RAF

How McCullough Drives Operational Excellence Across The Portfolio

Since joining RAF in 2007, Cheryl McCullough has guided portfolio companies through complex financial landscapes, shaping a culture of trust, discipline, and growth. As CFO, she balances strategic vision with operational rigor, helping our businesses thrive.

Beyond overseeing consolidated financial reporting for auditors, banks, and senior leadership, Cheryl also provides operational support, portfolio management,  post-acquisition integration, and value creation strategies, helping companies scale with financial discipline.

Her work is a testament to RAF’s commitment to supporting companies and leaders through a collaborative, hands-on approach. Get to learn more about Cheryl McCullough and her journey below.

Q. What drew you to RAF, and how has the firm evolved since you first joined?

A. “I was working as the audit manager on the RAF audit engagement when I first met the team. I was impressed by their culture, character, sense of unity, and long-range perspectives. I met people who were not only smart and driven but also kind and collaborative. That sense of belonging was important to me.

The leadership was approachable. Everyone worked hard and enjoyed it at the same time. I felt that I could grow professionally while making meaningful contributions.

RAF has grown significantly over the almost two decades that I have been a team member. Adding not only innovative resources and technology but also fresh faces and perspectives, bringing expertise in new areas such as digital marketing.

However, one particularly important thing has remained the same: the solid foundation of corporate value that made it special to me in the first place. I am still learning, still growing, and still excited about what’s to come.”

Q. How does your role as CFO contribute to supporting portfolio company growth and financial discipline across the RAF ecosystem?

A. “We have created a collaborative approach across the portfolio companies and the RAF management team. I serve as a mentor and partner to our CFOs, controllers, and financial leaders, building a solid foundation of respect and trust.

We work together to share best practices and promote consistent and standardized reporting to track financial results and metrics to enable initiative-taking responses when metrics deviate from targets. I also work closely with them to manage working capital by creating operational efficiencies without restricting growth. We have developed synergies such as shared services within and outside of RAF Equity to assist our portfolio companies while they focus on growth initiatives.

By identifying synergies across the ecosystem–such as shared services, procurement advantages, or talent pools–you help portfolio companies grow more efficiently.”

Q.What are some of the most important financial considerations for businesses as they grow with equity backing?

A. “Businesses must maintain strong cash and financial discipline in operating the business to ensure smart spending and decision-making while scaling the business. Our collaborative model helps leaders scale through strategic planning, post-acquisition integration, add-on acquisitions, and long-term business growth.”

Q. How does RAF help portfolio companies navigate financial reporting, audits, or tax complexity, especially during periods of rapid growth or change?

A. “RAF has direct responsibility for accounting, finance, forecasting, strategic planning, benefit programs, tax, deal analysis, capital structure, banking relationships, and compliance.

RAF provides consolidated financial reporting for auditors, the banks, and tax preparers, both in-house and retained firms. The team offers continuous audit assistance, helping portfolio companies prepare for and respond to audit requirements efficiently. We also have a risk management specialist with expertise in cost containment, claims and litigation management, loss control programs, as well as health and benefits insurance.

At our RAF, we create shared services to free up management teams at our portfolio companies, allowing them to focus on their business and growth objectives.”

More on RAF Perspectives & Leadership

Hear more from Cheryl McCullough. Explore her perspective on leadership at RAF, how respect and intentional communication shape her approach, and how she fosters collaboration, clarity, and shared success.