Hey, thanks for tuning in to another Partner Interview at EcomBalance. At EcomBalance, we’re all about creating win-win partnerships where we are able to grow with other companies in the eCommerce space.
Meet Courtney Myers, the Founder and CEO of Freedom Finance, who has over a decade of experience in the public and private accounting industry.
Courtney’s experience includes a variety of industries, such as SaaS, technology, and e-commerce. He specializes in assisting companies as their Fractional CFO, bringing years of experience in the trenches to the table, helping with forecasting, strategic planning, and overall financial wellness.
Courtney is a proud graduate of Emporia State University, where he earned his Bachelor’s degree in Accounting. He is also a Certified Public Accountant in the State of Kansas. With his exceptional financial expertise and leadership skills, Courtney has helped numerous companies achieve success in various industries. His passion for finance, coupled with his dedication to his clients’ success, has earned him a reputation as a trusted advisor and partner.
Connor: Hey Courtney, thanks for taking the time to chat with us today. As a company, one of our goals is to highlight our partners so that our clients can benefit where it makes most sense. To get started, can you give us a high-level introduction to Freedom Finance and a little bit about how the company got started?
Courtney: My pleasure! EcomBalance strikes me a solid platform that provides much needed bookkeeping expertise to the ecommerce community. Ecomm founders shouldn’t do their own bookkeeping! Freedom Finance got started in 2016 with some evening and weekend freelancing. In 2019 I left my last “real job” at a CPA firm and decided to build my own!
Connor: Thanks for sharing that! Can you dive a bit more into the accounting services you provide for your eCommerce clients? Our audience is always looking for reputable companies that they can lean on for specific parts of their eCommerce businesses.
Courtney: We love working with eCommerce companies. The competition is fierce, revenue generation can be tough, but when the stars line up, the growth and future is bright. For these high growth brands, we offer Fractional CFO services.
This includes financial forecasting, COGS analysis, high level inventory management, KPI analysis, cash flow forecasting, and other regulatory type CFO work, such as bank covenants and board meetings. We don’t offer any income tax services, but I partner with a firm who are absolute pros in that arena.
Connor: Jumping off of that…when you’re thinking about your ideal customer, who is that? Where are they selling online? Where are they located in the world? How much sales do they typically have in a year? If there’s any other qualities, please include them as well. We’re all about making introductions where it benefits both parties.
Courtney: Our ideal customer sells on their website, Amazon, and is dipping their toes in wholesale. We prefer to work with US based companies due to our experience and expertise. If the product is fun and the brand is strong that is a plus. For sales, we’ve worked with $15M a year and under. Above that, most companies can benefit from a full time CFO, and that’s not the arena where we work.
Connor: For our audience to truly understand what makes you stand out from other accounting firms, can you share a story of how Freedom Finance truly helped one of its customers?
Courtney: Freedom Finance works to become a partner of a company. We view ourselves as part of the C-Suite, and not just another entry on the professional services line of the PnL. With this, comes greater responsibility and trust. We value long term relationships.
I recently helped one of my ecommerce brands negotiate the purchase of the company he started back from the lead investor. When they needed the investor’s cash to grow, I helped then, and it brought me great joy to help get the company back in the founder’s hands.
Connor: As you and your company think about the next year ahead, what does it look like? Are there any specific initiatives that you’re working on as a team to better your product or service for your customers?
Courtney: 2023 is the first year where Freedom Finance is really a “firm”. Until now, I was trying to do it all myself. I made my first hire and another talented CFO joined me. She’s helping me “button things up”, increase our online presence, and become a true marketable firm. Before this, it was me in my office with no exposure.
Connor: How about this…everyone loves a company’s growth story. We all naturally go through ups and downs as a company. What was one of the biggest challenges that the company faced in its growing stages?
Courtney: In our first month, I wondered if we made a huge mistake jumping out of the corporate world. Many times I thought of applying for jobs and returning to the workforce, but oh man am I glad I grew the firm into what it is today. We help so many brands grow and prosper, I’m blessed to be in my position.
Connor: Thanks! Let’s talk some eCommerce! Where do you see the industry heading in the next 1-2 years? Any big changes that you’re predicting for the industry? How can eCommerce companies prepare for it?
Courtney: What I’ve noticed in the last year or two is competition ramping up. As time goes on, there are fewer new product ideas left, and where a company once stood alone, they may now have a handful of competitors.
This requires founders to double down on their brand image and make sure that they know their numbers inside and out. I anticipate costs will continue to rise, international tensions may affect supplier relationships, therefore product may be harder to find and more expensive when it’s found. Hedging against these risks with different supplier relationships and negotiating prices more aggressively can help.
Connor: Changing gears a little bit…When it comes to bookkeeping and accounting, what do you think the biggest pain points for eCommerce business owners are? Feel free to speak from personal experience as well.
Courtney: In my experience, eCommerce business owners often struggle with COGS calculations, full accrual based financial statements, and knowing how to interpret these statements. That’s where EcomBalance and Freedom Finance can partner to help.
Connor: Okay, here’s an open mic opportunity. If there’s one thing that you’d want the EcomBalance community to hear from you, what would it be?
Courtney: Hiring a fractional CFO is probably much more affordable than you think. I tell founders that we’re a hire that can pay for itself, which can’t be said about most hires!
Connor: As we close this out, I just have one more question. Where is the best place to find and follow you and the company online? Also, if you have one, is there any special offer that you’ll be offering to the community today?