Run the Numbers

The IPO market may be slowing down, but the discipline of operating like a public company has never been more important. In this episode, CJ is joined by Chad Gold, CFO of FullStory and veteran operator with previous stints at G2, SalesLoft, and Rubicon, to discuss how capital markets and financing strategies are shifting in real time. Chad explains why more companies are staying private longer, how the rise of private credit is changing the CFO toolkit, and why building IPO-ready discipline matters even if you never go public. The conversation also dives into one of his specialties—pricing models and sales incentives—covering how seat-based, usage, and blended structures influence rep behavior, comp plans, and long-term revenue quality, as well as how the wrong incentives can quietly derail a business. Finally, Chad reflects on lessons from his early career at Home Depot and how fundamentals from retail operations still inform his instincts in SaaS today.

—

LINKS:

Chad Gold on LinkedIn: https://www.linkedin.com/in/chadgold/

Fullstory: https://www.fullstory.com/

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics: https://www.mostlymetrics.com

RELATED EPISODES:

G2 CFO Chad Gold on Building A Durable Career as a Venture Backed Exec:

Big Systems Thinking for Building a Finance Org: Advice From a Zoom Hypergrowth Survivor:

—

TIMESTAMPS:

(02:14) Sponsors – Mercury | RightRev | Tipalti

(06:10) What’s New at FullStory

(09:22) Hypotheses, Data, and Unlocking Use Cases

(10:13) Early CFO Career and the Evolution of Data

(11:09) From Deterministic Models to Analytics-Driven Forecasting

(12:17) Cohorts, Segmentation, and Revenue Quality

(13:17) Why Companies Stay Private Longer

(15:28) Sponsors – Aleph | Rillet | Fidelity P.S.

(19:01) Capital Flows Into Hot Sectors Like AI and Cybersecurity

(20:20) More Companies Going Private Than Public

(21:41) Costs and Tradeoffs of Being Public

(22:46) Secondary Markets and Access to Top Companies

(24:14) Staying Private Longer and CFO Planning

(25:29) Keeping the Org Exit-Ready

(26:10) The Rise of Private Credit

(27:37) Banks vs. Venture Debt After SVB

(30:47) Pricing Models Across Chad’s CFO Roles

(35:47) How to Incentivize Sales Reps Across Pricing Models

(43:26) Lessons From Home Depot + Lightning Round

—

SPONSORS:

Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com

RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo.

Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more.

Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run

Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics

Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off.

#CFOInsights #SaaSFinance #CapitalMarkets #IPOReady #RevenueStrategy #GrowthStageCFO

Check out Mostly Growth and get episodes early. Available on all platforms.

* YouTube

* Spotify

* Apple

AI may be changing how we work, but it’s also changing how we interact with software — and not always for the better. CJ and Kyle Poyar dig into the growing pains of product design, IPOs in weird markets, and the unexpectedly depressing world of startup networking.

* Navan IPO: Why a $613M company burning $80M is still pushing for an $8B valuation — and what it says about the state of software IPOs.

* Prompt Bars Are Everywhere: The rise of “blank box” UX, why every app suddenly looks like ChatGPT, and how that’s giving users prompt anxiety.

* Referral Programs: Ponzi Scheme?: Incentives are up, CAC is down — but is this growth channel actually sustainable or just marketing MLMs in disguise?

* When to Disclose AI-Generated: If your calendar link feels cold, wait until your AI avatar shows up in an ad. We debate where the ethical (and strategic) line is for AI transparency.

* Business Blunders:• Sad Dinners (CJ): Why every LinkedIn dinner photo looks depressing — and what it says about startup culture.• ChatGPT Bad Chart (Kyle): An incredible dataset ruined by a rainbow mess of tiny fonts and meaningless categories.

* Potentially Reliable Thing at 2AM:• Arnold Twins Revenue (CJ): The wild deal behind Arnold Schwarzenegger’s comedy debut — and how it made more money than Terminator.• Reese Witherspoon Book Club (Kyle): Viral influence, middle-of-the-night decisions, and what media we trust half-asleep.

* Pricing in the Real World:• CJ: Iced Coffee Variable Pricing: Starbucks, cold brew, and the surprising economics of how product pricing actually works day to day.

* Something We Tried This Week:• Kyle: Fyxer Virtual Assistant: A hands-on experiment with offloading operational drag — what worked, what didn’t, and what Kyle’s still skeptical about.

