by Brio360
Corporate executives, entrepreneurs and authors discuss corporate finance strategies, growth tactics, leadership journeys and other management topics to drive value creation.
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🇺🇲
Publishing Since
2/28/2023
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April 21, 2025
<p class="MsoNormal">In this episode, we interview Alex Smereczniak, a serial entrepreneur and the co-founder and CEO of Franzy, a franchise discovery and acquisition platform, and former CEO of 2 U Laundry and Laundry Lab. Alex shares his journey of growing 2 U Laundry/Laundry Lab to over 30 locations and his decision to hire a CEO and move to a board position. This transition allowed him to focus on his idea for Franzy, which he describes as the "Zillow for franchising," aiming to solve the gap in how people discover and research franchise opportunities. The franchise market is massive, accounting for 6-8% of the US GDP. <span style="mso-spacerun: yes;"> </span>Alex points out that finding franchise opportunities is currently inefficient, often relying on Google searches or potentially biased franchise brokers who don't disclose their commissions. Franzy offers a transparent, all-in-one platform with AI-powered matching, educational tools, and a tech-enabled coaching experience for prospective franchisees. For franchisors, Franzy provides access to high-quality leads with a success-based flat fee model. Alex discusses the challenges of scaling a marketplace and Franzy's multi-faceted approach to drive awareness. Interestingly, he notes that economic uncertainty can actually drive growth in franchising as people seek more control over their careers. Reflecting on entrepreneurship, Alex emphasizes the importance of building a team that wants to be part of something bigger than themselves and constantly reinforcing that vision. To connect with Alex and learn more about Franzy, visit www.franzy.com.</p> <p class="MsoNormal">Here are 5 key takeaways from the interview that may be useful for other entrepreneurs or CEOs:</p> <p class="MsoNormal">1. Prioritize the health of the business over personal attachment: Alex Smereczniak made the strategic decision to hire a CEO for 2 U Laundry and Laundry Lab, recognizing that someone with more retail and operational experience could better lead the company's growth, even though he had dedicated eight years to building it. This highlights the importance of putting the business's needs first, even if it means stepping back from a day-to-day leadership role.</p> <p class="MsoNormal">2. Identify and capitalize on market inefficiencies: Alex recognized a significant gap in how individuals discover and acquire franchise opportunities. The lack of a transparent, centralized platform, coupled with potential conflicts of interest with franchise brokers, led to the creation of Franzy. This demonstrates the value of identifying pain points in an existing market and developing innovative solutions to address them.</p> <p class="MsoNormal">3. Leverage technology to create transparent and efficient marketplaces: Franzy aims to be the "Zillow for franchising" by providing a platform with transparent pricing, AI-powered matching, and comprehensive information, contrasting with the fragmented and sometimes opaque nature of traditional franchise discovery methods. This underscores the power of technology in creating more efficient and trustworthy marketplaces by offering greater transparency and value to users.</p> <p class="MsoNormal">4. Recognize opportunities within economic shifts: Despite economic uncertainty, franchising has historically seen growth as individuals seek more control over their careers and futures. This suggests that entrepreneurs and CEOs should be aware of how broader economic trends can create new demands and opportunities within their respective markets.</p> <p class="MsoNormal">5. Build a team driven by a shared, larger purpose: Alex emphasizes the importance of hiring individuals who want to be part of something bigger than themselves and constantly reinforcing that vision. Creating a sense of shared purpose and excitement about the company's mission can be a powerful motivator for teams, especially in the challenging environment of a startup.</p> <p class="MsoNormal"> </p> <p class="MsoNormal"><strong><u>Chapter Summary</u></strong></p> <p class="MsoNormal">(00:01:04)<span style= "mso-spacerun: yes;"> </span> Peter Ho introduces Alex Smereczniak, co-founder/CEO of Franzy and former CEO of 2 U Laundry/Laundry Lab.</p> <p class="MsoNormal">(00:01:33)<span style= "mso-spacerun: yes;"> </span> Alex discusses 2 U Laundry/Laundry Lab's growth to over 30 locations and his move to a board position. He explains Franzy, inspired by his franchising experience, aims to be the "Zillow for franchising."