Value Drivers

Kishore SM is the CFO of Boba Bhai, a fast-growing consumer brand defining the boba tea category in India. He brings more than 26 years of experience across global corporations such as Caterpillar and high growth startups such as Flipkart. Since launching in late 2023, Boba Bhai has scaled to nearly 100 company owned locations, intentionally avoiding the franchise model to maintain full control over operations and quality. The company is now targeting 250 to 300 stores by the end of 2026. To resonate with the Indian market, Boba Bhai localizes its menu with flavors like Aam Panna mango and expands into Korean inspired sides, burgers, and rice bowls. The brand focuses heavily on Gen Z, participating in events like Comic Con and building anime themed store designs and narrative driven packaging that changes by city. Kishore shared how moving from large corporates to startups required him to unlearn rigid processes. Instead of perfectly reconciled data and long planning cycles, he now prioritizes speed, daily cash visibility, and direct collaboration with founders. Operational speed comes from heavy standardization of store fit-outs, allowing new locations to open within three weeks of signing a lease. On the supply chain side, he emphasizes building redundancy with multiple vendors to avoid stockouts and margin erosion in a perishable product environment. Key Takeaways for CFOs and Entrepreneurs Capital allocation starts with ROI, but the real work is diagnosing bottlenecks. Kishore frames it as: when capital shows up, don't "spread it around" across functions, decide which constraint is limiting growth and fund that first. New store openings (capacity and footprint) Brand building and customer acquisition (demand) Supply chain and capacity investments (availability and margin protection) Working capital plus tech infrastructure (control and scalability) New stores are governed by store economics. The decision rule is store level EBITDA plus a payback of under 24 months. He also emphasizes building geographic density and brand visibility so revenue compounds, rather than scattering one-off stores. Brand spend is judged by store ramp and LTV to CAC discipline. They accept that store sales ramp over time, so they track how quickly new stores mature, while holding the line on LTV being more than 5x CAC. Below that, it is "bleeding money." Decisiveness matters. Underperforming SKUs are removed quickly to avoid working capital drag and inventory waste. Fundraising requires radical honesty. Sophisticated investors quickly detect exaggeration, and transparency builds long term trust. Fundraising is continuous. The next round effectively starts once the current one closes to maintain runway. Investor targeting matters. Founders should approach investors aligned to the company's current check size rather than firms whose minimum tickets are too large. Unit economics must be proven early. The first 20 stores provide the data and confidence to scale into rapid expansion. Episode Highlights (00:02:20) Kishore walks through his 26-year career across startups and large public companies including Flipkart and Caterpillar (00:10:15) He explains unlearning corporate processes and prioritizing speed and insight over perfect data and polished reporting (00:15:17) Boba Bhai has scaled to nearly 100 company owned stores with a target of 250 to 300 by 2026 (00:16:09) Capital allocation focuses on sub 24 month store payback and maintaining a 5x LTV to CAC ratio (00:22:41) The brand engages Gen Z through Comic Con, anime inspired stores, and localized storytelling in packaging (00:29:44) Growth is accelerated by removing low performing SKUs and using a 3 week standardized store build process (00:34:05) Fundraising advice includes radical honesty, matching investor check size, and treating fundraising as a 12 month rolling process Books Mentioned The Hard Thing About Hard Things by Ben Horowitz Playing to Win by A.G. Lafley The Great CEO Within by Matt Mochary Venture Deals by Brad Feld and Jason Mendelson Secrets of Sand Hill Road by Scott Kupor     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com Follow our host:         Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

In this episode of Value Drivers, Peter Ho interviews Eduardo Torrealba, the co-founder and CEO of Lumafield, a company dedicated to helping manufacturers eliminate hidden defects by "seeing inside" their products. Torrealba, a mechanical engineer by training, was inspired by the semiconductor fabrication facilities near his childhood home and later dropped out of a PhD program to pursue entrepreneurship. His mission with Lumafield is to solve critical global crises in "atom space"—the physical world—where software alone is insufficient. By utilizing industrial CT scanning, Lumafield aims to "close the loop" between design and manufacturing, allowing engineers to push the limits of physics with the same precision and confidence found in semiconductor manufacturing. Lumafield operates as a vertically integrated platform, designing its own hardware, writing its own software, and managing its own manufacturing. This technology has been adopted across diverse high-stakes industries, including medical devices for drug delivery, energy storage for batteries, and aerospace for mission-critical fighter aircraft parts. The company provides significant financial value to its customers through direct labor replacement, reduction in manufacturing scrap, and a vastly accelerated speed to market. Torrealba notes that their technology can resolve manufacturing issues in hours that previously took days, sometimes unlocking contracts worth hundreds of millions of dollars for their clients. Operationally, Lumafield maintains a team of 150 people across offices in Cambridge and San Francisco. To manage the complexity of a hardware-and-software business, Torrealba tracks approximately 80 KPIs, blending traditional enterprise SaaS metrics like Annual Recurring Revenue (ARR) and Net Dollar Retention with manufacturing-specific data like inventory on hand and first-pass yield. He rejects the common sentiment that "hardware is hard," viewing it instead as an excuse that hinders the creation of generational companies. Building something truly great requires solving difficult problems and maintaining operational excellence across every department simultaneously. Takeaways for Entrepreneurs For founders looking to scale, Torrealba offers several insights: • Validate Market Assumptions Early: Lumafield initially believed that "digital manufacturing" like 3D printing would be their primary tailwind, but they quickly realized the real opportunity lay in traditional manufacturing like castings and injection molding. • Location Matters for Venture Scale: While lifestyle businesses can be built anywhere, Torrealba argues that founders aiming for venture-backed tech success should move to hubs like San Francisco as quickly as possible to be near the necessary resources and talent. • Prioritize Specific Learning: Rather than consuming general business media, Torrealba suggests "just-in-time" learning through direct, specific conversations with other CEOs and board members who have faced similar challenges. • Identify Measurable ROI: To shorten sales cycles, focus on building a clear return on investment case for customers, such as automating manual quality checks or reducing line downtime. • Maintain Perspective: Torrealba views being born in the United States as his "luckiest break," providing an unparalleled foundation for building a company that hard work alone cannot replace in other parts of the world.   Chapter Summary (00:01:03) Eduardo Torrealba, CEO of Lumafield, shares his journey from a mechanical engineering student to building a vertically integrated industrial CT scanning company. (00:05:29) Lumafield aims to solve physical "atom space" crises by closing the loop between design and manufacturing with semiconductor-level precision. (00:11:10) The technology provides massive ROI—sometimes hundreds of millions—by replacing manual labor, reducing scrap, and doubling speed to market for aerospace and medical sectors. (00:21:17) Eduardo manages complexity by tracking 80+ KPIs, rejecting the "hardware is harder" mindset as an excuse that prevents building generational companies. (00:26:06) Early assumptions about 3D printing proved false; the company pivoted to finding "low-hanging fruit" in traditional manufacturing like injection molding. (00:29:24) He prioritizes "just-in-time" learning through peer conversations and credits being born in America as his luckiest break.   Resources: https://www.lumafield.com/   Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:          Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com     Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

Robert Schoff, CFO of Forth Management Family Office, discusses his journey from a CPA at EY and private equity firm Scorpion Capital Partners to building a multi-generational single-family office from scratch over the last decade. He characterizes the family office environment as a provider of "patient capital," offering a long-term, decade-spanning investment horizon that distinguishes it from the time-bound constraints of hedge funds or private equity. This structural advantage allows his firm to act as a "mini CalPERS," balancing a strict fiduciary duty to preserve generational wealth with the pursuit of "alpha" across diverse asset classes like biotech, agentic AI, and even cash-flowing car wash platforms. Schoff describes the modern family office CFO as a "73-function Swiss Army knife," requiring mastery over complex, cross-border tax considerations, legal structures, and diverse investment mandates. Beyond technical acumen, the role is defined by intense "soft skills" and the management of multi-generational expectations across different time horizons. He emphasizes that establishing deep trust and discretion is the most critical component of the job, allowing him to act as a "trusted partner" to family members while carefully navigating the "fine line" between professional support and their personal family lives. The interview also highlights how technology is significantly accelerating the velocity of finance. Schoff's team leverages AI, specifically ChatGPT, to synthesize voluminous investment reports in hours rather than days, though they maintain a rigorous human "review function" to ensure accuracy. Additionally, they use AI to refine complex tax inquiries, which allows them to ask smarter, more precise questions of their legal advisors at a lower cost. Schoff argues that while AI increases efficiency, it requires a "fundamental depth of knowledge" and advanced prompting skills to yield meaningful results, asserting that the human scale and skill remain indispensable for interpreting complex data. Key takeaways for professionals include the necessity of blending fundamental expertise with technological agility and relentless curiosity. First, while mastering financial basics remains essential, the next generation can accelerate their career trajectory by integrating those foundations with advanced technology and soft skills. Second, the "ability to trust you is huge" in high-stakes environments; technical excellence is often secondary to being a reliable partner who understands a client's specific needs. Finally, continuous learning is driven by active curiosity; to stay relevant in a rapidly evolving market, one should always "follow the thread" and look beneath the surface of every problem or topic encountered.   Chapter Summary (00:01:00) Career Evolution: Robert Schoff describes his journey from a CPA at EY and private equity firm Scorpion Capital to building Forth Management Family Office from scratch over the last ten years. (00:05:40) The Advantage of Patient Capital: Family offices provide "patient capital" with a multi-generational view, allowing them to act as a "mini CalPERS" that prioritizes long-term stability over short-term returns. (00:08:28) The Versatile "Swiss Army Knife" CFO: Schoff likens his role to a 73-function Swiss Army knife, requiring mastery of complex cross-border taxes, legal governance, and fiduciary duties across diverse asset classes. (00:10:22) Navigating Human Relationships: Beyond technical skills, the role demands "soft skills" to manage multi-generational expectations. Success relies on building deep trust and discretion while maintaining professional boundaries. (00:14:08) Dynamic Portfolio Management: The firm employs a flexible allocation strategy, diversifying investments across high-growth biotech, agentic AI infrastructure, and stable, cash-flowing businesses like car wash platforms. (00:27:07) AI and the Velocity of Finance: AI tools like ChatGPT allow the team to synthesize complex reports in hours and refine legal inquiries, dramatically increasing operational speed while maintaining human oversight. (00:34:36) Advice for Future Leaders: Schoff advises the next generation to fast-track their careers by combining financial fundamentals with technological proficiency and a relentless curiosity to "follow the thread" of every problem. Resources: Prof G Markets (Scott Galloway)   Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

