Next Exit

Dan Thompson | Kluster
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Bringing stories and advice from industry leaders, on running a business to maximise your next exit. 

Episodes

  1. 5D AGO

    #09: Fixing Churn and Cash Burn: How CFOs Build Exit-Ready SaaS Models with Neil Hodson

    In this episode, Dan speaks with Neil Hodson, multi-time CFO, COO and now Director of LMS Digital, about how finance leaders can take control of SaaS businesses under pressure. Neil shares how he tackled high churn and cash burn at FONN, reshaped the sales and marketing model around contribution and ACV, and turned the business into a retention-led, profitable SaaS platform that successfully exited to Access Group. From applying his “as-is to to-be” framework, to demanding ROI on every pound spent, Neil explains how CFOs can move beyond spreadsheets to lead commercial change, safeguard cash runway, and always stay exit-ready. Key Takeaways: How to assess your “as-is” reality and model the “to-be” plan that investors expect.How to fix churn and cash burn by reshaping sales and marketing around contribution and ACV.How to enforce ROI discipline so every pound spent drives retention and growth.How to stay exit-ready by building forecasts, governance, and visibility into unit economics.Subscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    40 min

  2. SEP 25

    #08: The War on Working Capital with CFO, Bob Gold

    In this episode, Dan speaks with Bob Gold, Veteran CFO and PE Specialist, about his battle-tested approach to unlocking cash and stabilising businesses: the “War on Working Capital.” Bob breaks down how he takes day-one ownership of cash, sets up visual wallboards for AR, inventory, and AP, and drives cross-functional accountability through rapid standups. He shares lessons from 9 CFO seats across PE-backed and public companies, including why EBITDA can mislead operators, how to structure a practical 30/60/90 plan, and why the best CFOs act like operators, not bookkeepers. Key Takeaways: Start with cash. Day 1 for any CFO is mapping sources and uses, tightening forecasting, and ensuring the business has liquidity before anything else.Run a “War on Working Capital.” Use wallboards and 30-minute standups to make AR, inventory, and AP visible, assign ownership, and enforce countermeasures.Build cross-functional accountability. Customer service, procurement, and payables must each own their piece of working capital. Finance can’t do it alone.Measure what matters. Cash flow is the most accurate KPI; EBITDA (especially adjusted EBITDA) often obscures the true health of the business.Subscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    38 min

  3. SEP 11

    #07: Shifting Gears From VC to PE with CFO Michael Vigario

    In this episode, Dan speaks with Michael Vigario, CFO of ACT Group (North America), about what it takes to scale as a finance leader across startups, fintech, and PE-backed billion-dollar enterprises. Michael shares how he built world-class finance and operations teams from scratch, the discipline needed to earn investor trust, and how to balance growth ambitions with rigorous controls. From his leap into a six-person fintech startup to leading a $3B SaaS business, Michael’s lessons cut through theory and focus on execution, communication, and credibility with investors. Key Takeaways: Build finance teams in the right order: accounting first, operations second, FP&A third.In VC-backed startups, growth is king, while in PE-backed firms, discipline and reporting rigour rule.Data integrity and system integrations make or break exit events.Technical control and crisp communication separate successful PE CFOs from the rest.Environmental markets are scaling fast, with ACT Group positioned at the forefront of carbon, renewables, and digital climate solutions.Subscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    26 min

  4. AUG 28

    #06: The Rule of 40 and AI ROI: What CFOs Need to Balance Growth and Profit with Blaine Fitzgerald

    In this episode, Dan Thompson speaks with Blaine Fitzgerald, CFO at Kinaxis and former VP Finance at Shopify, about what it takes to drive sustainable, capital-efficient growth in today’s market. Blaine breaks down how he applies the Rule of 40 to balance growth and profitability, why AI is a financial lever, and how CFOs can build investor confidence through operational clarity and credible guidance. From build-buy-partner decisions to AI-enabled forecasting, this is a masterclass in modern CFO leadership. Key Takeaways: ✔️ Why every CFO needs to build a high “trust battery” with investors and internal teams ✔️ How to apply the Rule of 40 to prioritise sustainable, profitable growth ✔️ Practical AI use cases in finance and supply chain that deliver immediate ROI ✔️ The build–buy–partner framework Kinaxis uses to scale efficiently Subscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    30 min

  5. AUG 14

    #05: Forecasts that Hold Up to Diligence: How CFOs Build Exit-Ready Metrics with Sun Choi

    In this episode, Dan Thompson sits down with Sun Choi, consulting CFO, operator, and angel investor, who’s helped multiple B2B SaaS companies scale and exit. From both strategic and private equity deals. Sun shares the real KPIs buyers care about, what separates sponsor and strategic due diligence, and how to avoid the pitfalls that derail exits. He breaks down the importance of clean books, go-to-market efficiency, and board alignment and shares a a hard lesson on complacency from a deal that went sideways and what CFOs should learn from it. Key Takeaways: ✔️ What PE and strategic acquirers want to see in your metrics ✔️ Why forecasting beyond your track record will get flagged fast ✔️ How to avoid due diligence landmines with clean, automated reporting ✔️ The metrics that matter: NDR, CAC payback, burn ratio, ARR per FTE ✔️ A firsthand story of how complacency lost a deal  Subscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    20 min

