Interview with Julia Jansen, Member of the Finance Leaders League

Meet Julia Jansen , an accomplished finance leader with extensive experience in the industry. Currently serving as the VP Finance EMEA for Navan , an all-in-one travel, corporate card, and expense management solution backed by Andreessen Horowitz, Lightspeed Ventures, and other top VCs. Julia began her journey in the travel-tech space with the renowned German firm, Comtravo. However, just a few months into her role as VP Finance at Comtravo, the company was acquired by Navan, its US-based peer. Today, Julia shares her unique experience and insights on how she navigated this unexpected turn of events and successfully managed the transition.

? Julia, after leading the finance function at IONIQ for several years, you decided to join Comtravo as VP Finance. The first 100 days into your new role have turned out very exciting. Let's get a snapshot on how the first days as VP Finance looked like at Comtravo at that point in time.?

?? When I joined Comtravo a few years ago, the company had decided a merger and acquisitions strategy was the best way to grow its business during the pandemic. But, as with any bold move, it came with its share of challenges. The accounting team had to learn how to manage multiple legal entities and group reporting, and unexpected changes in tax laws caused further complications. That's why I prioritized building a strong foundation for the company by bringing together a team of skilled professionals to establish a reliable infrastructure that would prepare us for future growth. And then came Navan.??

? You were involved in navigating through the exit process and led the finance and tax DD sell side. After that, you took on the responsibility for the integration of the entities post M&A. How do you head start organizing a post M&A integration??

?? A crucial first step in successful integration is identifying the key challenges that may arise. These challenges can range from organizational and financial integration to regulatory compliance and cultural differences.?

Fortunately, following the acquisition, the Navan finance team welcomed us warmly, allowing us to quickly establish expectations and goals. Establishing strong relationships is vital, so it's important to take the time to meet people and establish connections. It's also important to provide context and clearly explain the desired outcomes. For example, our financials could only be uploaded as trial balances until we migrate to the same system. However, this actually required us to remap the GL ledger and cost centers to the parent company and bridge from local GAAP to US GAAP. It was like learning a new language at times. But by communicating and working closely with the Navan team, we were able to create a seamless transition.

? What does integration mean for you??

?? When planning for integration, several crucial topics must be addressed. These include:

1. Integration of people and systems: How can we effectively bring together our teams and technology?
2. Employee engagement: Keeping our employees committed and involved throughout the integration process is crucial for success.
3. Role and managerial changes: It's important to define new roles and responsibilities as part of the newly integrated team.
4. Preservation of values and culture: Maintaining our existing values and culture is vital, even as we join a larger team with potentially different goals and values.

? I can imagine, it's a challenge to integrate systems, and functions but also become a joint team that can collaborate effectively. What do you think were the major challenges in integrating into a US competitor that size and scale??

?? When reflecting on the integration process, the most challenging aspect was creating a united team that could embrace the best of both cultures. Taking over existing finance teams in Amsterdam and Sweden, while navigating new responsibilities and reporting lines, was challenging. To address my team's concerns and alleviate their uncertainties about their roles and future, I made an effort to communicate constantly and be present. I learned that rushing the integration of the existing team with the new team is not wise and should only be done once you have a better understanding of each person's role and skills.

One mistake I made was assuming that titles of finance roles in the US and EU had similar responsibilities across companies. For example, a controller in the US oversees a company's accounting and financial reporting and manages a team of accountants to ensure compliance with standards and regulations, while a controller in the EU may refer to a more junior role that's responsible for management reporting, budgeting, and forecasting processes. This can create confusion and wrong expectations if you assign new titles that do not match their true responsibilities.

Additionally, building a matrix organization can be challenging, particularly when multiple internal organizations with distinct strategic objectives are involved. In this situation, it can be difficult to carve out a specific region like EMEA that includes existing organizations without causing friction. One way to address this issue is to build target org charts and inspect system approval flows to help facilitate communication and collaboration between the various stakeholders.

Although we faced challenges during the team integration process, we were able to learn from them and develop a successful roadmap that can be leveraged for future use cases, such as our recent acquisition of Tripeur.? By creating a process that addresses key factors such as mitigating potential obstacles and navigating regional regulations, we have developed a deeper understanding of what it takes to successfully integrate teams and are better equipped to tackle similar challenges during future integrations.

? What is your tip for companies in the middle of an M&A process? What are things you would look at or prepare early on which regard future integration of entities??

?? It's important to seek out allies within the new company to help navigate the new environment. These allies can be colleagues, new team members, or managers who can provide valuable insights into company culture and help overcome obstacles. They can also offer advice on navigating office politics and act as sounding boards for new ideas and initiatives. For instance, during my experience, a team ally suggested rearranging the steps in the headcount request process to speed up the process, despite an existing process description. By building relationships with these allies, you can gain a better understanding of the company and make the most of new opportunities.

? You are a member of the FLL almost from the start. What is the greatest value you see in being part of this network of finance executives??

?? When faced with a new challenge, it can be helpful to leverage your professional network for guidance and advice. Don't be afraid to ask for help or recommendations, as someone in your network may have already dealt with a similar situation and can offer valuable insights or connections. When I was tasked with setting up a UK payroll system, I reached out to my network for recommendations on payroll providers in the country. This approach was simple and efficient, as I was able to quickly gather information and connect with potential service providers who had been vetted by my trusted contacts. Remember, there is no need to reinvent the wheel when others have already paved the way for success.