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671: Why the Best Laid Plans Are Continuous | Shane Hansen, CFO, Planful Feb 03, 2021

Show notes

It was a meeting that Planful CFO Shane Hansen tells us that he was not looking forward to. The SaaS developer’s FP&A team had discovered a “fairly large” forecasting error, and Hansen deemed it necessary to brief Planful CEO Grant Halloran on the matter.

So, as planning teams are apt to do, Planful’s FP&A crew performed an extracurricular round of scenario planning—or what might more accurately be described as "CEO planning."

Says Hansen: “We did our homework and put things together in order to be ready for whatever reaction Grant might come up with.”

Halloran’s response: “Oh, that’s just a mistake. What can we do to improve?”

Of course, whether the Planful CEO’s reaction was among those considered by the planning team in its anticipated responses is not the point. Instead, the tale of the forecasting snag allowed Hansen to bump our discussion concerning continuous planning into the continuous improvement lane.

And make no mistake: Planful’s finance chief views these two realms as one and the same. Only a month away from his 1st anniversary as Planful’s CFO, Hansen leaves little doubt that his leadership voice and actions are making as important a contribution to the company’s culture as they are to Planful’s monthly forecasts.

“This is about empowering our culture by saying ‘Let’s improve,’ as opposed to pointing out who is to blame,” explains Hansen, whose words are no doubt intended in part to influence finance leaders inside organizations that have struggled to embrace continuous planning and at the same time perhaps failed to realize the potential of planning tools such as those provided by Planful.

Asked whether his own interactions with Planful’s planning team involve scheduled weekly or monthly meetings, Hansen observes that his arrival at the company more or less coincided with Planful opting to have its employees work remotely due to the pandemic.

“I have found that the consistent interactions that we’ve had while everyone has been working from home have really helped us to band together and provided a lot more unity than there would have been otherwise if not for the circumstances,” comments Hansen, who flags greater unity as yet another underpinning of successful continuous planning. –Jack Sweeney

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670: Judgment: At the Heart of Every Decision | Gary Golden, CFO, Cherwell Software Jan 31, 2021

Show notes

If we were asked to boil down our discussion with CFO Gary Golden to a single word, our answer would be: “judgment.”

It perhaps goes without saying that having good judgment is a prerequisite for every finance leader, and the quality frequently tops the list of reasons that CEOs give when asked to describe what sets apart one CFO candidate from another.

Still, the word comes to mind not because Golden uses it—which he does multiple times—but because he routinely draws our attention to the “decision-making” central to every CFO position and the experiences that have helped to shape the judgment that he uses to make sound business decisions.

Golden’s professional life began as a lawyer in a Dallas law firm, where his goal was to become a top mergers and acquisitions attorney, but along the way he jumped to American Airlines.

“One of the reasons I left private practice for American is that they had a reputation for moving lawyers onto the business side of things,” explains Golden, who says that attorneys frequently found finance to be a convenient door-of-entry at American.

“Interestingly, at American, my mentors were not really attorneys, but I found mentors inside the finance organization,” remarks Golden, who says that his legal experience has served him well as he has taken on a number of different CFO roles.

“When you start training as a lawyer, you have a very detailed ‘what can go wrong?’ orientation that I have found to be very helpful to me as a CFO because you’re always thinking about what can blow up and you want to have this orientation that forces you to anticipate next steps,” comments Golden.

“Many times, you find yourself making judgments on things, and you decide not to do things even though you would really very much like to,” remarks Golden, who frequently uses the word “judgment” interchangeably or alongside “deciding” or “decision-making”—as in the sentence “As a CFO, your decision-making judgment is critical.” –Jack Sweeney

GET MORE: Order now The CFO Yearbook, 2021

669: Transactions, Trades, and Treatments | Ozan Pamir, CFO, 180 Life Sciences Jan 27, 2021

Show notes

We seldom hear a finance leader tell us that they took a pass on a promotion early in their careers, so when CFO Ozan Pamir told us that as a 25-year-old associate he had turned down a vice president position with Echelon Wealth Partners, a Canadian investment banking firm that he had been with for only 2 years, we felt obliged to ask: “Why?”

“I’d like to think that I’m a relatively self-aware person, and at the time I just did not feel ready—I thought that I had a little more room to grow and things to learn,” says Pamir, who had joined the banking firm as an IV analyst and was promoted in short order to associate—at which time he began managing other analysts.

