The F Suite

For the CFOs and aspiring CFOs out there, The F Suite jobs and recruitment newsletter just dropped! (link to the email in the comments) Some Opportunity highlights: —CFO @ Public Clinical-Stage BioTech Company  —Head of Finance @ Series A ($200M+) AGI Company  —CFO @ Series D ($90M+) SaaS Company  —VP Finance & Operations @ $1B+ AUM VC Fund  —CFO @ PE-Backed Data/IT Services Company ...and so much more. #Fsuite #cfo #jobs

The best CFOs know bad news ages poorly. “Communicating with your board is like navigating a relationship with your spouse,” explains Eric Vishria, a General Partner at Benchmark. The Art of Board Communication: ↓ 1. Honesty is non-negotiable. Be transparent, even when it's uncomfortable. 2. Good news travels fast, bad news should travel faster. Don't sit on problems. Address issues head-on and early. 3. Don't just state facts, invite dialogue. Present options, seek input, and engage in meaningful discussions. In today's volatile market, laying out different scenarios is crucial: "We looked at a 20% growth plan that generates 10 points of margin, and a 15% growth plan with different outcomes. Here's our recommendation and why." This approach: • Leverages the board's expertise • Demonstrates thorough analysis • Invites valuable feedback Remember: Boards don't respond well to being mere spectators. How do you actively engage your board?

Earlier this year, The F Suite merged with the Seattle Tech CFO group, and welcomed more than a hundred new CFOs to our community. And we were fortunate enough to meet a few of you face to face at our latest Seattle dinner, last week at the Capital Grille. The dinner was hosted by no other than Evan Fein, CFO of TextNow, Global Chair of The F Suite, and an extraordinary connector of tech CFOs – Evan founded the Seattle Tech CFO group and has been instrumental in guiding the merger with The F Suite to form the largest network of senior CFOs in tech. Huge thanks to our sponsor for the evening, Summation, and sponsor speaker Ian Wong, Summation's co-founder and CEO. Evan and Ian guided the group in an engaging conversation around "The Many Hats We Wear," exploring how CFOs are navigating the increasingly broad scope of their roles, from legal and HR to IT, procurement, business development, and sales. Great to see you there: Aaron Martin, formerly CFO at Hiya Derek Schlicker, CFO/COO at BetterComp Fabien Mousseau, CFO at Truveta Joe Silver, CFO at Submittable Judd Lee, CFO at BrightEdge Lindsey Drake, CFO at GeoComply Michael Wang, VP Finance at Pachama Robert Madel, CFA, Head of Finance at BRINC Ryan Schafer, CFO at TCS World Travel Scott Javor, formerly CFO at DTG Recycle Sean Morishige, CFO at Tectonic Audio Labs Suresh Krishnaswamy, CFO at Leafly Wei Wang, CFO at Cequence Security We couldn’t be more excited about all the great developments ahead for this community… looking forward to next time! #thefsuite #seattletechcfo

What sets a top-performing CFO apart? In 2024, high-growth tech companies, innovative public companies and venture funds face unique challenges, which require a unique caliber of leader to navigate. At The F Suite’s 2024 National Summit, we’ll explore the topic of “The Agile CFO: Mastering Complexity in Modern Leadership” — and take a deep dive into everything that being a next-level CFO at a disruptive company requires. First up on the mainstage, we’re happy to introduce our featured speakers for the panel “Balancing the Unbalanced: Navigating Nuanced Demands”: Jeremy Hux, Chief Financial Officer, UPSIDE Foods Josh Marehbian, Chief Financial Officer, FabFitFun Katie Royce, CFA, Chief Financial Officer, ZenBusiness Pedro Bermeo, Partner, Davis Polk & Wardwell LLP This expert panel will discuss the crucial role that CFOs play in managing conflicting priorities while contributing to the broader vision. This year’s 2024 National Summit takes place Sep. 12-13 at the New York Stock Exchange and is open by invitation only to F Suite members who are CFOs at high-growth companies, public companies and venture funds. Learn more:  https://lnkd.in/gWi5v8Jh

The role of the CFO has undergone a seismic shift. In the era of free capital and zero interest rates, CFOs often found themselves relegated to the sidelines, simply reporting the score, explained Eric Vishria of Benchmark at this year’s F Suite Leadership Summit. "Hey, it's 18-12!" he said. But those days are over. Now, CFOs can't afford to sit in the stands. They need to be on the field, making calculated trade-off decisions in real time. Why the change? ↓ 1. Resource Constraints: Companies that once operated at negative 40 points of operating margin are now pushing for break-even. Every dollar counts. 2. Zero-Sum Game: It's no longer about funding every project with a positive ROI. Now, it's about choosing between competing priorities. 3. New Territory for Leadership: Many CEOs and founders are navigating these trade-offs for the first time. They need a strategic financial partner. The most effective CFOs have adapted to this new reality. They're: • Developing new ways to analyze business performance • Helping teams make better investment decisions • Creating frameworks to evaluate ROI across different initiatives What changes has your org made this year?

