The Real Eisman Playbook Why It’s So Difficult For Companies to Go Public: A CFO Explains the Process | The Real Eisman Playbook Episode 35
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Nov 24, 2025 Amy Butte, CFO at Navan and former CFO of the New York Stock Exchange, shares her experiences with IPOs and financial operations. She discusses the challenges and strategies for taking a company public, including the essential elements for IPO readiness. Amy highlights how Navan modernizes business travel and uses AI to enhance efficiency and reduce costs. She also offers advice for young professionals entering the workforce and shares insights on the importance of culture in career choices.
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Episode notes
Translate Audit Risk Into Plain Terms
- Treat private-company accounting issues like material risks that will cause public-market hysteria if left unfixed.
- Translate audit terms into plain language so private management understands the stakes and acts decisively.
Make KPIs Auditable And Stable
- KPIs must be consistently defined, auditable, and repeatable for public investors to trust them.
- Changing metric definitions after listing flags risk and undermines investor confidence.
Navan's One-Year IPO Sprint
- Navan set a public IPO target and worked backward to hit audit and KPI milestones within a defined timeline.
- They filed a confidential S-1 and completed audits for two fiscal years to meet the schedule.