Once they proved their product, SaltStack recognized the need to be organized financially as they positioned themselves for scaling their business. SaltStack culture meant running lean where possible, and they realized they needed a partner who could scale with them.
SaltStack’s initial need was to properly structure its financials. Advanced CFO provided a proven CFO to assist its current financial team to develop not only GAAP financials, but financials that were meaningful to running the business – not always the same thing. They also helped create its first set of Software as a Service (SAAS) operating metrics that all its investors (current and potential) were looking for.
As SaltStack experienced growth, Advanced CFO provided supplemental bookkeeping and controllership support. SaltStack was an attractive company to outside investors, and the company could easily have raised extraordinary amounts of capital, but management opted to raise capital. Running lean as it grew was crucial, and having Advanced CFO be able to scale its assistance was one part of that strategy. They avoided having to hire full-time financial resources until the time was right for each role.
When the time was right, Advanced CFO assisted with the search for the full-time financial resources. Advanced CFO helped secure its first bank line and raise multiple rounds of capital, always keeping in mind its desire to minimize owner dilution. Because of Advanced CFO’s experience and deep knowledge of the company, they became the CEOs strategic finance confidant and trusted advisor on the executive team.