THE FINANCE TEAM: THE CLOUDS IN GOODR’S ECOSYSTEM - MAKING IT RAIN OR SHINE
In season 3, episode 13 of CULTURE goodr, Stephen and Shaun do a deep dive into the Mariana Trench. Ah, nature! The podcast hosts admire a bunch of bizarre but amazing sea creatures, like the dumbo octopus, frilled shark, and seadevil anglerfish. However, the fun ends when two unidentifiable creatures clasp the back of Stephen and Shaun’s heads, stab strange appendages into their skulls, and usurp control of their brains. As Stephen and Shaun’s helpless subconscious selves scream in agony, these diabolical creatures...wait a second...that isn’t season 3, episode 13 of CULTURE goodr! That’s a dream this copywriter had last night! Whoops-a-daisy. Let’s try this again.
In season 3, episode 13 of CULTURE goodr, Stephen and Shaun do a deep dive into goodr’s finance team, also known as Scrooge McDuck’s Bastards. Since we own our own company, we can do whatever the flock we want. (Like waste your time with the opening paragraph of every goodrTIMES CULTURE goodr recap, YOU’RE WELCOME.) But the downside is, we don't have deep pockets from investors. That’s why cashflow is king. When you put consistent attention on making more money and spending less money, it leaves a ton of resources leftover to invest in community and culture.
Lauren, the Flock Leader of Scrooge McDuck’s Bastards, and a successful procreator of twins, joins the pod to talk about finance. But first, she shares a little about herself: She prefers free time to money, beach day to amusement park day, and pop music to indie. Her spirit animal is a lion because they are beautifully intimidating and protective. Before goodr, she worked for large public companies doing financial analysis, which is boring af, so let’s move on, shall we? Lauren’s a runner. She found goodr. You get it.
Lauren’s lame title is Head of Finance and her real title is Finance Flamingo, which she thinks is equally lame. She ensures her team remains happy and challenged. It’s critical to the company’s success. She also has the pleasure of working with all the other flock leaders to manage budgets and make sure that they understand the financials.
At a high level, Scrooge McDuck’s Bastards collects money and acts as the liaison for all the flocks so they can spend that money. They make sure the company remains profitable so we can continue to invest in fun things. Their flock values are financial stability and curiosity. They see how all the flocks impact our bottom line, and make sure we’re not operating in a volatile environment. If they see a potential red flag, they speak up. Plus they look into the future to see how today's decisions impact tomorrow.
Finance’s areas of focus are cashflow, accounting, strategic planning, risk management, and collaboration with other flocks. The most important consideration is making sure we have enough working capital to sustain our business. The secondary focus is making sure flock leaders understand the finances. It’s important for multiple people to look at every transaction. At goodr, we project revenue 12 months in advance. We buy an amount of product for that revenue six months in advance. We need enough cash to support all that, plus salaries, advertising, and happy hours. Lauren says she can reasonably project cashflow “just about three months [in advance] with any accuracy.” (It is unclear why she doesn’t quit her job, buy tarot cards, and become a psychic.)
For accounting, the Bastards use QuickBooks, and are moving to Netsuite, which will be “amazing.” However, the planning and budgeting tool within Excel is what Lauren’s most excited for. (Can you handle the excitement?!?!?!?!?!) Currently, they accommodate everyone's desire to use Google Sheets, but it's limiting. According to Lauren, goodr likes to spend money on culture the most. The most goodry purchases are the claw machine for the Boston Marathon, the tiki hut event booth, the laser etching machine, and the new Cabana on Abbot Kinney. goodr also gives employees six pairs of sunglasses a month and expenses ride shares for employees so they don’t drive home drunk. (Basically, other companies treat employees like trash, and goodr is the opposite. WOO!)
In closing, Lauren offers three cheat codes for anyone in the finance space:
1) Get a variety of experiences.
2) Have a working knowledge of Excel.
3) Be willing to ask tough questions. (Like, for example, Lauren, which twin baby is your favorite???)
That’s it for this week! Remember, mo’ money, less problems. Biggie was wrong!!!!!