In this episode of Run the Numbers, CJ sits down with Jason Lee, CFO of Faire, to unpack the economics of wholesale marketplaces. They break down how Faire connects independent brands with local retailers, the key metrics that matter in marketplace businesses, and ROI as a decision-making framework. Jason also shares lessons from scaling Square through its IPO and how finance leaders navigate valuation resets in private markets.
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SPONSORS:
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LINKS:
Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN
Jason: https://www.linkedin.com/in/jason-lee-11787020/
Faire: https://www.faire.com/
CJ: https://www.linkedin.com/in/cj-gustafson-13140948/
Mostly metrics: https://www.mostlymetrics.com
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TIMESTAMPS:
0:00 Preview and intro
3:01 How Faire serves retailers
5:49 Revenue model and retention metrics
8:21 Recurring vs. reoccurring revenue
11:54 Sponsors — Metronome | RightRev | Rillet
15:17 Input vs. output metrics
17:13 The business equation
19:08 Metric ownership
22:07 Killing metrics: signal to noise
23:21 800 metrics at Faire
24:51 Customer count as a misleading metric
26:04 Sponsors — Tabs | Abacum | Brex
29:25 Planning cadences at Faire
32:41 When to reallocate resources
36:40 ROI as a framework
40:25 Portfolio view of investments
43:53 Discipline is knowing where to say yes
47:11 Faire's valuation reset
50:49 Tender offer mechanics
55:33 Screwing up IR at Square IPO
56:52 Advice to younger self
58:44 AI at Faire
59:32 Claude connected to data warehouse
1:00:16 Tariff analysis with AI
1:02:38 Credits
#RunTheNumbersPodcast #Marketplace #CFO #SaaS #FinanceLeadership
Run the Numbers