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Value Drivers

Value Drivers

Written by: Brio360
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 Corporate executives, entrepreneurs and authors discuss corporate finance strategies, growth tactics, leadership journeys and other management topics to drive value creation.2023 Economics Leadership Management Management & Leadership
Episodes
  • Authentic Intelligence: Scaling WealthTech and the Sales Revolution

    Authentic Intelligence: Scaling WealthTech and the Sales Revolution
    Dec 22 2025
    In this episode of Value Drivers, we interview Pamela Cytron, the founder and president of Founders Arena, a specialized wealth tech accelerator. Cytron brings over 40 years of experience in the financial technology sector, having started her career in sales and telemarketing long before the term "fintech" was coined. She emphasizes that her career was built on relationship selling, trust, and accountability. The core mission of Founders Arena is to bridge the gap between "product makers" (startups) and "product buyers" (established financial institutions). Unlike broad accelerators like Techstars or Y Combinator, which Cytron notes primarily focus on funding, Founders Arena is laser-focused on increasing market share and accelerating revenue growth for its cohorts. The program operates out of North Texas, a region Cytron identifies as a rapidly growing hub for the financial services workforce. The interview covers the current state of the wealth tech market, which Cytron estimates will reach a total addressable market (TAM) of $29 to $30 billion over the next five years. She discusses the massive generational wealth transfer occurring today and the shifting landscape of investment tools, such as the rise of ETFs over traditional mutual funds. A significant portion of the conversation is dedicated to the impact of AI. Cytron introduces the concept of "authentic intelligence," arguing that human expertise and deep understanding of the financial ecosystem are necessary to make artificial intelligence effective. She expresses concern that if institutional buying procedures—often involving 12-to-24-month sales cycles—do not evolve, innovation will stall because startups will run out of capital before they can close a deal. She mentions that Founders Arena has already seen significant success; out of 24 companies across five cohorts, they have seen four formidable exits and substantial capital raises. Key Takeaways for Founders The interview offers several strategic insights for founders, particularly those operating in B2B and highly regulated sectors: • Sales Execution is the Ultimate Differentiator: Cytron asserts that companies do not win or lose based solely on their product; they win or lose because they get "outsold". To avoid this, founders must become experts in their market and focus on outcomes over features. • Verticalization is Vital: Moving forward, Cytron believes accelerators and startups must go "deep and not broad". Success comes from focusing on specific verticals where you can gather a community of stakeholders who actually need and will buy the technology. • The "Anti-Free Trial" Philosophy: Cytron strongly discourages offering free proof-of-concepts (POCs) or trials. She argues that "if someone doesn't pay for something, they're not paying attention". Instead, founders should charge a "commitment fee" to ensure the buyer is truly invested in the outcome and the evaluation process. • Shrink the Sales Cycle or Perish: Founders must learn to compress the "time to yes or no". Cytron notes that a 24-month sales cycle is counterintuitive to the rapid pace of AI; founders need to push institutions for faster decisions based on specific outcomes. • De-Risking International Entry: For international firms looking to enter the U.S. market, Cytron suggests using a structured program to get a "lay of the land" before hiring sales teams. This helps determine if the product needs technological adjustments for the North American market. • Prioritize Back-Office Efficiency: While "front-end" AI features are attractive to buyers, Cytron warns that legacy back-office procedures are often the biggest bottleneck. True value is often found in solving the "unsexy" problems of legacy data and procedures. • Founder Resilience: Cytron acknowledges that founders take immense personal and financial risks that institutional buyers do not. She looks for founders with individual characteristics like behavioral balance and vision, believing that the founder is the fundamental foundation of the organization. • Leverage Modern AI Productivity Tools: Cytron recommends a tool called Gamma for creating visual presentations and documents, noting its ability to turn ordinary conversations into insightful illustrations. To Cytron, a founder without a firm sales strategy is like a captain with a fast ship but no map; you might have the technology to move quickly, but without understanding the institutional "ecosystem map" and closing the sales gap, you will likely run out of fuel before reaching your destination. Stay Updated: Please visit Brio360 on other episodes and resources on driving value creation https://brio360.com Follow our host: Peter Ho https://linkedin.com/in/peterhocm 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 ...
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    38 mins
  • From Complexity to Clarity: Making Diagnostic Imaging as Easy as Booking an Uber