In this episode of Value Drivers, we interview Pamela Cytron, the founder and president of Founders Arena, a specialized wealth tech accelerator. Cytron brings over 40 years of experience in the financial technology sector, having started her career in sales and telemarketing long before the term "fintech" was coined. She emphasizes that her career was built on relationship selling, trust, and accountability. The core mission of Founders Arena is to bridge the gap between "product makers" (startups) and "product buyers" (established financial institutions). Unlike broad accelerators like Techstars or Y Combinator, which Cytron notes primarily focus on funding, Founders Arena is laser-focused on increasing market share and accelerating revenue growth for its cohorts. The program operates out of North Texas, a region Cytron identifies as a rapidly growing hub for the financial services workforce. The interview covers the current state of the wealth tech market, which Cytron estimates will reach a total addressable market (TAM) of $29 to $30 billion over the next five years. She discusses the massive generational wealth transfer occurring today and the shifting landscape of investment tools, such as the rise of ETFs over traditional mutual funds. A significant portion of the conversation is dedicated to the impact of AI. Cytron introduces the concept of "authentic intelligence," arguing that human expertise and deep understanding of the financial ecosystem are necessary to make artificial intelligence effective. She expresses concern that if institutional buying procedures—often involving 12-to-24-month sales cycles—do not evolve, innovation will stall because startups will run out of capital before they can close a deal. She mentions that Founders Arena has already seen significant success; out of 24 companies across five cohorts, they have seen four formidable exits and substantial capital raises.   Key Takeaways for Founders The interview offers several strategic insights for founders, particularly those operating in B2B and highly regulated sectors: • Sales Execution is the Ultimate Differentiator: Cytron asserts that companies do not win or lose based solely on their product; they win or lose because they get "outsold". To avoid this, founders must become experts in their market and focus on outcomes over features. • Verticalization is Vital: Moving forward, Cytron believes accelerators and startups must go "deep and not broad". Success comes from focusing on specific verticals where you can gather a community of stakeholders who actually need and will buy the technology. • The "Anti-Free Trial" Philosophy: Cytron strongly discourages offering free proof-of-concepts (POCs) or trials. She argues that "if someone doesn't pay for something, they're not paying attention". Instead, founders should charge a "commitment fee" to ensure the buyer is truly invested in the outcome and the evaluation process. • Shrink the Sales Cycle or Perish: Founders must learn to compress the "time to yes or no". Cytron notes that a 24-month sales cycle is counterintuitive to the rapid pace of AI; founders need to push institutions for faster decisions based on specific outcomes. • De-Risking International Entry: For international firms looking to enter the U.S. market, Cytron suggests using a structured program to get a "lay of the land" before hiring sales teams. This helps determine if the product needs technological adjustments for the North American market. • Prioritize Back-Office Efficiency: While "front-end" AI features are attractive to buyers, Cytron warns that legacy back-office procedures are often the biggest bottleneck. True value is often found in solving the "unsexy" problems of legacy data and procedures. • Founder Resilience: Cytron acknowledges that founders take immense personal and financial risks that institutional buyers do not. She looks for founders with individual characteristics like behavioral balance and vision, believing that the founder is the fundamental foundation of the organization. • Leverage Modern AI Productivity Tools: Cytron recommends a tool called Gamma for creating visual presentations and documents, noting its ability to turn ordinary conversations into insightful illustrations. To Cytron, a founder without a firm sales strategy is like a captain with a fast ship but no map; you might have the technology to move quickly, but without understanding the institutional "ecosystem map" and closing the sales gap, you will likely run out of fuel before reaching your destination.     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com     Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

This episode features an interview with Elan Adler, the founder and CEO of OneImaging, a nationwide diagnostic imaging network dedicated to making medical imaging faster, more affordable, and more transparent. Adler, leveraging his background in radiology operations and technology sales, explains that the company was founded to address the common problem faced by patients who lack fundamental information—such as the lowest cost, insurance coverage compatibility, appointment availability, and quality of service—when referred for an exam like an MRI or CT. The current system is complex, often resulting in patients having "no clue what the price is" until they receive a bill, and appointments are frequently booked without prior authorization approval, contributing to a high same-day cancellation rate of 25% in the market. OneImaging disrupts this by transforming the patient experience into a simple consumer interaction, likened to booking an Uber or Airbnb, complete with price transparency and choice. The company focuses on leveraging technology to automate processes, including reaching out to members via text during the prior authorization process to guide them directly to booking. For employers, OneImaging is an attractive solution because medical imaging is the second most used service in healthcare by volume (after prescription drugs) and represents 8% to 18% of a commercial health insurance plan's total spend. The company's financial model guarantees a one-to-one return on investment, ensuring that employers cannot lose money by implementing the solution, which can translate to tens of millions of dollars in savings (EBITDA) for large companies. By streamlining the process, OneImaging has significantly improved patient adherence, raising the T30 completion rate (exams completed within 30 days) from 45-50% up to 80%, thereby improving clinical outcomes. Looking ahead, OneImaging is deploying newly raised capital to focus heavily on product enhancements, such as creating a centralized repository for all patient images and establishing on-site imaging centers for large corporate clients. The CEO attributes the company's competitive durability to its "tech company first" approach and the network effects inherent in its two-sided marketplace. Key Takeaways OneImaging targets a crucial area of corporate overhead: Health insurance plan spending is the second largest line item of overhead for a company after salary and wages. Medical imaging services, which constitute 8% to 18% of a commercial health insurance plan's total spend, offer a high-leverage opportunity for reduction. CFOs should recognize this overlooked area, which can translate to tens of millions of dollars in direct savings (EBITDA) for larger companies. The business model eliminates financial risk for the employer: OneImaging generally does not make money unless they save the client money. For budget predictability, the solution can be purchased as a subscription with a guarantee of at least a one-to-one return on investment, making it "impossible" for a client to lose money. The target is to create a 2.7% to 3% reduction in the entire healthcare spend. A "tech company first" mindset, even in healthcare, is crucial for efficiency and competitive durability. OneImaging actively invests in product and engineering to automate processes that typically rely on faxes and manual effort. This automation is essential to eliminate pain points like the massive information loss during prior authorization and the 25% same-day cancellation rate prevalent in the market. The focus on product experience directly improves adherence and health outcomes, which minimizes costly downstream complications. By simplifying the process to be like booking an Uber or Airbnb, OneImaging has dramatically increased the T30 completion rate (exams completed within 30 days) from 45-50% up to 80%. Higher adherence ensures employees receive timely diagnoses and follow prescribed care pathways, reducing future high-cost events. Finally, long-term durability is achieved by integrating solutions that create network effects and a natural moat. By doing the "hard work up front" on technical integrations, the company makes the product more seamless and automated, increasing utilization and ensuring that new entrants would offer a product "so far below in quality from a price perspective" that it is not worth the effort. Chapter Summary (00:01:03) The interview begins by introducing Elan Adler, founder and CEO of OneImaging, a nationwide diagnostic imaging network aiming to make medical imaging faster, more affordable, and more transparent. Adler, drawing on his experience in radiology operations and technology sales, realized the need for the company when people close to him consistently sought answers regarding the lowest cost, insurance compatibility, appointment availability, and quality of imaging services. (00:02:53) The current process for arranging an imaging appointment is inefficient and complex: ordering providers typically name only one or two facilities, often owned by the same employer. This system results in patients having no knowledge or choice, leading to stress, lost clinical data during prior authorization, and a high same-day cancellation rate of 25% due to issues like lack of approval or improper prep. Patients have "no clue what the price is" until they receive a bill afterwards. (00:05:32) OneImaging addresses this inefficiency by fundamentally fixing the lack of visibility and optionality in the market. Adler compares the desired consumer experience to booking an Uber or Airbnb at an airport, where users instantly see multiple options, transparent pricing, and can select the level of service they want. (00:07:30) The company targets a massive, yet often overlooked, market: imaging services (MRIs, CTs, etc.) are the second most used service in all of healthcare by volume after prescription drugs. This area accounts for 8% to 18% of a commercial health insurance plan's total spend, highlighting its financial leverage. Critically, health insurance plan spending is the second largest line item of overhead for a company after salary and wages. (00:11:23) OneImaging's business model is contingent on performance; they do not make money unless they save the employer money. For budget predictability, they can be purchased as a subscription with a guarantee of at least a one-to-one return, making it "impossible" for a client to lose money. The strategic goal is to achieve a 2.7% to 3% reduction in a company's overall healthcare spend (MLR). This solution is implemented by integrating into the prior authorization process, reaching members via text message to direct them to book their appointment digitally. (00:16:24) Newly raised capital is being deployed into product development, including building integrations to host all of a patient's images in one place, and partnering to establish custom, on-site imaging centers at corporate wellness campuses. The company rigorously tracks the T30 completion rate (exams completed within 30 days of the order). Through product improvements and consumer focus, this rate has been substantially increased from an initial 45-50% to 80%, thereby improving patient adherence to care. (00:30:09) To maintain a competitive edge, Adler prioritizes building the "absolute best product" by committing to automation, seamless integration, and running the organization as a "tech company first". This hard work creates a "natural moat" supported by network effects. Adler draws inspiration from entrepreneurs who built revolutionary products and challenged entrenched industries, citing figures like Elon Musk, Steve Jobs, and Travis Kalanick.     Resources: https://www.oneimaging.com/about-us       Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm     Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com