Today’s podcast is brought to you by Campfire.

You may know that we use Campfire as our ERP, and it’s been a game changer for our finance workflow. The interface is intuitive, migration was quick and painless, and it’s freed us up to focus on strategic work instead of manual processes. In case you don’t know, Campfire is an AI-first ERP powering next-gen finance & accounting teams. Helps you close fast, unlock insights and scale smarter.

If you’re curious about where finance tech is heading, and would like to hear more of my thoughts on the topic, don’t miss Campfire’s Finance Forward AI Summit - the upcoming summit bringing together the sharpest minds in finance and operations.

You’ll hear directly from industry leaders on how they’re using AI to shape the future of finance, and how your team can get ahead of the curve. I’ll be speaking on panels with finance leaders from Anthropic, Snowflake, Mercury and more. The summit is October 28th in San Francisco; I hope to see you there.

Sign up for the summit at campfiresummit.ai or learn more about Campfire at www.campfire.ai.

In the early days of a startup, forecasting isn’t about nailing the numbers, it’s about setting the course. In this episode, the world’s most interesting CFO describes the art of “Cowboy forecasting” and how this back-of-the-envelope model can be far more valuable than a complex simulation. Kevin Drost started his career as a musician and talent scout for Sony before becoming the chief strategy officer of the music gear marketplace Reverb. Now, as the CFO of New Era ADR, he explains how the company is disrupting the notoriously expensive legal industry by replacing the billable hour with flat fees, and making dispute resolution faster and more predictable for businesses. The conversation also covers why simplicity often beats complexity in financial modeling, how a hands-on understanding of the product and customer builds real financial confidence, and how finance teams can empower every employee to understand and drive the business.

—

LINKS:

Kevin Drost on LinkedIn: https://www.linkedin.com/in/kevindrost

New Era ADR:

https://www.neweraadr.com

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

https://www.mostlymetrics.com

RELATED EPISODES:

Secrets to Scaling a Marketplace Business with Jack Greco, VC and Co-founder of ACV Auctions —

—

TIMESTAMPS:

(00:00) Preview and Intro

(02:40) Sponsor – Aleph | RightRev | Navan

(07:18) Kevin’s Music Background & A&R at Sony

(12:09) Record Labels Versus Venture Capital

(17:01) Sponsor – Rillet | Pulley | Brex

(20:53) Finding Motivation After Success

(21:34) Building Reverb & the Etsy Acquisition

(25:33) Stacking Skillsets & Interests

(27:11) Cowboy Forecasting at Reverb

(32:01) The Importance of Simplicity in Forecasting in the Early Stages

(35:46) The Art and Science of Making Estimated Guesses

(41:42) Building Firsthand Customer & Product Knowledge

(45:36) Teaching Finance Across the Company

(50:44) New Era ADR & Legal Industry Disruption

(57:35) Legal Strategy Versus Financial Strategy

(1:01:30) How New Era Gets Parties To Use the Platform

(1:05:27) Other White Hot Use Cases for New Era ADR

(1:09:25) The Long Ass Lightning Round: Kevin’s Biggest Mistake

(1:12:41) Advice to a Younger Self

(1:14:01) Finance Software Stack

(1:15:21) Life as an A&R Rep

—

SPONSORS:

Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalized demo at https://www.getaleph.com/run

RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit

https://www.rightrev.com

and schedule a demo.

Navan is the all-in-one travel and expense solution that can give you access to exclusive, proprietary Nasdaq-validated data that reveals what’s happening with corporate travel investments. See the Navan Business Travel Index at https://navan.com/bti.

Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics.

Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetrics.

Brex offers the world’s smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus, they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Find out more at https://www.brex.com/metrics

#CowboyForecasting #FinanceLeader #StartupFinance #LegalTech #StartupForecasting

In a world increasingly dominated by software and automation, how vital are human relationships in banking and finance? In this episode, CJ sits down with Meghan McKenna, founder of Females in Finance (FIF) and a seasoned banker with experience at JPMorgan, HSBC, and Stifel, to explore how trusted connections continue to drive success. As a community builder and banker, Meghan has a unique perspective on the intersection of human connection and capital markets. She explains the philosophy behind her community, which is based on generosity and genuine connection rather than a transactional mindset, and how this has become her competitive advantage. The conversation also covers sales as an essential leadership skill, the rise of the modular banking stack, changes in private credit, the evolving ERP landscape, how a personal touch proved invaluable during the SVB crisis, and career lessons Meghan learned along the way.