    From Complexity to Clarity: Making Diagnostic Imaging as Easy as Booking an Uber
    Nov 12 2025
    This episode features an interview with Elan Adler, the founder and CEO of OneImaging, a nationwide diagnostic imaging network dedicated to making medical imaging faster, more affordable, and more transparent. Adler, leveraging his background in radiology operations and technology sales, explains that the company was founded to address the common problem faced by patients who lack fundamental information—such as the lowest cost, insurance coverage compatibility, appointment availability, and quality of service—when referred for an exam like an MRI or CT. The current system is complex, often resulting in patients having "no clue what the price is" until they receive a bill, and appointments are frequently booked without prior authorization approval, contributing to a high same-day cancellation rate of 25% in the market. OneImaging disrupts this by transforming the patient experience into a simple consumer interaction, likened to booking an Uber or Airbnb, complete with price transparency and choice. The company focuses on leveraging technology to automate processes, including reaching out to members via text during the prior authorization process to guide them directly to booking. For employers, OneImaging is an attractive solution because medical imaging is the second most used service in healthcare by volume (after prescription drugs) and represents 8% to 18% of a commercial health insurance plan's total spend. The company's financial model guarantees a one-to-one return on investment, ensuring that employers cannot lose money by implementing the solution, which can translate to tens of millions of dollars in savings (EBITDA) for large companies. By streamlining the process, OneImaging has significantly improved patient adherence, raising the T30 completion rate (exams completed within 30 days) from 45-50% up to 80%, thereby improving clinical outcomes. Looking ahead, OneImaging is deploying newly raised capital to focus heavily on product enhancements, such as creating a centralized repository for all patient images and establishing on-site imaging centers for large corporate clients. The CEO attributes the company's competitive durability to its "tech company first" approach and the network effects inherent in its two-sided marketplace. Key Takeaways OneImaging targets a crucial area of corporate overhead: Health insurance plan spending is the second largest line item of overhead for a company after salary and wages. Medical imaging services, which constitute 8% to 18% of a commercial health insurance plan's total spend, offer a high-leverage opportunity for reduction. CFOs should recognize this overlooked area, which can translate to tens of millions of dollars in direct savings (EBITDA) for larger companies. The business model eliminates financial risk for the employer: OneImaging generally does not make money unless they save the client money. For budget predictability, the solution can be purchased as a subscription with a guarantee of at least a one-to-one return on investment, making it "impossible" for a client to lose money. The target is to create a 2.7% to 3% reduction in the entire healthcare spend. A "tech company first" mindset, even in healthcare, is crucial for efficiency and competitive durability. OneImaging actively invests in product and engineering to automate processes that typically rely on faxes and manual effort. This automation is essential to eliminate pain points like the massive information loss during prior authorization and the 25% same-day cancellation rate prevalent in the market. The focus on product experience directly improves adherence and health outcomes, which minimizes costly downstream complications. By simplifying the process to be like booking an Uber or Airbnb, OneImaging has dramatically increased the T30 completion rate (exams completed within 30 days) from 45-50% up to 80%. Higher adherence ensures employees receive timely diagnoses and follow prescribed care pathways, reducing future high-cost events. Finally, long-term durability is achieved by integrating solutions that create network effects and a natural moat. By doing the "hard work up front" on technical integrations, the company makes the product more seamless and automated, increasing utilization and ensuring that new entrants would offer a product "so far below in quality from a price perspective" that it is not worth the effort. Chapter Summary (00:01:03) The interview begins by introducing Elan Adler, founder and CEO of OneImaging, a nationwide diagnostic imaging network aiming to make medical imaging faster, more affordable, and more transparent. Adler, drawing on his experience in radiology operations and technology sales, realized the need for the company when people close to him consistently sought answers regarding the lowest cost, insurance compatibility, appointment availability, and quality of imaging services. (00:02:53) The current process for arranging an imaging appointment is...
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    43 mins
  • Layering Capital from Sponsor Equity to Permanent Debt with Greg Saunders

