Driving Value Beyond the Balance Sheet - A Planning Aces Episode

Angola might not top the list of destinations to which executives typically flock to build their careers, but for Julien Lafouge, it was the starting point of an extended journey. Back in 2001, Lafouge stepped into a pivotal finance leadership role with Technip, a technology provider to the energy industry. The unconventional geography forced him to develop a keen sense of resilience and adaptability, traits that would become cornerstones of his career. Lafouge's journey from the complexities of a country marked by political instabilities to his current role as CFO at Spendesk is a testament to his knack for building teams and uprooting borders. At Spendesk, he faced the task of restructuring the finance organization to support rapid growth. Drawing on his experience, he emphasized simplification and efficiency, and championed ROI through automation and streamlined processes. The approach, Lafouge tells us, reduced the need for additional accountants by 40%, validating the power of efficient teams. One of Lafouge’s standout moments came during the COVID-19 pandemic, when he was the CFO of ride-sharing company BlaBlaCar. With global uncertainties looming, he built a resilient financial model that ensured the company's survival. His ability to rally his team and navigate through the crisis was perhaps his career's greatest leadership test.  Investing in talent development has always been a key part of Lafouge’s philosophy. He believes in transforming "rough diamonds" into top performers through training and mentorship. This approach not only strengthens the team but also fosters a culture of continuous improvement and resilience. Lafouge’s journey has been marked by the pursuit of new experience, whether it’s through leveraging AI for operational improvements or raising customer service standards. His career has centered on building teams and breaking boundaries, as he has continually pushed the envelope to drive financial efficiencies.

Planful CEO Grant Halloran shares his insights on the current state of AI adoption in the enterprise, emphasizing the need to temper excitement with reality. He highlighted the importance of understanding legal and security aspects, listening to customers, and pacing AI development with their ability to use it effectively. Halloran also discussed the potential of AI to transform business processes, emphasizing the importance of a human-AI partnership and the need for customers to adapt to using the API and learn new ways to do things. Planful CFO Dan Fletcher discusses the role of finance leaders in the age of AI. CFO Fletcher emphasizes the need for data governance and security, and stresses the importance of investing in knowledge and training to mitigate risk. Fletcher highlights the significance of preparation and experience in shaping his perspectives on AI, while drawing on his investment background. referencing his past conversations on AI-related topics. Interviews featured in this episode include: Mike Petrauskas, Sr. Financial Analyst, Hilb Group Sr. Financial Analyst Mike Petrauskas of the Hilb Group discusses his efforts enhance the budgeting and forecasting processes of this dynamic ownership group of more than 80 insurance agencies. Hilb Group is aiming for a 5% EBITDA forecast accuracy. Petrauskas emphasizes the importance of better predicting when they will receive payments. NOW LISTEN James Muscat, Group Commercial Finance & FP&A Director at Ten Lifestyle Group Plc FP&A Leader James Muscat explains how Ten Lifestyle Group underwent a digital transformation to bring finance to the forefront as a strategic partner. Muscat also shares insights on transforming finance through technology, including the evolution of the role of finance professionals and the adoption of AI. NOW LISTEN

At just 16, Tucker Marshall unsuccessfully sought a humble beginning at The J. M. Smucker Company—not in the back office but on its lush grounds, hoping to cut grass. Such an early rejection—due to a company policy favoring employees’ families first—did little to deter him. Instead, it left with him an indelible admiration for the company’s culture and its loyalty to its extended family. Marshall’s career trajectory—although certainly not linear—has been a master class in preparation and perseverance. Redirecting from his initial pursuit of a career in medicine after having fallen in love with economics, he embarked on a formidable journey down the corridors of finance. Starting in Chicago, he cut his teeth on investment banking and credit analysis at ABN AMRO, now part of Bank of America. This formative period honed his financial acumen, which led him to delve deeper into the intricacies of corporate finance and investment. Transitioning into private equity further expanded his horizons, immersing him in the operational dynamics of various industries from steel to automotive. Each role was a building block, enriching his understanding and skill set and preparing him for the strategic financial leadership that would define his later career. In 2012, coming full circle, Marshall finally joined Smucker’s, a company that had long stood as a beacon in his community. Rising through the ranks, he became CFO in 2020, at a time when strategic financial leadership had become more crucial than ever. Under his stewardship, Smucker’s finance function evolved beyond traditional roles, emphasizing strategic partnerships across the company, fostering growth, and enhancing shareholder value—principles far from the mind of a young man in the same place who once dreamed of simple summer days spent mowing luscious lawns.

