E36: The IPO Playbook: Expert Advice from Lee Kirkpatrick, Twilio’s Former CFO

In this episode, CJ is joined by Lee Kirkpatrick, the former CFO of the cloud communications platform, Twilio. Lee shares his journey of leading Twilio through its 2016 IPO, shedding light on the preparations, roadshows, and decisions (bankers, soundtrack, tv appearances) made at different stages of the process. This is inside baseball to taking your company public - a must listen.  If you’re looking for an ERP platform, check out our sponsor, NetSuite: https://netsuite.com/metrics --- PSA! Run The Numbers has a new Spotify and Apple show link. Follow the links to subscribe and ensure you'll never miss an episode Apple: https://podcasts.apple.com/us/podcast/run-the-numbers/id1723787140 Spotify: https://open.spotify.com/show/0zQCkklNnVgMD364kCW5SV --- SPONSORS: NetSuite provides financial software for all your business needs. More than 37,000 thousand companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅ NetSuite: https://netsuite.com/metrics and get a customised KPI checklist. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages. 🚀 Request a demo at www.maxio.com/runthenumbers for 10% off your first year. Thoropass provides complete compliance management, continuous monitoring, and security audits through intuitive software and expert guidance – allowing you to do business with confidence. Learn more: https://bit.ly/Thoropass 🔒 Tropic is the next-generation Procurement Platform that’s helping modern CFOs take control of their budgets and bottom line. By combining approval workflows, supplier management, and pricing benchmarks all in one place, Tropic makes savings opportunities easy to find and act on. 🌴 Visit www.tropicapp.io/metrics to learn how. — LINKS: RingCentral's CFO on Public Earnings Calls: https://www.youtube.com/watch?v=FUxRD89qTJc -- FOLLOW US ON X: @cjgustafson222 (CJ) @turpentinemedia -- TIMESTAMPS: (00:00) Intro + Sponsors: NetSuite | Thoropass (05:20) Lee's Preparation for Going Public (07:05) Twilio had No Comps (12:39) Twilio's IPO Day Experience (18:29) Sponsors: Maxio | Tropic (20:46) IPO Pricing Strategy (24:44) Choosing the Right Bankers for an IPO (27:00) Selecting Investors for a Successful IPO (28:34) The Reality of Investor Promises (29:53) The Grueling Roadshow Experience (34:56) Preparing for the First Earnings Call as a Public CFO (39:38) The Art of Disclosing and Guiding Metrics (41:10) The Qualities of a Great CFO (42:29) Learning from Mistakes and Ego in Leadership (45:58) The Craziest Expense Report Story This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].