</p> <p class="MsoNormal">(00:02:45)<span style= "mso-spacerun: yes;"> </span> Alex highlights the massive franchise market, accounting for 6-8% of the US GDP, encompassing diverse industries beyond fast food.</p> <p class="MsoNormal">(00:07:00)<span style= "mso-spacerun: yes;"> </span> Peter asks how business owners find franchises. Alex points out the lack of a great platform and issues with franchise brokers. Franzy aims to be a transparent solution.</p> <p class="MsoNormal">(00:09:12)<span style= "mso-spacerun: yes;"> </span> Alex explains Franzy's AI matching, coaching, and success-based flat fee model for franchisors . It leverages FDD data for accessible brand profiles.</p> <p class="MsoNormal">(00:17:25)<span style= "mso-spacerun: yes;"> </span> Alex discusses overcoming the cold start problem<span style="mso-spacerun: yes;"> </span> and how economic uncertainty can drive franchise growth , though tariffs can impact specific sectors.</p> <p class="MsoNormal">(00:27:26)<span style= "mso-spacerun: yes;"> </span> Alex shares that building a startup requires a team wanting to be part of something bigger than themselves and constantly reinforcing that vision.</p> <p class="MsoNormal">(00:29:53)<span style= "mso-spacerun: yes;"> </span> Alex notes "crazy finds crazy" in startups . He provides contact information for Franzy and himself.</p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="MsoNormal"><strong><u>Books mentioned in the podcast</u></strong></p> <p class="MsoNormal">Zero to One by Peter Thiel and Blake Masters</p> <p class="MsoNormal"><u><a href= "https://www.amazon.com/Zero-One-Notes-Startups-Future/dp/0804139296"> https://www.amazon.com/Zero-One-Notes-Startups-Future/dp/0804139296</a></u></p> <p class="MsoNormal">The Hard Thing About Hard Things by Ben Horowitz (Author)</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205"> https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205</a></p> <p class="MsoNormal"> </p> <p> </p> <p> </p> <p>Stay Updated:<br /> Please visit Brio360 on other episodes and resources on driving value creation<br /> <a href="https://brio360.com">https://brio360.com</a></p> <p> </p> <p>Follow our host: <br /> Peter Ho<br /> <a href= "https://linkedin.com/in/peterhocm">https://linkedin.com/in/peterhocm</a></p> <p> </p> <p>Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.</p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p>
April 15, 2025
<p class="MsoNormal">Peter Ho welcomes Julian Lange, an experienced CFO who has guided companies from startup to IPO, including scaling Marley Spoon and leading VC fundraising for Aiven. Currently CFO at Upvest, Julian brings strategic financial leadership and a passion for team development.</p> <p class="MsoNormal">Julian's Career Journey: Julian shares his background, starting with 10 years in the corporate world at General Electric (GE), where he held various finance roles and learned the importance of finance helping to run the business. He gained exposure to corporate FP&A among other important finance functions. After GE, Julian transitioned to the startup and scale-up world.</p> <p class="MsoNormal">Experience at Marley Spoon: Julian was the first finance hire at Marley Spoon, a global meal kit competitor to HelloFresh. He discusses the company's rapid growth from zero to $250 million revenue and its IPO within four years. He emphasizes the importance of building processes early and shaping the finance team with a vision. Julian also highlights the significance of unit economics even in early stages, focusing on customer acquisition cost and lifetime value to build a "marketing machine".</p> <p class="MsoNormal">Experience at Aiven: Julian joined Aiven, a software business providing value-added cloud infrastructure for open-source software, and experienced hypergrowth, with the team and topline revenue quadrupling in 18 months. Aiven reached a multi-billion dollar valuation.</p> <p class="MsoNormal">Current Role at Upvest: Julian is currently the CFO at Upvest, an investment API company that enables other companies to offer stock and ETF trading. He explains the technical complexities Upvest solves in the investment space.