Notes from the CFO seat.
Long-form perspective on exit strategy, FP&A, capital structure, and the realities of scaling a private company toward transaction. Written from the operator side, not the advisor side.
The Five Margin Leaks I Look For in the First 30 Days
Margin leaves a company in small amounts, through places the P&L does not isolate. Five of them... the price you keep, cost to serve, unenforced contract terms, give-backs, and vendor pass-through lag. A test for each, and what closing half is worth.
The 2027 Operating Plan That Survives the Board
Revenue is planned to grow 3.1% and profit 1.5%. What that arithmetic does to enterprise value, the four inputs that belong in hand before the first budget meeting, and the 30-day sequence that produces them.
The Board Reporting Pack PE Sponsors Actually Read
Four sponsor priorities now sit within a single point of each other... revenue growth, cash-flow optimization, EBITDA expansion, and digital. The one page that answers all four, the five numbers on it, and what missing them costs.
Healthcare Capital Raise: Why Most Decks Fail in Round 2
Round 2 stopped being a milestone and became a filter. The four places healthcare Series B decks fail underwriting... gross vs net revenue, NRR, CAC payback, and the path to Rule of 40... plus the model work to do 12 to 18 months early.
What Bankers Want in a Seller's CFO
After leading finance through a $95M healthcare exit, the five things bankers wish more sellers' CFOs got right before mandate. Clean numbers, owned data rooms, and forward models you'd defend in deposition.
The Three Things Buyers Actually Diligence Before Closing
Customer concentration, contract durability, and the gap between management EBITDA and QofE-grade EBITDA. Where most sellers find out about the haircut in week 6 of diligence... too late.
The $40M Ceiling: Where Founder-Built Finance Stacks Break
Almost every founder-built finance stack breaks somewhere between $20M and $40M in revenue. Three failure modes that always show up, and what to replace them with before the next capital event.
Where AI Belongs in the CFO Stack (and Where It Doesn't)
Three places AI belongs in the CFO stack. Three places it doesn't. A skeptic's view from the operator who used it through diligence on a $95M sale.
If any of this lands.
Most engagements start with a 30-day Pulse Check, a structured diagnostic on economics, cash, and infrastructure. From there, the path forward depends on what surfaces.