Why Lucanet has turned communication with finance into a strategic priority

“At our organization, the finance-CEO relationship is all about evolving the way we work at the same pace as the organization is evolving,” Gerger said. “We are looking at the same datasets, building one story about that data and coming to a shared understanding that we can then take action from. But when it comes to investing decisions in technology or M&A, the angles he and I are able to analyze from have helped me feel more connected to the greater parts of the business when we can take important decisions at eye-level and use clear communication.”

For Apel, his focus on transitioning the company out of the solely founder-led model was his primary function during his time as CFO. He knows first hand the “scarcity” of financial talent and has used a strategy based on granting autonomy to keep strong talent like Gerger around.

“There is definitely scarcity in the assets of financial talent,” said Apel. “As a CEO, I need to be in the top 5%, maybe 10% of the business because what I’ve learned is I can’t be the best at everything. There are experts within this organization that understand things better than me, and I need them for the business to be successful.”

Apel credited his CFO experience for his ability to be successful as a CEO, as he can articulate culture, strategy, marketing and finance when needed. “I believe I am able to participate in every conversation throughout the business, but it’s my CFO experience that has allowed me to have a specific edge and give instruction that can help address certain challenges.”

Scaling, he says, is important for the business as a whole so that the leadership team doesn’t get overwhelmed with work as the company grows. If leadership gets overwhelmed during growth stages, Apel says they will leave, which he views as an avoidable cost. He says a major part of his job has been to create an environment where systems are scalable and leaders have autonomy and decision-making influence.

“As CEO, I learned that if I wanted to have a successful relationship with finance, I had to create the environment that allowed for that. I’ve worked hard on creating an environment where our team can grow, and although it’s a fast-paced business, I think [Gerger] and I have been able to keep each other aware of the things that we need to in detail, and he has become a strong finance business partner with me on this journey.”

He said that although both his career and the company have gone through many changes since he became CEO, Apel believes Gerger’s influence deserves a significant portion of the credit.

“I’ve always needed a strong finance business partner on this journey,” Apel said. “But I believe that it’s on the CEO to create that environment that can help finance thrive to its highest potential.”

This is part two of a two-part series. Part one can be found here. The entire series can be found here.

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