David Johnston's experience as a former CFO has proved invaluable in assisting numerous emerging life science companies to prosper, owing to his well-honed financial planning and management abilities developed during his tenure as a CFO. He founded dbj Consulting LLC firm in 2019. With over thirty years of experience as a corporate CFO, he decided to use his expertise to help smaller emerging life sciences companies that may not have the resources to afford a full-time, experienced CFO. His clients are primarily virtual and have ten employees or fewer. When they engage his firm's services, they gain access to an experienced fractional CFO who can efficiently develop and implement action plans.
According to Johnston, part-time C-level executives are a trend that benefits both firms and executives. He believes that having his consulting firm allows him to balance his work and family life better, preventing burnout and making him healthier and more productive in the long term. Moreover, this arrangement gives him a variety of experiences, keeping his interest alive.
CFOs play crucial roles in small emerging biotech firms, including building financial relationships, managing financial resources, providing financial planning advice, ensuring compliance, and helping plan the company's future trajectory in the market. They also offer increased accountability in business. Companies pay part-time CFOs hourly or flat-fee for hours worked, making it more affordable than a full-time CFO.
Some of Johnston's clients already have CFOs but contract with him for strategic advice. He believes that a disciplined and professional approach and a sense of humor work well for entrepreneurs.
Biotechnology Financial Executive and Fractional CFO