“A year later, they offered me a vice president role again, and I accepted it at that time,” continues Pamir, who believes that the extra year as a “senior associate” served him well.

“It gave me more time to learn how to better manage the analysts and how to take on responsibility when it came to managing certain deals,” explains Pamir, who notes that 12 months later he was able to more confidently accept the firm’s promotion to VP, a rank that positioned him to head up the firm’s small and midcap financing deals.

“Smaller deals are usually harder to complete—they are riskier and require a lot more due diligence and legwork to get done,” comments Pamir, who today views his development of a team of analysts for the firm as one of his most valuable experiences when it came to his own preparation for a CFO role.

“I advocated for their compensation increases, fought for their bonuses, put in place their career trajectories, recommended them for promotions, and mentored them,” says Pamir, who in 2018 left Echelon to step into the CFO role at 180 Life Sciences, a biotech firm specializing in the treatment of inflammation.

Having raised over $400 million in capital and helped to lead 30 financing transactions at Echelon, Pamir tells us that this time he felt more than ready. –Jack Sweeney

GET MORE: Order now The CFO Yearbook, 2021

668: Investors Make Room for a Streaming SPAC | Jason Eustace, CFO, CuriosityStream Jan 24, 2021

Show notes

It was roughly 12 months ago that Jason Eustace was named CFO of CuriosityStream, an upstart streaming media company launched in 2015 by Discovery Channel founder John Hendricks.

For Eustace, CuriosityStream represents something of a flashback career chapter, arguably having more in common with the first 10 years of his finance career than the past ten.

Turn back the clock 20 years, and Eustace could be found in the accounting department of the National Geographic Channel, which at the time was a newly formed joint venture between the National Geographic Society and Fox Cable Networks.

“Nat Geo wanted to marry up their content with the distribution of the cable world, so it was a perfect marriage,” explains Eustace, who saw his responsibilities grow over a 6-year stint that ultimately landed him in a controller role.

Controllership credentials in hand, Eustace then joined Discovery Communications, where he would serve in a variety of finance leadership roles over another period of 6 years.

However, it was his experience at Nat Geo and the more entrepreneurial nature of the business that Eustace uses a point of comparison with his current stint at CuriosityStream.

“National Geographic had been around forever—they had great stories, and it was the ability to put these stories on a more widely distributed platform that really propelled Nat Geo to become a media company,” observes Eustace, whose latest CFO role puts him once more inside a media company determined to open new avenues for distributed content.

Says Eustace: “I always wanted to get back into media. I really loved D.C., but there are limited CFO roles inside the metro area, so when this opportunity came up, I jumped at it.” - Jack Sweeney

GET MORE: Order now The CFO Yearbook, 2021

667: Where Growth & Trust Meet | Brad Kinnish, CFO, Aryaka Jan 20, 2021

Show notes

The mid-December conference call was 45 minutes old, CFO Brad Kinnish says, when he began to feel edgy.

One of the company’s biggest deals of the year had yet to close, and the specifics behind its commission structure (or lack thereof) had led a number of the call’s participants to begin to flag potential snags.

As time passed and commissions continued to dominate the discussion, Kinnish found he could no longer remain on the sidelines.

“Hey, look, team—I think we’re spending time on the wrong thing here. I think we need to be spending time on closing this deal and getting it done. I need you to trust me that we’re going to pay a commission that’s fair to the sales leaders, fair to the sales reps, and fair to the company” are the words that Kinnish recalls saying as he charged the group to not begin waving red flags outside of the mechanics of the specific deal and to put their trust in him.

“I needed to rely on the fact that I had built relationships with these people and had built trust and could get them to refocus on what needed to get done in order to win the deal and close the quarter,” recalls Kinnish, who uses his story about “the mid-December call” to help close the loop on a CFO leadership journey that began with a job rejection.

Years earlier, Kinnish remembers, when he was interviewing for his first CFO role, he scored well during his management interviews only to receive a thumbs-down from the company’s board. Later, a board member confided to Kinnish that he focused too much on his accounting and analytics experience.

“In my mind, what she was telling me was that finance and accounting knowledge is foundational—that the question that you needed to answer was how else you could influence and lead,” explains Kinnish, who believes that the board was looking for indications that he was ready to muster the type of leadership that he so confidently summoned forward on the mid-December call.