—

LINKS:

Meghan McKenna on LinkedIn: https://www.linkedin.com/in/meghan-curtin-mckenna-%F0%9F%94%A5-66a5022b/

FIF Collective:

https://www.fifcollective.com

Meghan McKenna email: [email protected]

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

https://www.mostlymetrics.com

RELATED EPISODES:

Venture Debt for Growth With Ruslan Sergeyev of Hercules Capital —

The One Use Case for Venture Debt That Most Founders Never Think About —

—

TIMESTAMPS:

(00:00) Preview and Intro

(02:30) Sponsor – RightRev | Navan | Rillet

(06:41) Connecting People as a Skill

(08:03) Sales as an Essential Leadership Skill

(12:07) The Power of In-Person Community & Events

(14:39) FIF’s Ideal Customer Profile

(15:42) Sponsor – Pulley | Brex | Aleph

(20:05) The Evolution of the Banking Ecosystem

(22:00) Modular Banking Stacks and Fintech Challengers

(24:37) The Rise of Private Credit

(27:32) Banks Adapting to Companies That Stay Private Longer

(30:06) Fintechs vs. Traditional Banks

(31:54) Current Trends in AI and ERP in Finance

(35:07) Importance of Human Relationships When Software Fails

(36:09) Reflecting on the SVB Bank Run & Facing New Risks in Tech

(37:59) Building a Personal Brand in Finance

(39:42) Community Spirit, Giving Back, & Sharing Your Network

(43:25) Meghan’s Early Career and Mentors

(46:15) Long-Ass Lightning Round: Staying Too Long in a Role

(47:49) Advice to Younger Self

(48:24) A Memorable Deal & Client Story

(50:07) Wrap

—

SPONSORS:

RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit

https://www.rightrev.com

and schedule a demo.

Navan is the all-in-one travel and expense solution that can give you access to exclusive, proprietary Nasdaq-validated data that reveals what's happening with corporate travel investments. See the Navan Business Travel Index at https://navan.com/bti.

Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics.

Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetrics.

Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus, they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Find out more at https://www.brex.com/metrics

Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run

#FemalesInFinance #FinanceLeadership #BankingInnovation #Networking #FinanceCommunity

AI was supposed to make software cheaper and companies more efficient. Instead, costs are exploding, CFOs are getting squeezed, and founders are pushing their teams harder than ever. CJ and Kyle Poyar dig into the economics behind AI, usage-based pricing, and what all of this means for SaaS growth.

* Usage-Based Credits: Why they’re supposed to save SaaS margins but often trap customers in bad deals.

* 996 Hustle Culture: The rise of 9 a.m.–9 p.m., 6-days-a-week work schedules — and why it’s both romanticized and unsustainable.

* SaaS Payback Periods: Public companies now take 3+ years to recoup CAC, with growth slowing and margins tightening.

* Go-to-Market Engineers: Hype vs. reality of the “unicorn hire” role meant to automate GTM motions.

* Consumer Businesses: Are we sleeping on DTC plays like Blue Apron and ButcherBox while chasing AI trends?

* The “Cracked Engineer” Archetype: Why the most impactful hires might be the failed founders who love solving cross-functional problems.

* Subscription Carwashes: What they teach us about predictable revenue and retention psychology.

* More RVs Than EVs: What this surprising stat says about adoption curves and how we misread “the future.”

* This Week’s Growth Experiments: The tools, tactics, interview questions, and hacks we tried — what worked, what didn’t, and why Kyle is disillusioned by some of them.

Today’s podcast is brought to you by Campfire.

You may know that we use Campfire as our ERP, and it’s been a game changer for our finance workflow. The interface is intuitive, migration was quick and painless, and it's freed us up to focus on strategic work instead of manual processes. In case you don't know, Campfire is an AI-first ERP powering next-gen finance & accounting teams. Helps you close fast, unlock insights and scale smarter.

If you’re curious about where finance tech is heading, and would like to hear more of my thoughts on the topic, don’t miss Campfire's Finance Forward AI Summit - the upcoming summit bringing together the sharpest minds in finance and operations.

You’ll hear directly from industry leaders on how they’re using AI to shape the future of finance, and how your team can get ahead of the curve. I'll be speaking on panels with finance leaders from Anthropic, Snowflake, Mercury and more. The summit is October 28th in San Francisco; I hope to see you there.