This interview features Greg Saunders, CFO of Coast Energy, discussing the complexities of scaling solar, storage, and microgrid projects for commercial real estate portfolios, a sector he notes is exciting but prone to risk, complexity, and surprises, likening the environment to "riding the roller coasters". Saunders, who has a background in specialty finance and clean energy financing, highlights that the CFO has a front-and-center role in product design due to the granular financial structuring required for these capital-intensive projects. Coast Energy's ability to optimize both the cost and flexibility of capital is supported by strong private equity sponsors. The company uses approximately five or six kinds of capital, matched specifically to the project stage, from conceptual planning through operation. This financing journey begins with sponsor equity for early-stage conceptual funding, design, and marketing. As projects advance, they utilize a development debt facility (a 1–2 year term typically covering 55%–70% of costs at an 8%–10% interest rate), followed by a construction line of credit (18–24 months) once the project is de-risked by permits and entitlements, covering 70%–80% of construction costs. Finally, as the asset becomes operational, permanent debt (7 to 10 years, or up to 25 years for applicable programs) and tax credit financing are secured. Permanent debt is sized conservatively (40%–60% of asset cost) based on the Debt Service Coverage Ratio (DSCR), typically 1.2 to 1.6, to ensure a cash flow cushion. Together, the permanent debt and tax credit financing cover roughly 90% of the project cost and are used to take out the construction loan. The federal Investment Tax Credit (ITC) and depreciation policies, leveraged by tax equity investors (often large banks seeking a strong after-tax return), are key to lowering the overall cost of capital. A central element of Coast Energy's success is its "zero capex model," which removes the $2 million to $5 million upfront cost barrier for commercial property owners. Customers benefit from lower, predictable energy costs through a Power Purchase Agreement (PPA)—often a 20-year contract—where they pay 10% to 25% less than utility rates . For Coast Energy, this creates long-term, high-credit-quality cash flow streams that are highly valued by investors . Property owners highly value this stability, which also improves their property's Net Operating Income (NOI), translating immediately into increased property value when multiplied by the capitalization rate. To manage the inherent variability of project development, which can range from six months to several years and be complicated by utility upgrades and tangled permitting processes, Saunders emphasizes the necessity of financial agility and portfolio diversification. Risk is mitigated by geographic diversity and diverse off-takers (e.g., utilities, multi-family, healthcare), which de-risks cash flows and increases the company's long-term value to potential acquirers. Key Takeaways for Other CFOs • Build Sophisticated Scenarios: Due to the variability of project development and construction timelines (often delayed by utilities or local permitting), financial planning and forecasting must include sophisticated scenarios to prepare for and react to the accumulation of things that could "go sideways". • Prioritize Capital Flexibility and Cost: When leveraging strong financial backing (e.g., private equity sponsors), actively optimize both the low cost of capital and its flexibility; these two goals are often "diametrically opposed," as the lowest cost capital may come with restrictions and covenants that limit product adjustments. • Match Capital to Project Stage: Employ a layered financing approach (up to 5 or 6 types of capital) where the duration and cost of capital are matched to specific project stages, from sponsor equity for early development, through short-term development and construction debt, to long-term permanent debt and tax equity once operational. • De-Risk Through Diversification: To make cash flows valuable to investors and build a resilient company, actively seek geographical diversity and diversity among off-takers (customers), such as utilities, commercial property owners, multi-family, and healthcare organizations. • Understand Counterparty Intent: In financial negotiations, prioritize understanding what truly "makes them tick," such as specific risk concerns (e.g., delinquency or repayment before maturity). Knowing their core priorities allows you to navigate a "win-win solution" that respects their needs while ensuring your sustainable product delivery. • Commit to Hard Work: Recognized as an "enduring constant," there is "no substitute for hard work," requiring CFOs in fast-growing companies to commit fully to the business, often involving long hours   Chapter Summary (00:01:03) Greg Saunders, CFO of Coast Energy, discusses scaling solar and microgrid projects for commercial real estate. He notes the CFO's integral role in product design due to complex financial structuring. He describes the industry as exciting but full of complexity, risk, and surprises, likening it to riding the roller coasters. (00:04:07) Supported by private equity, Coast Energy optimizes capital cost and flexibility, recognizing that the lowest cost capital often imposes restrictive covenants. The company uses 5 or 6 types of capital, matching the cost and duration to the specific stage of the project. (00:07:21) The capital pathway starts with sponsor equity for early design, followed by a development debt facility (1–2 years, 8%–10% rate). Once permits de-risk the project, a construction line of credit (18–24 months) covers 70%–80% of costs, paying off the earlier development debt. (00:09:54) Projects transition to permanent debt (7 to 25 years) and tax credit financing. Permanent debt is conservatively sized (40%–60% of asset cost) based on a Debt Service Coverage Ratio (DSCR) of 1.2 to 1.6. Tax equity investors, often large banks, utilize the Investment Tax Credit (ITC) and depreciation policies to lower the overall cost of capital. (00:15:19) The zero capex model removes the $2M–$5M upfront barrier for commercial property owners. Customers gain predictable, lower energy rates (10%–25% less than utility rates) via a Power Purchase Agreement (PPA). For Coast Energy, this generates long-term, high-credit-quality cash flows that improve property Net Operating Income (NOI). (00:21:29) Due to variable timelines caused by utility delays and permitting, financial forecasting requires building sophisticated scenarios to anticipate issues a year or two out. Risk mitigation involves diversifying projects geographically and across off-takers (e.g., healthcare, multi-family). Saunders emphasizes understanding counterparty priorities in negotiations to find win-win solutions and that there is no substitute for hard work.   Resources: https://www.coastenergy.com/   Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:         Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

  Dori Yona, CEO and co-founder of Simple Closure, introduced the platform designed to streamline the difficult, manual, and bureaucratic process of shutting down a startup. Yona's inspiration stemmed from his own experience running low on cash at a previous company, where he found that seeking guidance on dissolution was lonely, and no readily available platforms existed to help navigate the process. He emphasized that the vast majority of startups fail (90% to 93%) and that annually in the US, between 700,000 and one million companies shut down, a number nearly equal to those that incorporate. The interview established the critical need for proper dissolution, noting that failing to handle the process correctly (which involves about 95 moving parts) can lead to severe consequences, including piercing the corporate veil, resulting in personal liability for founders, lawsuits, or fines years later. Simple Closure addresses this by offering a solution that reduces the traditional wind-down time from an average of 9 to 12 months to typically 30 to 45 days. The platform uses technology, including AI agents and automations, to ingest data from cap table and HR systems (like Carta and Gusto), and systematically checks public state databases across all 50 states to ensure a compliant shutdown plan is created and executed. Simple Closure utilizes a partner-heavy go-to-market strategy, working closely with top Silicon Valley law and CPA firms (such as Cooley and Gunderson), as well as integrating with major ecosystem players like Stripe Atlas and Carta. Yona stressed that the decision to shut down is intensely emotional, describing it as "abandoning your child". His main lesson for founders is to avoid "kicking the can" down the road, as delaying the shutdown decision often results in wasting crucial time (6 to 12 months) and capital, sometimes forcing founders to pay out of pocket to achieve final closure. Simple Closure aims to provide peace of mind and help founders move quickly to their next venture. Key Takeways Entrepreneurs should incorporate several crucial lessons regarding company dissolution, viewing it not as a personal failure but as a common occurrence, given that 90% or more of companies shut down. Acknowledge that the decision to wind down is intensely emotional, often feeling like "abandoning your child". However, resisting the urge to "kick the can" down the road is vital, as delaying the shutdown decision wastes valuable time (usually 6 to 12 months) and often consumes the remaining capital, sometimes forcing founders to pay out of pocket for the proper wind-down process. Finally, always prioritize compliance: a proper shutdown involves managing approximately 95 moving parts, and failure to handle these details correctly can "pierce the corporate veil," resulting in personal liability, lawsuits, fines, or penalties months or years later. The primary goal should be to achieve a quick, compliant exit to gain peace of mind and focus on the next venture. Chapter Summary (00:01:03) Dori Yona, CEO and co-founder of Simple Closure, introduced the platform tackling the painful, manual, and bureaucratic process of shutting down a company. He highlighted a recent milestone: Simple Closure was named one of Fast Company's most innovative companies. (00:02:31) Yona's inspiration arose from his personal experience when a previous company ran low on cash and the board suggested a "Plan B". He found seeking guidance on dissolution was lonely, as no platforms existed, and even top-tier Silicon Valley law firms avoided the process. (00:05:13) Statistically, the problem is massive: 90% or more of companies fail. Between 700,000 and 1 million companies shut down annually in the US, a number nearly equal to the 800,000 companies that incorporate each year, demonstrating a continuous economic cycle. (00:09:37) A proper dissolution requires handling about 95 moving parts. Failure to handle these details correctly can "pierce the corporate veil," leading to personal liability, lawsuits, liens on personal property, or fines months or years later. (00:12:24) Simple Closure uses a highly partner-driven strategy, working with top law firms (e.g., Cooley, Gunderson) and integrating with major ecosystem players (Stripe Atlas, Carta). Technology, including AI agents, ingests data and checks public state databases across 50 states, reducing the process from the traditional 9-12 months to typically 30 to 45 days. (00:33:28) Yona emphasized that the decision to shut down is intensely emotional, akin to "abandoning your child". The key lesson is avoiding "kicking the can" down the road, as delaying the decision wastes 6 to 12 months of valuable time and capital, often forcing founders to pay out of pocket for compliant closure.   Resources: The Hard Thing About Hard Things by Ben Horowitz https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205/ https://simpleclosure.com/   Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

  The interview features Darrell Cox, a veteran finance professional who has guided some of Canada's fastest growing tech companies, discussing his philosophy on finance leadership and the solutions offered by Una Software, where he currently serves. Darrell notes that a consistent theme throughout his career, working at big and small growth-oriented companies, has been the imperative to "push the limits". This drive is manifested in his focus on the data side, where he frequently built custom databases to collect crucial non-financial data, married it with financial data, and used the resulting insights to drive and measure performance. He finds this FP&A-focused work, pushing beyond traditional financing, to be the aspect of his career that has "really added a lot of value" and makes him feel most proud. This long-standing challenge of integrating operational and financial data led directly to his excitement about Una Software. Darrell explained that previous FP&A tools often required costly, custom IT solutions and external databases to connect detailed revenue data to financial results. Una, however, is specifically designed to solve this problem by providing a revenue-connected and operationally connected planning approach, enabling powerful forecasting and budgeting that allows users to "see around corners" by leveraging actual sales data rather than just invoice data from the financial system. Una targets mid-market companies, defined roughly as those with revenues from $50 million to $500 million, appealing specifically to those struggling to connect their financial and non-financial data without the excessive cost and complexity of high-end CPM solutions like Oracle or Cognos. Darrell contends that the ability of modern software to reduce implementation costs and time to value significantly lowers the risk and improves the ROI of moving away from fragmented tools like Excel, which is still used by 70% of customers despite its well-known flaws. As a CFO, Darrell's playbook for scaling a business involves building a robust foundation, often focusing on the FP&A function, to support scale. When entering a new role, he prioritizes areas for the highest impact, which often involves enhancing communication with the board, developing stronger KPI reporting, and building agile budget/forecast models that incorporate more data to ensure team alignment. He stressed that the budget and forecast process is primarily designed to "align the team" towards shared objectives. When analyzing data, he advises finance professionals to speak the language of the operational teams they support and provide ideas on levers they can influence, rather than simply pointing out cost overruns. In terms of data quality, he offers a pragmatic view: finance people should not insist on 100% accuracy in areas like sales and marketing data, as 80% accuracy can still yield highly valuable insights that drive action. This detailed data analysis is critical, especially when calculating SaaS KPIs like LTV to CAC; drilling down to customer cohort levels is necessary to avoid mismatching acquisition costs and revenue streams, potentially revealing unexpected profitability or illuminating highly productive channels. Darrell views the modern CFO as a "storyteller" who must "collect all your data, sift through it, organize it, [and] find the patterns". The communication of this story requires art, distilling complex metrics into a few important, positively framed points that resonate with the specific audience, whether internal teams, the board, or investors. The core of effective storytelling is aligning with the company's and the individual stakeholder's objectives, aiming to help them "get there faster" or even help them achieve their bonus. Looking forward, Darrell suggests the CFO is evolving into a "Chief Metrics Officer," who masters all metrics, drives performance, and balances the essential task of mitigating risk with focusing on performance maximization. His personal "secret sauce" for success is embracing "the struggle"—always pushing hard, maintaining creativity, and maximizing technology to attempt things others deem too difficult. He sees the current landscape, rife with technological innovation like AI and new CPM tools, paralleling historical periods of rapid development, reinforcing the importance of continuous learning and pushing limits. Chapter Summary (00:01:03) CFO Background and Data Focus: Darrell shares his career theme: leading growth companies by consistently "push[ing] the limits" on data. He integrates non-financial data with financial data into the FP&A function to drive performance, which he views as the most valuable aspect of his career. (00:03:07) Una: Solving Data Integration: Una Software solves Darrell's previous data integration challenges, enabling revenue-connected planning. Targeting the mid-market (defined as $50M–$500M revenue), Una offers modern solutions that significantly lower the cost and risk of implementation compared to older, complex CPM systems. (00:06:22) The CFO Scaling Playbook: The playbook focuses on building a robust finance foundation for scale, prioritizing FP&A and enhancing KPI reporting. The budgeting process is crucial to "align the team". Finance must speak the language of operational teams and provide actionable, solution-oriented advice. (00:10:07) Data Pragmatism and Deep Dives: Data priority aligns with core business objectives. Finance should accept that 80% accuracy in operational data (like sales metrics) is sufficient for valuable insights. Detailed analysis (e.g., LTV to CAC by customer cohort) is necessary to avoid mismatched costs and make productive decisions. (00:21:25) Storytelling and Metrics Mastery: The CFO must be a "storyteller," organizing data to find patterns and communicating the truth effectively. Communication requires positive framing tailored to help stakeholders meet their objectives. Darrell projects the role is evolving into a "Chief Metrics Officer". (00:35:56) Secret Sauce: The Struggle: Darrell's personal principle is embracing "the struggle," continuously pushing hard, maintaining creativity, and never settling for contentment. He attributes success to maximizing technology use for difficult tasks, aiming for the "highest possible level". Books Mentioned in this Episode The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution by Walter Isaacson https://www.amazon.com/Innovators-Hackers-Geniuses-Created-Revolution/dp/1476708703   Resources:   https://unasoftware.com/     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com     Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

