Run the Numbers

This episode does a deep dive into stock-based compensation (SBC) and employee equity. Joining CJ for this conversation is Curt Sigfstead, the CFO of Clio, a leading vertical software provider for legal firms. CJ and Curt unpack the complexities of SBC, examining its importance, evolution, and how to effectively communicate its value to potential hires and the organization as a whole. They cover the evolution of share types as a company scales and how finance leaders should budget for equity compensation. Then Curt provides a detailed walkthrough of Clio's recent fundraising process, highlighting the importance of meeting and beating financial targets to maintain investor confidence. You’ll also hear about building trust with everyone you work with and strategies for CFOs to empower founders to do their best work. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist. — SPONSORS: Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages. 🚀 Request a demo at www.maxio.com/runthenumbers for 10% off your first year. RemoFirst is a full-service Employer of Record solution that handles all your global employment needs. RemoFirst can help you navigate the maze of regulations and logistical challenges to onboard employees and contractors from anywhere in the world and streamline payroll, taxes, and compliances. Get two months free on EOR fees for your first hire in any country by visiting RemoFirst.com/metrics. Mercury is the fintech ambitious companies use for banking and all their financial workflows. With a powerful bank account at the center of their operations, companies can make better financial decisions and ensure that every dollar spent aligns with company priorities. That's why over 100K startups choose Mercury to confidently run all their financial operations with the precision, control, and focus they need to operate at their best. Learn more at mercury.com. Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC. NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO’s Guide to AI and Machine Learning. — FOLLOW US ON X: @cjgustafson222 (CJ) — TIMESTAMPS: (00:00) Preview and Intro (01:56) Sponsor – Operators Guild | Maxio (04:47) Is Stock-Based Compensation Real? (06:36) Why SBC Has Been Ignored for So Long (11:39) SBC for Private Versus Public Companies (13:05) The Mechanism by Which Employees Are Rewarded with Equity (16:28) Sponsor – RemoFirst | Mercury | NetSuite (19:52) Explaining the Potential Value of Equity to Prospective Hires (23:18) Talking to the Organization About the Value of Equity (26:09) Budgeting for Equity Compensation (30:41) The Round That Clio Just Raised (35:58) Strategies for Empowering Founders (42:22) Filling the Trust Battery (44:03) Meeting and Beating Your Numbers During a Fundraise (49:31) Long-Ass Lightning Round: The Biggest Mistakes Curt Made (53:06) Advice to Younger Self (54:40) Finance Software Stack (55:38) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe [https://www.mostlymetrics.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]

Guy Melamed, CFO & COO of Varonis, joins CJ to discuss the company’s two major transitions. In 2019, Varonis shifted from a perpetual model to an on-prem subscription model, completing the transformation in record time. They are currently in the process of transitioning from an on-prem subscription company to a SaaS company. Guy and CJ delve into the challenges of these transitions, the pressure of doing them in the public eye, and how to communicate these processes to your customers, investors, and sales reps. He highlights the key KPIs that Varonis tracks, the ones that are overrated, and the importance of clearly defined metrics. Guy also touches on the challenge of keeping your eye on short, medium, and long-term strategy, before reflecting on his career, the risks he has taken, and lessons learned from his time in sports and business. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist. — SPONSORS: Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages. 🚀 Request a demo at www.maxio.com/runthenumbers for 10% off your first year. RemoFirst is a full-service Employer of Record solution that handles all your global employment needs. RemoFirst can help you navigate the maze of regulations and logistical challenges to onboard employees and contractors from anywhere in the world and streamline payroll, taxes, and compliances. Get two months free on EOR fees for your first hire in any country by visiting RemoFirst.com/metrics. Mercury is the fintech ambitious companies use for banking and all their financial workflows. With a powerful bank account at the center of their operations, companies can make better financial decisions and ensure that every dollar spent aligns with company priorities. That's why over 100K startups choose Mercury to confidently run all their financial operations with the precision, control, and focus they need to operate at their best. Learn more at mercury.com. Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC. NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO’s Guide to AI and Machine Learning. Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com. — FOLLOW US ON X: @cjgustafson222 (CJ) — TIMESTAMPS: (00:00) Preview and Intro (02:11) Sponsor – Maxio | RemoFirst (04:57) Varonis’s Two Major Company Transformations (08:02) The Pressure of Undergoing a Transition in the Public Eye (09:54) Communicating to Key Stakeholders in a Transition (13:59) The Biggest Challenge to Varonis’s Transition (15:36) Sponsor – Mercury | NetSuite | Operators Guild (19:00) The Grading System That Varonis Introduced (23:50) Advice to Finance Leaders Facing Business Model Transitions (26:15) Varonis’s Three North Star Metrics (30:00) A Common KPI or Metric That Is Overrated (31:32) EBITDA Versus Free Cashflow When Communicating to Investors (32:47) The Importance of Well-Defined KPIs (40:21) How Guy Decides Where His Attention Is Most Needed (41:36) Keeping Your Eye on Short, Medium, and Long-Term Strategy (43:40) The Influence of Sports on How Guy Faces Business Challenges (44:51) Long-Ass Lightning Round: What Gets CFOs in Trouble (49:30) Guy’s Biggest Career Risk (50:11) Unconventional Financial Advice (52:12) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe [https://www.mostlymetrics.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]

