Riveron’s Role Preparing Companies to Go Public

In this episode of Run the Numbers, CJ sits down with Jeff Bernstein, managing partner at Riveron, to unpack what really happens when a company decides it might be time to go public. Jeff draws on his experience across banking, hedge funds, operating roles, and advisory work to break down IPOs, dual-track processes, and the surprising realities behind price discovery—including why a 20x-oversubscribed book isn’t what it seems. He also dives into the re-emergence of SPACs, what’s different this time, and the key considerations CFOs should weigh before choosing that route. From IPO-readiness must-haves to building the muscle memory needed for public-company life to the sketchiest EBITDA adjustment he’s ever seen, Jeff brings stories, frameworks, and hard-won lessons for any finance leader thinking about the road to the public markets.

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LINKS:

Jeff Bernstein on LinkedIn: https://www.linkedin.com/in/jeff-bernstein-498a23158/

Company: https://riveron.com/

CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/

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

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Grindr’s $0 CAC Secret from the CFO Who Launched Disney+ | Vanna Krantz

https://youtu.be/ijFIMmtpLNw

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TIMESTAMPS:

00:00:00 Preview and Intro

00:02:59 Sponsors – Tipalti, Aleph, Fidelity Private Shares

00:06:20 The Mechanics of Going Public at Riveron

00:09:59 The State of Tech Capital Markets

00:11:19 Comparing the Internet, Mobile, and AI Waves

00:14:11 Understanding Dual Track Processes

00:15:34 Sponsors – Metronome, Mercury, RightRev

00:19:35 Why Companies Choose to Go Public or Sell

00:23:02 Why Price Discovery Is Harder in Today’s Market

00:26:05 The Pros and Cons of Direct Listings

00:29:16 Balancing Fairness Between Employees and Investors

00:30:47 Inside the IPO Pricing Process

00:34:26 How Banks and Investors Game Allocations

00:41:22 The Return of SPACs and Why They’re Back

00:43:46 Key Considerations for CFOs Evaluating SPAC Mergers

00:47:53 The Most Successful SPACs to Date

00:49:00 Building Public Company Readiness

00:52:03 Developing Muscle Memory for Quarterly Reporting

00:55:31 The CFO’s Role as Chief Communicator

00:57:47 Long-Ass Lightning Round – Overhyped Metrics and Sketchy EBITDA

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SPONSORS:

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

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.

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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.

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#RunTheNumbersPodcast #IPOmistakes #CFOinsights #SPACs #FinanceLeadership

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