Sujay Shah

You may find it odd that a CFO is sharing this piece, but I think this is a great article from Chip Wilson, distributed in the Wall Street Journal this week on how Lululemon lost its soul. The issue with Lululemon is not that they had (or didn't have) smart financial people. This is a crucial part of any successful business. The classic error occurred when the main conversation was on how to maximize profit(s) in the short term, rather than how to create amazing products for amazing guests with amazing people first and then financial management being used to support this dream first mentality. When you lose sight of the north star of amazing products, with amazing people, for amazing guests, you begin to take short cuts that lead to long term decline. This does not mean unfettered growth with no financial metrics in place, but a relentless focus on the important things first in conversations (innovation, culture, product and customer experience) followed then by conversations on how to make this profitable and sustainable over time (not necessarily in one or two quarters). These two functions can work beautifully together but finance must be second and support the creation of true business value, not just short term, unsustainable profit(s). I have found that the companies that succeed over many years and decades are ones that adopt a founder led/visionary mentality first, innovate constantly and then are supported by absolute excellence in business operations and finance. The reverse can work for a time and is celebrated by Wall Street in the short term but it does not create long term business value. When I think about the CFO I strive to be, it’s not just about bringing absolute excellence in financial and operational management.  It’s about aiding the dreams of visionaries and founders to create amazing products and services for amazing guests and to develop/support amazing team members. It will be interesting to see how Lululemon reacts to this article.

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If you’re a CFO trying to land a private-equity role, here’s the truth no one says out loud: PE firms don’t care about your credentials. They care about your chaos. You don’t get hired into PE because you’re “polished.” You get hired because you’ve been punched in the mouth by a business and stayed standing. PE doesn’t want the CFO who kept everything smooth. They want the CFO who kept everything from falling apart. They’re impressed by: • the time you stabilized cash when payroll was 48 hours away • the time you fixed a close that was 15 days late • the time you cleaned up a dumpster-fire ERP • the time you rebuilt a finance team full of passengers • the time you took a business from “WTF” to “we’re fine” PE wants operators, not ornaments. They want CFOs who can walk into a burning building and decide which fire to put out first. So if you want to position yourself for a PE seat: Stop selling perfection. Start selling your scars. Tell the truth about the messes you fixed. Own the ugly projects nobody else wanted. Lead with impact, not acronyms. And stop acting like a slightly shinier Controller, it’s obvious. In PE, pretty résumés get interviews. Battle-tested CFOs get offers. CFOs: what’s the “war story” you’d lead with if you dropped the corporate filter? 👇 #PrivateEquity #CFO #FinanceLeadership #ExecutiveSearch #ValueCreation #PEBacked #CFOCommunity #OperationsExcellence #Leadership #FinancialStrategy

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poppi is now the #1 soda on Amazon. OLIPOP PBC just hit $200M in revenue. Meanwhile, legacy beverage brands are spending billions… just to stay relevant. What do these $2 gut-friendly, influencer-fueled drinks tell us? The consumer isn't just trying new brands. They’re abandoning the old ones. Poppi didn’t outspend Coca-Cola. Olipop didn’t out-innovate PepsiCo’s R&D team. But they did outmaneuver them where it matters: → Real-time consumer feedback → Community-driven branding → Rapid formulation sprints → Distribution moves that feel like culture, not commerce This is the new era of brand trust, where 15-second TikToks outperform 15-year brand equity strategies. So here’s the question for Big Food: Are you hiring leaders who’ve built brands with the consumer, not just for them? Because most CPG hiring still prioritizes category tenure over creator fluency. Still favors brand managers over true community architects. Still underweights digital-native growth stories, especially at the GM level. But the brands winning in 2025 aren’t just food and beverage companies. They’re trust companies. And that requires different muscles. Who’s doing it right? What legacy brands are actually adapting their hiring to match this shift? #FMCG #ChallengerBrands #CPGLeadership #Poppi #Olipop #TalentStrategy #ConsumerTrust #ExecutiveSearch #LaurenStiebing