In this episode, CJ interviews Justin Coulombe, the CFO of Miro. Apart from his “less but better” philosophy where he encourages listeners to strategically divest from less important things to focus on what’s most impactful, he also shares a wealth of profound advice on being an effective CFO in SaaS. He explains Miro’s approach to blending data from usage patterns, predictive modeling, and AI to identify upsell opportunities, prevent churn, and enhance customer retention. The discussion dives into the company’s unique combination of product-led growth (PLG) and human-touch sales motions, exploring how to harness both while avoiding internal channel conflict. Justin also offers his perspective on the per-seat pricing model, why it still works for Miro, and whether outcome-based pricing is the future. Drawing on his experiences leading major transformations at Autodesk, Box, SurveyMonkey, and now Miro, he provides a framework for CFOs navigating business model transitions and explains why they fail. He also shares bold takes on SaaS business practices that need rethinking and his thoughts on how to balance growth and profitability in SaaS. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist. — SPONSORS: RemoFirst is a full-service Employer of Record solution that handles all your global employment needs. RemoFirst can help you navigate the maze of regulations and logistical challenges to onboard employees and contractors from anywhere in the world and streamline payroll, taxes, and compliances. Get two months free on EOR fees for your first hire in any country by visiting RemoFirst.com/metrics. Mercury is the fintech ambitious companies use for banking and all their financial workflows. With a powerful bank account at the center of their operations, companies can make better financial decisions and ensure that every dollar spent aligns with company priorities. That's why over 100K startups choose Mercury to confidently run all their financial operations with the precision, control, and focus they need to operate at their best. Learn more at mercury.com. Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC. NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics and get the CFO’s Guide to AI and Machine Learning. Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages. 🚀 Request a demo at www.maxio.com/runthenumbers for 10% off your first year. — FOLLOW US ON X: @cjgustafson222 (CJ) — TIMESTAMPS: (00:00) Preview and Intro (01:58) Sponsor – RemoFirst | Mercury (04:13) An Intro to Miro (05:47) Justin’s Framework for Using Data to Drive Outcomes (12:09) The “Less but Better” Philosophy (14:34) Examples of Divesting from Things (16:54) Sponsor – NetSuite | Operators Guild | Maxio (21:49) Slowing Down to Speed Up (22:51) How to Say No Gracefully (25:43) Maintaining Standards While Encouraging People to Take Risks (28:16) Using Usage Patterns to Drive Monetization (30:07) “Sticky Installation” – Meeting the Customer Where They Are (32:41) Blending Self-Serve PLG and Field Sales Motions (37:16) Per Seat-Based Pricing Versus Outcome-Based Pricing (42:08) Why Seat-Based Pricing Model Works Miro (44:08) Advice for CFOs Navigating Major Transitions in Their Business Models (47:41) The Reasons Business Transformations Fail (49:25) SaaS Business Practices from the Last Decade That Need Rethinking (53:02) The Trade-Off Between Growth and Profitability in SaaS (56:00) Long-Ass Lightning Round: A Poor Hiring Decision (59:34) Finance Software Stack (01:00:51) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe [https://www.mostlymetrics.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]

