Run the Numbers
CJ Gustafson
Run the Numbers is a twice-weekly podcast about financial metrics and business models, designed for ambitious people operating tech startups. It's a collection of things host CJ Gustafson (CFO at Partstech and writer of Mostly Metrics) has learned and thought about in the trenches as a tech CFO.
This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself.
Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth.
This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself.
Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth.
Episodes
Mentioned books
Sep 15, 2025 • 1h 23min
TikTok Will Beat Amazon, Google Is Going to Zero, and Other Wild Predictions With VC Turner Novak
Turner Novak, Founder and Managing Partner of Banana Capital, offers sharp insights on digital monetization and the shifting landscape in tech. He argues that TikTok could threaten Amazon, while ChatGPT may diminish Google's user base. The discussion highlights innovative monetization strategies, especially through tiered pricing and memes as marketing tools. Turner also emphasizes adapting acquisition strategies in an AI-driven world, and explores the promising opportunities in food and healthcare investments, reflecting on the evolving startup environment.
16 snips
Sep 13, 2025 • 22min
How Much Revenue Do You Need to IPO in 2025?
The podcast dives into the shifting landscape of tech IPOs, revealing how revenue thresholds have changed dramatically in recent years. In 2010, $100 million was the standard, but today's expectations are much higher. The journey of companies like Figma post-acquisition attempts showcases the real-world implications of these standards. It also discusses why some firms choose to remain private and the impact of market dynamics on public companies. Finally, it emphasizes the necessity of reaching at least $500 million in revenue for an attractive IPO valuation.
28 snips
Sep 11, 2025 • 1h 13min
Humans, Robots, and Agents: UiPath on Agentifying Your Business in the Age of AI
Hitesh Ramani, Deputy CFO and Chief Accounting Officer at UiPath, shares his insights on leveraging AI and automation in finance. He discusses the transformative role of agentic automation and the balance between human and robotic workers. Hitesh reveals how UiPath ties employee bonuses to AI adoption and explains the critical strategies for going public successfully. The conversation dives into real-world AI applications in finance and emphasizes the importance of governance and trust in adopting these technologies.
Sep 8, 2025 • 1h 4min
Selling Your Company? A Silicon Valley Lawyer’s Guide to Not Getting Screwed Over
David Siegel, a partner at Grellas Shah LLP, offers invaluable insights into the art of selling a tech company. He discusses the critical importance of preparation and understanding buyer dynamics in today's M&A landscape. Learn about the 'awkward middle' valuation range of $150-$350 million, risks of relying on bankers, and how to avoid common pitfalls in Letters of Intent. Siegel emphasizes the emotional realities for founders when selling their ‘baby,’ and provides strategies for de-risking before hitting the market.
Sep 4, 2025 • 1h 13min
From Facebook’s Hypergrowth to Daffy’s Disruption: A CFO’s Playbook for Saying Yes
In a spirited chat with Ed Park, a finance leader known for his positive outlook, listeners dive into the financial intricacies of hypergrowth companies like Facebook and Asana. Ed shares anecdotes about building trust amid rapid expansion and how finance can integrate into engineering cultures. He reveals Asana’s unique planning strategies and Daffy’s disruptive approach to charitable giving, highlighting the balance between urgency and importance in finance. Throughout the conversation, Ed emphasizes a culture of collaboration and the value of saying yes.
18 snips
Sep 1, 2025 • 55min
The Anti-Exit Strategy: Premji Invest’s Approach to Evergreen Capital (& the Future of CFO Tech)
In this insightful chat, Sandesh Patnam, Managing Partner at Premji Invest, shares his expertise in CFO and enterprise tech investing. He dives into the concept of evergreen capital, emphasizing its role in fostering long-term growth and partnerships. Discussing the impact of AI on finance, he explains how it shifts CFO priorities from speed to strategic insights. Sandesh also highlights the evolving CFO toolkit, the necessity for skilled finance professionals, and the transformative potential of generative AI, positioning it as a landmark change in the industry.
Aug 28, 2025 • 1h 13min
From Karaoke With Benioff to the Death of SEO: Alex Konrad on the Business of Media
In this discussion, Alex Konrad, a seasoned tech journalist and founder of Upstarts, shares fascinating insights from his career at Forbes. He recounts memorable moments with tech giants like Marc Benioff and explores how they crafted recognition lists like the 30 Under 30. The conversation dives into the impact of AI on media, the evolving relationship between startups and journalists, and the rise of venture capital firms as media influencers. Alex highlights the significance of authenticity in storytelling and the shifting landscape of content creation.
34 snips
Aug 25, 2025 • 1h 7min
“Stop Trying To Quantify Risk”: Risk Management Wisdom (& Star Wars Analogies) From CISO Andy Ellis
Andy Ellis, former CISO of Akamai and author of 1% Leadership, shares his vast expertise in cybersecurity and risk management. He critiques traditional risk measurement and introduces his 'Pyramid of Pain' framework. Andy discusses the critical dynamics between CFOs and CISOs, the impact of AI on security, and why the roles are converging. Using captivating Star Wars analogies, he illustrates complex risk management concepts and offers insights on strategic security procurement and the importance of evolving leadership skills in this fast-changing landscape.
Aug 21, 2025 • 1h 23min
From $500M Losses to $500M Profits: The CFO Who Helped Major League Baseball Win off the Field
In this conversation, Jonathan Mariner, former CFO of the Florida Marlins and MLB, shares his insights on the financial rollercoaster of professional sports. He discusses how the MLB transformed its fortunes from $500 million in losses to profits, driven by new financial strategies like a luxury tax. Mariner dives into the evolving value of franchises, the impact of streaming on broadcasting, and the challenges of merchandising and international expansion. His journey from basketball to baseball offers a unique perspective on navigating the competitive landscape of sports finance.
30 snips
Aug 18, 2025 • 1h 7min
Inside the $5B Plaid Deal That Never Happened and the Massive Business Model Transition That Did
In this engaging conversation, Jason Pate, Chief Strategy Officer at Plaid, who played a pivotal role in Visa's $5 billion acquisition attempt, shares insider insights on why the deal fell through amidst pandemic pressures and regulatory scrutiny. He discusses Plaid's transformation into a thriving network business that fuels major fintech players. Jason emphasizes the significance of understanding customer P&L, the evolution of data-driven business models, and the art of negotiation, all while weaving in personal anecdotes and lessons from the world of sports.
