E3: Netflix Co-Founder Jim Cook Shares the Secrets to Being a Great CFO

This week on Run The Numbers, host CJ Gustafson is joined by an all-time great: Jim Cook, one of the six original co-founders of Netflix. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/metrics ---SPONSORS:NetSuite provides financial software for all your business needs. More than thirty-six thousand companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅ NetSuite: http://netsuite.com/metrics and defer payments of a FULL NetSuite implementation for six months.Tropic is the next-generation Procurement Platform that’s helping modern CFOs take control of their budgets and bottom line. By combining approval workflows, supplier management, and pricing benchmarks all in one place, Tropic makes savings opportunities easy to find and act on. 🌴 Visit www.tropicapp.io/metrics to learn how. ---RECOMMENDED PODCAST:The HR industry is at a crossroads. What will it take to construct the next generation of incredible businesses – and where can people leaders have the most business impact? Hosts Nolan Church and Kelli Dragovich have been through it all, the highs and the lows – IPOs, layoffs, executive turnover, board meetings, culture changes, and more. With a lineup of industry vets and experts, Nolan and Kelli break down the nitty-gritty details, trade offs, and dynamics of constructing high performing companies. Through unfiltered conversations that can only happen between seasoned practitioners, Kelli and Nolan dive deep into the kind of leadership-level strategy that often happens behind closed doors. Check out the first episode with the architect of Netflix’s culture deck Patty McCord.https://link.chtbl.com/hrheretics---X / TWITTER:@cookflix (Jim)@cjgustafson222 (CJ)@TurpentineMedia (Turpentine)---TIMESTAMPS:(00:00) Episode Preview: CJ’s learnings from Jim(03:40) SEGMENT: CJ's opening “Off the Books” monologue on Instacart’s S-1 and advertising business(07:18) Start of CJ and Jim’s interview(08:05) What qualities separate a great CFO from a good CFO?(10:15) How do CFOs develop accountability as a skill?(14:26) Sponsor: Netsuite(15:52) Why CFOs quit(17:25) The importance of storytelling as a CFO(22:15) Jim explains first principles(24:40) The fallacy of a right decision and perfection as a prison(28:25) What was it like having Reid Hoffman on Mozilla’s board?(29:39) Jim on what a good relationship between the CFO and their board looks like(33:30) Transparency requires trust, trust requires transparency(34:53) Being vulnerable as a CFO(37:36) A time where Jim had to tell the board the hard truth(38:57) Key frameworks Jim teaches in his coaching(44:24) A learning Jim took away from his career at Intuit, Netflix, and Mozilla(46:20) SEGMENT: Long-ass lightning round: an example of when Jim screwed up on the job, the ideal finance software stack, the craziest thing someone has tried to expense This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com