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You can tell a lot about a PE firm by looking at its CFO. Every number tells one story. Every CFO tells another, usually about the partner they work for. After years of recruiting finance leaders, one pattern keeps showing up: the PE CFO starts to mirror the partner. Calm, methodical partner? You’ll see a CFO who plans two quarters ahead. Reactive, deal-chasing partner? That CFO’s running on Slack and caffeine. It’s not good or bad. It’s human. Two people share pressure long enough, and they sync up. That’s why “fit” in a CFO search isn’t about resume lines. It’s about wavelength. Does this CFO thrive under intensity, or burn out from it? Does the partner value process, or pace? The best pairings see the echo and adjust before it becomes noise. If you’ve lived this dynamic, what makes a CFO/partner pairing work? (And when it doesn’t, what cracks first?)👇 #PrivateEquity #CFO #Leadership #Finance #ExecutiveSearch #PEBackedCompanies #CFOLeadership

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***Here's a quick update for the Greater Sacramento, CA Accounting and Finance Job Market - Fall 2025*** - Demand remains steady for senior accountants, controllers, and financial analysts, especially in construction, healthcare, and government sectors. Entry-level roles are more competitive, with many employers using temp-to-hire or internship pipelines. - Growth is being driven by public infrastructure projects, state & local government hiring, and companies upgrading ERP systems or tightening compliance. Skills in ERP (Sage, Oracle, NetSuite), cash flow management, and project accounting are especially valued. - For job seekers: emphasize both technical skills and business insight. For employers: hybrid work, career growth, and competitive pay remain key to attracting top talent. Sacramento’s market isn’t booming, but skilled finance professionals are still in strong demand. What trends are you seeing locally in accounting & finance?

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My thoughts on the hiring market in Accounting and Finance within the manufacturing space. This is not an all encompassing market post. I am aware that unemployment is higher than it has been in years and there are a lot of talented people looking for work right now. This has been the most interesting market I have seen in my almost 7 years of recruiting. It is neither client driven (less jobs, more candidates) or candidate driven ( more jobs, less candidates) With the tariff situation unfolding this year a lot of manufacturers were impacted one way or another. A LOT of my clients went into hiring freezes, which impacted the first half of the year greatly. The second half of the year, hiring picked up. But candidates have started taking the reigns. Anytime there is uncertainty in the market, candidates become more hesitant to make a move. It better be a damn good one. We are in that middle ground right now where clients are still in control, but candidates are taking the control back - it makes for interesting conversations, more declined offers and more negotiating/competition to attract top talent. With that being said - scary trends that make this feel like spooky season instead of the holiday season! - A scary amount of accountants cannot perform basic excel functions. (We have had multiple clients have to let people go recently due to this) - Microsoft TEAMS is still a bear for people to figure out to use on an interview - People are starting to use AI on video interviews!!!!! This is really scary and hiring managers notice big time. 2026 has the beginning signs of being a very strong market, but I am not an economist, I am just a guy. Happy Holidays everyone! Appreciate the partnerships we have made along the way this year and continuing to build on them moving forward!

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If you’re a CFO or Controller interviewing with a PE-backed company, here is some advice for you. PE firms aren’t looking for someone to “keep things running.” They’re hiring finance leaders who can bring clarity fast, tighten the close, forecast with confidence, and manage cash like it actually matters, because it does. You’re expected to know the numbers cold and explain what’s driving them without hiding behind accounting language. Experience with process building, ability to report to both the local leadership as well as the PE Sponsor and balance the different needs is important to show ability to handle. Most are growing through M&A so highlighting integrations as well as opening balance sheet experience will be important. Bottom line is it's all about process building, team building & growth in a fast-paced environment. On top of understanding the rigorous reporting requirements. At Synergy Search, most of our work is with PE-backed companies. We see exactly why strong candidates get passed on. Technical skills are assumed. What separates the ones who get hired is their ability to build structure, partner with operators, lead through change, and perform when expectations are high and timelines are tight. If you’re walking into a PE-backed interview and want to sanity-check your story before you’re in the room, reach out. These interviews are different, and the bar is higher.