</p> <p class="MsoNormal"><strong>Key Takeaways for Finance Professionals and Entrepreneurs:</strong></p> <p class="MsoNormal">Finance should be a business partner, actively helping to run the company, not just focusing on numbers. Julian mentioned that what interested him at GE was being told that in finance, you help run the business. He found this to be true, noting that CFOs and finance teams have a huge say and impact on how things are done, which comes with the responsibility of knowing the business details. This perspective suggests that finance professionals should strive to understand the operational aspects of the business and contribute to strategic decision-making, rather than being purely reactive or focused solely on reporting. This is also reflected in his emphasis on business partnering later in the interview.</p> <p class="MsoNormal">• Building strong unit economics is crucial for sustainable growth, even from the early stages of a company. Julian highlighted that even at super low revenue, they started looking at unit economics at Marley Spoon, specifically the relationship between customer acquisition costs and lifetime value . He described the goal as building a "marketing machine" that "magically... multiplies the money." <span style= "mso-spacerun: yes;"> </span>This takeaway emphasizes the importance of understanding the profitability of each customer and ensuring that growth efforts are financially sound, rather than just focusing on top-line revenue. This principle applies to both startups and more mature businesses looking to expand efficiently.</p> <p class="MsoNormal">• Don't underestimate the value of hiring individuals with the right attitude and potential for growth, even if they are less senior initially. Julian shared the "famous example from Marley Spoon days" where his first finance hire was a working student who is now the CFO of one of their largest countries. He stated that he is "fine to hire less senior, but a person that I'm fully convinced otherwise can develop". This suggests that entrepreneurs and finance leaders should look beyond immediate experience and consider the long-term potential and adaptability of candidates, investing in their development for future success.</p> <p class="MsoNormal">• Expect and embrace change and uncertainty, especially in high-growth environments, and focus on the ability to react quickly based on data. Julian's career has involved navigating various significant events, from the great financial crisis at GE to the rapid growth and market shifts at Marley Spoon and Aiven. He mentioned that he has "seen a career full of events that normally say people, oh, this happens once in a lifetime. But for me, it happens like once in a job." His approach is not to over-plan for every possibility but to "quickly react," look at the data, understand the new context, and make solid decisions. This suggests that agility and data-driven decision-making are vital for navigating the unpredictable nature of business, particularly in dynamic industries.</p> <p class="MsoNormal">• Continuous learning and a focus on process improvement are essential for effective financial leadership. This highlights the importance of ongoing learning, adopting best practices, and continuously refining financial and operational processes to improve efficiency and effectiveness within the finance function and across the organization.</p> <p class="MsoNormal"><strong>Chapter Summary</strong></p> <p class="MsoNormal">(00:01:04) Introduction to Julian Lange </p> <p class="MsoNormal">(00:01:35) Early Career at General Electric (GE) </p> <p class="MsoNormal">(00:03:06) Transition to Startups and Marley Spoon </p> <p class="MsoNormal">(00:09:04) Hypergrowth and IPO of Marley Spoon </p> <p class="MsoNormal">(00:17:17) Recruiting and Experience at Aiven</p> <p class="MsoNormal">(00:21:25) Current Role at Upvest </p> <p class="MsoNormal">(00:25:16) Balancing Growth and Navigating Uncertainty </p> <p class="MsoNormal">(00:43:08) Book Recommendations and Career Advice </p> <p class="MsoNormal"> </p> <p class="MsoNormal"><strong>Book Recommendations</strong></p> <p class="MsoNormal">The Pyramid Principle:Logic in Writing and Thinking by Barbara Minto</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Pyramid-Principle-Logic-Writing-Thinking/dp/0273710516"> https://www.amazon.com/Pyramid-Principle-Logic-Writing-Thinking/dp/0273710516</a></p> <p class="MsoNormal">The Checklist Manifesto Atul Gawande</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Checklist-Manifesto-How-Things-Right/dp/0312430000"> https://www.amazon.com/Checklist-Manifesto-How-Things-Right/dp/0312430000</a></p> <p class="MsoNormal">Atomic Habits by James Clear</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299"> https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299</a></p> <p class="MsoNormal">Deep Work by Cal Newport</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Deep-Work-Focused-Success-Distracted/dp/1455586692"> https://www.amazon.com/Deep-Work-Focused-Success-Distracted/dp/1455586692</a></p> <p