How Private Equity Partners Create Value

In this episode, CJ sits down with Brandon Sullivan, CFO at 2X, to unpack one of the most enduring tensions in business — the uneasy relationship between finance and marketing. From the myth of clean ROI to the chaos of martech spend, Brandon explains why measuring marketing impact is far harder than most CFOs think, and how spreadsheet logic can lead to bad decisions. He shares what it’s like to run finance inside a 1,200-person marketing org, why cutting too deep in downturns can backfire, and what it takes to actually bridge the gap between teams that speak different languages. Along the way, he reveals lessons from scaling 2X across time zones, building global reporting rhythms, and redefining how finance and marketing can finally pull in the same direction.

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LINKS:

Brandon Sullivan on LinkedIn: https://www.linkedin.com/in/brandonsullivan2x/

2X: https://2x.marketing/

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

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

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RELATED EPISODES:

From Facebook’s Hypergrowth to Daffy’s Disruption: A CFO’s Playbook for Saying Yes

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TIMESTAMPS:

(00:00:00) Preview and Intro

(00:02:28) Sponsor – Aleph | Rillet | Fidelity Private Shares

(00:05:55) Behind Enemy Lines: Finance Meets Marketing

(00:07:00) Why CFOs and CMOs Clash

(00:08:12) The Myth of Marketing ROI

(00:10:19) Why Marketing Is So Hard to Measure

(00:11:23) The Single Source of Truth Problem

(00:15:29) Sponsor – Mercury | RightRev | Tipalti

(00:19:35) The Three Buckets of Marketing Spend

(00:21:26) The Long-Term Cost of Cutting Program Spend

(00:23:27) How AI and ChatGPT Are Changing Marketing Attribution

(00:25:43) Building a Modern Finance Team

(00:27:55) The First-Time CFO Learning Curve

(00:31:05) From Solo Operator to Scaled Finance Org

(00:32:41) Why Weekly Reporting Beats Monthly Reviews

(00:40:10) Working with Private Equity Partners

(00:43:43) The Founding Story of 2X

(00:48:12) Running a Global Team Across Time Zones

(00:54:00) Long-Ass Lightning Round

(00:57:00) Advice to Younger Self

(00:58:58) Finance Stack and Craziest Expense Story

(00:59:58) Credits and Sign-Off

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SPONSORS:

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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.

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.

#RunTheNumbersPodcast #FinanceVsMarketing #CFOInsights #MarketingROI #BusinessStrategy

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