The Rise of Private Credit and Structured Debt

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

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com