  The podcast interview features Prem Kumar, founder and CEO of Humanly, an AI-powered recruiting platform. We delve into Prem's journey, the origins of Humanly, its business model, market positioning, recent funding, and the ethical integration of AI in recruitment. Prem's inspiration for Humanly stemmed from his personal experience as a job candidate in 2006, where he observed a lack of communication and inconsistent interview processes in high-applicant-volume roles. Later, working at Microsoft's HR Solution delivery team, he recognized that hiring teams lacked the technology to engage with candidates at scale, often only reviewing 5% of applicants. Humanly was founded about five years ago to address this problem, using AI and machine learning to engage, screen, and process high volumes of candidates, ensuring they get to the right talent faster. Humanly operates on a SaaS product model, targeting mid-sized to enterprise companies with high inbound applications that pay significantly for recruitment marketing but lack engagement tools for the volume they attract. The company focuses on entry to mid-level roles (0-7 years experience) across various industries where applicant volume is high, such as deskless workers or first/second jobs at accounting firms. Humanly aims to automate phone screens and engage 100% of candidates within hours, significantly reducing time to hire from 44 days to about 5 days, thus offering substantial ROI. Humanly recently closed a $7 million funding round, driven by a strong Q4 and the continued support of its lead investor, Drive. This funding is primarily aimed at scaling its go-to-market team and further developing its product. The team currently comprises 36 people, with product and engineering primarily in Seattle and a deliberate small engineering team in Vietnam, leveraging talent and cost efficiencies. Prem emphasizes that Humanly's approach to AI in recruiting is about augmenting human intelligence, not replacing it. He believes AI helps recruiters focus on strategic tasks by automating time-consuming ones, ensuring all candidates receive engagement rather than being ignored. The company is "problem-obsessed," using AI ethically and safely to meet user needs, measured by candidate experience ratings and customer retention. Prem also touched on his personal challenge of balancing work and life, managing this by prioritizing a small list of essential tasks weekly and daily Key Takeaways 1. Obsess over the Problem, Not the Solution: Prem Kumar's inspiration for Humanly stemmed from his personal frustration as a job candidate in 2006, facing a lack of communication and inconsistent interview processes for high-volume roles. He later observed similar systemic issues within Microsoft's HR teams. Prem emphasizes the importance of being "problem-obsessed" rather than solution-obsessed. By deeply understanding a significant, unaddressed pain point in the market—the inability to engage with candidates at scale—Humanly was able to develop an effective AI-powered solution. 2. Validate Your Market and Clearly Demonstrate ROI: Humanly targets mid-sized to enterprise companies with high inbound applications that struggle to engage with the volume of candidates they've attracted. Entrepreneurs should seek out "big enough" and "attainable" markets . Humanly provides a clear return on investment (ROI) by automating initial candidate engagement and screening, significantly reducing the time to hire from 44 days to approximately 5 days. This quantifiable value proposition is crucial for attracting and retaining customers. 3. Integrate Technology Strategically and Ethically: While Humanly relies heavily on AI, Prem stresses that their approach is about augmenting human intelligence, not replacing it. AI automates tasks that recruiters often don't have time for, like engaging with 100% of applicants, allowing human recruiters to focus on more strategic activities and human connection. He also highlights the critical need to deliver AI solutions in a "safe, ethical way" that builds user trust, especially given the public's skepticism towards AI. 4. Foster Strong Investor Relationships and Prioritize Predictability: Humanly's recent $7 million funding round was significantly supported by their lead investor, Drive. Prem advises maintaining a "really strong" relationship with investors, even through challenges, as their understanding of your journey fosters certainty. As the company scales, "predictability is extremely important" across all business aspects—revenue, product development, and support—moving from abstract ideas to solid, measurable plans. 5. Master Personal-Professional Balance and Intentional Prioritization: Prem emphasizes the importance of setting clear expectations with co-founders who share similar life situations, fostering empathy and mutual support. To manage his demanding schedule, he keeps his daily and weekly priority lists "really small," focusing on just one to two essential tasks per day and three to five for the week. This disciplined approach ensures focus on the most impactful work and helps maintain a sense of balance.   Chapter Summary (00:01:05) Humanly's Origin: Prem Kumar, Humanly's CEO, created the AI recruiting platform to solve candidate engagement issues at scale. His own job search and Microsoft experiences revealed only 5% of applicants were engaged, driving this solution. (00:04:23) Business Model & Market: Humanly's SaaS platform helps enterprises engage 100% of applicants, reducing time-to-hire to 5 days. They target high-volume, entry/mid-level roles with automated screening. (00:09:14) Funding & Scaling: A $7 million funding round will scale Humanly's go-to-market and product development. Their 36-person team is strategically located in Seattle and Vietnam for talent and cost efficiency. (00:17:12) Strategic Ops & Ethical AI: For growth, predictability is crucial. Prem emphasizes "problem-obsessed" AI, augmenting human intelligence ethically. Key metrics like candidate experience and retention guide their AI-driven approach. (00:31:14) Entrepreneurial Balance: Prem manages work-life balance by keeping daily (1-2) and weekly (4-5) priority lists "really small," focusing on essential tasks during peak energy times for well-being. Books Mentioned in this Episode The Hard Thing About Hard Things by Ben Horowitz https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205 The CEO's Mindset by Vinnie Fisher https://www.amazon.com/CEOs-Mindset-Break-Through-Level/dp/0990995534   Resources: https://www.humanly.io/     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

Lynn Perkins, founder and CEO of UrbanSitter, discussed her journey in building a trusted care platform. Her inspiration for UrbanSitter stemmed from a personal need for childcare and the idea to leverage social connections to replicate word-of-mouth trust online. Unlike many marketplaces, UrbanSitter operates on a subscription model for families and providers, which helps to maintain high-quality interactions and prevent disintermediation. Trust and safety are paramount in their high-trust business, ensured through annual background checks, identity verification, and by highlighting "repeat family" bookings as a key objective measure of a caregiver's reliability. Regarding capital allocation, Perkins emphasizes a "prescriptive, intentional" approach, ensuring each funding round has clear use cases and defined outcomes. She observed a significant shift in the investor climate, which now demands "real business metrics" such as product-market fit, low customer acquisition costs, and strong customer retention, indicating a departure from previous periods where funding was more readily available for unproven ideas. UrbanSitter's corporate business has seen substantial growth, now contributing approximately 40% of their revenue, fueled by increased employer interest in care benefits post-COVID-19, which also synergizes with their consumer services. The company has strategically utilized M&A for product expansion, such as with Sitter and Kinside. A critical success factor in M&A, according to Perkins, is ensuring a "strong cultural fit" for seamless team integration. She noted that M&A can be a compelling alternative to building in tougher fundraising environments. Currently, Perkins is focused on navigating corporate spending uncertainty and proactively exploring AI's potential to enhance product, content, and internal efficiencies. Key Takeaways 1. Solve Real Problems and Leverage Networks: Lynn Perkins' inspiration for UrbanSitter came from her personal need for trusted childcare, emphasizing the power of leveraging social connections to "replicate that either word of mouth trust" online. Founders can find strong purpose and market understanding by addressing problems they personally experience or observe within their networks. 2. Be Intentional with Capital Allocation: For finance executives and founders, Lynn stresses being "very prescriptive, very intentional" when raising and deploying capital. Each funding round should have clear, defined objectives, whether for market expansion, proving organic growth, or specific product development. It's also vital to "know when it's not working and pull back" to reallocate funds effectively. 3. Adapt to Evolving Investor Expectations: Lynn highlights a significant shift in the investor climate towards a "more rigorous set of criteria". Investors are now primarily seeking "real opportunities," founders who "can operate and achieve success," and "real business metrics" such as product-market fit, low customer acquisition costs, and strong customer retention. This means companies must demonstrate fundamental viability with "real data" . 4. Strategic M&A Requires Cultural Fit: Lynn's experience with Sitter and Kinside illustrates M&A's role in scaling and product expansion, particularly when weighing a "buy versus build" decision. A critical lesson is the paramount importance of a "strong cultural fit" to successfully integrate teams post-acquisition. M&A can be especially attractive in challenging fundraising environments. 5. Prioritize Trust and Data in High-Trust Models: In a high-trust sector like care, Lynn emphasizes that "trust and safety on both sides is paramount". UrbanSitter builds this through rigorous annual background checks, identity verification, and by actively leveraging performance data.   Chapter Summary (00:01:05) Founding & Trust: Lynn Perkins launched UrbanSitter to address her own childcare needs, building a subscription-based platform. Trust is vital, achieved through background checks and emphasizing "repeat family" metrics as a key signal of reliability. (00:09:57) Capital Strategy: Lynn advocates "prescriptive, intentional" capital allocation, linking funds to clear goals like market expansion or achieving cash-flow positivity before COVID-19. (00:13:34) Investor Climate Shift: Investor expectations have shifted to "more rigorous criteria," demanding "real business metrics" and data like product-market fit and customer retention. (00:17:05) Corporate Business Growth: UrbanSitter's corporate business now comprises ~40% of revenue, growing post-COVID by offering essential care benefits that synergize with consumer services. (00:20:51) Strategic M&A: Acquisitions like Sitter and Kinside drive product expansion, prioritizing "strong cultural fit" for seamless integration and faster scaling, especially in tough climates. (00:27:57) Future Focus: AI & Team: Lynn focuses on team dynamics and navigating economic uncertainty. She sees AI as a positive opportunity for product and internal efficiency, encouraging team exploration.   Resources: Turn the Ship Around by L. David Marquet https://www.amazon.com/Turn-Ship-Around-Turning-Followers/dp/1591846404 UrbanSitter https://www.urbansitter.com/   Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:         Peter Ho https://linkedin.com/in/peterhocm   Know a great guest for Value Drivers? Pitch founders, CEOs, CFOs, operators, or investors with standout capital allocation and scaling stories: media@brio360.com   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