class="MsoNormal">The Phoenix Project by Gene Kim, Kevin Behr, George Spafford</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Phoenix-Project-DevOps-Helping-Business/dp/0988262592"> https://www.amazon.com/Phoenix-Project-DevOps-Helping-Business/dp/0988262592</a></p> <p class="MsoNormal">Radical Candor by Kim Scott</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Radical-Candor-Revised-Kick-Ass-Humanity/dp/1250235375"> https://www.amazon.com/Radical-Candor-Revised-Kick-Ass-Humanity/dp/1250235375</a></p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p>Stay Updated:<br /> Please visit Brio360 on other episodes and resources on driving value creation<br /> <a href="https://brio360.com">https://brio360.com</a></p> <p> </p> <p><br /> Follow our host: <br /> Peter Ho<br /> <a href= "https://linkedin.com/in/peterhocm">https://linkedin.com/in/peterhocm</a></p> <p> </p> <p> </p> <p>Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.</p>
March 11, 2025
<p class="MsoNormal">The interview with Alex Lee, CEO of Truewind, explores how his company uses artificial intelligence to streamline accounting processes for accounting firms. Truewind is presented as a "digital staff accountant" that utilizes AI to perform accounting tasks with greater efficiency and predictability.</p> <p class="MsoNormal">Lee's background is in aerospace engineering, having worked at Boeing on the 777X program. He transitioned to venture capital after obtaining an MBA. His experience supporting portfolio companies exposed him to the inefficiencies in finance and reporting, which led him to start two technology companies, including Truewind.</p> <p class="MsoNormal">Inefficiencies exist across the entire accounting stack, from basic journal entries to reporting and analytics. Truewind focuses on the foundation of this pyramid by addressing manual journal entries. </p> <p class="MsoNormal">Truewind operates on a monthly subscription model, positioning itself as a digital staff accountant. Customers view Truewind as a labor solution rather than a software expense. Truewind serves various clients, including top 50 accounting firms, regional firms, solo practitioners, and fractional CFO firms.</p> <p class="MsoNormal">Truewind integrates with existing general ledgers like QuickBooks, Xero, NetSuite, and Sage Intacct. It enhances the work that human accountants do, such as classifying transactions, ensuring documentation, and reconciling sub-ledgers. Truewind's document system reads PDFs and matches them to transactions, which helps with audits.</p> <p class="MsoNormal">The goal is not to replace accountants but to make them more efficient and allow them to upskill. The ultimate value of accountants is trust, which AI cannot replace. AI can assist with lower-value tasks and free up accountants for advanced analysis and client engagement.</p> <p class="MsoNormal">Addressing the risk of AI "hallucination," Lee views the non-deterministic nature of AI as a feature that allows it to handle complex nuances in accounting. Human review remains essential.</p> <p class="MsoNormal">Truewind prioritizes product engineering and go-to-market strategies with its capital. They focus on reliability, accuracy, user experience, and a streamlined sales process. Truewind is metrics-driven and uses its software internally.</p> <p class="MsoNormal"><strong>Key takeaways from the interview that are particularly relevant for entrepreneurs:</strong></p> <p class="MsoListParagraphCxSpFirst" style= "text-indent: -.25in; mso-list: l0 level1 lfo1;"> <!-- [if !supportLists]--><span style= "mso-fareast-font-family: Aptos; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Aptos; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->Solve fundamental problems within an industry using AI, but recognize the enduring value of human expertise. Truewind focuses on the foundational inefficiencies in accounting, like manual journal entries, rather than superficial issues. This approach highlights the importance of identifying core problems that AI can address while recognizing that AI will not replace human accountants, whose value lies in building trust and providing complex analysis .</p> <p class="MsoListParagraphCxSpMiddle" style= "text-indent: -.25in; mso-list: l0 level1 lfo1;"> <!-- [if !supportLists]--><span style= "mso-fareast-font-family: Aptos; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Aptos; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->Industry-Specific AI Requires Nuanced Training and a Human-in-the-Loop Approach Developing AI solutions for specific industries, such as accounting, demands careful training to understand industry nuances. Truewind invests in training its AI model to recognize the differences between industries, indicating the need for tailored AI solutions. Lee emphasizes the importance of a "human-in-the-loop" approach, where AI suggestions are reviewed by humans, ensuring accuracy and trust.