835: Understanding Your Business | Andrew Gehrlein, CFO, Park Place Technologies

When Andrew Gehrlein is asked about experiences that prepared him for a finance leadership role, one week from his 25-year career climb quickly comes to mind. Back in 2008, Gehrlein was a controller with ERICO International Corp., a manufacturer of specialized electrical components engineered to better foster a building’s safety. “Construction companies used us to ensure the safety and integrity of their buildings, and, as a result, we commanded premium margins in the manufacturing industry,” reports Gehrlein, who recalls that as the economic downturn began to grab headlines, he found himself sequestered in a conference room for at least a week with his CFO, poring over ERICO’s different budgets. “The overall lesson for me was that when you have the data and understand the business, you can then apply it to whatever situation may face you,” remarks Gehrlein, who notes that during the sequestered week, the company’s FP&A was deployed to execute and analyze alternative scenarios. “We ended up not having any layoffs within the business,” remembers Gehrlein, who adds that the experience also left him somewhat in awe of the depth of knowledge of the business that both the CFO and the CEO had brought to the analysis. While Gehrlein credits numbers and data with providing much of the strategic insight that he has gleaned during the course of his career, he underlines one particular piece of advice that his then-CEO personally delivered. “He pulled me aside and said, ‘Andy, words matter!,’” comments Gehrlein, who says that the CEO told him that it was very important to be very specific when it came not only to choosing words but also to how the words were spoken. According to Gerhlein, this leadership lesson applied to gatherings big and small in attendance as well as in importance. Says Gerhlein: “He would plot out exactly what message he wanted to deliver to the board and how to say it—and he would just always counsel us to in effect do the same thing.” –Jack Sweeney