On a remote Wyoming cattle ranch, young Jason Godley faced a dire situation: the baler attached to his tractor suddenly caught fire. Alone, with no immediate help and devoid of modern conveniences like cell phones, 12-year-old Jason had to think quickly and act decisively. His decision to drive to a neighbor’s house to use their hose not only extinguished the fire but also preserved the surrounding fields. This incident on the ranch, Godley tells us, instilled a lifelong “bias for action” and an ability for “independent thinking,” themes that would profoundly shape his professional ethos and success. Jason’s journey from the plains of Wyoming to the corporate boardrooms of global finance began at PricewaterhouseCoopers, where he dealt with complex international finance and technical accounting in Denver and Paris. The skills cultivated during his youth—swift decision-making and self-reliance—proved invaluable as he navigated diverse business environments and cultures. These traits became even more crucial as Jason ascended to the role of CFO at Xactly. Here, his bias for action and independent thinking enabled him to drive strategic initiatives, particularly in improving sales and marketing efficiency. By dissecting and refining operational levers, Jason applied his ranch-learned pragmatism to enhance corporate performance and alignment, demonstrating how foundational experiences can echo through a career, influencing leadership style and business outcomes.

Lawrence Herman’s path to becoming a CFO unfolded through a series of experiences that changed his understanding of the finance world, beginning with his initial role at Goldman Sachs. Here, in the crucible of intense market dynamics, Herman cut his teeth on complex financial models, where the rigor of long hours refined his capacity to handle pressure and complexity—a foundational skill for any leader. Following his stint at Goldman Sachs, Herman transitioned to Prudential Securities, diving into the intricate world of mergers and acquisitions. This move wasn’t just a change of address: It was a strategic step into a role that demanded a deep understanding of corporate strategies and the foresight to see beyond numbers. It was here that Herman began to interact closely with C-suite executives, gaining insights into decision-making at the highest levels and learning the art of negotiation and strategic thinking. Herman’s career trajectory continued through various financial institutions, including EY and Morgan Stanley, each role offering him new lenses through which to view the business world. His expertise deepened in areas such as consulting and transaction advisory, where he navigated diverse challenges and crafted solutions that drove business growth and efficiency. As the CFO at Dwolla, Herman leverages his vast experience to guide the company through the evolving landscape of digital payments. His strategic focus on optimizing operations and integrating innovative technologies like AI reflects a commitment not just to manage finances but also to anticipate and shape future financial landscapes. Each career phase has taught Herman valuable lessons in resilience, adaptability, and foresight—qualities that define his role as a CFO today. 

When faced with unprecedented challenges, the true mettle of a leader is tested. Daniel Bisgeier, a seasoned CFO, exemplifies how continuous improvement and strategic decisiveness pave the way for corporate resilience and growth. Reflecting on his career, Bisgeier notes that significant progress often doesn't come in bursts but through "persistent effort over time and constant refinement." A poignant illustration of Bisgeier's strategic agility occurred during his tenure at MediaMath, amid the tumultuous onset of the COVID-19 pandemic. The crisis had abruptly shifted the demand environment, straining the company's working capital due to misaligned payment arrangements. Recognizing the urgent need for liquidity, Bisgeier spearheaded a proactive initiative to renegotiate payment terms with vendors and clients alike. This strategic move was not just about navigating a crisis but transforming it into an opportunity for more sustainable operations. "We had to make sure we had backup plans," Bisgeier recalls, underscoring the necessity of adaptability in financial strategy. By directly addressing the liquidity constraints with calculated adjustments, his team not only navigated the immediate financial tumult but also positioned the company for stronger financial health post-crisis. This career chapter speaks to Bisgeier's philosophy that impactful leadership in finance goes beyond maintaining the status quo—it involves anticipating changes, embracing challenges, and crafting solutions that ensure long-term sustainability. From his days as an analyst at Goldman Sachs to his current role at Constellation, Bisgeier tells us his career journey reveals a commitment to readiness where as a leader he IS ready to act when it counts the most.