</p> <p class="MsoListParagraphCxSpLast" style= "text-indent: -.25in; mso-list: l0 level1 lfo1;"> <!-- [if !supportLists]--><span style= "mso-fareast-font-family: Aptos; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Aptos; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt 'Times New Roman';"> </span></span></span> <!--[endif]-->Prioritize Product Development, User Experience, and a Streamlined Go-to-Market Strategy For early-stage companies, disciplined capital allocation is crucial . Truewind prioritizes product engineering, reliability, user experience, and a streamlined sales process tailored to accountants' busy schedules . Recognizing the user and meeting their needs is of utmost importance.</p> <p class="MsoNormal"><strong><u>Chapter Summary</u></strong></p> <p class="MsoNormal">(00:01:04) Introduction and Background: Introduction of Alex Lee, founder and CEO of Truewind, his background, and how Truewind is a digital staff accountant using AI. Lee's career journey from aerospace engineering at Boeing to venture capital and starting Truewind is discussed.</p> <p class="MsoNormal">(00:03:17) Addressing Inefficiencies and Market Opportunity: Discussion of the inefficiencies in accounting that Truewind addresses by focusing on the foundational level of journal entries. Truewind's business model as a monthly subscription fee is mentioned. The market opportunity is huge due to the shortage of accountants, and the accounting industry welcomes AI to enhance practices.</p> <p class="MsoNormal">(00:08:08) AI and the Role of Accountants: Truewind integrates with general ledger software and enhances the work done by human accountants. AI will not replace accountants but will make them more efficient. The value of accountants lies in building trust, and AI's role is to assist and allow them to upskill. The need for accuracy in accounting is emphasized.</p> <p class="MsoNormal">(00:16:33) AI's Nature, Lee's Investment Experience, and Truewind's Priorities: AI's non-deterministic nature is viewed as a feature, and human review remains essential. Lee's prior experience as an investor was helpful during fundraising and in sales. Truewind prioritizes product engineering and go-to-market strategies with its capital.</p> <p class="MsoNormal">(00:22:50) Internal Operations, AI Usage and Motivation: The focus is on reliability, accuracy, user experience, and a streamlined sales process. Truewind uses its own software internally and is metrics-driven. AI is used in various business processes, and the team is encouraged to experiment with it. Lee shares book recommendations and discusses motivating his team by leading by example, building a strong team, and providing clear direction.</p> <p class="MsoNormal"> </p> <p class="MsoNormal"><strong><u>Books Mentioned in this Episode</u></strong></p> <p class="MsoNormal">Red Notice by Bill Browder</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Red-Notice-Finance-Murder-Justice/dp/1476755744"> https://www.amazon.com/Red-Notice-Finance-Murder-Justice/dp/1476755744</a></p> <p class="MsoNormal">Pachinko by Min Jin Lee</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Pachinko-National-Book-Award-Finalist/dp/1455563927"> https://www.amazon.com/Pachinko-National-Book-Award-Finalist/dp/1455563927</a></p> <p class="MsoNormal">The Outsiders by William N. Thorndike Jr.</p> <p class="MsoNormal"><a href= "https://www.amazon.com/Outsiders-Unconventional-Radically-Rational-Blueprint/dp/1422162672"> https://www.amazon.com/Outsiders-Unconventional-Radically-Rational-Blueprint/dp/1422162672</a></p> <p class="MsoNormal"> </p> <p class="MsoNormal"><strong>Resources:</strong></p> <p class="MsoNormal"><a href= "https://www.truewind.ai/"><strong>https://www.truewind.ai/</strong></a></p> <p class="MsoNormal"><strong> </strong></p> <p class="MsoNormal">Stay Updated:</p> <p class="MsoNormal">Please visit Brio360 on other episodes and resources on driving value creation</p> <p class="MsoNormal"><a href= "https://brio360.com">https://brio360.com</a></p> <p class="MsoNormal"> </p> <p class="MsoNormal">Follow our host: <span style= "mso-tab-count: 1;"> </span></p> <p class="MsoNormal">Peter Ho</p> <p class="MsoNormal"><a href= "https://linkedin.com/in/peterhocm">https://linkedin.com/in/peterhocm</a></p> <p class="MsoNormal"> </p> <p class="MsoNormal">Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.</p>
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