As for the call’s outcome, Kinnish reports: “It worked. We went back and focused on the deal. Won the deal. Closed the quarter. Made our number and paid the commission on the back end.” –Jack Sweeney

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666: When Vision is the Plus Multiplier | Manmeet Soni, CFO, Reata Pharmaceuticals Jan 17, 2021

Show notes

It’s a phrase that has historically never roamed far beyond the corridors of pharmaceutical companies, but now—thanks to COVID 19—the term “clinical trials” has entered the vocabulary of the public at large.

Perhaps at no time in history have the “trials” that pharma companies use to generate data on the safety of a particular drug, vaccine, or treatment been as heavily scrutinized—and at no previous time has CFO Manmeet Soni of Reata Pharmaceuticals believed that the processes and approaches that govern Reata’s “trial design” have been more ripe for innovation.

“Our learnings from the past 9 months are going to influence how we operate for the next 90 years,” explains Soni, who says that these learnings were put into motion last spring as COVID’s arrival shut down trials and began curtailing Reata’s data flows.

“That’s when we began asking: ‘Why can’t we do trials in a way similar to how home health services are provided? Why don’t we deliver the drug to the patient’s home?’” recalls Soni, who says that serving the company as both CFO as well COO allowed him to be more hands-on when it came time to tweak Reata’s “trial design” and the daily activities performed to keep trials on track.

“There will always be certain trials that will have to be completed at the lab, but the pandemic has allowed us to regularly consider how things can be done differently,” adds Soni, who believes that today’s impulse to regularly reconsider current methods and approaches is the biggest change to yesterday’s business as usual. –Jack Sweeney

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665: A Data-Driven CFO Grabs the Wheel | Rob Barnhart, CFO, SimpleTire Jan 13, 2021

Show notes

Among the experiences that Rob Barnhart credits with having prepared him for a CFO role was an executive training program in which he participated when he served as director of FP&A for defense contractor BAE Systems.

Known as LEAD, or Leadership Enhancement Accelerated Development, the program put a spotlight not on technical knowledge or management best practices but on each participant’s soft skills, Barnhart recalls.

“There were literally clinical psychologists sitting in on meetings who would later reflect on your behavior and give you advice on how you could have been a more effective communicator,” says Barnhart, who also credits one of his own earlier talent development efforts with helping him to advance down the CFO path. At the time, Barnhart was heading FP&A at Fanatics, a company specializing in sports merchandising,

“The question became: How can I make sure that I don’t have to level up or bring new people in and put them over people as the challenges get more daunting?,” explains Barnhart, who notes that at the time, Fanatics was evolving from a single e-commerce site to a multichannel global business.

“There were people whom I brought in as analysts who today are directors and VPs in the business—this happened during my tenure, so I’m really happy about that,” remarks Barnhart. –Jack Sweeney

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664: Good Judgment: Every CFO's Star Attribute | Gary Swidler, CFO, Match Group Jan 10, 2021

Show notes

Back in 2015, when Gary Swidler was a candidate for a CFO position at Match Group, the seasoned banking executive recalls being told by company management: “On paper, you are definitely not the most qualified person for the job.”

The gap on Swidler’s resume was due to the fact that he had never held a CFO position—a void that frustrates many first-time CFO candidates who routinely find themselves second in line to candidates whose resumes list previous CFO appointments.

Perhaps frustrated CFO candidates might find some comfort in the notion that Match, a company whose online offerings excel at achieving “matches”—albeit romantic ones—chose to discard industry’s traditional CFO matching criteria.

According to Swidler, the CEO remarked: “‘You’ve never done this before, but I’ve known you for a long time and you have very good judgment. You’re a smart person with high integrity, so don’t prove me wrong.”

Swidler’s comments expose the roles that intuition and instincts often play when it comes to CFO hiring. They also draw our attention to the type of partner that Match management was seeking: not a blind follower or “yes man,” but someone upon whose counsel the CEO and a board could rely.

Meanwhile, as a banker, Swidler’s relationship with his future company had gone back not months but years, giving him an edge over veteran CFOs who were less familiar with Match as well as IAC, the holding company that at the time owned 100 percent of the online dating company.