As CFOs, we often feel pressured to be experts in every aspect of our organization's financial picture. However, the most successful finance leaders understand that true effectiveness lies not in being a jack-of-all-trades but in mastering the art of delegation. Dan Springer, a seasoned executive and board member at Docusign, shared a valuable insight at The F Suite Leadership Summit. "Really going deep on something like an accounting standard, that's not where the CFO is gonna add value," he explains. As a leader, you’ll feel tempted to dive into every detail of financial operations, but it's a path that can lead to diminished effectiveness and missed opportunities. So, how can you become a better delegator? 1. Identify your strengths: Understand where your unique value lies. Is it in strategic planning, investor relations, or driving organizational change? Focus your energy on these areas. 2. Build a complementary team: Hire individuals who excel in areas where you may not be as strong, such as technical accounting, financial analysis, and other specialized skills. 3. Foster a culture of trust and accountability: Empower your team to take ownership of their areas of expertise. Provide guidance and support, but resist the urge to micromanage. 4. Develop your conceptual understanding: While you don't need to be an expert in every financial detail, maintain a solid grasp of key concepts. This allows you to ask insightful questions and provide meaningful oversight. 5. Encourage collaborative problem-solving: When faced with complex issues, bring your experts together and facilitate discussions. This approach often leads to better solutions without getting bogged down in details. As a CFO, you don’t need to be a specialist in every domain. You must attract (and retain) experts who are.

For CFOs, there are horses for different courses. That's what Dan Springer, former CEO and Board Director at Docusign, recently shared at The F Suite Leadership Summit. Some CFOs are strategic visionaries who thrive on big-picture thinking. Others are great operators who find their groove in the day-to-day intricacies of financial management. These different CFO personas often align with various stages of a company's growth. → An early-stage startup might benefit more from a strategic visionary who can help chart a course for rapid expansion. → More established companies entering a phase of operational optimization might need a CFO with strong day-to-day management skills. The key is recognizing your strengths and finding opportunities that align with them. "When I started, I tried to do everything. But I quickly realized that wasn't sustainable," explains the CFO of a high-growth medtech company. "I know I'm not a technical accounting expert, so I've hired a top-notch controller who excels in that area. My role is to support them, provide strategic direction, and ensure they have the necessary resources to succeed." Recognizing your strengths is just the first step – the real challenge is building a team that complements your abilities and fills in the gaps. Each team member, including yourself, has a sweet spot. What type of CFO do you consider yourself to be, and how has this aligned with your company's growth stage? How have you adapted your leadership style as your organization has evolved? ↓ Share in the comments.

CFOs are staring down the barrel of an AI revolution. 4 ways to implement AI in your role: ↓ 1. Efficiency: AI excels at automating routine tasks. For instance, the CFO of a large, global reinsurance firm recently shared that her team uses bots to convert broker statements into processable data formats. 2. Expansion: AI opens doors to new markets. It can identify trends and patterns that lead to new product development or market entry strategies. Use it to synthesize complex data. 3. Effectiveness: AI enhances accuracy and decision-making. In a recent virtual panel, the leader of a finance department at a high-growth SaaS company shared how he implemented an AI-based solution for FCPA compliance, flagging potential risks in real-time. 4. Disruption: This is where AI shines, enabling companies to launch new business models and revolutionize their existing offerings. Partnering with the right vendors is crucial. Look for those who are proactive in leveraging AI to improve workflows and features. "At the end of the day, if vendors in your finance and accounting stacks aren't exploring how to leverage AI, what the heck are they doing?" asked one member of The F Suite. Remember, though, that while AI offers incredible opportunities, it's essential to balance technological advancements with human insights. The future CFO will be someone who can seamlessly integrate AI into their decision-making processes while also leveraging their team's strengths. How are you using AI in your role?

If you’re a CFO or GC considering an IPO within the next 18 months, chances are you’re already working on your IPO roadmap. What’s on your radar? Probably questions like… Is my company ready? Are our internal controls and corporate governance where they need to be? And perhaps most importantly, is this the right time — and the right choice? We’ll address all these questions and more in our main stage panel “You’ve Decided to IPO — Now What?” at our upcoming 2024 IPO Conference, October 9-10 at the Palace Hotel in San Francisco: https://lnkd.in/gAkP3C4f Jointly hosted by The F Suite and The L Suite (TechGC), the IPO Conference is uniquely designed to to prepare CFOs and CLOs at late-stage companies for a successful transition to the public markets. So… CFOs, bring your GC or CLO. GCs/CLOs, bring your CFO. With single and dual audience programming, there will be opportunities for both high-level strategy and diving deep. What else would you like to hear about at the IPO conference? Let us know in the comments.

For CFOs, trust is currency. Since the finance function touches every aspect of the business, trust is necessary to implement even the most minor changes in business strategy. So, how do seasoned CFOs build and maintain trust inside their organizations? “The Trust Equation” ↓ Part 1: Credibility Demonstrate how you have the skills and knowledge for the job. Don’t boast. This is about showing people you have the background and experience to elevate their organization. Part 2: Reliability Small commitments matter. When you promise something, deliver it. Seemingly minor actions accumulate into dependability. Part 3: EQ The goal isn’t to become friends with everybody. But you want to create an environment where people feel safe. Practice active listening. Tailor your communication style to each team member. Part 4: Self-Awareness Check to make sure your decisions align with the company's goals, not just your own. Explain your reasoning and demonstrate how your choices support your org’s objectives. Building trust as a CFO is an ongoing process - over time, it compounds. What are your trust-building tactics?