Since joining LiveView Technologies in 2019, CFO Andy Gale has sought to bring about the level of financial discipline that mostly grow companies pursue. Gale, who first joined a security systems company as a consultant, portrayed 20 years of experience at C-Suite, upgrading the organization's accounting process and solidifying its banking relationships.
As a full-time CFO, Gale aims to manage resources to fund rapid growth and do so as efficiently as possible. Based in Utah, American Fork has expanded to 600 employees and serves very large US companies with SaaS and hardware platforms for video surveillance. Also, there are two worlds: software and hardware.
“The biggest obstacle I face is simply the number of hours I can use in a day,” Gale says.
In the following interview, Gale details some of the financial practices and principles he brought to LiveView, including his philosophy on balance sheet management.
What is the most important part of your role when it comes to LiveView Technologies' CFO?
Like most growth companies, ensuring liquidity to support growth is one of my main focus areas. I am constantly in contact with investors, potential investors and bank syndicate members, and keeping them in touch with their current and future cash needs. It's all very important, but I'm not impressed with companies that boast about how much capital they've nurtured, as if it were a sign of success in itself.
LiveView prioritizes efficiency and finance areas, providing greater flexibility in how and when growth is done. Working closely with internal teams allows you to ensure reasonable and modest expense management and proactively manage your balance sheet. As a result, we sourced far less venture capital than most software companies of our size, minimizing dilutions and maximizing shareholder value.
As a CFO, how do you help drive the company's growth?
I have worked to find creative and sometimes unorthodox ways to develop tools to help sales teams promote growth opportunities. It often includes meetings with client financial leadership to educate and discuss the role of accounting rules in funding the purchase of our services in most ways. [prospects] It has not been considered.
What is the biggest obstacle to the company's growth from your perspective?
Our growth is very fast, and the complexity of our business is both software companies and hardware manufacturers, creating a variety of issues and challenges. At the same time, this diversity is one aspect I like about my role. It's never boring and I'm always learning.
What is the most important tool for tracking your business's financial performance?
My most valuable tool is a clear, timely, relevant dashboard of the most important and practical company metrics. I emphasize “double” because too many companies can't, or not, or are not actively able to turn them into trivia. Software choices are less important than ensuring that metrics are meaningful, timely and truly drive decision-making.
What important lessons will you bring to your live view and future executive roles?
Having spent over 20 years of careers with various private equity portfolio companies, I have come to appreciate the wisdom of being efficient in using capital. We have also seen first hand the negative impact of doing this too much when hampering growth opportunities. Managing that balance is something I learned and tried to bring to LiveView Technologies.
