CMO Confidential – Episode Summary

Podcast: CMO Confidential
Host: Mike Linton
Guest: Scott Lindquist (CFO, CNA Financial; Former CFO, Farmers Insurance)
Episode: "What Your CFO Wants To Tell You, But Won't"
Date: September 2, 2025

Episode Overview

This episode of CMO Confidential takes listeners into the often-unspoken dynamics between Chief Marketing Officers (CMOs) and Chief Financial Officers (CFOs). Host Mike Linton, a multi-time CMO, is joined by Scott Lindquist, a seasoned CFO with deep experience in insurance and financial management. Together, they discuss the delicate balance between marketing investment and financial stewardship, revealing what CMOs need to know to build effective partnerships with their CFOs and how both roles can maximize business value.

Key Discussion Points & Insights

The CFO Landscape: Types and Roles (03:13–07:22)

• Varieties of CFOs: Scott describes the spectrum of CFO personalities:
  • “Dr. No” types, the "hatchet men," financial engineers, and true business partners.
  • CFO approach depends heavily on company stage—whether it's a startup, growth, turnaround, or large enterprise.
• Ideal Partnership:
  • Scott Lindquist: “The CFO needs to be joined at the hip with the CEO...almost to the point where you can actually finish each other’s sentences.” (04:13)

Marketing and Brand Building in Insurance (07:22–10:23)

• Unlikely Marketing Leaders: Insurance, a field driven by actuaries and financial modeling, has become a “hotbed of marketing and advertising," outspending categories like beer and pharma.
• Brand-driven Disruption:
  • Iconic examples: GEICO’s Gecko and Progressive’s Flo.
  • Direct-to-consumer (D2C) channels have enabled new players to aggressively grow market share.
  • Scott Lindquist: “They’ve leveraged their brand to really just massively overwhelm those channels.” (09:29)

The CFO’s Perspective on Marketing Investments (10:23–14:37)

• A Leap of Faith:
  • Marketing is a long-term investment requiring "leap of faith," especially in data-driven, risk-averse cultures.
  • Scott Lindquist: “Financial types, the actuarial types, are always looking for that immediate gratification. When’s my return?”
• Marketing Math and Cost of Capital:
  • Returns measured by present value of future cash flows—typically targeting 8–10% return to cover cost of capital.
  • The challenge: tying brand investments to actual business growth through robust and credible "marketing math."
  • Scott Lindquist: “Are we going to drive higher retention, which drives profitability? Are we going to drive bundling?” (13:34)

Customer Lifetime Value and Business Judgment (14:02–15:13)

• Customer Value Matters:
  • The importance of understanding lifetime value: “If I acquire you, are you a $100 person or a $5,000 person?” (14:02, Mike Linton).
  • Big marketing bets require a mix of data, judgment, and sometimes, gut feel.

Shifting from B2C to B2B Insurance (15:13–17:19)

• Onboarding Lessons:
  • Scott recounts the intense learning curve moving to CNA, a B2B insurer.
  • Emphasis on studying the company’s value proposition, product pricing, and customer retention factors.
  • Mike Linton: “You are talking so much like a marketing guy. You’re not even talking about the CFO onboarding. This is very exciting to me.” (16:09)

How Marketing Can Win the CFO (17:19–21:07)

• Tips for CMOs:
  • Build alliances and relationships.
  • Embrace a mutual learning approach: ask questions, share knowledge.
  • Honest, regular communication lays a strong foundation.
  • The onboarding of “marketing CFOs”—finance roles embedded with marketing—is invaluable.
• The Importance of Data:
  • Scott Lindquist: “CFOs love data. They love numbers, they love financials... I had zero appreciation for the amount of math that goes into marketing.” (24:08)

Bridging the Understanding Gap (21:07–23:27)

