<p>In this episode of Run the Numbers, CJ sits down with PSG Managing Director Chris Nesbitt to unpack how great deals are actually found, how investment decisions are really made, and why narrative often matters more than most investors admit. They also dig into forecasting, boardroom authenticity, simple vs. complex models, and the roles of market, product, and leadership in driving outcomes.</p><p>—</p><p>SPONSORS:</p><p>Brex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at <a href="https://www.brex.com/metrics"><u>https://www.brex.com/metrics</u></a></p><p>Aleph is a modern FP&amp;A platform built for teams that want more than another planning tool. By connecting your ERP, CRM, and other systems into one trusted data layer with AI workflows, Aleph helps you move faster with real-time insights. Get a personalized demo at <a href="https://www.getaleph.com/run"><u>https://www.getaleph.com/run</u></a></p><p>RightRev is an automated revenue recognition platform built for teams that have outgrown spreadsheets and billing tool workarounds. It handles high-volume subscriptions, usage-based contracts, and mid-cycle upgrades, so you can scale without scrambling at month-end. For RevRec that keeps your books clean, visit <a href="https://www.rightrev.com/CJ"><u>https://www.rightrev.com/CJ</u></a></p><p>Rillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at <a href="https://www.rillet.com/cj"><u>https://www.rillet.com/cj</u></a></p><p>EY works with high-growth tech companies to navigate the messy realities of scaling—from regulatory requirements to IPO readiness. By helping teams get it right early and often, EY lets founders stay focused on building while reducing risk as they grow. Learn more at <a href="https://www.ey.com/techstartups"><u>https://www.ey.com/techstartups</u></a>SpendHound is a SaaS spend management platform built for finance and procurement teams that want visibility and leverage in every deal. By tracking all your software, benchmarking pricing across thousands of vendors, and surfacing contracts and renewals, SpendHound helps you stop overpaying and negotiate with confidence. Trusted by teams at ZoomInfo and Hootsuite. Get started at <a href="https://www.spendhound.com/cj"><u>https://www.spendhound.com/cj</u></a></p><p>—</p><p>LINKS: </p><p>Mostly Talent: <a href="https://mostlymetrics.typeform.com/to/cLTxtAsN"><u>https://mostlymetrics.typeform.com/to/cLTxtAsN</u></a></p><p>Guest: <a href="https://www.linkedin.com/in/christophersnesbitt/"><u>https://www.linkedin.com/in/christophersnesbitt/</u></a></p><p>Company: <a href="https://psgequity.com/"><u>https://psgequity.com/</u></a></p><p>CJ: <a href="https://www.linkedin.com/in/cj-gustafson-13140948/"><u>https://www.linkedin.com/in/cj-gustafson-13140948/</u></a></p><p>Mostly metrics: <a href="https://www.mostlymetrics.com"><u>https://www.mostlymetrics.com</u></a></p><p>—</p><p>TIMESTAMPS:</p><p>0:00 Preview and intro</p><p>2:44 PSG origin story</p><p>4:01 Growth to 30B AUM</p><p>5:07 Strategy: small software at scale</p><p>5:50 Vertical SaaS treasure hunting</p><p>8:10 Ministry Brands: software meets payments</p><p>9:28 Sponsors — Brex | Aleph | RightRev</p><p>12:46 Early M&amp;A work and rollup strategy</p><p>15:52 Sourcing is more competitive now</p><p>18:28 Smoke signals and relationship sourcing</p><p>21:22 Does brand get you in the room?</p><p>22:15 Authenticity as a sourcing edge</p><p>22:52 Sponsors — Rillet | EY | SpendHound</p><p>26:09 Brand name of investor or deal partner?</p><p>27:44 Investors are narrative driven animals</p><p>29:18 Market, product, then execution</p><p>31:26 Danger of falling in love with the narrative</p><p>33:40 Operator AI pivot story: GRC company</p><p>34:51 Keep it simple: one tab, five key inputs</p><p>39:21 Forecasting confidence beyond 12-18 months</p><p>41:51 What makes a useful board meeting</p><p>45:01 Build vs. buy: the payments decision</p><p>47:45 ARR vs. EBITDA multiples</p><p>50:30 Lightning round</p><p>50:34 Board materials: send 3 days in advance</p><p>51:03 LTV to CAC and cap software debates</p><p>51:32 First deal at PSG</p><p>52:35 What young investors get wrong</p><p>54:04 Credits</p>