Sign up for the summit at campfiresummit.ai or learn more about Campfire at www.campfire.ai.

The venture capital landscape is evolving, and a founder’s choice of fund size and partner could make or break their business. In this episode, CJ sits down with Kyle Harrison, General Partner at Contrary and writer of the Substack Investing 101, to make sense of the changing incentives and power dynamics in the field of venture capital. He explains how capital agglomerators and cottage keepers are playing dramatically different games, how the ethics of backing competitors have changed since the advent of AI, why a fund's size is its strategy, and what the potential pitfalls of dilution could be for founders. The conversation also covers why the line between hype and tangible business value in AI is so blurry, the role of narrative as an economic driver, and why the most valuable thing a VC can offer might just be "borrowed credibility.”

—

LINKS:

Kyle Harrison on LinkedIn: https://www.linkedin.com/in/kyle-harrison-9274b278/

Contrary:

https://www.contrary.com

Investing 101:

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

https://www.mostlymetrics.com

LINKS MENTIONED:

* “The Unholy Trinity of Venture Capital”:

* “The Horse, The Jockey, or The Whole Race?”

* Endowment Eddie on X (@endowment_eddie): https://x.com/endowment_eddie

* “Institutionalized Belief In The Greater Fool”:

* “The Unbundling of Venture Capital”:

* “The Productization of Venture Capital”: https://kwharrison13.com/essays/the-productization-of-venture-capital

—

TIMESTAMPS:

(00:00) Preview and Intro

(02:23) Sponsor – Navan | Rillet | Pulley

(07:13) VC Models: Cottage Keepers Versus Capital Agglomerators

(11:16) Balancing Taking On Money and Finding Great Investments

(16:35) Sponsor – Brex | Aleph | RightRev

(20:54) Founder-Friendliness: The Ethics of Backing Competitors

(26:33) When Fund Size Sabotages Outcomes

(32:32) The Sins of Omission Versus Commission

(36:02) The Dilution Trap for Operators in Venture-Backed Companies

(38:17) Underestimating the Magnitude of the Outcomes

(40:35) AI Hype, Valuation, and Real Business Impact

(45:37) Market Psychology: Narrative and Story As Economic Drivers

(48:21) Valuation: Cursor and Windsurf

(52:50) The Unbundling of Venture Capital: What Founders Really Hire VCs For

(1:01:47) Things To Consider When Choosing a VC

(1:04:35) FTX Lessons & Compounding Growth

(1:10:02) Kyle’s Predictions for the Future of VC

—

SPONSORS:

Navan is the all-in-one travel and expense solution that can give you access to exclusive, proprietary Nasdaq-validated data that reveals what's happening with corporate travel investments. See the Navan Business Travel Index at https://navan.com/bti.

Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics.

Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetrics.

Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus, they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Find out more at https://www.brex.com/metrics

Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run

RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo.

##VentureCapital #VC #Startups #Founder #FundSize

Facebook is undermonetized, TikTok poses an existential threat to Amazon, and ChatGPT has probably already captured most of Google’s high-value users. These are the opinions of today's guest, a venture capitalist deeply embedded in consumer networks and social product investing. In this episode, CJ chats with Turner Novak, the Founder and Managing Partner of Banana Capital, host of The Peel podcast, and a man who is known for his Twitter threads and podcast interviews as much as he is for his impressive portfolio. Turner breaks down the monetization models of some of the world's biggest platforms. Together, they discuss undervalued and overvalued business models, the long-term viability of subscription models, how platforms can identify and serve their highest-value users, and how to adapt acquisition strategies as AI reshapes the customer journey. Turner also reveals what excites him for future investments and the underestimated power of memes as a marketing tool.

