Run the Numbers
CJ Gustafson
Run the Numbers is a twice-weekly podcast about financial metrics and business models, designed for ambitious people operating tech startups. It's a collection of things host CJ Gustafson (CFO at Partstech and writer of Mostly Metrics) has learned and thought about in the trenches as a tech CFO.
This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself.
Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth. cjgustafson.substack.com
This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself.
Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth. cjgustafson.substack.com
Episodes
Mentioned books
Oct 23, 2025 • 1h 4min
Decoding the Psychology of Price in the Age of AI | Michael Stanisz
In this discussion, Michael Stanisz, Partner at Revenue Management Labs, reveals the shifting landscape of software pricing in the era of AI. He highlights how variable costs and usage-based models challenge traditional SaaS economics. Listeners will learn about commoditization of features, the significance of telemetry for pricing strategies, and the complications of outcome-based pricing. Michael shares insights on avoiding pricing pitfalls and the surprising value of on-prem customers, while recounting amusing anecdotes about outdated business practices.
5 snips
Oct 20, 2025 • 1h
Finance vs. Marketing: Who’s Really Right About ROI? | Brandon Sullivan
Brandon Sullivan, CFO at 2X, brings a wealth of experience bridging finance and marketing in a 1,200-person firm. He dives into the messy reality of measuring marketing ROI and how spreadsheet reliance can lead to erroneous decisions. He discusses the cultural clash between CFOs and CMOs and emphasizes the importance of aligning their goals. Sullivan shares insights on nurturing global teams, why cutting marketing spend can hurt long-term growth, and the game-changing role of AI in attribution. He also highlights the necessity of curiosity and adaptability in the CFO role.
Oct 18, 2025 • 47min
Inside the AI Feedback Loop: Nvidia, OpenAI, and the Bubble Building Itself
The hosts tackle the intriguing question of whether we are in an AI bubble, examining the intricate financial ties between Nvidia, OpenAI, and startups. They share entertaining stories of AI's successes and failures in real-world applications, particularly when automation mishaps occur. The debate heats up around AI resume screening and the implications for hiring practices. Plus, they discuss how AI adoption might be slowing down and analyze the clever monetization strategies emerging in this rapidly evolving space.
26 snips
Oct 16, 2025 • 1h 3min
Cash Flow, Control, and Company-Building with Ivan Makarov of Andreessen Horowitz
In this discussion, Ivan Makarov, Operating Partner at Andreessen Horowitz and former VP of Finance at Webflow, shares invaluable insights on building finance functions in startups. He highlights critical points like when to transition from outsourcing to hiring in-house finance, the evolving role of early finance hires, and the importance of cash management. Ivan also warns against common fundraising pitfalls and emphasizes the need for strong audit readiness. Plus, he dives into how modern finance tools enhance operations and the necessity of protecting against fraud.
10 snips
Oct 13, 2025 • 51min
Circular Finance, $1T Dreams, and the AI War for Talent with Joe Floyd of Emergence Capital
Joe Floyd, General Partner at Emergence Capital, dives into the reshaping of the venture landscape due to AI. He discusses the phenomenon of acqui-hires and the high salaries for AI engineers, dubbed 'boy band money.' The conversation explores the dynamic shifts in SaaS playbooks as AI lowers product-market fit barriers. Floyd also highlights the fiscal challenges of AI-native startups, such as negative gross margins, and speculates on the potential for a trillion-dollar private company emerging from this wave.
Oct 11, 2025 • 47min
How to Crush Your Keynote (Even If You’re Dying Inside)
Get ready for conference season with tips on nailing your keynote speech—like choosing the perfect walkout song! Discover what AI startups are really spending money on and the struggles of measuring AI ROI. The hosts dive into SaaS pricing strategies, including bundling AI features for higher prices. They also discuss quirky insights from late-night reads on sports and economics. Plus, hear about the fascinating architectural history behind Amsterdam's narrow houses and its relation to pricing dynamics.
5 snips
Oct 9, 2025 • 1h 3min
From Take-Privates to AI: Mapping the New Market Cycle with Scott Voss
Scott Voss, Managing Partner at HarbourVest, explores the evolving landscape of private and public markets. He highlights the rise of mega ventures like SpaceX, contrasting them with traditional firms. Voss dives into the surge of take-private deals, explaining the strategic pivot companies make when escaping quarterly pressures. He discusses the vital role of private credit as a market player and its implications for liquidity. Lastly, he sheds light on how AI deals are reshaping investment strategies, marking an exciting new phase in private equity.
12 snips
Oct 6, 2025 • 58min
From Credit Karma to Notion: CFO Rama Katkar on Leading Finance Through Every Growth Stage
Rama Katkar, the CFO of Notion and former finance leader at Credit Karma and Instacart, discusses building modern finance functions in fast-growing tech companies. She dives into Notion’s innovative pricing strategies and the importance of nurturing free users to drive growth. Rama shares insights on navigating M&A during turbulent times and outlines her forecasting framework for product-led growth. She emphasizes aligning product metrics with financial outcomes and the value of clear storytelling in finance.
Oct 4, 2025 • 57min
SEO’s Collapse, Job Hunt Grind & Cone King Bob
The conversation dives into the decline of traditional SEO, questioning if AI Engine Optimization can rescue traffic woes. The hosts tackle the relevance of the T2D3 growth model in the era of fast-paced AI startups and their dubious revenue claims. The tech job market is brutally competitive, with tips for candidates buried under heaps of applications. Board members are described as quietly disengaging as growth slows, and the trio humorously critiqued LinkedIn faux pas, making for a lively discussion on the state of modern business.
13 snips
Oct 2, 2025 • 57min
Running a Company Like It Could Go Public Tomorrow with CFO Chad Gold
Chad Gold, CFO of FullStory and a veteran in SaaS finance with previous roles at G2 and SalesLoft, shares his insights on operating like a public company. He discusses why companies are staying private longer and the impact of private credit on CFO strategies. Chad dives into evolving pricing models, emphasizing the influence of sales incentives on revenue quality. He also reflects on valuable lessons from his retail days at Home Depot that continue to guide his decision-making in SaaS today, blending operational rigor with intuition.
