Executive Spotlight: Vispi Jilla
Q&A: Fractional CFO, Vispi Jilla
Q: Can you start by sharing your background and experience?
A: My background is in accounting and finance, with over 20 years of experience. I've held a variety of roles throughout my career. I started as a Management Consultant with KPMG and then transitioned to finance roles. I’ve been a CFO for around a decade and have transitioned into interim and fractional CFO roles, which I’ve been doing on a part-time basis for about five to six years.
I have a lot of experience in traditional CFO roles, particularly in the energy sector. As a Management Consultant, I spent a lot of time with healthcare companies, including Fortune 50 healthcare companies. Most of my time in this space was spent understanding technology and the impact on finance, working with the executive suite on technology plans, financial planning around marketing spend, and product development.
On the fractional CFO side, I typically work with private or private equity-backed companies. Often, I am brought in when the previous CFO has departed, either voluntarily or involuntarily, which means there’s always some level of stress and change in the organization. This requires hitting the ground running and building trust quickly with both the accounting and finance team as well as the rest of the management team.
In the healthcare sector, I have been involved with a healthcare startup from day one, for nearly a decade now, serving on their Advisory Board as their finance lead. I’ve seen them grow from an LLC on paper to a company with over 40 employees, doing phenomenally well.
In summary, I have a varied background working with private equity companies, public companies, start ups and in management consulting.
Q: What got you started in fractional and interim CFO roles?
A: The reason I'm doing more fractional interim type roles is that I also have a real estate venture. I own and operate several RV parks in the DFW area. I've spent the last five or six years building up that portfolio, and it's managed more hands-off by other people right now, but I still keep an interest in that venture. I started this venture in 2020, looking to diversify my investment portfolio and build a plan for my retirement. RV parks, being covered land plays, require less overhead compared to multifamily or apartment complexes. With this plan stabilized, it allows me to manage them more passively while focusing on fractional and interim CFO work.
Q: What trends do you currently see shaping the future of financial management in healthcare technology?
A: A significant trend is the shift towards recurring-based revenue models, such as Software as a Service (SaaS). Companies across various industries, including healthcare, are moving away from transactional models to gain predictability in their revenue streams. However, this shift comes with challenges, such as differentiating oneself in a crowded market and ensuring value-add in the recurring services offered. From a financial perspective, this requires careful revenue recognition, tracking, and planning for growth.
Q: As a fractional and interim CFO, what are some common challenges you've encountered, and how do you adapt your strategies?
A: One common challenge is stabilizing the organization during transition. When a CFO leaves, it often causes uncertainty among the staff. Building trust quickly is crucial. In smaller companies, you need to be more hands-on, wearing multiple hats and advising on various aspects of the business. In larger companies, it's about bringing stability, ensuring the "train stays on the rails," and setting up processes for long-term success. It's also essential to prepare for your exit, ensuring the company is left in a better place with capable people ready to step up.
Q: Can you share an example of a significant challenge you faced and how you addressed it?
A: I was the interim CFO for a $100 million private equity-backed company where the previous CFO had been transitioned out due to missed covenants and financial struggles. My first step was to stabilize the department, build trust with the staff, and assess key drivers like day sales outstanding. We improved receivables accuracy, implemented a collection plan, and got back within compliance with our covenants. Concurrently, I helped recruit a full-time CFO and ensured a smooth transition before moving on. This experience underscores the importance of addressing immediate financial issues while setting the stage for long-term stability.
Q: Do you have a personal philosophy or principle that has guided you in your career?
A: My personal philosophy is to work in environments where I enjoy the work and can drive positive change. Building trust and having a supportive, enjoyable work environment are crucial. Beyond just crunching numbers, I aim to help companies leverage their financial data for growth and success. Working with good people is essential for a productive and pleasant work environment.
It's important to enjoy what you do and work with people you respect and appreciate. This makes a significant difference in the work environment and overall job satisfaction.