—

LINKS:

Turner Novak on LinkedIn: https://www.linkedin.com/in/turnernovak

Turner Novak on X (@TurnerNovak): https://x.com/TurnerNovak

Banana Capital:

https://www.bananacapital.vc

The Peel: https://www.youtube.com/@ThePeelPod

thespl.it:

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

—

TIMESTAMPS:

(00:00) Preview and Intro

(02:09) Sponsor – Rillet | Pulley | Brex

(06:15) Turner’s Embarrassing Accounting Story

(08:10) How Turner Became an Accidental Influencer

(09:02) Monetizing Content

(12:22) How Turner Built His Media Platform

(16:02) Sponsor – Aleph | RightRev | Navan

(20:26) From Fantasy VC Portfolios to Podcasting

(24:30) Turner’s Main Business: Media Versus VC

(25:42) Monetizing Premium Experiences on Social Products

(30:27) Finding and Targeting High-Value Customers

(32:27) Memes as a Tool for Marketing

(36:10) Identifying High-Value Users and Opportunities

(41:00) Why Pinterest Is Undermonetized

(42:57) TikTok Versus Amazon for E-Commerce

(46:30) Is ChatGPT Coming for Facebook and Google’s Cash Flow

(48:36) Facebook as an Undermonetized Business

(54:24) The Long-Term Viability of Subscriptions

(1:00:31) Customer Acquisition in a Platform-Dominated World

(1:04:09) Paid Acquisition in the Era of AI

(1:06:23) The Increasing Cost of CAC

(1:08:59) What Turner Is Investing in Now

(1:15:25) Doing Hard Things as a Moat

(1:19:12) Wrap

—

SPONSORS:

Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics.

Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetrics.

Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus, they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Find out more at https://www.brex.com/metrics

Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run

RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit

https://www.rightrev.com

and schedule a demo.

Navan is the all-in-one travel and expense solution that can give you access to exclusive, proprietary Nasdaq-validated data that reveals what's happening with corporate travel investments. See the Navan Business Travel Index at https://navan.com/bti.

#VentureCapital #BusinessModels #GoogleVsChatGPT #ConsumerNetworks #SocialCommerce

It used to be that if you built a good company, showed solid growth, and had decent unit economics, you could go public. But today? The bar has been raised—big time.

Let’s take a trip through the last ~15 years of tech IPOs to put today’s market into context and zoom in on the most recent companies to go public.

* 2010’s: $100M is the Bar

* 2021: The Year of the Mega IPOs

* 2022-2023: The IPO Freeze

* 2024: The Rebound – But With a Higher Bar

* The New IPO Playbook

Today’s podcast is brought to you by Campfire.

You may know that we use Campfire as our ERP, and it’s been a game changer for our finance workflow. The interface is intuitive, migration was quick and painless, and it's freed us up to focus on strategic work instead of manual processes. In case you don't know, Campfire is an AI-first ERP powering next-gen finance & accounting teams. Helps you close fast, unlock insights and scale smarter.

If you’re curious about where finance tech is heading, and would like to hear more of my thoughts on the topic, don’t miss Campfire's Finance Forward AI Summit - the upcoming summit bringing together the sharpest minds in finance and operations.

You’ll hear directly from industry leaders on how they’re using AI to shape the future of finance, and how your team can get ahead of the curve. I'll be speaking on panels with finance leaders from Anthropic, Snowflake, Mercury and more. The summit is October 28th in San Francisco; I hope to see you there.

Sign up for the summit at campfiresummit.ai or learn more about Campfire at www.campfire.ai.

Is it too soon to leverage agentic automation to drive AI transformation, streamline workflows, and boost productivity in finance? And how do you calculate the ROI of AI? Today’s guest runs a high-functioning finance team at a company that's at the forefront of AI, where bonuses are tied to AI adoption. In this episode, CJ interviews Hitesh Ramani, Deputy CFO and Chief Accounting Officer at UiPath. After sharing wisdom from his years at Deloitte on the “muscle memory” that a company needs pre-IPO and mistakes to avoid after going public, he explains how his company is using its own technology to transform the finance function. He breaks down the difference between agents, robots, and workflows, describing what each does and how they interact. The conversation covers what it’s like to manage org charts that include humans and AI agents, how to hire for the future of tech-savvy finance teams, and UiPath’s vision for near-autonomous finance operations. Hitesh also reveals real-world AI use cases inside UiPath and offers lessons learned on embracing AI as a powerful productivity partner while maintaining trust and governance.

