Next Exit

Betsy Atkins has taken 17 companies through IPOs and served on 38 public company boards, including Wynn Resorts. She chairs Google Cloud's Executive Advisory Board, sits on Apollo's Advisory Board, and has navigated everything from an FBI raid mid-crisis to activist campaigns that replaced entire boards.

In this episode, Betsy reveals what PE-backed companies get catastrophically wrong when planning exits. She explains why bottom-half performers attract activists, how to position a portfolio company as acquisition gold for strategics, and why boards without tech fluency are presiding over zombie companies. This is boardroom reality from someone who has seen it all, and knows what separates companies that exit strong from those that stagnate and get picked apart.

Key Takeaways:

• Plan your exit on day one. Identify upstream acquirers early and make yourself indispensable to their competitive moat, not just another revenue line.
• Crises reveal board value. ‘Black swan’ events hit multiple times per year. Decisiveness under ambiguity separates great boards from paralysed ones.
• Every company gets breached. Stop focusing on prevention. Segregate critical IP and operating systems now and drill on recovery speed quarterly.
• Tech fluency is non-negotiable. 50 to 65%of jobs are reshaped in 18 months. Boards without AI literacy oversee acquisition targets, not acquirers.
• Bottom-half = vulnerable. If you're not growing, activists circle, or disruption kills you. Divest non-core assets, adopt agentic AI, or go private.

EXCLUSIVE: Betsy is giving listeners a free digital copy of Be Board Ready - grab it at https://qrco.de/bfpbze

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan speaks with Joseph Sanborn, CFO of EverQuote, about leading a public company through a full strategic and operational reset. Joseph shares how EverQuote navigated a severe industry downturn, exited non-core initiatives, refocused on its data and technology strengths, and rebuilt discipline around cash flow, profitability, and decision-making.

Drawing on his background in investment banking, corporate strategy, and M&A, Joseph explains how CFOs build credibility during uncertainty, why clarity beats optimism with investors, and how aligning teams around fundamentals ultimately drove a significant recovery in shareholder value. This episode is a practical look at what modern CFO leadership really looks like when conditions turn.

Key Takeaways:

• How CFOs lead a reset during a downturn by simplifying strategy and doubling down on core strengths.
• Why credibility with investors matters more than optimism when navigating public market pressure.
• How aligning teams around cash flow and profitability changes behaviour across the organisation.
• Why the CFO’s real leverage is decision-making, not reporting, especially in volatile markets.

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan speaks with Patrick Dennis, a six-time CEO and seasoned private equity operator, about the decisions that create value, and why most leadership teams get this wrong.

Patrick’s career spans leading global businesses through IPOs, complex restructurings, PE-backed transformations, and multiple exits, including serving as CEO of Avaya during a critical turnaround period. Drawing on decades of experience at the sharp end of decision-making, he explains how the best CEOs cut through noise early, identify the few decisions that truly matter, and avoid the complexity that destroys value.

From “no-regret” moves in the first 60–90 days, to pricing discipline, operating focus, forecasting clarity, and exit readiness, this episode breaks down how experienced CEOs translate judgment into momentum, and momentum into value.

Key Takeaways:

• How CEOs identify the few decisions that actually create value, instead of pursuing too many initiatives at once.
• Why the first 60–90 days matter most, and how “no-regret moves” build momentum early.
• How focus, sequencing, and trade-offs outperform scale and complexity in PE-backed businesses.
• Why pricing, forecasting discipline, and operating clarity are critical inputs to value creation and successful exits.
• How experienced CEOs think about exits from day one, without running the business for the deal.

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan speaks with Joseph Sanborn, CFO of EverQuote, about leading a public company through a full strategic and operational reset. Joseph shares how EverQuote navigated a severe industry downturn, exited non-core initiatives, refocused on its data and technology strengths, and rebuilt discipline around cash flow, profitability, and decision-making.

Drawing on his background in investment banking, corporate strategy, and M&A, Joseph explains how CFOs build credibility during uncertainty, why clarity beats optimism with investors, and how aligning teams around fundamentals ultimately drove a significant recovery in shareholder value. This episode is a practical look at what modern CFO leadership really looks like when conditions turn.

Key Takeaways:

• How CFOs lead a reset during a downturn by simplifying strategy and doubling down on core strengths.
• Why credibility with investors matters more than optimism when navigating public market pressure.
• How aligning teams around cash flow and profitability changes behaviour across the organisation.
• Why the CFO’s real leverage is decision-making, not reporting, especially in volatile markets.

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan speaks with Keith Taylor, CFO of Equinix, the $100B global digital infrastructure company and one of the longest-serving CFOs in the S&P 500. Keith shares how he helped build Equinix from a 10-person startup into a global market leader that delivered 88 consecutive quarters of revenue growth and missed a forecast only once in 25 years.

From surviving the dot-com crash and restructuring billions in debt to leading global expansion across more than 75 markets, Keith explains how discipline, adaptability, and long-term thinking have shaped the business. He also breaks down his forecasting philosophy, why capital structure can make or break a company, and what it really takes to thrive as a public-company CFO in one of the most capital-intensive industries in the world.

