A few weeks ago, a business owner posted on Reddit asking for recruiter recommendations. They needed a controller for their $20M manufacturing company, had no HR team, and didn’t know where to start. The thread got dozens of replies, mostly contradicting each other.
That’s the reality for private company owners hiring finance talent in Toronto. There’s no shortage of opinions, but almost no one lays out the actual decision framework: which role you need, what it costs, and which accounting recruitment agency will understand your business.
This guide covers all three. It’s built from what we see every day at Minted Search Group, where private company finance searches are a big part of our work.
Why Private Company Finance Hiring Works Differently
Hiring a controller or CFO at a public company is straightforward. There’s an HR team running the process, public salary benchmarks to reference, and candidates who can research your financials before they even apply.
Private companies don’t have any of that.
Your financials aren’t public. Candidates can’t Google your revenue or look up your annual report. They’re making a career decision based on trust, which means the pitch has to come from you (or a recruiter who genuinely understands your business).
There’s no HR department managing the search. The owner or COO is usually running it between other responsibilities. That means slower timelines, inconsistent candidate communication, and searches that stall.
The role is broader than the title suggests. A controller at a private company often handles FP&A, treasury, banking relationships, and sometimes HR-adjacent work. A CFO at a $40M private company isn’t the same job as a CFO at a $2B public company. Generic recruiters miss this.
Salary transparency is limited. Private company owners often don’t know the going rate, and candidates often don’t know what to expect. That creates mismatches early in the process.
These differences mean a generalist accounting recruiter, one who fills AP clerks and staff accountants alongside controllers, probably isn’t the right fit for this search.
We see this play out regularly at Minted. A private company owner will come to us after a failed search with a generalist firm. The candidates looked fine on paper but didn’t understand the realities of working without a full finance team, or they expected public-company structures that simply don’t exist at a $25M business. Getting the search right starts with understanding the environment.
Controller vs CFO: Which Role Does Your Company Actually Need?
This is the first question we hear from private company owners at Minted, and it’s the most important one to answer before you talk to any finance recruiter.
The short answer: it depends on your revenue stage and what’s keeping you up at night.
| Revenue Stage | What You Likely Need | Why |
|---|---|---|
| Under $10M | Senior bookkeeper + outsourced or fractional CFO | You don’t need a full-time controller yet. The volume doesn’t justify it. |
| $10M–$30M | Controller (possibly with a fractional CFO) | You need someone owning the books, managing cash flow, and producing reliable monthly financials. |
| $30M–$75M | Controller + VP Finance or full-time CFO | Complexity increases: multiple entities, banking covenants, board reporting. |
| $75M+ | CFO with a finance team underneath | Strategic leadership, M&A readiness, investor or PE fund reporting. |
One thing that accelerates the CFO timeline: private equity involvement. If a PE fund has invested in your business, they’ll expect board-ready financials, detailed KPI reporting, and someone who’s done it before. That often pushes the CFO hire earlier than revenue alone would suggest.
What these roles pay in Toronto
Controller salary in Toronto: $130,000–$200,000 depending on company size, complexity, and CPA designation. According to Morgan McKinley’s 2026 salary data, the average corporate controller in Toronto earns $165,000. Smaller private companies (under $30M revenue) typically land in the $120,000–$150,000 range.
CFO salary in Toronto: $200,000–$300,000+ base, often with a 10–30% bonus tied to company performance. PE-backed CFO compensation runs higher.
Heidrick & Struggles’ 2024 PE-backed CFO compensation survey found that CFOs at smaller portfolio companies (under $250M in revenue) reported base salaries in the range of $300,000 to $325,000 USD. Canadian private companies without PE backing typically sit lower, in the $200,000–$280,000 range.
The 2025 CPA Profession Compensation Study (published by CPA Canada) reported that Ontario CPAs earned a median total compensation of $177,000, with the 75th percentile reaching $255,000. For senior finance leadership, expect to be above that median.
The Toronto Accounting Recruiter Landscape for Private Companies
Not every recruiter in Toronto understands private companies. Here’s an honest look at the firms you’ll encounter, what they’re good at, and where they fall short. We’ve included ourselves at the end because we think you should evaluate us the same way you’d evaluate anyone else.
CFO Recruit
A niche executive search firm focused exclusively on CFO placements. They work retained, meaning you pay an upfront fee to engage them. Their specialization is their strength: they know the CFO market well and can speak to compensation benchmarks at a senior level. The limitation is scope. If you need a controller, they may not be your best fit. They’re built for the $200K+ search.
Lock Search Group
A broad executive search firm that has been operating since 1983. They cover multiple industries and functions, from finance to technology to consumer goods. Their consultants tend to have prior industry experience, which helps with credibility. The trade-off is that they’re generalists at the firm level, even if individual consultants specialize. For private company finance searches, ask specifically about their experience with owner-managed businesses.
Robert Half
The largest name in accounting and finance staffing. Robert Half handles high volume, from bookkeepers to controllers. Their database is massive, and they fill roles fast. But volume is the trade-off. You may get a broad list of candidates rather than a curated shortlist tailored to your company’s culture and needs. For a straightforward controller hire at a larger private company, they can work. For a nuanced CFO search at a family business, the fit may be looser.
Thorek Scott & Partners
A Toronto-based boutique that works across finance, accounting, and operations. They’re smaller, which means more personalized attention, but it also means a smaller candidate pool. Good for mid-level finance roles. For C-suite searches, you’ll want to ask about their specific track record.