—

LINKS:

LINKS:Hitesh Ramani on LinkedIn: https://www.linkedin.com/in/hitesh-ramani-a4a78118/UiPath: https://www.uipath.comMeghan Curtin McKenna: https://www.linkedin.com/in/meghan-curtin-mckenna-%F0%9F%94%A5-66a5022b/ FIF Collective: https://www.fifcollective.comCJ on X (@cjgustafson222): https://x.com/cjgustafson222Mostly metrics: https://www.mostlymetrics.com

—

TIMESTAMPS:

(00:00) Preview and Intro

(02:04) Sponsor – Pulley | Brex | Aleph

(06:19) Going Public Versus Being Public

(09:50) The Need for a Company-Wide Operating Rhythm Pre-IPO

(12:30) Top Mistakes To Avoid Before Going Public

(16:01) Sponsor – RightRev | Navan | Rillet

(20:06) Common Foot Faults After Going Public

(23:57) Robots Versus Agents

(30:17) RPA Versus AI

(31:09) Agents & Workflows

(34:05) Accountability: Outsourcing Your Agency

(39:46) How To Measure ROI on AI

(45:06) Scaling With Robots & Agents

(48:15) Budgeting for People and Automation

(50:41) High-Impact Versus Low-Impact Ideas in AI Implementation

(53:36) Hiring & Developing Tech-Savvy Finance Talent

(57:36) Build Versus Buy & Building an Autonomous Workflow

(1:00:15) The Future of Autonomous Finance

(1:01:14) Use Cases for AI at UiPath

(1:03:18) Long-Ass Lightning Round: A Career Mistake

(1:04:25) Advice to Younger Self

(1:05:58) Finance Software Stack and the Future of In-House Systems

(1:10:14) Craziest Expense Story

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SPONSORS:

Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetrics.

Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus, they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Find out more at https://www.brex.com/metrics

Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run

RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo.

Navan is the all-in-one travel and expense solution that can give you access to exclusive, proprietary Nasdaq-validated data that reveals what's happening with corporate travel investments. See the Navan Business Travel Index at https://navan.com/bti.

Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics.

#AutonomousFinance #IPOJourney #AIinFinance #FutureOfFinance #AIAdoption

How do founders and finance leaders prepare for the sale of their company when the other side of the negotiating table does this every day? In this episode, CJ interviews David Siegel, Partner at Grellas Shah LLP, a Silicon Valley law firm that guides some of the biggest names in tech through their most significant raises and exits. David shares insights from countless deals, revealing what it really takes to prepare for a sale, negotiate with buyers, and manage conflicting advice from bankers and lawyers. He unpacks investor dynamics, deal timelines, and why the $150 million to $350 million valuation range is the “awkward middle.” The conversation also covers how companies can de-risk themselves before going to market, how to spot a bad banker, what critical pitfalls to avoid in Letters of Intent (LOIs), the emotional realities founders face when selling their “baby,” and the shifting power dynamics in today’s M&A landscape.

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LINKS:

David Siegel: https://www.linkedin.com/in/david-siegel-a271265

Grellas Shah:

https://grellas.com

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

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TIMESTAMPS:

(00:00) Preview and Intro

(02:06) Sponsor – Brex | Aleph | RightRev

(06:41) The Average Time To Close M&A Deals Today

(10:55) How To Start the Process of Selling a Company

(13:09) Being Realistic About Your Valuation

(15:13) Sponsor – Navan | Rillet | Pulley

(19:08) VCs Versus Acquirers

(20:12) The $150 Million to $350 Million Valuation Awkward Middle

(23:17) Investor Behavior and Founder Incentives in Deals

(24:59) The Banker Versus Relationship Route in Selling

(27:46) What Makes a Bad Banker

(28:43) PSA: Investment Banker Engagement Letters Are Negotiable

(34:43) LOIs: What Sellers Should Push To Include Before Signing

(39:43) What To Prioritise as a CFO in an LOI

(43:21) The Worst Case Scenario for Vague Networking Capital Targets

(46:22) De-Risking Your Company in the Eyes of an Acquirer

(49:17) How Acquirer Risk Aversion Derails Deals

(52:07) The Emotional Impact of Selling a Company

(55:32) The Rules of Negotiation

(57:19) Current State of M&A in Tech

(1:01:30) Wrap

—

SPONSORS:

Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus, they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Find out more at https://www.brex.com/metrics

Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run

RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit

https://www.rightrev.com

and schedule a demo.

Navan is the all-in-one travel and expense solution that can give you access to exclusive, proprietary Nasdaq-validated data that reveals what's happening with corporate travel investments. See the Navan Business Travel Index at https://navan.com/bti.

Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics.

Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetrics.

#TechAcquisitions #AcquisitionLaw #StartupExit #MergersAndAcquisitions #ExitStrategy