Key Takeaways:

• How to build forecasting precision that keeps investors confident quarter after quarter.
• How to balance growth and capital discipline through market crashes and global expansion.
• How to lead through volatility with the right team, systems, and adaptability.
• How to future-proof your finance function for an AI-driven world.
  
  

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan speaks with Neil Hodson, multi-time CFO, COO and now Director of LMS Digital, about how finance leaders can take control of SaaS businesses under pressure. Neil shares how he tackled high churn and cash burn at FONN, reshaped the sales and marketing model around contribution and ACV, and turned the business into a retention-led, profitable SaaS platform that successfully exited to Access Group.

From applying his “as-is to to-be” framework, to demanding ROI on every pound spent, Neil explains how CFOs can move beyond spreadsheets to lead commercial change, safeguard cash runway, and always stay exit-ready.

Key Takeaways:

• How to assess your “as-is” reality and model the “to-be” plan that investors expect.
• How to fix churn and cash burn by reshaping sales and marketing around contribution and ACV.
• How to enforce ROI discipline so every pound spent drives retention and growth.
• How to stay exit-ready by building forecasts, governance, and visibility into unit economics.

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan speaks with Bob Gold, Veteran CFO and PE Specialist, about his battle-tested approach to unlocking cash and stabilising businesses: the “War on Working Capital.”

Bob breaks down how he takes day-one ownership of cash, sets up visual wallboards for AR, inventory, and AP, and drives cross-functional accountability through rapid standups. He shares lessons from 9 CFO seats across PE-backed and public companies, including why EBITDA can mislead operators, how to structure a practical 30/60/90 plan, and why the best CFOs act like operators, not bookkeepers.

Key Takeaways:

• Start with cash. Day 1 for any CFO is mapping sources and uses, tightening forecasting, and ensuring the business has liquidity before anything else.
• Run a “War on Working Capital.” Use wallboards and 30-minute standups to make AR, inventory, and AP visible, assign ownership, and enforce countermeasures.
• Build cross-functional accountability. Customer service, procurement, and payables must each own their piece of working capital. Finance can’t do it alone.
• Measure what matters. Cash flow is the most accurate KPI; EBITDA (especially adjusted EBITDA) often obscures the true health of the business.

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan speaks with Michael Vigario, CFO of ACT Group (North America), about what it takes to scale as a finance leader across startups, fintech, and PE-backed billion-dollar enterprises. Michael shares how he built world-class finance and operations teams from scratch, the discipline needed to earn investor trust, and how to balance growth ambitions with rigorous controls. From his leap into a six-person fintech startup to leading a $3B SaaS business, Michael’s lessons cut through theory and focus on execution, communication, and credibility with investors.

Key Takeaways:

• Build finance teams in the right order: accounting first, operations second, FP&A third.
• In VC-backed startups, growth is king, while in PE-backed firms, discipline and reporting rigour rule.
• Data integrity and system integrations make or break exit events.
• Technical control and crisp communication separate successful PE CFOs from the rest.
• Environmental markets are scaling fast, with ACT Group positioned at the forefront of carbon, renewables, and digital climate solutions.

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan Thompson speaks with Blaine Fitzgerald, CFO at Kinaxis and former VP Finance at Shopify, about what it takes to drive sustainable, capital-efficient growth in today’s market.

Blaine breaks down how he applies the Rule of 40 to balance growth and profitability, why AI is a financial lever, and how CFOs can build investor confidence through operational clarity and credible guidance. From build-buy-partner decisions to AI-enabled forecasting, this is a masterclass in modern CFO leadership.

Key Takeaways:

✔️ Why every CFO needs to build a high “trust battery” with investors and internal teams

✔️ How to apply the Rule of 40 to prioritise sustainable, profitable growth

✔️ Practical AI use cases in finance and supply chain that deliver immediate ROI

✔️ The build–buy–partner framework Kinaxis uses to scale efficiently

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]

In this episode, Dan Thompson sits down with Sun Choi, consulting CFO, operator, and angel investor, who’s helped multiple B2B SaaS companies scale and exit. From both strategic and private equity deals. Sun shares the real KPIs buyers care about, what separates sponsor and strategic due diligence, and how to avoid the pitfalls that derail exits.

He breaks down the importance of clean books, go-to-market efficiency, and board alignment and shares a a hard lesson on complacency from a deal that went sideways and what CFOs should learn from it.

Key Takeaways:
✔️ What PE and strategic acquirers want to see in your metrics

✔️ Why forecasting beyond your track record will get flagged fast

✔️ How to avoid due diligence landmines with clean, automated reporting

✔️ The metrics that matter: NDR, CAC payback, burn ratio, ARR per FTE

✔️ A firsthand story of how complacency lost a deal 

Subscribe to the Next Exit podcast.

Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/

Send podcast guest pitches to: [email protected]