  Sunil Shinde, a product leader and co-founder at CueZen, was the guest on the Value Drivers podcast. He shared insights into CueZen's mission, its innovative use of AI in healthcare, and his professional journey, which includes past roles at Microsoft and Harman. Sunil began his career in India with Microsoft before migrating to the United States. He spent a significant portion of his early career helping customers build IP using cost-effective offshore models. In 2016, he made his first foray into AI and healthcare by joining his current CEO, Ankur, at an earlier startup called KenSci, which later had an exit with Providence in 2021. His experience includes leading AI-based Precision Population Health and Customer Success at KenSci, and prior to that, he was a VP at HARMAN International, creating strategic opportunities with Microsoft for voice-activated agents in cars. At CueZen, Sunil is actively building an AI engine to drive better health outcomes through behavioral change. CueZen addresses both the "wellness" and "illness" phases of health, aiming to help individuals navigate complex health situations by providing personalized coaching. In a crowded market, CueZen differentiates itself from larger tech companies that tend to create "walled garden" ecosystems, like Apple. Instead, CueZen strives to be platform agnostic, device agnostic, and health enterprise type agnostic, creating a product that can be used by anyone and everyone. As a B2B company, their customers are primarily health enterprises, including payers, providers, pharma, wearables, retail health, and telehealth. AI is front and center to CueZen's operations. They aim to keep AI invisible in their offering, using it in a non-intrusive, safe, and responsible manner, primarily for automation where human power cannot scale. CueZen sends out billions of digital interventions daily to members and patients, a scale only possible through the right application of AI. The North Star for CueZen is human behavior change. Their recommendation engine serves personalized suggestions based on various inputs, aiming for these recommendations to convert into actions that, with repetition, become habits and lead to positive health impacts. Measuring success involves tracking if recommendations are taken, if actions are repeatedly performed, and if the message was delivered at the right time, right place, with the right tonality. Sunil also highlighted that CueZen aims to bust the myth that health technology is only for specific cohorts. They have found that every individual is a consumer of this technology, emphasizing the importance of finding the right time and tonality for interventions. He noted that even individuals 65 and older, often perceived as non-technical, are "very well tuned to listening" once trust is built.   Key Takeaways Focus on a clear "North Star" and tackle complex human problems: Sunil Shinde highlights that human behavior change is the "North Star" for CueZen , as they build an AI engine to drive better health outcomes by influencing behavior. This involves serving personalized recommendations that convert into actions and eventually habits, leading to positive health impacts over time. For entrepreneurs, this underscores the importance of having a profound mission and being prepared to solve deeply intricate, long-term challenges that can yield significant value, even if immediate results are not apparent. Differentiate by embracing platform agnosticism and broad accessibility: In a market where large tech companies often create "walled gardens" to lock users into their ecosystems, CueZen strategically sets itself apart by aiming to be platform agnostic, device agnostic, and health enterprise type agnostic. This approach ensures their product can be utilized by "anyone and everyone" within the diverse healthcare ecosystem, including traditional payers, providers, pharma, and newer entities like wearables and telehealth. This provides a valuable lesson for entrepreneurs on finding competitive advantages through interoperability and wider market reach, rather than restrictive proprietary systems. Leverage AI responsibly and invisibly for scalability: While AI is "front and center" to CueZen's operations, it is intentionally kept "invisible" within their offering. The AI's primary function is automation where human power cannot scale, enabling CueZen to send billions of digital interventions daily. This responsible and non-intrusive application ensures that technology enhances the human touch rather than replacing it, particularly crucial in sensitive sectors like healthcare. This takeaway emphasizes for entrepreneurs the strategic application of AI to overcome limitations of scale while maintaining a seamless and trustworthy user experience. Cultivate daily resilience and perseverance in the face of challenges: Sunil openly shares the demanding reality of startup life, admitting to moments of feeling "completely broke, beaten up, lost, helpless, hopeless". His crucial lesson for staying motivated is the importance of "letting night happen" and "letting sunrise happen," then "pulling yourself back every day" to "put yourself back in business". This powerful personal philosophy highlights that consistent daily effort and the unwavering habit of pushing forward, even when progress seems impossible, are "massive" contributors to entrepreneurial success.   Books Mentioned in this Episode From Cairo to Beirut by Sunil Shinde https://www.amazon.com/Cairo-Beirut-Footsteps-Expedition-through/dp/163405024X   Resources: www.cuezen.com     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm       Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

Val Lee, co-founder of Manifest, transitioned to entrepreneurship after over a decade in management consulting at Deloitte, where he focused on economics and business. He realized his increasing draw to entrepreneurial projects, which large consulting firms are not structured to support, necessitating a "decompression period" to rewire his brain from high-pressure deliverables to long-term learning and strategic thinking. Manifest's core mission is to unlock access to private equity real estate investment via blockchain, originating from an exploration of value creation in the crypto space. With his co-founder Nathan, Val focused on homes as a significant area for value creation. Their product allows homeowners to sell a portion of their home's value for cash, with investors sharing in the property's growth, rather than receiving interest. This model uniquely creates an alignment of interest between the occupant and investor, differing from traditional rental businesses that often have conflicting incentives. For other founders, Val emphasizes that fundraising is about "finding someone who's already convinced" by your venture's thesis, rather than trying to persuade them. This strategy involves thorough pre-research on VCs and leveraging AI tools like ChatGPT to identify aligned investors and tailor pitches to resonate with their existing investment theses. Manifest's approach to capital utilization focuses on sequencing business activities to reduce risk as much as possible for each dollar spent, viewing risk reduction as direct value creation for investors. Their current primary risk is securing initial seed capital for the real estate fund to acquire assets. While having a core team of four, Val views their team broadly to include over 40 individuals, comprising partners, advisors, and vendors, underscoring the "it takes a village" approach crucial for startup success. Key Takeaways • Strategic Shift from Consulting to Entrepreneurship: Val's transition from over a decade in management consulting to co-founding Manifest highlights the importance of a "decompression period" for founders. This period allows for rewiring the brain from constant deliverables and high-pressure activities to a focus on long-term learning and strategic thinking, which is essential for identifying and pursuing entrepreneurial opportunities that major consulting firms often cannot support due to their business model. • Innovative Value Creation in Real Estate through Aligned Incentives: Manifest's core value proposition is to unlock access to private equity real estate investment via blockchain. They do this through Home Equity Investments (HEIs), a relatively new product that allows homeowners to sell a portion of their home's value for cash, with investors being repaid based on the home's value growth. This model uniquely creates an alignment of interest between the occupant (who cares about property quality and financial results) and the investor, avoiding the conflict often seen in traditional rental businesses and expanding the dream of homeownership. • Optimized Fundraising Strategy: Finding "Convinced" Investors and Leveraging AI: A crucial lesson in fundraising is that it's less about convincing someone and more about finding an investor who is "already convinced" by your venture's underlying thesis. This necessitates thorough pre-research into VCs' past investments and leveraging software tools to identify aligned firms, prioritize outreach, and tailor pitches with relevant talking points, thereby accelerating the fundraising process and making conversations more productive. • Risk Reduction as the Core of Value Creation: Manifest strategically utilizes capital by sequencing business activities to reduce risk as much as possible for each dollar spent. This approach views risk reduction as direct value creation for investors, as successfully mitigating risks directly increases the perceived value and readiness of the business for scaling. Chapter Summary (00:01:04) Introduction & Personal Balance: Val Lee, Manifest co-founder, shares his improv passion for focus and stress relief. He discusses his pivot from 11 years at Deloitte consulting, emphasizing a "decompression period" for entrepreneurial thinking. (00:06:58) Manifest's Core Innovation: Manifest uses blockchain for private equity real estate through Home Equity Investments (HEIs). This unique model aligns homeowner and investor incentives, unlike traditional rentals. (00:11:17) Market & Product Specifics: HEIs repay investors based on home value growth. Manifest targets liquid markets, avoiding environmental risks like floodplains for stability. (00:14:33) Optimized Fundraising Approach: Val emphasizes finding "already convinced" investors via thorough pre-research and leveraging AI (e.g., ChatGPT) to identify aligned VCs and tailor pitches efficiently. (00:19:07) Capital Allocation & Risk Reduction: Manifest uses capital to reduce risk "for the next dollar spent," equating risk reduction to direct value creation. They're building necessary tech for their unique real estate fund. (00:25:51) Addressing Key Challenges: The main current risk is securing initial seed capital for the fund. Val manages personal stress and anxiety through consistent daily journaling and improv practice. Books Mentioned in this Episode The Body Keeps the Score by Bessel van der Kolk https://www.amazon.com/Body-Keeps-Score-Healing-Trauma/dp/0143127748 You Are the One You've Been Waiting For by Richard Schwartz https://www.amazon.com/You-Youve-Been-Waiting-Relationships/dp/1683643623 Like War by P. W. Singer and Emerson T. Brooking https://www.amazon.com/LikeWar-Weaponization-P-W-Singer/dp/1328695743   Resources: Manifest Finance https://manifest.finance   Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm       Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

  Voltaire is an AI-powered program founded by Yo Sub Kwon, designed to help insurance carriers by making claims correspondence faster, more accurate, and cheaper. Kwon, a technologist who started programming at 12 and launched his first company at 16, has a background in founding multiple companies, including Launchkey and one of the earliest US-based crypto exchanges. His entry into the P&C insurance industry was sparked by the rise of ChatGPT, leading him to discover an unrelated AI software being used for claims letters and eventually partnering with Bryan Layne, who brought crucial insurance industry expertise, to start Voltaire. The insurance industry faces significant challenges in claims correspondence, primarily due to the manual and time-consuming process of writing letters, especially denial letters. Adjusters must interpret unique, often 100-plus page policy documents, which can be further complicated by special provisions and endorsements. This complexity leads adjusters to use shortcuts like recycling old letters, introducing errors that create litigation risks for carriers, particularly if incorrect language or policy citations are used. Voltaire addresses these issues by dramatically improving the accuracy and consistency of letter writing, preventing the citation of language not present in the actual policy, and reducing "claims leakage" where coverage decisions are made incorrectly. The software drastically reduces the time spent on writing letters and the need for multiple layers of quality assurance, leading to significant time savings, reduced costs, and lower risks for carriers. Voltaire charges on a per claim basis, which can sometimes allow carriers to pass costs to reinsurers. Kwon believes the AI cycle is still in an early stage and on a "parabolic trajectory," with advancements rapidly transforming various industries. While few direct competitors focus solely on AI-powered letter writing, the market is ripe for disruption, as most insurance carriers are slow to innovate and often rely on older software. Voltaire recently closed a $4.2 million seed funding round to accelerate its growth. The capital is being used to expand the team, particularly in marketing and sales, and to aggressively attend industry events to increase awareness and capture market share. The company emphasizes empowering its team with AI, dedicating 25% of engineering time to experimentation and research, and conducting hackathons to foster innovation and ensure they stay ahead in the rapidly evolving AI landscape. Key Takeaways • Leverage Past Experience and Build on Lessons Learned: Kwon emphasizes that every past company provided valuable lessons, even from mistakes, contributing to better pattern recognition and faster decision-making. This highlights the compounding value of entrepreneurial experience. • Strategic Partnerships Fill Skill Gaps: A crucial lesson is to identify weaknesses and seek strong partners or resources to cover those areas. For Voltaire, Kwon, a technologist, partnered with Bryan Layne for essential insurance industry experience and connections, which was vital since he had no prior insurance background. • Validate the Problem and Market Demand Early: Before significant investment, it's vital to clearly define the problem you're solving and ensure customers are willing to pay for the solution. Voltiare gained overwhelming positive feedback from insurance carriers for their prototype, validating their entry into the claims space. • Identify and Aggressively Capture Untapped Market Opportunities: Kwon highlights a "massive opportunity" in insurance where less than 1% of the market currently uses software like Voltaire's for claims correspondence. He advocates for aggressive market expansion through industry events and sales/marketing efforts to capture early market share, anticipating a rapid shift away from manual processes. • Embrace AI as a Transformational Enabler and Foster an AI-Native Culture: Kwon believes AI is in an early, rapidly advancing stage, capable of unlocking automation previously requiring engineers. Companies should empower their teams with AI (e.g., through hackathons and dedicated experimentation time) to significantly increase individual impact and build an AI-native culture where continuous learning and discussion of AI advancements are central. • Build Strong Networks for Talent and Funding: Leveraging connections from previous ventures helped Kwon attract "extremely talented engineers" for Voltaire, ensuring cutting-edge development. Similarly, his quick fundraising was attributed to reaching out to known investors directly, relying on established relationships and a clear business case. • Sustain Motivation through Problem-Solving and Impact: Kwon's motivation stems from the inherent challenge of problem-solving in business and being involved in AI, which he sees as having a "tremendous impact on humanity". This suggests linking work to a larger purpose and fostering excitement for technological advancements can drive sustained motivation for both leaders and teams. Chapter Summary (00:01:03)  Voltaire: AI for Claims: Yo Sub Kwon founded Voltaire, using AI to make insurance claims correspondence faster, accurate, and cheaper. He entered insurance through an unexpected AI application. (00:06:53)  Current Claims Challenges: Manual letter writing is time-consuming and error-prone, leading to litigation risks and extensive quality assurance for carriers. (00:10:34)  Voltaire's Accuracy & Efficiency : Voltaire's AI improves accuracy and consistency by citing policy language verbatim. This reduces errors, saves time, and lowers costs. (00:22:03)  Massive Untapped Market: With under 1% market penetration, Voltaire sees immense opportunity. They're expanding aggressively, expecting manual letter writing to cease within five years. (00:25:02)  AI's Early, Transformative Stage: Kwon believes AI is in an early, rapidly advancing stage, enabling widespread automation. This empowers individuals and drastically increases organizational impact. (00:35:60)  Problem-Solving & AI Impact: Kwon's motivation is problem-solving and AI's tremendous impact. Voltaire fosters an AI-native culture, sharing excitement for technological advancements.   Books mentioned in this episode Great Expectations by Charles Dickens https://www.amazon.com/Expectations-Penguin-Classics-Charles-Dickens/dp/0141439564   The Count of Monte Cristo by Alexandre Dumas père https://www.amazon.com/Count-Monte-Cristo-Penguin-Classics/dp/0140449264     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com     Follow our host:           Peter Ho https://linkedin.com/in/peterhocm         Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.    