• From Skeptic to Believer:
  • Scott shares his transformation after seeing direct-response marketing data and undergoing a brand valuation exercise that valued the company’s brand in the billions.
  • Scott Lindquist: “I was a true believer pretty quickly.”
• Accounting Quirk:
  • Mike Linton: “If I buy a company, the value of the brand shows up as goodwill… but if I build that brand myself, it is nowhere on the balance sheet. And that drives me crazy.” (23:07)

Best and Worst Practices in CFO-Marketing Dynamics (24:08–27:53)

• Advice for Marketers:
  • Bring data and clear financial logic to CFOs, especially those who view marketing as a pure cost center.
  • Avoid jargon and overly complex or lengthy presentations, especially with the board.
  • Scott Lindquist: “Don’t show up with a 100-page deck… give me more horses and duckies [simple visual aids].” (26:20)

The Marketing CFO Role & Surfacing Bad News (27:53–30:18)

• Managing the Marketing CFO:
  • The corporate CFO should not micromanage; the marketing CFO should report to the CMO.
  • Encourage autonomy, clear communication, and development opportunities.
  • Scott Lindquist: “Own your own CFO. The corporate CFO should be relatively hands off. Give them enough rope to do their thing, but always be there if they need help.” (29:13)
• Practice of Transparency:
  • Both agree: surface bad news early. Problems rarely fix themselves, and warning allows for mitigation.

Parting Advice and Funny Moments (30:18–32:46)

• Funny Story:
  • Scott's "Chief Fun Officer" nickname originated at a pirate-themed Achievement Club event, leading to an annual exchange of pirate jokes.
  • Pirate joke:
    • Mike Linton: “Scott, what’s the pirate’s favorite country?”
    • Scott Lindquist: “Arr-gentina!” (31:30)
• Practical Wisdom:
  • Never be afraid to ask questions, even “stupid” ones—curiosity fosters learning and trust.
  • Lifelong learning is essential in both roles.

Notable Quotes

• On the CFO–CEO relationship:
  Scott Lindquist: “You’re always kind of on that same, same frame of mind…” (04:13)

• On insurance marketing transformation:
  Scott Lindquist: “They’ve leveraged their brand...to really just massively overwhelm those channels.” (09:29)

• On why brand investments are a leap of faith:
  Scott Lindquist: “When do I get that return? ...It needs to all fit together to say, yeah, over a five to seven year period, we’re going to have returns that exceed our cost of capital.” (11:44)

• Advice to marketers:
  Scott Lindquist: “CFOs love data. Obviously they love numbers, they love financials. …take them into the data.” (24:08)

• On bad marketing presentations:
  Scott Lindquist: “Don’t show up with a 100-page deck. ...give me more horses and duckies [simple visuals].” (26:20)

• On problem transparency:
  Mike Linton: “If it’s bad news, it’s going bad. It’s probably like a cavity. It’s only going to get worse and hurt.” (30:18)

• On career-long curiosity:
  Scott Lindquist: “Never be afraid to be curious and intellectually curious... I think rarely is there a day that passes where I don’t learn something.” (32:46)

Important Timestamps

• Types of CFOs & true “business partners”: 03:13–07:22
• Insurance marketing’s rise and lessons for CMOs: 08:17–10:23
• The leap of faith in brand investment: 10:54–14:37
• Key advice for onboarding a new CFO: 17:19–21:07
• How to persuade a skeptical CFO: 24:08–25:33
• Common mistakes in board presentations: 25:59–27:53
• Operating best practices: autonomy & transparency: 27:53–30:18
• Closing humor and final advice: 31:05–32:46

Takeaways for Listeners

• Building mutual understanding and trust between CFOs and CMOs unlocks better marketing investment decisions.
• Data-driven arguments—and a “marketing CFO” role—are powerful tools for gaining finance buy-in.
• Clear, jargon-free communication is essential, especially at the board level.
• Ask questions, be curious, and be proactive about sharing both good and bad news.
• Don’t underestimate the value of humor and humanity in fostering successful C-suite collaborations.

This summary captures the heart of a candid and insightful conversation on one of the most awkward—but vital—relationships in the C-suite.