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Early advice I had to unlearn about the CPG industry over the years: 1️⃣ Raise as much money as you can, however you can.   2️⃣ Your focus should be scale and efficiency. Thats it.  3️⃣ Whatever you do, don’t self manufacturer.  4️⃣ If you want to win, play the game. In order to play the game , see 1.  5️⃣ The end goal should be a nice exit. Build for exit.  6️⃣ Cheap. People just want cheap. Make it cheap, then make it cheaper.  7️⃣ Sometimes you have to be ruthless to win. Its a competition after all. 8️⃣ Dont share too much. People will use it against you. Thats how you lose. The truth is… 1️⃣ I found raising money incredibly inauthentic and full of greed, narcissism, and untethered ego. The entire process made me miserable. 2️⃣ Focusing on scale almost killed the business (many, many times).  3️⃣ The best decision we ever made was self-manufacturing.  4️⃣ Playing all the games made me resent a lot of things in this industry. I am a lot happier when playing my own game and nobody else's. 5️⃣ I always wanted to build for legacy and impact, not exit, regardless if it was popular. I didn't build this to get filthy rich.   6️⃣ The world doesn't need more companies racing to the bottom. 7️⃣ Sharing resources and collaborating with like minded founders is one of the greatest things about this industry. It helps everyone build better. Find your people and share/collaborate as much as possible.

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KEURIG DR PEPPER STOCK JUMPS 6% AFTER STRONG Q3 AND $7B FUNDING DEAL WITH KRR & APOLLO Keurig Dr Pepper shares rose 6% after the company posted Q3 revenue of $4.31B, well above consensus of $4.15B and raised full-year sales guidance to high-single-digit growth. The upside came mainly from the U.S. Refreshment Beverages, up 14%, as the company gained share across carbonated soft drinks, energy, and hydration - with the Ghost acquisition adding about 4 points to volume growth. Coffee also turned positive, rising 1.5%, signaling early stabilization after shrinking for the previous ten quarters. KDP also announced a $7B funding package from Apollo and KKR to help finance the $18B JDE Peet’s acquisition. The mix of preferred equity and a coffee-pod joint venture helps address leverage concerns while giving flexibility ahead of the planned separation into two businesses. Targeted net leverage ratios at close: - Beverage Co: 3.5-4.0x - Coffee Co: 3.75-4.25x KDP is looking for a CEO for the coffee company

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Low-ball offers are a real challenge. When we present a candidate at $250,000, you agree to interview them three times, and then, when it comes to the offer stage, you counter with $220,000, it causes chaos. If the candidate were to ask for $20,000 more after the interviews, the client would likely be outraged. So, why is it acceptable to offer less? Some clients justify this by saying the candidate doesn’t meet every single requirement (why did you interview them 3 times and like them?). It’s important to understand that many candidates are seeking growth opportunities. They may check off 7 out of 10 boxes, but they’re looking for a role where they can develop. Offering less not only sends a message that the candidate is being undervalued, but it also sets an unstable foundation for the relationship. My advice: if you’re not willing to pay the agreed amount upfront, don’t move forward with the interview. Overall, it’s a waste of time for everyone involved—candidates, recruiters, and hiring managers—all of whom invest time and energy into a process that ultimately leads to a dead end.

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Food manufacturer Utz is taking advantage of being able to source and operate all of its factories domestically. Companies like Kellogg and Hershey are not as fortunate. They’ve had to adjust their forecast due to ongoing tariff disputes and declining sales. For the record, I’m not a proponent of believing that all manufacturers should build a domestic supply chain. Companies come in all shapes and sizes with different operating partners. All have different challenges to make their supply chain cost-effective, as well as serve the customer. But some of the early returns of being able to inshore your supply chain include: 🏆 Expanding distribution capacity. 🏆 Adding new production lines. 🏆 Increase net sales. 🏆 Increase net income. As mentioned, the long-term answer is not to overhaul all supply chain functions if you’re a large global operation. But a wise option would be to make your production and sourcing partners more agile and adaptive during market uncertainty.  

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The Sacramento market for senior Accounting & Finance talent is tighter than most companies realize. We’re seeing: • Controllers taking 60+ days to replace • CFO searches stretching 3–6 months • ERP + Accounting hybrid roles becoming extremely competitive Most delays aren’t compensation-related — they’re clarity-related. The searches that move fastest: • Have a clearly defined mandate • Align internally before going to market • Communicate impact, not just responsibilities If you’re planning a 2026 leadership hire, it’s worth thinking about this now — not when you’re already behind. We spend every day in the Sacramento Accounting & Finance market, and it’s changing quickly. ConnectPoint Search Group

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