Peter Ho welcomed Alejandro Castellano to the podcast to discuss how he uses technology to make operations and businesses work smarter. Alejandro shared his background, starting with a childhood dream of being an inventor in Lima, Peru, leading him to study electrical engineering. He pursued entrepreneurial ventures early, starting an EdTech company in college where he learned the basics of running a business. This first company connected him with business people, leading to an opportunity to join a family office, which he described as his "on the streets MBA," where he learned how businesses grow from one to ten million in revenue across various industries. Despite this valuable experience, he always wanted to build something more disruptive in software, promising himself he would pursue a master's in computer science in the US. He eventually attended Cornell Tech, specializing in computer vision and machine learning, with a focus on entrepreneurship. After completing his master's, Alejandro had the idea to combine his two experiences: the operational knowledge from the family office, particularly in non-tech professional services, with the exploding potential of generative AI to improve these operations. He applied to the Allen Institute for AI incubator, AI2, choosing it because they had invested in AI startups before AI was mainstream, trusting their approach. Moving to Seattle for the incubator, he began exploring his idea. The motivation to start a company stemmed from his preference for working on something he owned or had a stake in, a mission that led him to seek the "best place to build companies in the world". Observing bottlenecks in admin and back office work in various businesses, Alejandro saw an opportunity to apply generative AI. He initially thought legal would be a good starting point due to AI's text analysis capabilities. Through conversations with attorneys, he identified common manual admin tasks that technical solutions could solve, but which firms lacked the resources to build. He realized this opportunity extended to other professional services like finance and accounting. This led to the core idea of Caddi: an extremely easy-to-use system that could watch a user's screen and replicate their process, like having a consultant ask to be shown a task and then automating it. Caddi works by having users record their screen interactions while performing a process; Caddi then documents the steps and replicates the process via software, such as API calls. This approach is different from traditional UI-based RPAs, which can break if the user interface changes and might make errors in decision-making, posing a significant liability in sensitive industries like legal and finance. Caddi's hybrid model starts like an RPA but generates actual code, making it extremely reliable. A key differentiation for Caddi is its focus on professional services users who are non-technical, often highly regulated, cautious about data, and value their time immensely. Caddi was designed to be customizable, allowing each firm to automate processes exactly the way they work today, rather than forcing them to adopt a standard pattern. They position Caddi as a "new AI employee" that users can teach manual processes to, which Caddi then performs reliably, saving time and cost and enabling employees to focus on revenue-generating activities. Caddi also facilitates process standardization across an organization and provides visibility into automated tasks. While they started exploring legal, their current clients are primarily in the financial services industry, as the pattern of needing operational support for expert practitioners is similar across professional services. Their revenue model is subscription-based with different tiers depending on platform usage, offering unlimited seats to encourage widespread adoption within a firm. Caddi recently raised $5 million in funding, a process Alejandro described as challenging but ultimately quick, taking about three weeks to find lead investors. The AI2 incubator was immensely helpful, providing diverse advisor perspectives (VC, entrepreneur, technical) and, crucially, a network that provided warm introductions to investors, making the fundraising process significantly easier.   Key Takeaways ·         Combine your unique background with technological shifts to identify opportunities. Alejandro combined his experience in operations within non-tech businesses from a family office with the "explosion" of generative AI to see a need for improving operations in professional services. This suggests that looking at how your specific skills and past experiences intersect with emerging technologies can reveal promising market gaps. ·         Focus on a specific customer segment and deeply understand their unique needs and constraints. Caddi initially focused on professional services like legal and financial advisory. Alejandro emphasizes that these users are often non-technical, highly regulated, have concerns about data security, and value their time immensely. Tailoring the product's ease-of-use and reliability, as well as the go-to-market strategy, to these specific characteristics is crucial for differentiation and adoption. ·         Prioritize reliability, especially in sensitive industries. In fields like legal and finance, even small errors can be very costly. Caddi addressed this by developing a hybrid approach that, while starting with recording user actions, generates validated code to ensure processes are replicated reliably, offering a significant advantage over less dependable methods. Making the solution reliable is paramount for building trust with these customers. ·         Leverage incubators and their networks for guidance and fundraising. Alejandro found the AI2 incubator incredibly helpful, not only for diverse advisor perspectives covering business, technology, and entrepreneurship, but also for providing warm introductions to investors within their network. This network significantly eased the fundraising process, demonstrating the value of connecting with established communities. ·         Balance visionary dreaming with grounded realism. Founders need a "reality distortion field" to dream big and believe they can change the world. However, Alejandro stresses the importance of being "quite real, quite transparent, and humble" when receiving customer feedback, analyzing usage data, and assessing the company's actual progress. The ability to switch between these two mindsets is vital for navigating the entrepreneurial journey.   Chapter Summary (00:01:02) Host Peter Ho introduces Alejandro Castellano, CEO of Caddi, focusing on using tech for smarter business operations. Shares background: Peru, engineering, first company A plus Tutoring, and "on the streets MBA" experience in a single-family office. (00:03:23) Pursuit of US education led to a Master's in AI at Cornell Tech and joining the AI2 incubator in Seattle. The idea for Caddi combined his operations experience with generative AI's potential to automate manual admin/back-office tasks in non-tech professional services. (00:06:50) Identified that professionals were overqualified for manual admin tasks. Realized an opportunity in industries like legal and finance. Caddi's concept aims for ease of use by watching and replicating processes, using a recording app to capture steps and build automations via software. (00:11:11) Caddi differentiates from RPA/no-code by focusing on professional services lacking tech talent. Unlike UI-based RPA, Caddi generates reliable custom code, crucial for accuracy in legal/finance where errors are costly.   (00:15:23) Caddi's value proposition: act as a reliable AI employee, freeing up time for higher value tasks, offering standardization and visibility. Business model is subscription for financial services and law firms with unlimited seats. (00:17:40) They recently raised $5M, lead investor Sunil Nagaraj (Uig), also AI2 network. Differentiation lies in specializing for the professional services segment's specific needs and constraints (e.g., regulation, hesitation to adopt new tech, value of time). (00:22:40) Scaling in this segment requires credibility and case studies. The AI2 incubator provided significant help with advisors and warm investor introductions. Keeping current on AI means constant experimentation. (00:30:12) Advice for entrepreneurs: balance the dreamer's reality distortion field with being realistic and transparent about operations.   Resources: Black Swan by Nassim Nicholas Taleb https://www.amazon.com/Black-Swan-Improbable-Robustness-Fragility/dp/081297381X Caddi https://www.trycaddi.com/     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm       Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