  6. JUL 31

    #04: Owning the CRM: How CFOs Build Investor-Grade Forecasts with Richard Simons

    In this episode, Dan Thompson talks with Richard Simons, seasoned CFO with four PE-backed exits and a career spanning Sky, Microsoft, and DMGT. Richard shares why today’s CFOs must take a hands-on role in CRM strategy and how the right data inputs power forecasts that drive confident decisions and maximise exit value. He explains how finance teams can avoid the common trap of disconnected sales data, what to track in SaaS metrics, and how to build models that hold up to due diligence. Richard also shares a cautionary tale of a failed exit and the hard lessons CFOs should take from it. Key Takeaways: ✔️ Why CFOs must own CRM strategy to align sales and finance ✔️ How to model revenue from pipeline and sales efficiency data ✔️ What private equity sponsors look for in forecast credibility ✔️ Common forecasting pitfalls that can derail an exit ✔️ Why running a growth strategy and an exit process in parallel is a major risk Subscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    23 min

  7. JUL 18

    #03: Driving High-Value Exits: CFO Lessons with Marie Charpentier

    In this episode, Dan Thompson speaks with Marie Charpentier, CFO at Accredit Solutions, about what it takes for finance leaders to drive high-value exits. With 17+ years in VC- and PE-backed tech companies, Marie shares how CFOs can scale sustainably, clean up messy data, and deliver the kind of operational discipline that private equity expects. She unpacks the shift from VC-style growth to PE-style cash control and explains why modern CFOs must lead the charge on AI enablement. Key Takeaways: ✔️ Why clean data is the foundation for any scalable finance function ✔️ What private equity investors expect from today’s CFOs ✔️ The shift from burn-focused VC to ROI-driven PE ✔️ How to build lean, centralised teams that scale globally ✔️ Why AI is no longer optional in investor-ready finance operations Subscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    16 min

  8. JUL 15

    #02: £5m to £5bn: How to Structure Your Business for Maximum Value with John Henderson

    In this episode, Dan Thompson sits down with John Henderson, Deputy CFO at MIQ and a private equity veteran with 15+ years of experience across deals from £5m to £5bn.  From building bulletproof 13-week cash flow models to zeroing in on investor-grade KPIs, John explains how to structure your business for maximum value. He shares real-world lessons, including how he uncovered a regulatory risk that derailed a pharmaceutical transaction, and flagged a £60m CapEx blind spot in a fleet deal.  Key Takeaways: Clean financials are non-negotiable for scalable growth and investor confidence Strong cash flow forecasting helps you navigate uncertainty and stay in control Profitability and EBITDA conversion are critical in mature sectors, but for high-growth startups, investors prioritise ARR, churn, and market potential.Retention and team structure are critical in service-based businessesIn high-growth sectors like AI, investors prioritise ARR, churn, and market potential over short-term profitsSubscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    32 min
  9. #01: Founder to Funder: How Dan Bowyer Builds and Backs High Growth Businesses for Exit

    JUL 1

    #01: Founder to Funder: How Dan Bowyer Builds and Backs High Growth Businesses for Exit

    Dan Thompson welcomes Dan Bowyer, multi-exited founder turned VC and Partner at SuperSeed, to discuss the real mechanics of building and backing venture-scale businesses. With 4 exits and over 50 early-stage investments, Dan shares unfiltered insights into what makes companies scale, stall, or sell. From recognising when a founder shouldn’t be CEO, to avoiding energy burnout and co-founder implosions, this episode is packed with hard-won lessons for founders and the investors who back them. The conversation covers how the venture model works, why timing exits is critical, and the traits SuperSeed looks for when betting on technical teams. They also explore how AI is reshaping GTM strategy and what LPs should really expect from early-stage funds. Key Takeaways: Founder to CEO transitions are critical and often mishandled.Most failures stem from energy mismanagement, not capital shortfalls.Back obsessive problem-solvers, not just great technologists.Early exits can be smart, but don’t confuse them with success.AI is now core to every GTM strategy.Subscribe to the Next Exit podcast. Check out Dan’s Private Equity-Grade Forecasting software, Kluster, here: https://www.kluster.com/ Send podcast guest pitches to: dan.thompson@kluster.com

    37 min
  • 9 Episodes

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Bringing stories and advice from industry leaders, on running a business to maximise your next exit. 

Information

  • Creator
    Dan Thompson | Kluster
  • Years Active
    2K
  • Episodes
    9
  • Rating
    Clean
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    © 2025 Next Exit
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