduating from college with a degree in managerial accounting in 1983, she worked in public and managerial accounting with several large firms. In 1988, the same year that HR 5050 was passed, she earned the CPA designation. Then, taking night classes while working full-time, she received an MBA in 1992.
The big step to business ownership came in 1995. She said the desire to be an entrepreneur was part of her psyche.
“In high school, my brother and sister and I ran a pickle business," she said. "We used my parent’s land to plant and harvest cucumbers and sold them to a pickle factory. And my grandfather had a successful coal business where we worked; I think my entrepreneurial bones come from him.”
They must be some strong bones. As Wingrove developed a business model, she created a different kind of accounting firm. With the help of a friend who referred some clients, the business blossomed with the promise of providing both innovative and ordinary solutions for businesses. Those services focused on the latest tech accounting systems, developing business plans, and helping with financial strategies.
Her target market was small to middle-size companies with revenues of about $3 million a year. Many of the companies needed financial assistance but couldn’t afford or didn’t need to hire a full-time accounting professional. To address that, Wingrove offered the services of what is known as a fractional accountant or chief financial officer.
Fractional means that the managerial accounting or CFO function can be outsourced to Innovative Solutions for Business where Wingrove’s staff members are matched with a company; a flexible plan is designed depending on that company’s needs.
Potential clients are those responding positively to the question, “Could you use specialized guidance? Just not full time. Perhaps a day or two a week or a day a month would fit your needs and budget. A fractional CFO brings insight from a variety of situations to help you see the big picture.”
The advantages are numerous. Wingrove said an outside professional is able to do such things as unearth issues in an organization, help with strategic planning, fill voids in staffing, help with cash flow issues, provide guidance for new companies, and offer expertise when a full-time position is not yet needed.
With those services, Wingrove’s business has grown. Her office has moved and expanded five times and she now owns a large building in Sheboygan, 807 Center Ave. Her management skills have also grown with a desire to become knowledgeable in almost every area of business. She has certifications as a certified exit planning adviser, certified global management accountant, and certified public accountant.
“I am a big goal person," she said. "Each year I think I should get another certificate for something for my growth and to help my clients. I have the big hairy goals — think big, plan big, and don’t just stay comfortable.”
Part of that planning big resulted in a spinoff of the fractional CFO business in 2019 when BizCFOs was formed.
“I spun off that business because some franchises were coming into the area and looking to recruit people like me for their franchise businesses. I decided to do it myself,” Wingrove said.
She balances her time between the two businesses and uses both staff members and independent contractors, all highly qualified financial people who work throughout Wisconsin, and remotely, throughout the United States. In 2023, she foresees “great growth.” Her greatest challenge is leaving work behind.
“When you do what you love to do, and I do love working with businesses and the challenges of helping them come up with solutions, it is too easy to put in 60 plus hours every week,” Wingrove said. “And I realize that I also need to take care of myself and would like to do some traveling this year.”
Given the roles she has, taking time off can be difficult. She leads the organization, works with the CFOs, communicates with business owners, and is the point person for many of the ongoing projects. In addition, she said she has grown as a leader and enjoys the people she works with.
She fights against the stereotype of accountants being dull.
“As accountants, we have fun within our company here, even if it is in small ways. What’s life if you can’t have fun with what you’re doing; even if it is comprised of hard facts and data,” she said.
Her mission statement embraces that as she seeks to live life with what she says are the five G's — grace, gratitude, glory, gusto, and gumption. In fulfilling that mission, Wingrove has learned much and shares this advice with others thinking of starting a business.
“You need money to make money. It takes money to get customers; it takes startup cash. Once established, think strategically and think big. To create a business, you have to think big. Don’t limit yourself to just creating a job.”
Tina Dettman-Bielefeldt is co-owner of DB Commercial Real Estate in Green Bay and past district director for SCORE, Wisconsin.
This article originally appeared on Green Bay Press-Gazette: Sheboygan entrepreneur offers CFO services for small businesses