Kassen Recruitment
A Canadian boutique focused on accounting, finance, and procurement. They emphasize long-term retention and cultural fit. Smaller firms like Kassen can offer a more consultative process, but the depth of their network for senior-level private company roles varies. Worth a conversation if you’re hiring at the controller level.
Minted Search Group
That’s us. We specialize in accounting and finance recruitment, and private company searches are where we do our best work. We’ve placed controllers for family-owned manufacturers, VP Finance candidates for PE-backed companies, and fractional CFOs for businesses that weren’t quite ready for a full-time hire.
What sets us apart from the firms above: we don’t do volume. We won’t send you 15 resumes and hope one sticks. We learn your business first, then build a shortlist of candidates who actually fit your company’s stage, culture, and expectations. Every candidate goes through a detailed vetting process before you see their resume, including competency interviews, reference checks, and compensation alignment.
We also bring structure to the parts of the search that private companies usually struggle with: writing a job description that attracts the right people, managing candidate communication so nobody goes cold, and handling salary negotiations so neither side leaves money on the table.
Our team also covers legal recruitment and administration and operations, so if your finance hire triggers a need in another function, we can help there too.
The honest limitation: we’re not the biggest firm in Toronto. If you need 20 AP clerks by next month, a high-volume staffing agency will serve you better. But for a controller or CFO search where getting it right matters more than getting it fast, that’s exactly where we focus.
How fees work
Understanding recruiter fees keeps you from getting surprised. The two main models:
Retained search (typical for CFO-level roles): You pay 25–35% of the candidate’s first-year total compensation, split into three installments: engagement, shortlist, and placement. For a CFO earning $250,000 base plus bonus, that’s roughly $75,000–$100,000 in fees. According to industry research, some retained firms set minimum fees between $80,000 and $100,000.
Contingency search (typical for controller-level roles): You pay only when a candidate is placed, usually 20–25% of first-year base salary. For a controller at $150,000, that’s roughly $30,000–$37,500. The risk is lower, but the recruiter may also be working your role alongside several others.
Industry data suggests the average retained executive search takes approximately 90 to 120 days from engagement to start date. Build that into your planning.
The One Question That Tells You If a Recruiter Gets Private Companies
Here’s a test we recommend to every business owner evaluating a finance recruiter.
Ask them: “What’s the difference between a PE-backed CFO search and a family business CFO search?”
If they can’t answer clearly, they don’t understand private companies.
The real answer: a PE-backed CFO search prioritizes candidates with fund reporting experience, board management skills, and comfort with aggressive timelines and growth targets. A family business CFO search prioritizes trust, longevity, cultural sensitivity, and someone comfortable with an owner who is involved in every decision.
The compensation structures differ. The candidate profiles differ. The interview process differs. A recruiter who treats them the same will send you the wrong people.
This one question will save you weeks of wasted time.
Why We Wrote This Guide
We built this guide because we kept having the same conversation. A private company owner calls us, unsure whether they need a controller or a CFO, unsure what to pay, and unsure how to tell whether a recruiter actually knows their world.
Those are fair questions. And most of the advice out there is either too generic (“hire a great CFO!”) or too self-serving (“hire us because we’re the best!”). We wanted to lay out the real framework, including the parts where another firm might be a better fit for your specific search.
Here’s what we’d ask you to do: use the revenue-stage table to figure out the role. Use the salary data to set realistic expectations. Use the recruiter profiles (including ours) to find the right partner. And if you’d like to talk through any of it, we’re here.
No pressure, just possibilities.
FAQs
How long does it take to hire a CFO in Toronto?
Most retained CFO searches take 90–120 days from engagement to the candidate’s start date. Factor in 2–3 weeks for notice periods and transitions, and you’re looking at 4–5 months total from decision to first day.
Should I hire a controller or a fractional CFO first?
If your business is between $10M and $30M in revenue, start with a full-time controller. They’ll manage the day-to-day accounting and cash flow. Add a fractional CFO (10–15 hours per week) for strategic planning, fundraising support, or M&A prep.
What’s the difference between a retained and contingency recruiter?
Retained recruiters are paid upfront (in installments) and work exclusively on your search. Contingency recruiters are paid only when a placement succeeds, but they may work multiple roles simultaneously. Retained is better for senior, specialized roles. Contingency is fine for mid-level positions.
How much should I expect to pay for an accounting recruiter in Toronto?
For a controller placement, contingency fees typically run 20–25% of first-year base salary ($30,000–$40,000 for a $150K hire). For a CFO, retained fees run 25–35% ($75,000–$100,000+ depending on package size).
Do I need a Toronto-based recruiter, or can I work with a national firm?
Toronto-based recruiters understand the local market, salary expectations, and commuting patterns that affect candidate decisions. National firms have bigger databases but less local context. For a Toronto-specific role, local usually wins. For a role you’re willing to fill from anywhere in Canada, national can work.
How does Minted Search Group’s process work for a controller or CFO search?
We start with a deep-dive conversation about your business: revenue stage, team structure, reporting needs, and culture. From there, we build a targeted shortlist (not a mass distribution). Every candidate is vetted for technical skills, cultural fit, and compensation alignment before you see their profile. We also manage candidate communication, interview scheduling, and salary negotiations through to the accepted offer. The typical timeline is 6 to 12 weeks, depending on seniority. Reach out to start a conversation.