  This podcast episode features an interview with Chat Joglekar, the founder and CEO of Baton, a company aiming to be the "Zillow for small business". Chat, an experienced executive with previous roles at Google and Zillow, was inspired to start Baton after a friend's frustrating experience trying to buy a small business, highlighting the lack of transparency in valuations. The market for small business transactions is substantial, estimated to be north of one trillion dollars annually. Baton seeks to address the illiquidity and opacity of this market by providing transparent valuations based on comparable sales data and reconciled financial information for listed businesses, unlike many other listing sites. Baton operates as a two-sided marketplace, and their initial strategy focused on building a high-quality and "legible" supply of businesses. Chat drew parallels to his experience scaling the new construction marketplace at Zillow, where focusing on quality listings attracted demand. Baton's monetization primarily comes from success fees charged to sellers upon a successful transaction, along with a small monthly retainer to ensure seller engagement . While currently working mostly directly with sellers, Baton is also testing partnerships with third-party brokers who see value in leveraging their platform. Despite existing and potential competitors, Baton believes its full-stack approach, guiding transactions from valuation to closing, sets it apart. The company recently raised a $10 million Series A funding round, with investors resonating with the large market opportunity and the need for Baton's solution. Key internal metrics for Baton include contracted retainer revenue and gross listing value, which help track the platform's health and future success. He emphasizes that motivating his team comes from a shared vision of helping small businesses, strong core values, and a focus on solving challenging problems by deeply understanding their customers.   Key Takeways 1.      Identify and Validate a Clear Market Need by Drawing Analogies: Chat's inspiration for Baton came from a friend's frustrating experience trying to buy a small business, which he articulated as the need for a "Zillow for small business". This highlights the power of identifying a tangible problem and using a familiar analogy to frame the solution and understand the missing elements in the market. 2.      For Two-Sided Marketplaces, Focus on Building Quality Supply First to Drive Demand: In the context of Baton, the initial focus was on making the supply of small businesses "legible" and bringing high-quality listings to the platform. Chat emphasizes that once they had good supply with comprehensive information, demand from buyers naturally followed. This suggests that in marketplaces where supply is opaque, prioritizing its quality and availability is crucial for attracting users on the demand side. 3.      Deeply Understand and Address the Unique Characteristics of Your Target Market: Chat points out that the small business transaction market is unique because the vast majority of both buyers and sellers are first-timers. This requires a different approach than more experienced markets, necessitating more education, support, and a platform that simplifies complex processes. Entrepreneurs should tailor their solutions to the specific challenges and inexperience levels of their users. 4.      Establish Core Metrics Aligned with Long-Term Success, Not Just Immediate Outcomes: Baton focuses on "contracted retainer revenue" as a key internal metric. This leading indicator helps predict future successful deals, which typically take several months to close. This illustrates the importance of identifying and tracking KPIs that reflect the underlying health and momentum of the business, even if they don't provide immediate gratification. 5.      Build a Strong Vision, Mission, and Values to Inspire and Motivate Your Team: Chat emphasizes that Baton's mission to help small businesses resonates deeply with many people. Their core values, such as "Know your customer" and "Problems energize us," create a shared sense of purpose and excitement within the team. This highlights that beyond financial incentives, a compelling vision and well-defined values are critical for attracting and retaining talented individuals who are passionate about solving the problem.   Chapter Summary (00:01:00)  Host Peter Ho introduces Chat Joglekar, the founder and CEO of Baton, highlighting his experience in building businesses. Chat shares his background, including roles at Google and Zillow, and the inspiration behind Baton – a friend's frustrating experience in trying to buy a small business, sparking the idea for a "Zillow for small business". (00:03:09)  Peter and Chat discuss the significant market opportunity in small business transactions, estimated to be north of one trillion dollars annually, comparable to the real estate market. Approximately 8-10% of businesses trade hands each year, representing a large volume of potential transactions. (00:04:50)  The conversation explores the lack of a great ecosystem for small business transactions compared to real estate. Emotional aspects for owners and the fact that most buyers and sellers are first-timers create unique challenges. (00:10:04)  Chat explains Baton's core strategy of providing apples-to-apples comparisons using cash flow multiples and a database of 70,000 recent sales comps. Baton aims to reduce the gap between buyer and seller valuation expectations by offering data-backed insights. They verify financial data for listings, unlike many other sites. (00:15:51)  Drawing on his experience at Zillow's new construction marketplace, Chat emphasizes the importance of building a high-quality and "legible" supply of businesses to attract demand. Baton focuses on comprehensive listings with video interviews and reconciled financials. This approach has led to a significant number of registered buyers. (00:24:32)  Chat acknowledges existing and potential competitors but highlights Baton's full-stack approach, assisting with the transaction process all the way to closing, as a key differentiator. They believe this comprehensive model provides a superior service compared to basic listing sites. (00:26:29)  Chat discusses Baton's recent $10 million Series A funding round. Investors were drawn to the large market and the need for Baton's solution. Chat reflects on the importance of understanding investor perspectives and addressing their concerns, particularly around being a tech-enabled broker versus a true marketplace. (00:31:59)  Chat shares that key internal metrics include contracted retainer revenue and gross listing value . He also discusses his approach to motivating his team, emphasizing the inspiring vision of helping small businesses, core values like "Know your customer" and "problems energize us," and fostering a collaborative environment. He personally stays motivated by the opportunity to solve problems and support small business owners.   Resources mentioned in the podcast https://www.batonmarket.com/   Acquired podcast Lenny podcast   Superagency by Reid Hoffman https://www.amazon.com/Superagency-Could-Possibly-Right-Future-ebook/dp/B0D886ZQHY The Nvidia Way by Tae Kim https://www.amazon.com/Nvidia-Way-Jensen-Huang-Making/dp/1324086718     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

In this episode, we interview Alex Smereczniak, a serial entrepreneur and the co-founder and CEO of Franzy, a franchise discovery and acquisition platform, and former CEO of 2 U Laundry and Laundry Lab. Alex shares his journey of growing 2 U Laundry/Laundry Lab to over 30 locations and his decision to hire a CEO and move to a board position. This transition allowed him to focus on his idea for Franzy, which he describes as the "Zillow for franchising," aiming to solve the gap in how people discover and research franchise opportunities. The franchise market is massive, accounting for 6-8% of the US GDP.  Alex points out that finding franchise opportunities is currently inefficient, often relying on Google searches or potentially biased franchise brokers who don't disclose their commissions. Franzy offers a transparent, all-in-one platform with AI-powered matching, educational tools, and a tech-enabled coaching experience for prospective franchisees. For franchisors, Franzy provides access to high-quality leads with a success-based flat fee model. Alex discusses the challenges of scaling a marketplace and Franzy's multi-faceted approach to drive awareness. Interestingly, he notes that economic uncertainty can actually drive growth in franchising as people seek more control over their careers. Reflecting on entrepreneurship, Alex emphasizes the importance of building a team that wants to be part of something bigger than themselves and constantly reinforcing that vision. To connect with Alex and learn more about Franzy, visit www.franzy.com. Here are 5 key takeaways from the interview that may be useful for other entrepreneurs or CEOs: 1. Prioritize the health of the business over personal attachment: Alex Smereczniak made the strategic decision to hire a CEO for 2 U Laundry and Laundry Lab, recognizing that someone with more retail and operational experience could better lead the company's growth, even though he had dedicated eight years to building it. This highlights the importance of putting the business's needs first, even if it means stepping back from a day-to-day leadership role. 2. Identify and capitalize on market inefficiencies: Alex recognized a significant gap in how individuals discover and acquire franchise opportunities. The lack of a transparent, centralized platform, coupled with potential conflicts of interest with franchise brokers, led to the creation of Franzy. This demonstrates the value of identifying pain points in an existing market and developing innovative solutions to address them. 3. Leverage technology to create transparent and efficient marketplaces: Franzy aims to be the "Zillow for franchising" by providing a platform with transparent pricing, AI-powered matching, and comprehensive information, contrasting with the fragmented and sometimes opaque nature of traditional franchise discovery methods. This underscores the power of technology in creating more efficient and trustworthy marketplaces by offering greater transparency and value to users. 4. Recognize opportunities within economic shifts: Despite economic uncertainty, franchising has historically seen growth as individuals seek more control over their careers and futures. This suggests that entrepreneurs and CEOs should be aware of how broader economic trends can create new demands and opportunities within their respective markets. 5. Build a team driven by a shared, larger purpose: Alex emphasizes the importance of hiring individuals who want to be part of something bigger than themselves and constantly reinforcing that vision. Creating a sense of shared purpose and excitement about the company's mission can be a powerful motivator for teams, especially in the challenging environment of a startup.   Chapter Summary (00:01:04)  Peter Ho introduces Alex Smereczniak, co-founder/CEO of Franzy and former CEO of 2 U Laundry/Laundry Lab. (00:01:33)  Alex discusses 2 U Laundry/Laundry Lab's growth to over 30 locations and his move to a board position. He explains Franzy, inspired by his franchising experience, aims to be the "Zillow for franchising." (00:02:45)  Alex highlights the massive franchise market, accounting for 6-8% of the US GDP, encompassing diverse industries beyond fast food. (00:07:00)  Peter asks how business owners find franchises. Alex points out the lack of a great platform and issues with franchise brokers. Franzy aims to be a transparent solution. (00:09:12)  Alex explains Franzy's AI matching, coaching, and success-based flat fee model for franchisors . It leverages FDD data for accessible brand profiles. (00:17:25)  Alex discusses overcoming the cold start problem  and how economic uncertainty can drive franchise growth , though tariffs can impact specific sectors. (00:27:26)  Alex shares that building a startup requires a team wanting to be part of something bigger than themselves and constantly reinforcing that vision. (00:29:53)  Alex notes "crazy finds crazy" in startups . He provides contact information for Franzy and himself.     Books mentioned in the podcast Zero to One by Peter Thiel and Blake Masters https://www.amazon.com/Zero-One-Notes-Startups-Future/dp/0804139296 The Hard Thing About Hard Things by Ben Horowitz (Author) https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205       Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:      Peter Ho https://linkedin.com/in/peterhocm   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.      

Peter Ho welcomes Julian Lange, an experienced CFO who has guided companies from startup to IPO, including scaling Marley Spoon and leading VC fundraising for Aiven. Currently CFO at Upvest, Julian brings strategic financial leadership and a passion for team development. Julian's Career Journey: Julian shares his background, starting with 10 years in the corporate world at General Electric (GE), where he held various finance roles and learned the importance of finance helping to run the business. He gained exposure to corporate FP&A among other important finance functions. After GE, Julian transitioned to the startup and scale-up world. Experience at Marley Spoon: Julian was the first finance hire at Marley Spoon, a global meal kit competitor to HelloFresh. He discusses the company's rapid growth from zero to $250 million revenue and its IPO within four years. He emphasizes the importance of building processes early and shaping the finance team with a vision. Julian also highlights the significance of unit economics even in early stages, focusing on customer acquisition cost and lifetime value to build a "marketing machine". Experience at Aiven: Julian joined Aiven, a software business providing value-added cloud infrastructure for open-source software, and experienced hypergrowth, with the team and topline revenue quadrupling in 18 months. Aiven reached a multi-billion dollar valuation. Current Role at Upvest: Julian is currently the CFO at Upvest, an investment API company that enables other companies to offer stock and ETF trading. He explains the technical complexities Upvest solves in the investment space. Key Takeaways for Finance Professionals and Entrepreneurs: Finance should be a business partner, actively helping to run the company, not just focusing on numbers. Julian mentioned that what interested him at GE was being told that in finance, you help run the business. He found this to be true, noting that CFOs and finance teams have a huge say and impact on how things are done, which comes with the responsibility of knowing the business details. This perspective suggests that finance professionals should strive to understand the operational aspects of the business and contribute to strategic decision-making, rather than being purely reactive or focused solely on reporting. This is also reflected in his emphasis on business partnering later in the interview. • Building strong unit economics is crucial for sustainable growth, even from the early stages of a company. Julian highlighted that even at super low revenue, they started looking at unit economics at Marley Spoon, specifically the relationship between customer acquisition costs and lifetime value . He described the goal as building a "marketing machine" that "magically... multiplies the money."  This takeaway emphasizes the importance of understanding the profitability of each customer and ensuring that growth efforts are financially sound, rather than just focusing on top-line revenue. This principle applies to both startups and more mature businesses looking to expand efficiently. • Don't underestimate the value of hiring individuals with the right attitude and potential for growth, even if they are less senior initially. Julian shared the "famous example from Marley Spoon days" where his first finance hire was a working student who is now the CFO of one of their largest countries. He stated that he is "fine to hire less senior, but a person that I'm fully convinced otherwise can develop". This suggests that entrepreneurs and finance leaders should look beyond immediate experience and consider the long-term potential and adaptability of candidates, investing in their development for future success. • Expect and embrace change and uncertainty, especially in high-growth environments, and focus on the ability to react quickly based on data. Julian's career has involved navigating various significant events, from the great financial crisis at GE to the rapid growth and market shifts at Marley Spoon and Aiven. He mentioned that he has "seen a career full of events that normally say people, oh, this happens once in a lifetime. But for me, it happens like once in a job." His approach is not to over-plan for every possibility but to "quickly react," look at the data, understand the new context, and make solid decisions. This suggests that agility and data-driven decision-making are vital for navigating the unpredictable nature of business, particularly in dynamic industries. • Continuous learning and a focus on process improvement are essential for effective financial leadership. This highlights the importance of ongoing learning, adopting best practices, and continuously refining financial and operational processes to improve efficiency and effectiveness within the finance function and across the organization. Chapter Summary (00:01:04) Introduction to Julian Lange  (00:01:35) Early Career at General Electric (GE)  (00:03:06) Transition to Startups and Marley Spoon  (00:09:04) Hypergrowth and IPO of Marley Spoon  (00:17:17) Recruiting and Experience at Aiven (00:21:25) Current Role at Upvest  (00:25:16) Balancing Growth and Navigating Uncertainty  (00:43:08) Book Recommendations and Career Advice    Book Recommendations The Pyramid Principle:Logic in Writing and Thinking by Barbara Minto https://www.amazon.com/Pyramid-Principle-Logic-Writing-Thinking/dp/0273710516 The Checklist Manifesto Atul Gawande https://www.amazon.com/Checklist-Manifesto-How-Things-Right/dp/0312430000 Atomic Habits by James Clear https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299 Deep Work by Cal Newport https://www.amazon.com/Deep-Work-Focused-Success-Distracted/dp/1455586692 The Phoenix Project by Gene Kim, Kevin Behr, George Spafford https://www.amazon.com/Phoenix-Project-DevOps-Helping-Business/dp/0988262592 Radical Candor by Kim Scott https://www.amazon.com/Radical-Candor-Revised-Kick-Ass-Humanity/dp/1250235375     Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:      Peter Ho https://linkedin.com/in/peterhocm     Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

