The Real Eisman Playbook Why It’s So Difficult For Companies to Go Public: A CFO Explains the Process | The Real Eisman Playbook Episode 35
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Nov 24, 2025 Amy Butte, CFO at Navan and former CFO of the New York Stock Exchange, shares her experiences with IPOs and financial operations. She discusses the challenges and strategies for taking a company public, including the essential elements for IPO readiness. Amy highlights how Navan modernizes business travel and uses AI to enhance efficiency and reduce costs. She also offers advice for young professionals entering the workforce and shares insights on the importance of culture in career choices.
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Unexpected Fast Track At The NYSE
- Amy recounts joining the New York Stock Exchange as CFO after John Thain asked her to lead a transformation toward going public.
- She expected a five-year plan but found rapid industry consolidation forced a much faster, intense overhaul.
Why Public Status Matters Strategically
- Going public delivers branding, accelerated maturation, easier capital access, and acquisition currency.
- Amy says acquisition currency is crucial in consolidation-heavy industries to remain competitive.
The Budget Plug Discovery
- Amy describes discovering a budget 'plug' where numbers were adjusted to show profitability that didn't exist.
- She rebuilt budgeting and planning processes to create reliable, auditable financials before the IPO.