In this episode of Pushing the Envelope, host James Gilman interviews John Noyd, a seasoned CFO and business advisor with over 40 years of experience in finance, mergers, and acquisitions.
John shares his insights on business strategy, particularly around preparing a business for sale.
His deep expertise in accounting, data analysis, and operational leadership, including Six Sigma black belt certification, provides listeners with practical advice on how to optimize their businesses, whether for growth or exit.
- The Expansive Role of a CFO
John explains that a CFO’s duties go far beyond accounting and financial reporting.
From overseeing operations to HR and IT, CFOs play a vital role in driving business improvement by using data to influence strategic decisions.
- Early Mentorship Shaped His Career
John highlights the importance of mentorship in his development, crediting a mentor from early in his career who pushed him to learn beyond accounting and gain a holistic understanding of business operations.
This foundation became key to his later success.
- Data-Driven Decision Making
A large focus of John’s expertise is in data analysis, particularly through Six Sigma methodologies.
He emphasizes how businesses should use data not only to report results but to find hidden insights that drive process improvements and scalability.
- Preparing a Business for Sale
John discusses the importance of planning for the sale of a business well in advance.
He advises business owners to start a pre-due diligence process, identifying and resolving potential “skeletons” such as tax liabilities or process inefficiencies, to increase the business's sale value.
- Documentation and Scalability are Key
John underscores the necessity of having documented processes and scalable systems in place.
He notes that many deals fall through or lose value because businesses are not adequately prepared with these systems, which potential buyers value highly.
In summary, John Noyd's discussion sheds light on the multifaceted role of the CFO in modern business and provides essential advice for business owners preparing for sale.
His practical tips about data use, planning, and mentorship are invaluable for anyone looking to improve or exit their business.
Remember, keep learning, thriving and pushing the envelope!
This Show is sponsored by Perimeter Office Products
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