Ask the CFO Recap: The Final Conversation of 2025

Banking whiplash, real estate reality, and what to control when everything feels uncertain

Our final Ask the CFO session of 2025 didn’t have a formal guest lined up—and honestly, that made it even better.

It turned into the kind of conversation small and family-owned business leaders actually need: practical observations from the field, a few strong opinions, and a reminder to keep your focus where it belongs when the market refuses to behave.

Here’s what we covered.

1) “The banks are acting like two different industries”

I opened the session with something I’ve been seeing more and more: a sharp divergence in bank behavior.

On one side, I have clients with banks that are eager to lend—more aggressive, more flexible, and willing to take on risk (sometimes at slightly higher rates, but not always).

On the other side, I’m seeing traditional, “stodgier” banks tighten up—especially around commercial real estate loans—even when the underlying economics look safe.

One real example we discussed: a client who owns a building, has never missed a payment, has substantial equity, and still finds their bank applying pressure simply because the building isn’t fully leased right now. That’s not just frustrating—it’s disruptive. It pulls leadership away from leasing, operations, and growth… and forces them into a financing scramble they didn’t ask for.

Dave raised a smart question: what’s the relationship like with the banker? Because when a long-standing relationship suddenly shifts, it often means the “why” isn’t local—it’s coming from higher up (or from regulators).

And that leads to an important point:

Your bank isn’t just a bank. It’s a set of incentives, policies, regulators, and portfolio goals—none of which are under your control.

So your job becomes: don’t be surprised, stay ready, and don’t get stuck with one option.

2) My unpopular opinion: family businesses are too obsessed with owning buildings

This comes up constantly in my work, and it came up again in this session.

Many business owners love the idea of owning real estate because it feels like stability. An asset. A “smart” move.

But here’s the trade-off we discussed:

When your real estate is tied to your operating business, and the business environment changes (market demand, staffing, margins, product mix), you can end up with a building that fits your old model… not your next one.

Owning a building can also turn into a second job: landlord issues, maintenance decisions, lease negotiations, refinancing headaches. And in a tight or shifting credit environment, it can become a real distraction at the exact moment you need to be focused on execution.

I shared a deal example from 2023: a seller insisted on a 10-year lease for the buyer (private equity) as part of getting the transaction done. That lease made the building easier to sell afterward—but it also created a constraint for the new owners who didn’t even need that much space.

So if you’re weighing the buy-vs-lease decision, consider this question:

Will this building give me freedom… or will it become a fixed obligation that narrows my options later?

Leasing—especially on a longer term—can keep your operating business lighter, more flexible, and more focused.

3) Real estate and housing: we’re stuck in a weird “frozen” market

We also zoomed out into residential housing and why so many markets feel locked up.

We talked about how the U.S. 30-year fixed-rate mortgage is a gift to homeowners—but it also creates stagnation when rates rise. People sitting on 3% mortgages aren’t moving into 7% mortgages unless life forces their hand.

That means:

• Less inventory

• Higher prices

• More pressure on affordability

• Slower “churn” in the market

We also discussed private equity and larger investors buying pools of single-family homes, then turning them into higher-priced rentals. Lora shared what she’s seeing in Charlotte—how fast growth and investor activity can change affordability and neighborhood dynamics quickly.

The big takeaway wasn’t “here’s what happens next.” It was more honest than that:

A lot of people are sitting still, not because they want to—because the math doesn’t work.

4) Tariffs, paperwork, and the “new normal” of uncertainty

Another theme we hit was tariffs and the broader reality of operating in volatility.

What I’m seeing: the impact hasn’t been as dramatic as many predicted, in part because some costs get passed through, and businesses adapt.

Mark shared two real-world examples:

• A company importing machine tool equipment from Germany mostly feels the pain in customs delays and paperwork, not demand.

• Local manufacturers are actually seeing more quoting activity as customers look to reshore and source domestically.

And still—this part matters—uncertainty is the killer.

When policies could change quickly, businesses get stuck planning for multiple futures. That’s exhausting. It can also cause leaders to overreact.

So my core guidance stays the same:

Focus on what you can control.
Operational basics. Sales discipline. Cost structure. Process improvements. Cash flow visibility. Contract clarity. Pricing strategy.

That’s the work that compounds—no matter what the headlines do next.

5) A surprisingly useful detour: hiring, internships, and what young professionals can do now

One of the best parts of this session was the conversation about talent—because it reflects what many business owners are feeling:

• We hear that graduates can’t find jobs.

• Yet when businesses try to hire experienced, technically strong people, it’s still hard.

• That mismatch is real.

Jonathan (staffing and consulting) shared practical advice for students:

• The internship between junior and senior year is the pivot point

• Clean up social media (employers look—yes, really)

• Proofread resumes (details matter)

• Use alumni networks and personal connections

• Expect to prove yourself first—career growth is earned, not instantly granted

We also touched on the changing value of the MBA. My view: it rarely hurts, but it’s not the automatic advantage people assume it is—unless it’s tied to a clear end goal.

The thread that ran through the entire call

If I had to summarize the final Ask the CFO of 2025 in one line, it would be this:

Volatility is not going away. So build a business that can operate inside it.

Not by guessing the future.
By tightening the basics and staying ready.

Join us for Ask the CFO (and bring your questions)

Ask the CFO is live on Zoom on the first and third Tuesdays at 11:00 AM CST, and it’s open to anyone.

If you want reminders (and the link), sign up here:
https://www.impactcfo.net/ask

And if you’re an expert who wants to join us as a guest in 2026, we’re actively building the lineup. Apply here:
https://www.impactcfo.net/worksheets/R2JUzPLEqVCJ9YcQd9DwMmkD