Our Guest Mentor:
Dan Crumb is currently the CFO of the Kansas City Chiefs and his prior roles included stints as CFO at New Orleans hornets, Abita Springs Water Company Inc; and Louisiana Gaming Management Inc after starting his career at KPMG. Never in his wildest dreams did he ever think these things would happen. Like most New Orleanians who has strong ties to the Crescent City, where his family has lived since before the Civil War, Dan was raised and completed his schooling and MBA there. He was the first in the family to move away, something he never thought would do, especially since surviving Hurricane Katrina.
Key Quotes From the Episode:
[On the importance of loving the business you’re in] “You have to have a good feel for the sport and by having a love and a real interest in the sport it helps you do your job better because you are more connected and you understand the business better.”[7:41]
[On building a winning team] “In hiring people, and making sure we have people who have the vision for the future that they know what we’re doing now and they know where we’re going and what we want to do.”[10:47]
[On getting a better connection to the right business decisions] “Think like the owner, think like this is my money that I’m spending.” [25:40]
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Key Points From the Episode:
– The 4 parts of building a winning finance team and how to keep them competitive into the future
– The importance of creating a culture of continuous improvement and being more ready to adapt to deal with the rapid changes we’re facing nowadays
– What it was like to be part of Winning the Super Bowl LIV in 2020
– The emerging role of behavioural science in Finance
Time Stamped Show Notes
[02:42] – Dan’s shares his career journey in accounting and finance from his earliest experiences as a child with his dad picking shares to invest in the stock market. Dan got his degree in finance, MBA, CPA and then became a CGMA. He has worked with different industries for 18 years before getting into sports business after his start at KPMG.
[07:38] – As the CFO of a sports business you have to understand and love the sport itself.
[08:58] – Being part of Kansas City Chiefs and winning the 2020 Super Bowl was an amazing experience.
[10:45] – How to build a winning finance team:
- Hiring the best people
- Be clear of the vision
- Train them
- Expose them to technology and tools available
[12:19] – The importance of making decisions based on accurate, timely and reliable numbers made by the trusted finance team.
[13:48] – The rigorous schedule of the players in the field on any regular day is worth emulating.
[14:35] – Being inspired by the players doing their hard preparation.
[16:56] – Building winning teams for the future and staying competitive by;
- collaborating among other teams
- using the services of consultants
- networking even outside the sports business
[19:09] – Getting through the pandemic by sharing best practices and learning from it.
[20:12] – Constantly looking for the next generation technology and continue evaluating it as part of the improvement process.
[21:30] – Creating culture of process improvement with the aid of introducing new system.
[23:02] – Rapid changes nowadays and being more ready to adapt and embrace change.
[25:07] – Dan’s best advice ever received.
[26:12] – Great book for the audience to read as suggested by Dan.
[27:08] – Reading behavioural science books will help us perform better.
[30:06] – Best way to connect with Dan.
[30:34] – Dan’s parting thoughts.
How to Have a Good Day: Harness the Power of Behavioural Science to Transform Your Working Life by Caroline Webb
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