A CFO’s First 100 Days – A Playbook by Seven-Time CFO Stephen Grist

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Oct 3, 2024

Stephen Grist, a seasoned seven-time CFO, shares invaluable insights from his extensive career. He reveals essential tasks for CFOs during their first 100 days, such as assessing teams and understanding cash flow. The importance of a robust FP&A team is highlighted for company forecasting and preparing for exits. Stephen discusses the intricacies of managing global teams with cultural sensitivity and building critical relationships. He also offers practical advice on balancing internal projects with customer-funded initiatives and navigating technical debt. Tune in for expert tips and engaging stories!

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ADVICE

First 100 Days as CFO

Assess your team and decide who stays and who goes.
Understand your cash flow drivers and working capital.

ADVICE

Cash Flow Management

Understand your company's cash flow nuances.
Optimize payment terms with customers and suppliers.

ANECDOTE

Invoicing Change

Stephen improved cash flow by changing invoicing to annually in advance.
Salespeople initially resisted but customers accepted the change.

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In this episode, CJ interviews Stephen Grist, a seasoned seven-time CFO, to discuss what a CFO should aim to accomplish in their first 100 days at a company. Stephen provides an extensive playbook. He covers assessing and shoring up a team, understanding cash drivers, and implementing necessary systems and processes. He also emphasizes the importance of evaluating potential exit strategies from the start and the need for strong FP&A support. The conversation dives into how to approach your first board meeting as an incoming CFO and the critical relationships you should build. Stephen also shares insights into forecasting R&D spend and breaks down the allocation between incubating, investing, and maintaining products. He offers advice on developing internal projects versus customer-funded projects, managing technical debt, and determining R&D payback benchmarks. Having led global teams, Stephen shares tips for building cross-border centers of excellence and discusses some of the challenges faced in such environments. Tune in for one of the most fascinating stories the podcast has featured to date, along with Stephen's expert advice and engaging storytelling.

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@cjgustafson222 (CJ)

@Sjgrist (Stephen Grist)

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TIMESTAMPS:(00:00) Preview and Intro(02:16) Sponsor – Maxio| Leapfin(04:56) A CFO’s First 100 Days at a New Company(10:49) Building a Finance Team Versus Joining One(13:48) Sponsor – NetSuite | Mercury(15:31) The Need for an FP&A Team and Storytelling(19:16) How to Approach Your First Board Meeting(20:49) Important Relationships to Invest in as a New CFO(24:47) Puzzel’s Structure Within the Development Organization(26:22) Internal Research Versus Customer-Funded Development(29:17) Investing in Technical Resources(32:12) Deciding to Sunset Products(34:21) R&D Payback Periods and Benchmarks(36:06) Squaring Up Technical Debt(38:02) Tips for Building Centers of Excellence Abroad(42:53) Functions Most Commonly Moved Abroad(43:56) A Fascinating Anecdote About Managing Cross-Border Teams(47:00) Long-Ass Lightning Round: The French VAT Department(48:29) Waiting for the Right Role(49:13) Puzzel’s Current Digital Transformation(50:28) Craziest Expense Story: Breast Reduction Surgery

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