Leadership in FP&A: All three CFOs emphasize the role of finance in leading and driving business performance through strategic foresight, detailed operational insights, and proactive engagement. Technology and Innovation: There is a strong inclination towards integrating new technologies like AI to enhance the capabilities of finance teams and improve business processes. Collaboration and Influence: The CFOs highlight the importance of collaboration within organizations, where finance must work closely with other departments to influence and drive business outcomes effectively.

From his early days in auditing at PwC to his current role as CFO at Prophix, Aaron Levine has had a career that has closely tracked the evolving nature of the financial leadership role. His journey has been marked by a series of strategic transitions and expansions of his skill set that illustrate the broadening demands of being a modern CFO. An important early chapter of Levine’s professional development was his tenure under Steve Vintz, who at the time was CFO of Vocus, where Levine served as a VP managing both accounting and finance. It was under Vintz’s mentorship that Levine came to appreciate the power of storytelling within financial leadership. Vintz, a very externally focused CFO, adeptly navigated public company landscapes, from investor relations to quarterly earnings calls. His ability to craft compelling narratives that resonated with stakeholders profoundly influenced Levine. This exposure revealed to Levine that effective CFOs do more than manage numbers: They tell stories through them. This realization has since become integral to his maturing CFO mindset, particularly as he looks to highlight the strategic benefits of Prophix’s software offerings. At Prophix, where Levine was appointed CFO this past January, the goal is to focus on refining the go-to-market metrics and integrating technology to streamline operations, emphasizing the narrative of growth and scalability. Throughout his career, Levine has learned that a CFO’s role is about not just financial oversight but also constructing a vision that propels the business forward. His aspirations underscore a crucial CFO skill: the ability not only to foresee financial outcomes but also to articulate them in a way that drives the entire company’s strategy. This blend of analytics and narrative, shaped by his experiences, define Levine’s CFO mindset.

The way Dan Murphy sees it the CFO position demands that leaders always be kept on high alert. It’s a mindset that had led him to habitually monitor updates and alerts related to key vendors, including banking institutions. And so it was, in first quarter 2023 when Murphy recalls spotting a vague tweet hinting at possible financial instability at Silicon Valley Bank. Despite the tweet’s uncertain implications, Murphy recognized the risks inherent in relying solely on one bank. He proposed a strategic move to company management: diversify the company’s financial reserves by transferring a substantial amount of their assets to JPMorgan as a precautionary step. His decision was not based on confirmed financial trouble at Silicon Valley Bank, but rather on a principle of risk management that prefers caution in the face of potential financial upheaval. The board approved his recommendation, and the funds were shifted in time, safeguarding the company from any financial disruption that followed when Silicon Valley Bank’s issues became widely known. This proactive maneuver not only protected the company from immediate financial jeopardy but also served as a poignant lesson in corporate finance—be prepared for the unexpected by diversifying risk. Dan Murphy’s quick response to a simple social media indicator is a testament to the vigilance required in the role of a CFO, particularly within the volatile environment of tech startups. His action taken while he was CFO of tech company Unqork reinforced the essential finance strategy of having multiple banking relationships, a practice Murphy tells us he has always championed, proving its worth in a moment of unforeseen crisis.

On this episode of Controllers Classified, host Erik Zhou welcomes Patrick Lynch, Senior Vice President and Controller of the Boston Celtics, who shares his journey from ball boy to financial leader for the team. Patrick highlights the milestones of his career, including his transition from an internship to working closely with the CFO, and the significant growth of the Celtics organization. He also imparts wisdom on how to seize career advancement opportunities and offers advice for those aiming to enter the sports industry. The discussion then does a deep dive into the world of accounting and finance for sports teams. Patrick shares his goals for the upcoming year - accurate reporting, cash management, and cost efficiencies - and then details why those things specifically matter in the sports industry. For example, while a private company, the Celtics are subject to several reporting requirements as a part of the NBA, and Patrick’s team is responsible for the integrity & synthesis of that data. Similarly, the Celtics cash flow reflects the cycle of seasons, and Patrick’s team is focused on managing the ebbs and flows. Finally, Patrick shares how he harnesses the power of technology to handle copious amounts of data, reduce manual work, and establish real time visibility. His goal in all of this is two fold - to give his team more time to do strategic work and to empower employees across the Celtics organization to be able to spend on things that will move the business forward. The episode concludes with Patrick sharing an industry story related to an auditor’s stadium walkaround. Listen now to get an exciting in-depth look at how the accounting & finance team plays a huge role in the success of the Celtics franchise.