The Backbone — Episode 30: Customer + Revenue Churn at a SaaS Company with Recurring + Services Revenue
Cory Michalyshyn, CFO / COO at Solink
On this episode of The Backbone I chat with Cory Michalyshyn, CFO / COO at Solink.
Joining me on this episode of the Backbone is Cory Michalyshyn, CFO at Solink. Solink creates smart insights from the raw data your business generates every day.
Cory’s title may say CFO, but his role at this fast-growing startup spans well beyond numbers and figures. With a wealth of skillsets and a focus on the ‘big picture’, Cory oversees the financial, operations, legal, and human resources functions of Solink. He credits his anti-micromanagement approach as the reason why his teams feel engaged and empowered to get results. Cory made the transition to the tech industry after earning his CPA, CA at Deloitte in their Audit and Assurance practice. Throughout his career, Cory has applied his energy and talents to building systems and teams from the ground-up with a laser focus on determining what makes each success scalable, profitable, and measurable. Working from a powerful belief that the right teams get the right results, Cory has taken great care to select and nurture the growing team at Solink, encouraging a culture of personal development and lifelong learning.
On this episode of The Backbone, I chat with Cory about:
- His journey into tech from audit at Deloitte to a Controller at Optelian, before making the switch to his current role at Solink.
- Solink and what its all about.
- Thinking through both revenue and customer churn at a company that generates revenue based on the number of locations; and if services revenue impacts pricing considerations.
- The most challenging aspects of Cory’s role going from a full team of 13 to 55 in the last few years.
- His learnings from Solink’s most recent $5M equity raise and words of advice for finance leaders going through a raise process for the first time.
- The importance of the finance function at a technology company.
We close things off with a quickfire round:
- Your go to online resource for all things startup finance related
- Your favourite productivity hack
- Tech jargon that makes you cringe
- The best advise you’ve received
- One thing you don’t leave the office before finishing
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Check out previous episodes of The Backbone
Episode 29: The First 100 Days as a Finance Leader of a Venture-Backed Startup w/ Bryn Knox, Head of Finance at BenchSci
Episode 28: Scaling a Finance Function of a High Growth Company with Strategic & Institutional Investors w/ Tiffany Hsiao, VP Finance at Rubikloud
Episode 27: Raising a $27M Financing Round & Managing the Ever-Changing Priorities as CFO w/ Dave Pooley, Chief Financial Officer at Axonify
Special Feature: Exploring a New & Revolutionary Revenue Model for Education w/ Austen Allred, Co-Founder and CEO of Lambda School
Episode 26: Lessons Learned from Raising $32M Growth Round + the Symbiotic Relationship Between Finance & Operations w/ Samiksha Khanna, VP Finance and Operations at Uberflip
Episode 25: Correlating Non-Financial Metrics into Financial Outcomes + Balancing Ad-load & Revenue Generated Through Sponsored Content w/ Trisha Egberts, Finance Manager at Figure1
Episode 24: Learnings from Starting and Shutting Down a Startup + Balancing Multiple Product Stakeholders w/ Mark Jarvie, VP Finance at Drop
Episode 23: Learnings from Raising/Exiting $700M+ in Deal Value for Software + Hardware and the Importance of a People-First Approach in Finance w/ David Brennan, Chief Financial Officer at Ecobee
Episode 22: Raising $47M from Strategic vs Traditional VC & the Level of Finance Leader to Hire at Each Stage of a Company’s Evolution w/ Danielle Cerisano, VP Finance at League
Episode 21: Using Analytics and Predictive Models to Improve Budgeting + the Role of Attribution in Assessing Digital Marketing ROI w/ Emma Lyndon, CFO at Canopy Labs
Episode 20: Considerations for CAC and Churn in a Self-Serve Pricing Model w/ Matt Dove, VP Finance at Celtx
Episode 19: The Journey of Raising $100M ICO (Initial Coin Offering) as a Venture-Backed Unicorn w/ Brandon Brunet, Controller at Kik
Episode 18: Bootstrapped to $12M Series A & What it Means for the Finance Function w/ Jennifer Pollock, Director of Finance & Operations at RateHub
Episode 17: The Added Complexities of Hardware Tech Companies & How to Price a New Medical Device w/ Travis Phung, Director of Finance & Administration at Exact Imaging
Episode 16: Monetizing a Free Product & Navigating Complexities of the Financial Services Space w/ Brian Wu, Finance Lead at Borrowell
Episode 15: Serving the Restaurant Industry & Breaking Into Tech in a Finance Capacity w/ Rob Curcio, Director of Finance at TouchBistro
Episode 14: Scaling the Finance Function, Fundraising, Making Acquisitions & Operationalizing Metrics w/ Ryan Magee, Chief Financial Officer at Cority
Episode 13: Serving the SMB Market at a Publicly Traded Software Company vs a High-Growth Startup w/ Darren Wood, Director of Finance & Operations at Jobber
Episode 12: Leading Finance at NPOs to High Growth Tech & Bootstrapping vs Raising Venture Capital w/ Anthony Scolaro, VP Finance & Operations at Lucova
Episode 11: Raising $17M Series A Round & What it Means to be ‘Venture-Backed’ w/ Frank Jessop, Director of Finance, Sensibill
Episode 10: Vendor Selection Considerations & Viewing the Finance Function from an Engineering Perspective w/ Gerti Dervishi, VP Finance at Flybits
Episode 9: The Process of Acquiring Companies as a Startup & Best Practices for Investor Relations w/ Ryan Levenberg, VP Finance at Q4 Systems Inc.
Episode 8: Raising VC Funding to Executing an $110M Acquisition + Demystifying the Progressive Roles of the Finance Leader within a Startupw/ Dwayne Walker, CFO at LookbookHQ
Episode 7: Going Through an Acquisition of an eCommerce Company & Keeping Both Sides of a Marketplace Happy w/ Elena Armstrong, Co-Founder & VP Finance at Exact Media
Episode 6: From Finance to Founding an IoT Startup & Bootstrapping vs. Raising Venture Capital w/ Sacha Sawaya, Co-Founder and CFO at Litmus Automation
Episode 5: Difference Between Being an Advisor vs Finance Leader for Tech Startups & When to Raise Capital w/ Eugene Bomba, CFO & VP Operations at ThoughtWire
Episode 4: Transitioning from Professional Services to Finance Leader of Pre-Revenue Tech Startup w/ Chris Parkes, CFO at NuraLogix
Episode 3: Why Finance & Operations go Together & Dealing with the Highly Regulated Financial Services Industry w/ Leen Li, Head of Finance at Wealthsimple
Episode 2: How Finance Scales Growing from 25 to 200+ Employees & Transfer Pricing w/ Les Cullen, Director Finance & Operations at TopHat
Episode 1: Managing Churn & Being Private Equity Backed w/ Daniel Israelsohn, VP Finance & Operations at Firmex
- shares their story of how they entered the world of startups,
- explains what their company does
- describes unique challenges he/she faces in their role