Katy Doan - Episode 12

In this episode of The CFO Story, host Jason Lee and co-host Sami Abboud welcomed Brandon Buteaux from the Baker Group to discuss innovative approaches to improving company cash flow and bottom-line performance (Brandon Buteaux The CFO Story).Brandon shared his compelling journey from owning a concrete company (BAR - Brandon, Allie, and Ricky) to founding the Baker Group. His transition was sparked by personal experience with cash flow challenges when his concrete business was owed over a million dollars in unpaid invoices. This financial struggle taught him valuable lessons about securing assets and collecting payments.The Baker Group now specializes in helping companies recover unpaid invoices through a combination of contractual clause reviews, legal support, and process improvements. Brandon emphasized that cash flow issues affect businesses of all sizes, from small operations to large corporations, and his company has developed scalable solutions with nationwide standing contracts and collection attorneys.

In this episode of The CFO Story Catarina Serra, a former CFO with 24 years of experience in corporate America at companies including Microsoft, GE, Aramco, and Honeywell (Catarina serra The CFO Story Podcast).Catarina shares her remarkable journey from being a high-level CFO to becoming an entrepreneur in the health and wellness space. She discusses her long-standing passion for alternative healing, becoming a Reiki Master in 2013, and her discovery of frequency technology in 2022 that led her to open a wellness center.The conversation explores how this technology works to rebalance the body through frequencies, similar to "charging a phone," and its potential benefits for reducing chronic inflammation and stress - common issues for executives in corporate America.Catarina also reflects on valuable lessons from her corporate career, including the entrepreneurial spirit she gained at GE, cultural adaptability from her time at Aramco in Saudi Arabia, and how these experiences have shaped her approach to business ownership.The podcast highlights the challenges of transitioning from the structured environment of corporate leadership to entrepreneurship, emphasizing the need for self-motivation, flexibility, and resilience when facing obstacles. Catarina's inspiring philosophy of "not wanting to die with the music inside of her" underscores her commitment to pursuing her passion despite fears and doubts.This episode offers valuable insights for CFOs considering entrepreneurship and emphasizes the importance of health and wellness for corporate executives.

Doug Dillard, COO and former CFO, discusses his diverse career journey, emphasizing the importance of collaboration between operations and finance. He highlights his experience at Cosentino, a large surfacing company, and his transition to real estate development, where he helped grow a mortgage bank's monthly originations from $5 million to $150 million. Doug stresses the significance of having the right people in the right positions, maintaining liquidity, and understanding the numbers to make informed business decisions. He also shares his personal journey of overcoming health challenges and finding motivation through sports and spirituality, advocating for a balanced approach to life.

Robson Baker, founder of Fiduciary Benefits Advisors, discusses the complexities and fiduciary responsibilities of healthcare benefits for CFOs. He highlights the increasing lawsuits and financial risks associated with inadequate health plan management. Robson emphasizes the importance of understanding compensation disclosures and the role of specialty insurance to mitigate risks. He shares his personal adoption journey, stressing the importance of family and legacy. Robson's company offers educational resources and fiduciary guidance to help CFOs manage healthcare benefits more effectively, aiming to reduce costs and improve employee benefits.

Managing Director at VCFO, discusses his extensive background in international tax, venture capital, and valuation. He highlights VCFO's unique approach to business valuation, focusing on risk factors and strategies to improve company value. He emphasizes the importance of a CFO's role in driving business value, identifying red flags such as lack of KPIs and financial transparency. He also stresses the critical role of character and ethics in the CFO position, underscoring the need for consistent values in the face of constant change.

Katie Doan, a CFO for a private equity group, shares her journey from Vietnam to the US, where she rebuilt her career after starting over in accounting. Despite challenges like cultural differences and balancing work, school, and family, she pursued advanced degrees and certifications. Katie emphasizes the importance of strategic thinking, flexibility, and effective communication in the CFO role. She highlighted the complexities of M&A, particularly system migrations, and the need for accurate data for decision-making. Katie advised aspiring professionals to pray, be bold, work hard, and maintain a balanced life, stressing the importance of continuous learning and support from family and friends.

Steve Cote, a partner at Brady Chapman Holland insurance, discusses the importance of selecting the right insurance broker and the difference between reactive and proactive risk management. He emphasized that CFOs should focus on finding a trusted advisor rather than a commodity broker, who understands their industry and conducts thorough risk assessments. Steve highlights the need for a comprehensive risk reduction plan that includes prevention, mitigation, and transfer of risk. He also stresses the significance of a proactive approach to risk management, which involves regular reviews and adjustments to ensure the company's safety and financial stability.

Devin Harris, CFO and manager director of Brazos River South Devon, discusses his extensive experience at GE and his transition to founding Brazos, a firm focusing on early-stage to Series C companies. He emphasizes the importance of product-market fit and sustainable growth, cautioning against rapid expansion without solid fundamentals. Harris highlighted the role of fractional CFOs in providing strategic support and the necessity for CFOs to be versatile and operationally educated. He also stresses the importance of clear, concise communication, especially when presenting to boards. Finally, he advises emerging CFOs to seek diverse experiences and take on challenging roles for growth.

CFOs have a diverse set of skills within an organization, who often bring previous experience in other industries and from various roles. We get to hear from Dan on how he leveraged his previous experience into his first role as CFO, now with a growing company in wholesale building materials. Dan shares what is important to him, and where to start in a new environment that will ensure success, and how he sharpens his leadership skills. From supply chain experience, to challenges from Covid, to banking relationships, Dan shares some of his experience that has helped his company expand their capacity.

Stephen shares how he grew his career into becoming a CFO in the natural gas compression industry. While Stephen has plenty of experience in this industry, he is fairly new in the CFO role. Stephen shares some of the contributing factors that have led to his professional success. We hear from Stephen how to manage challenges that sometimes require moving out of our comfort zone, and not being afraid to fail when striving to achieve our goals and recognizing that our roles as leaders are bigger than just ourselves. Can we learn from some of these humble themes?