The interview with Alex Lee, CEO of Truewind, explores how his company uses artificial intelligence to streamline accounting processes for accounting firms. Truewind is presented as a "digital staff accountant" that utilizes AI to perform accounting tasks with greater efficiency and predictability. Lee's background is in aerospace engineering, having worked at Boeing on the 777X program. He transitioned to venture capital after obtaining an MBA. His experience supporting portfolio companies exposed him to the inefficiencies in finance and reporting, which led him to start two technology companies, including Truewind. Inefficiencies exist across the entire accounting stack, from basic journal entries to reporting and analytics. Truewind focuses on the foundation of this pyramid by addressing manual journal entries.  Truewind operates on a monthly subscription model, positioning itself as a digital staff accountant. Customers view Truewind as a labor solution rather than a software expense. Truewind serves various clients, including top 50 accounting firms, regional firms, solo practitioners, and fractional CFO firms. Truewind integrates with existing general ledgers like QuickBooks, Xero, NetSuite, and Sage Intacct. It enhances the work that human accountants do, such as classifying transactions, ensuring documentation, and reconciling sub-ledgers. Truewind's document system reads PDFs and matches them to transactions, which helps with audits. The goal is not to replace accountants but to make them more efficient and allow them to upskill. The ultimate value of accountants is trust, which AI cannot replace. AI can assist with lower-value tasks and free up accountants for advanced analysis and client engagement. Addressing the risk of AI "hallucination," Lee views the non-deterministic nature of AI as a feature that allows it to handle complex nuances in accounting. Human review remains essential. Truewind prioritizes product engineering and go-to-market strategies with its capital. They focus on reliability, accuracy, user experience, and a streamlined sales process. Truewind is metrics-driven and uses its software internally. Key takeaways from the interview that are particularly relevant for entrepreneurs: 1.      Solve fundamental problems within an industry using AI, but recognize the enduring value of human expertise. Truewind focuses on the foundational inefficiencies in accounting, like manual journal entries, rather than superficial issues. This approach highlights the importance of identifying core problems that AI can address while recognizing that AI will not replace human accountants, whose value lies in building trust and providing complex analysis . 2.      Industry-Specific AI Requires Nuanced Training and a Human-in-the-Loop Approach Developing AI solutions for specific industries, such as accounting, demands careful training to understand industry nuances. Truewind invests in training its AI model to recognize the differences between industries, indicating the need for tailored AI solutions. Lee emphasizes the importance of a "human-in-the-loop" approach, where AI suggestions are reviewed by humans, ensuring accuracy and trust. 3.      Prioritize Product Development, User Experience, and a Streamlined Go-to-Market Strategy For early-stage companies, disciplined capital allocation is crucial . Truewind prioritizes product engineering, reliability, user experience, and a streamlined sales process tailored to accountants' busy schedules . Recognizing the user and meeting their needs is of utmost importance. Chapter Summary (00:01:04) Introduction and Background: Introduction of Alex Lee, founder and CEO of Truewind, his background, and how Truewind is a digital staff accountant using AI. Lee's career journey from aerospace engineering at Boeing to venture capital and starting Truewind is discussed. (00:03:17) Addressing Inefficiencies and Market Opportunity: Discussion of the inefficiencies in accounting that Truewind addresses by focusing on the foundational level of journal entries. Truewind's business model as a monthly subscription fee is mentioned. The market opportunity is huge due to the shortage of accountants, and the accounting industry welcomes AI to enhance practices. (00:08:08) AI and the Role of Accountants: Truewind integrates with general ledger software and enhances the work done by human accountants. AI will not replace accountants but will make them more efficient. The value of accountants lies in building trust, and AI's role is to assist and allow them to upskill. The need for accuracy in accounting is emphasized. (00:16:33) AI's Nature, Lee's Investment Experience, and Truewind's Priorities: AI's non-deterministic nature is viewed as a feature, and human review remains essential. Lee's prior experience as an investor was helpful during fundraising and in sales. Truewind prioritizes product engineering and go-to-market strategies with its capital. (00:22:50) Internal Operations, AI Usage and Motivation: The focus is on reliability, accuracy, user experience, and a streamlined sales process. Truewind uses its own software internally and is metrics-driven. AI is used in various business processes, and the team is encouraged to experiment with it. Lee shares book recommendations and discusses motivating his team by leading by example, building a strong team, and providing clear direction.   Books Mentioned in this Episode Red Notice by Bill Browder https://www.amazon.com/Red-Notice-Finance-Murder-Justice/dp/1476755744 Pachinko by Min Jin Lee https://www.amazon.com/Pachinko-National-Book-Award-Finalist/dp/1455563927 The Outsiders by William N. Thorndike Jr. https://www.amazon.com/Outsiders-Unconventional-Radically-Rational-Blueprint/dp/1422162672   Resources: https://www.truewind.ai/   Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:           Peter Ho https://linkedin.com/in/peterhocm   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.

Nate Helbach, founder and CEO of Neutral, discusses his company's mission to redefine real estate development through sustainable practices and a focus on tenant wellness. Neutral aims to construct mixed-use and multifamily developments that achieve carbon neutrality. Inspiration and Background: Nate was inspired to start Neutral by the lack of differentiation and sustainability in typical multifamily projects. He saw a need for buildings that prioritize wellness, longevity, and environmental responsibility. Neutral is vertically integrated, with development, construction, and architectural arms. Neutral's Strategy and Projects: Neutral focuses on creating unique living experiences with a holistic approach, incorporating wellness packages, community-building amenities, and high-quality design. The company starts with a base-case financial model and then evaluates sustainability features based on cost-benefit analysis, ensuring that increased costs are offset by increased income or long-term value. Nate highlights the importance of community in tenant retention, emphasizing the creation of environments where residents form relationships . Current projects include Baker's Place in Wisconsin, with plans to expand into Arkansas and San Francisco. Financing and Capital: Neutral utilizes various methods for raising capital, including wealth advisors, wealthy individuals, and an investor portal. The company has established relationships with banks like Bank Ozk and Pro market for debt financing. Competition and Vision: Neutral differentiates itself by being a "first mover" , bringing a holistic, differentiated experience to the market, combining sustainable features, wellness programs and community focus .   Key Takeaways 1.      Differentiate your product: Identify gaps in the market and offer unique value propositions that go beyond the ordinary. Neutral's focus is on sustainability, wellness, and community in real estate development. 2.      Implement a holistic cost-benefit analysis when considering sustainable features . Balance increased costs with potential increases in income, government credits, and long-term valuation. 3.      Build community to foster loyalty: Creating a sense of community can significantly improve renewal rates. 4.      Diversify capital raising strategies: Explore various avenues, including wealth advisors, individual investors, and online portals, to secure funding. 5.      Be flexible and adaptable: Being a "first mover" allows for quick implementation of innovative ideas, giving a competitive edge against larger, more entrenched companies.   Chapter Summary (00:01:05) Introduction (00:01:30) Neutral's Mission: Nate explains Neutral's core competency in ground-up multifamily construction and its mission to provide a differentiated product focused on carbon reduction, tenant experience, wellness, and longevity. (00:03:16) Wisconsin Roots and Expansion: Nate discusses starting in Wisconsin due to it being his home state, while also having a San Francisco office and expanding into Arkansas. (00:08:02) Inspiration and Vision: Nate shares his inspiration for starting Neutral, driven by a desire to move away from ordinary projects and create sustainable buildings focused on wellness. (00:17:37) Balancing Sustainability and Financials: Nate explains how Neutral balances sustainable features with financial metrics by using a cost-benefit analysis to ensure costs are offset by income. (00:25:18) Creating Differentiated Living Experiences: Nate details Neutral's strategy to create differentiated living experiences with holistic wellness packages, high-end interior design, and community-building amenities. (00:34:58) Competing with Larger Companies: Nate describes how Neutral competes as a "first mover" by being flexible, revolutionary, and delivering a holistic experience that larger companies struggle to replicate due to being entrenched in their ideals. (00:37:48) Book Recommendation and conclusion   Mastering The Market Cycle: Getting the Odds on Your Side by Howard Marks https://www.amazon.com/Mastering-Market-Cycle-Getting-Odds/dp/1328479250     Resources: https://www.neutral.us/   Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com   Follow our host:      Peter Ho https://linkedin.com/in/peterhocm   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.  

In this episode of Value Drivers, we welcome Dan Hilton, the CFO of BluMetric (Ticker: BLM), a Canadian environmental consulting and water technology company. Dan shares his extensive experience spanning over 30 years in both startup and established technology firms. He discusses his varied career, which includes serving on both public and private company boards, involvement in the Canadian artificial heart program, running the Conservative Party of Canada, and numerous successful M&A transactions. Dan delves into the role of a strategic CFO, emphasizing a balance between risk-taking and financial prudence, the importance of understanding and storytelling in finance, and managing organizational growth while maintaining culture. Additionally, Dan provides insights into BluMetric's business model and their work in water and wastewater solutions, as well as his thoughts on the future of work and the impact of AI in finance. Key Takeaways 1. Risk Management and Strategic Boundaries: Understand the operational boundaries, assess risks, and understand potential outcomes to set a baseline for the organization. 2. Catalyst for Growth: A successful CFO should encourage calculated risk-taking and foster creativity within the organization to fuel growth. 3. Deep Business Understanding and Storytelling: Develop a deep understanding of the business to make informed decisions and communicate effectively with the market. Effective storytelling is rooted in a deep understanding of the business. 4. Prioritizing Culture and People in M&A: In M&A, prioritize culture and people over financial metrics. Forcing an acquisition without considering culture can lead to loss of talent and value destruction. 5. Building Trust in M&A: Building trust with the seller is important in M&A. Spend the time to get to know the people on the other side of the table . 6. Continuous Learning: Embrace continuous learning , and don't be afraid to explore opportunities outside your comfort zone . Chapter Summary (01:00) Introduction of Special Guest Dan Hilton (05:30) The Role of a Strategic CFO (12:16) Understanding BluMetric (17:54) Managing Company Growth and Culture (25:23) Insights on M&A Transactions (34:22) Final Thoughts and Book Recommendations Book Mentioned in this Episode Thinking, Fast and Slow by Daniel Kahneman https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555 Resources: https://www.BluMetric.ca/ Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com Follow our host:           Peter Ho https://linkedin.com/in/peterhocm   Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.