Jeff Hannam, the Chief Financial Officer and Mike discuss the challenges of recruiting Hannam, who had no prior experience in the consumer packaged goods industry but eventually joined as CFO.
The conversation delves into the strategic decisions made early in Simple Modern's growth, emphasizing the importance of building a strong financial organization and making the business bankable. Hannam explains how they managed inventory, the nuances of the consumer product business, and the role of forecasting and planning in mitigating risks associated with inventory management.
Jeff discusses the company's goals beyond profit, emphasizing a desire for giving and benefiting the local community. They explore the significance of internal ownership and how it allows for a long-term focus on both financial success and broader goals. The conversation also touches on the challenges and benefits of aligning individual values within the company, particularly when it comes to the complex interplay between financial performance and qualitative goals.
Overall, the conversation provides a glimpse into the challenges, emotions, and strategic considerations involved in managing a startup, especially during critical times such as the COVID pandemic.
THIS EPISODE'S SPONSOR:Solving the tension between optimization and design, we help brands make the most of their eCommerce: https://www.vaangroup.com/
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