While companies often go public, not many CFOs have taken a company private. In this episode, CJ interviews Navaid Mansuri, the CFO of Dialogue Health, a Canadian health tech company, that went from private to public to private again in less than five years. The discussion covers Navaid's career journey, including his experience negotiating broadcast rights at Rogers, his involvement in a joint venture with VICE Media, and his role in Dialogue's significant business transitions including being acquired by Sun Life. Navaid shares insights into the challenges and strategies of managing a company's financial health and P&L through these stages and breaks down the differences between the roles of public and private CFOs. He also highlights the importance of adaptability and credibility for CFOs and the unique aspects of operating a healthcare business in Canada. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist. — SPONSORS: Mercury is the fintech ambitious companies use for banking and all their financial workflows. With a powerful bank account at the center of their operations, companies can make better financial decisions and ensure that every dollar spent aligns with company priorities. That's why over 100K startups choose Mercury to confidently run all their financial operations with the precision, control, and focus they need to operate at their best. Learn more at mercury.com [http://mercury.com]. Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC. NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics [https://netsuite.com/metrics] and get the CFO’s Guide to AI and Machine Learning. Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com [http://operators-guild.com]. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages. 🚀 Request a demo at www.maxio.com/runthenumbers [http://www.maxio.com/runthenumbers] for 10% off your first year. Leapfin is accounting automation software that automatically prepares and posts reliable journal entries. High-growth businesses like Reddit, Canva, and Seat Geek choose Leapfin to eliminate manual tasks, accelerate month-end close, and enable accounting leaders to provide faster insights to help their companies grow. To automatically standardize your revenue data with measurable business impact, check out leapfin.com [http://leapfin.com] today. — FOLLOW US ON X: @cjgustafson222 [https://twitter.com/cjgustafson222] (CJ) — TIMESTAMPS: (00:00) Preview and Intro (01:59) Sponsor – Mercury | NetSuite (04:14) Navaid’s Career Negotiating Broadcast Rights (09:26) Navaid’s Joint Venture with VICE Media (11:15) Going from Private to Public to Private at Dialogue (14:37) Sponsor – Operators Guild | Maxio | Leapfin (18:09) Joining a Company at an Inflexion Point (19:56) The Differences Between the US & Canadian IPO Markets (21:38) The Differences Between Public and Private CFOs (26:05) How a Company Goes Private (29:18) Managing Dialogue’s P&L During These Transitions (31:47) Accountability and Credibility on the Journey to Profitability (33:17) The Shift from Growth at All Costs to Profitable Growth (35:47) The Nuances of Being a Canadian Healthcare Company and Profitability (39:08) The Value of Being Adaptable as a CFO (40:33) Long-Ass Lightning Round: The Value of Networking (44:51) Finance Software Stack (46:01) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe [https://www.mostlymetrics.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]

Sarah Spoja, the CFO of Tipalti joins CJ to discuss M&A as a growth lever and the evolution of the CFO role in high-growth environments. Drawing from her background in private equity operations at KKR Capstone, she shares insights on the current M&A environment and the boom she predicts for the near future. She also explains how to avoid crushing the soul of a startup in the M&A process and the value of getting your hands dirty in PE Ops. As the CFO of a rapidly expanding SaaS company, Sarah sheds light on how to evolve as the company scales. She shares how to reassess priorities, balance hands-on work with strategic oversight, and navigate external-facing demands like conferences and panels. The conversation covers building investor relationships while avoiding perceptions of always being in-market and highlights the CFO’s dual role as strategist and salesperson. From navigating M&A to solving problems across stages from seed to IPO, this episode is packed with insights. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist. — SPONSORS: NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅, head to NetSuite https://netsuite.com/metrics [https://netsuite.com/metrics] and get the CFO’s Guide to AI and Machine Learning.  Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com [http://operators-guild.com].  Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages. 🚀 Request a demo at www.maxio.com/runthenumbers [http://www.maxio.com/runthenumbers] for 10% off your first year. Leapfin is accounting automation software that automatically prepares and posts reliable journal entries. High-growth businesses like Reddit, Canva, and Seat Geek choose Leapfin to eliminate manual tasks, accelerate month-end close, and enable accounting leaders to provide faster insights to help their companies grow. To automatically standardize your revenue data with measurable business impact, check out leapfin.com [http://leapfin.com] today.  Mercury is the fintech ambitious companies use for banking and all their financial workflows. With a powerful bank account at the center of their operations, companies can make better financial decisions and ensure that every dollar spent aligns with company priorities. That's why over 100K startups choose Mercury to confidently run all their financial operations with the precision, control, and focus they need to operate at their best. Learn more at mercury.com [http://mercury.com]. Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC. — FOLLOW US ON X: @cjgustafson222 [https://twitter.com/cjgustafson222] (CJ) — TIMESTAMPS: (00:00) Preview and Intro (02:13) Sponsor – NetSuite | Operators Guild (04:52) Sarah’s Experience in M&A (06:13) The Current M&A Environment (12:17) Field Sales Versus Channel Partnerships (14:23) How to Avoid Crushing the Soul of a Startup During M&A (19:30) Sponsor – Maxio | Leapfin | Mercury (22:39) The Value of Getting Your Hands Dirty in PE Ops (26:10) How Sarah Has Evolved During Tipalti’s Hypergrowth (31:00) Balancing Hands-On Work with Making the Best Use of One’s Time (34:40) Reassessing the ROI of One’s Time (37:09) Solving Problems Versus Handling People Issues from Seed to IPO (40:21) Repeating Yourself as a Job Requirement (42:24) How Visible a CFO Should Be (43:52) A Framework for Choosing Speaking Arrangements (50:43) The Risk of Being Perceived as Perpetually In-Market (52:01) The Job of the CFO as Sales (55:15) Long-Ass Lightning Round (01:00:21) Finance Software Stack (01:02:15) Craziest Expense Story Get full access to Mostly metrics at www.mostlymetrics.com/subscribe [https://www.mostlymetrics.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]