    Layering Capital from Sponsor Equity to Permanent Debt with Greg Saunders
    Oct 1 2025
    This interview features Greg Saunders, CFO of Coast Energy, discussing the complexities of scaling solar, storage, and microgrid projects for commercial real estate portfolios, a sector he notes is exciting but prone to risk, complexity, and surprises, likening the environment to "riding the roller coasters". Saunders, who has a background in specialty finance and clean energy financing, highlights that the CFO has a front-and-center role in product design due to the granular financial structuring required for these capital-intensive projects. Coast Energy's ability to optimize both the cost and flexibility of capital is supported by strong private equity sponsors. The company uses approximately five or six kinds of capital, matched specifically to the project stage, from conceptual planning through operation. This financing journey begins with sponsor equity for early-stage conceptual funding, design, and marketing. As projects advance, they utilize a development debt facility (a 1–2 year term typically covering 55%–70% of costs at an 8%–10% interest rate), followed by a construction line of credit (18–24 months) once the project is de-risked by permits and entitlements, covering 70%–80% of construction costs. Finally, as the asset becomes operational, permanent debt (7 to 10 years, or up to 25 years for applicable programs) and tax credit financing are secured. Permanent debt is sized conservatively (40%–60% of asset cost) based on the Debt Service Coverage Ratio (DSCR), typically 1.2 to 1.6, to ensure a cash flow cushion. Together, the permanent debt and tax credit financing cover roughly 90% of the project cost and are used to take out the construction loan. The federal Investment Tax Credit (ITC) and depreciation policies, leveraged by tax equity investors (often large banks seeking a strong after-tax return), are key to lowering the overall cost of capital. A central element of Coast Energy's success is its "zero capex model," which removes the $2 million to $5 million upfront cost barrier for commercial property owners. Customers benefit from lower, predictable energy costs through a Power Purchase Agreement (PPA)—often a 20-year contract—where they pay 10% to 25% less than utility rates . For Coast Energy, this creates long-term, high-credit-quality cash flow streams that are highly valued by investors . Property owners highly value this stability, which also improves their property's Net Operating Income (NOI), translating immediately into increased property value when multiplied by the capitalization rate. To manage the inherent variability of project development, which can range from six months to several years and be complicated by utility upgrades and tangled permitting processes, Saunders emphasizes the necessity of financial agility and portfolio diversification. Risk is mitigated by geographic diversity and diverse off-takers (e.g., utilities, multi-family, healthcare), which de-risks cash flows and increases the company's long-term value to potential acquirers. Key Takeaways for Other CFOs • Build Sophisticated Scenarios: Due to the variability of project development and construction timelines (often delayed by utilities or local permitting), financial planning and forecasting must include sophisticated scenarios to prepare for and react to the accumulation of things that could "go sideways". • Prioritize Capital Flexibility and Cost: When leveraging strong financial backing (e.g., private equity sponsors), actively optimize both the low cost of capital and its flexibility; these two goals are often "diametrically opposed," as the lowest cost capital may come with restrictions and covenants that limit product adjustments. • Match Capital to Project Stage: Employ a layered financing approach (up to 5 or 6 types of capital) where the duration and cost of capital are matched to specific project stages, from sponsor equity for early development, through short-term development and construction debt, to long-term permanent debt and tax equity once operational. • De-Risk Through Diversification: To make cash flows valuable to investors and build a resilient company, actively seek geographical diversity and diversity among off-takers (customers), such as utilities, commercial property owners, multi-family, and healthcare organizations. • Understand Counterparty Intent: In financial negotiations, prioritize understanding what truly "makes them tick," such as specific risk concerns (e.g., delinquency or repayment before maturity). Knowing their core priorities allows you to navigate a "win-win solution" that respects their needs while ensuring your sustainable product delivery. • Commit to Hard Work: Recognized as an "enduring constant," there is "no substitute for hard work," requiring CFOs in fast-growing companies to commit fully to the business, often involving long hours Chapter Summary (00:01:03) Greg Saunders, CFO of Coast Energy, discusses scaling solar and...
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    38 mins
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