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
18 snips
Jun 21, 2025 • 14min
Preparing for Google Zero
The discussion centers on the drastic changes in search technology driven by AI, highlighting the repercussions for content creators. There’s a spotlight on ethical challenges linked to uncredited content and the need for innovative strategies in digital publishing. As Google’s influence wanes, the conversation emphasizes community engagement and diverse revenue models as essential for survival. It’s a call to action for businesses to rethink their approach amid this evolving digital landscape.
41 snips
Jun 19, 2025 • 56min
a16z’s Alex Immerman on the Evolving Role of the CFO in the Age of AI
Alex Immerman, a Partner at Andreessen Horowitz, dives into the shifting landscape of the CFO role influenced by AI. He emphasizes the necessity for CFOs to adopt a founder's mindset and leverage AI to reshape financial frameworks. Alex discusses the stark differences in metrics between AI-native and traditional SaaS companies, underscoring the significance of LTV to CAC ratios. He also shares insights on what makes exceptional CFOs, their dynamic with CEOs, and the transformative challenges they face as they prepare for IPOs in an AI-driven world.
51 snips
Jun 16, 2025 • 59min
The CFO As the Culture Leader: KPIs, OKRs, and Embracing Failure To Achieve Success
Bill Tole, CFO of TrustRadius, shares his insights on the critical role CFOs play in shaping company culture, particularly in software organizations. He discusses the importance of aligning Objectives and Key Results (OKRs) with team dynamics, emphasizing creativity and collaboration. Tole explains the difference between KPIs and OKRs and underlines how ambitious yet achievable goals foster innovation. He also introduces the Rule of 40 and highlights the necessity for financial literacy among employees to drive success.
Jun 14, 2025 • 9min
Saying the quiet part out loud
Dive into the world of unconventional business success as two CFOs share insights on profitable ventures outside the tech bubble. Discover surprising tales, like a rug-cleaning business raking in millions without the high-tech frills. Challenge the myth that SaaS is the only path to riches, and explore how traditional industries can thrive. The discussion critiques hustle culture and highlights the importance of tangible results over flashy pitch decks. It’s a reminder that success can be found in the gritty details of everyday businesses.
11 snips
Jun 12, 2025 • 1h 5min
Customer-First Finance: PagerDuty's Secret to “Small” Public Company Success
Howard Wilson, CFO of PagerDuty, brings a wealth of experience from his role as chief commercial officer. He shares insights on the unique challenges remote public companies face and how customer trust plays a pivotal role in financial transparency. The conversation dives into innovative financial practices, the importance of customer-focused metrics, and adapting to market shifts post-IPO. Howard also discusses the significance of empathy in leadership and collaborative finance teams, along with humorous anecdotes about quirky expense claims that lighten the mood.
7 snips
Jun 9, 2025 • 1h 7min
From $30M to Almost $1B: A Guide to Hypergrowth, IPO Prep, and Navigating the Public Market
Chirag Shah, CFO of Motive and a whiz at guiding firms through the IPO process, shares his expertise on scaling businesses from $30M to nearly $1B. He dives into the crucial signs that a company is ready to grow, the balance of growth and efficiency, and the pitfalls of expanding sales teams too quickly. Chirag also discusses the emotional rollercoaster of IPOs, achieving great valuations, and whether going public is the right move. His insights provide a roadmap for navigating the complex landscape of hypergrowth and public markets.
11 snips
Jun 7, 2025 • 51min
Bet on Yourself, and Putting in "Time on the Board" (CJ gets interviewed)
In this engaging discussion, Lilly Wyden, host of the Shared Narratives podcast, interviews CJ about his journey from investor to CFO. They delve into the power of newsletters for career advancement and speculate on whether Substack writers will soon need talent agents. CJ shares insights on the memeification of finance, making it more fun and accessible. The duo also discusses the potential effects of corporate gossip on content creation and the importance of authenticity in brand partnerships.
35 snips
Jun 5, 2025 • 60min
Wasted Capital and Where to Find It: The CFO’s Guide to Spoilage, Levers & Leakages
In this conversation with Russell Lester, CFO of Tropic, explore how finance leaders can uncover wasted capital and enhance growth strategies. Russell introduces concepts like "spoilage," where deployed capital fails to deliver value, and discusses how to identify "levers" that amplify efforts while tackling "leakages" that hinder progress. He shares insights on adopting effective spend management tools, aligns decision-making, and emphasizes the importance of daily data analysis for CFOs to thrive in today’s business environment.
53 snips
Jun 2, 2025 • 1h 7min
Carta’s Head of Insights on Dilution, Equity, and the State of the Market Right Now
Peter Walker, Head of Insights at Carta, shares his expertise on venture capital and private tech markets. He tackles the myths around founder ownership post-funding, discussing the ideal equity percentages founders should target. Peter sheds light on employee equity, the complexities of dilution, and the significance of understanding equity compensation. He also explores the evolving landscape of startup funding, including the rise of AI investments and the realities of navigating the startup ecosystem amidst market challenges.
8 snips
May 31, 2025 • 19min
Mostly Mailbag - May Audience Questions
This edition dives into a hilarious travel misadventure in Switzerland, combining mishaps with the nuances of international transit. The conversation shifts to OnlyFans, examining its staggering $8 billion valuation versus its revenue and the stigma surrounding it. Innovative customer acquisition strategies take the spotlight, as unconventional methods prove effective in a digital-centric world. They also tackle misconceptions about startup profitability and valuation, illuminating the complexities of the financial landscape.
