In this episode of FP&A Tomorrow, host Paul Barnhurst welcomes Alex Holt, the CFO of Milo’s Hamburgers, to discuss the intersection of finance, business operations, and growth. Alex shares his journey from public accounting to the food service industry, offering insights into the challenges of managing finance in a family-owned, fast-growing restaurant chain. He also discusses the unique dynamics of budgeting, forecasting, and providing advice for aspiring finance leaders.
Alex Holt is the CFO of Milo’s Hamburgers, a beloved 23-unit fast-food chain known for its iconic burgers and sweet tea, based in Alabama. With experience as the Executive Vice President of Finance at Capstone Communities and a background in real estate, Alex brings a wealth of knowledge in finance, data visualization, and process improvement. He is passionate about making data useful and has a strong focus on enhancing financial operations.
Expect to Learn:
- How the role of FP&A extends beyond reporting to driving business change.
- The unique challenges of managing finances in a growing, family-owned restaurant chain.
- The importance of process improvement and documentation when scaling operations.
- How Alex uses technology to improve efficiency and communication.
- Key metrics and strategies for managing finance in the restaurant industry, including labor and food costs.
Here are a few quotes from the episode:
- "I use ChatGPT every day for communication, summarizing information, and even Excel formulas. It's a great productivity tool." - Alex Holt
- "If accounting is reporting what happened, great FP&A is about understanding the why behind the business activities." - Alex Holt
- "Great FP&A is about pulling insights from what's going on in the business and using that to drive change." - Alex Holt
Alex shared valuable insights on what makes a great FP&A professional, the importance of process improvement in a growing company, and how technology can enhance financial operations. His practical advice on managing costs, forecasting, and building consensus provides key takeaways for aspiring finance leaders.
Corporate Finance Institute:
You know the numbers. Now it’s time to own the story.
The new FP&A Professional (FPAP) Certification from CFI is built for finance professionals who want to lead with insight-not just report the data.
Learn more at: https://corporatefinancialinstitute.pxf.io/c/6003589/3067930/23723
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Earn Your CPE Credit
For CPE credit, please go to earmarkcpe.com, listen to the episode, download the app, answer a few questions, and earn your CPE certification. To earn education credits for the FP&A Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.
In Today’s Episode
[04:02] - What Does Great FP&A Look Like?
[06:28] - Alex’s Transition to CFO at Milo’s Hamburgers
[08:13] - The First 90 Days as CFO
[14:36] - Using AI in Daily Operations
[16:14] - Standardizing Processes for Growth
[23:44] - Expense Ratios in Fast Food
[25:02] - Considering Franchising at Milo’s
[27:06] - Budgeting Horizons in Real Estate
[30:45] - Advice for Aspiring CFOs
[36:57] - Soft Human Skill
[42:56] - Theme Song for Entering a Room
FP&A Tomorrow