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
Aug 23, 2025 • 9min
Are Fractional CFOs a Grift?
The world of fractional CFOs is booming, but is it all just smoke and mirrors? Discover the common complaints and misconceptions surrounding these services. There's a critical need for startups to align their financial needs with the right CFO engagements. A checklist is shared to help founders navigate this complex landscape and avoid potential pitfalls. Plus, learn about an innovative ERP solution that’s transforming finance functions for modern teams. Tune in for insights that could redefine your investment in financial leadership!
Aug 21, 2025 • 1h 21min
From $500M Losses to $500M Profits: The CFO Who Helped Major League Baseball Win off the Field
In this conversation, Jonathan Mariner, former CFO of the Florida Marlins and MLB, shares his insights on the financial rollercoaster of professional sports. He discusses how the MLB transformed its fortunes from $500 million in losses to profits, driven by new financial strategies like a luxury tax. Mariner dives into the evolving value of franchises, the impact of streaming on broadcasting, and the challenges of merchandising and international expansion. His journey from basketball to baseball offers a unique perspective on navigating the competitive landscape of sports finance.
30 snips
Aug 18, 2025 • 1h 6min
Inside the $5B Plaid Deal That Never Happened and the Massive Business Model Transition That Did
In this engaging conversation, Jason Pate, Chief Strategy Officer at Plaid, who played a pivotal role in Visa's $5 billion acquisition attempt, shares insider insights on why the deal fell through amidst pandemic pressures and regulatory scrutiny. He discusses Plaid's transformation into a thriving network business that fuels major fintech players. Jason emphasizes the significance of understanding customer P&L, the evolution of data-driven business models, and the art of negotiation, all while weaving in personal anecdotes and lessons from the world of sports.
5 snips
Aug 16, 2025 • 7min
Emergency Capital Markets Update: Stubhub IPO (Take 2)
This discussion delves into StubHub's upcoming IPO, highlighting the contrast between favorable market conditions and the company's declining performance. Experts analyze the intricate dynamics of timing versus actual results in public offerings. Is market sentiment king, or does performance take precedence? The implications for companies preparing to go public are significant, raising questions about strategy and timing in uncertain financial landscapes.
14 snips
Aug 14, 2025 • 55min
Thinking About Adding Payments to Your Software Product? Listen to This First!
Andrew Mosawi from JMI Equity, an embedded payments expert, discusses key considerations for integrating payments into software products. He emphasizes knowing when you have the 'right to win' and building a strong infrastructure. The conversation covers the evolution of embedded payments, strategic advantages in customer retention, and common pitfalls companies face. Mosawi shares frameworks for sizing market opportunities and insights on revenue forecasting, reminding listeners of the complexities and opportunities within the payments landscape.
15 snips
Aug 11, 2025 • 59min
Having Gone Through Sh*t Is an Asset: Yext CFO’s Playbook for the Tough Times
Darryl Bond, CFO of Yext with a decade of experience, dives into transformative financial leadership. He emphasizes how navigating turbulent times has shaped his approach, prioritizing growth while tackling tough decisions. Darryl reveals the importance of relationship-building as a key to success and discusses how structured processes, like implementing deal desks, streamline operations. He shares lessons learned from mistakes in his early career and underscores the necessity of listening to customers for effective capital allocation.
Aug 9, 2025 • 8min
An Unholy Alliance
Dive into a riveting exploration of notorious alliances, from Whitey Bulger's connections with the FBI to the surprising ties between AI companies and venture capitalists. Discover how massive capital fuels AI innovation, similar to historical mobster dynamics. The discussion shines a light on Anthropic's recent valuation surge, reflecting the lucrative dance between tech and finance. Along the way, learn about an AI-first ERP solution that's transforming modern finance, making heavy tasks feel effortless.
Aug 7, 2025 • 1h 5min
How To Win at Early-Stage Sales (With the Guy Who Helped Take Snyk From $0 to $100M+)
Ethan Schechter, SVP of Global Sales and Customer Success at Qodo, previously scaled Snyk's revenue from zero to over $100M. He shares his insights on building a sales organization from scratch amidst the AI boom. Ethan discusses hiring strategies, the emotional rollercoaster of startup life, and the importance of over-communication in early-stage teams. He critiques LinkedIn’s cringe posts while exploring the nuances of discounting as a competitive strategy in the SaaS industry, all while emphasizing trust and adaptability in dynamic environments.
Aug 4, 2025 • 1h 6min
Your Company Is a Utility Function: Here’s How to Pull the Right Levers
Join Michaela Lehr, a seasoned FP&A leader and former CFO of ActionIQ, as she shares her unique approach of treating finance like a utility function. She dives into how CFOs can effectively manipulate levers like growth and gross margin without causing chaos. Michaela discusses the significance of sustainable revenue versus quick spikes and the rising trend of "experimental recurring revenue" in AI-driven products. Additionally, she emphasizes the importance of effective communication between finance and engineering teams to drive better financial decisions.
27 snips
Aug 2, 2025 • 12min
NEW DATA: Q2 Private Company Benchmarks
Explore the latest benchmarks revealing challenges for companies between $5M and $25M in revenue. Customer acquisition costs are rising, requiring longer payback periods. Many firms are now focusing on retention, with net dollar retention becoming critical for growth. Companies are tightening their belts, leading to a drop in burn multiples as efficiency gains importance. AI is reshaping search and operational strategies, prompting businesses to develop in-house tools instead of relying on traditional solutions.