However, within 2 months of Swidler’s arrival in Match’s CFO office, IAC sold 15 percent of its shares to the public, allowing Match to raise a little more than $400 million and giving the company a market cap of around $3 billion.

In the coming months and years, more IAC shares were expected to be sold to the public, which would allow Match Group to becoming increasingly unfettered from its largest investor.

Still, IAC was evidently not yet ready to part with its 85 percent and opted to hold on to its shares until this past June, when it completed a spinoff of Match Group by selling its shares to IAC’s existing shareholders and thereby giving Match a market cap of $30 billion.

“We had such a good business, and we were doing so well—IAC enjoyed owning us and didn’t want to give us up,” says Swidler, who would likely not hesitate to tell us that when it comes to large investors, breaking up is hard to do. – Jack Sweeney

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663: Building a Better Product | Hoang Vuong, CFO, Amplitude Jan 06, 2021

Show notes

We have been speaking with Hoang Vuong for little more than a minute when he mentions the CFO mentor whom he credits with having influenced his early career decisions.

“Hey, what do you really want to do when you grow up?” was the question that Vuong remembers being asked by the CFO, who had gotten to know Vuong personally while the young techie had served as an IT troubleshooter for his company’s ambitious SAP implementation.

Fast-forward a few years, and the same CFO introduces Vuong to the management of an early-stage Internet search firm in the travel space, known as SideStep. Vuong joins the young company and subsequently focuses his troubleshooting skills on the firm’s mounting growth obstacles.

“I had started reading a bunch of blogs where I began learning about this little company called Google and the interesting things that they did,” recalls Vuong, who says that he quickly began to grasp how Google offerings could help SideStep to address some of its nagging growth challenges.

In fact, Vuong was so convinced that Google offerings would unlock new growth for SideStep that he ignored the doubts being flung about by his management peers, negotiated a contract with Google’s bus dev team, and presented it to SideStep’s CEO.

Vuong says that the CEO responded by asking: “Are you so sure about this decision that you would risk your career on it?” At the time, Vuong says, he felt that careerwise he had little to lose—and besides, the Google offerings were pretty impressive.

“Google was just getting started, so at the time they would provide search results on the portals of other companies and do a rev share,” explains Vuong, who says that SideStep’s monthly revenues quickly ballooned from $50,000 to $1 million.

Having successfully addressed one of SideStep’s most formidable growth hurdles, Vuong saw his responsibilities at Side Step grow over time to include sales, online marketing, operations, and, of course, finance—where he served in the first of his several CFO roles. –Jack Sweeney

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662: A Thirst for Innovation | Dynshaw Italia, CFO, Soldo Jan 03, 2021

Show notes

When innovation is a topic for discussion, Dynshaw Italia can’t resist mentioning Cobra Beer—or, to be more specific, “the big bottle.”

It was Cobra, of course, that first opted to forgo the UK’s standard 500–550 ml beer bottles and introduce an ever more generously proportioned 650 ml vessel.

“Cobra was all about doing things differently and better and, as a result, changing the marketplace,” explains Italia, who recalls that Cobra’s big bottle strategic insight had to do with the willingness of UK diners to share their oversize beverage with others at their table.

“Because they were sharing the bottle, it would be kept on the table. As a result, customers entering the restaurant would see all these tables having a bottle of Cobra, and it was like free advertising,” continues Italia, who served as group CFO for the popular UK beer brand from 2003 to 2010 as it continued to flummox its beer rivals by touting the brew’s premium recipe while outsourcing the actual brewing and distribution processes.

“Cobra was about creating a premium brand with high gross margins that would eventually fit inside a larger brewery portfolio—one that had their own production and own distribution,” notes Italia, who credits Cobra’s culture of innovation with having routinely led him to explore creative ways to generate working capital.

“I learned that every single asset on your balance sheet could create and generate cash for working capital, whether it was stock or debt—you could even get financing against your rent deposit,” remarks Italia, whose working capital resourcefulness proved to be a good match for Cobra’s entrepreneurial founders.

In the end, Cobra’s appetite for growth (and escalating debt) led its founders to seek deeper pockets, so in 2011 Cobra Beer Partnership Limited was formed as a joint venture with Molson Coors—which allowed the Cobra brand to achieve a “fit” inside a larger brewery’s portfolio. –Jack Sweeney

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