As part of our Current Topics in Finance course, the Nicholas Center for Corporate Finance and Investment Banking welcomed Chris Richard, Vice President of FP&A at TricorBraun. Chris delivered an insightful presentation on how Financial Planning & Analysis (FP&A) operates within private equity-backed companies and why the function plays a central role in value creation.
His key message was clear: in a private equity (PE) environment, FP&A is not simply responsible for reporting results—it actively shapes performance and drives enterprise value
A Career Built in Private Equity
After graduating from the University of Kentucky, Chris built his career working for several PE-backed companies, including Fiskars, Oregon Tool, Briggs & Stratton, and now TricorBraun. Throughout his experience, he has worked with firms such as American Securities, Platinum Equity, KPS Capital Partners, Ares Management Corporation, Ontario Teachers’ Pension Plan, and AEA Investors.
One important insight that he shared is that no two PE firms operate the same way. Each firm has its own culture, expectations, and investment philosophy, all of which influence the portfolio company’s operating rhythm. In addition, the stage of the investment lifecycle: acquisition, operational turnaround, growth acceleration, or exit preparation shapes management focus and financial discipline.
Chris also highlighted a broader industry shift: while the number of public companies has declined, private equity activity continues to expand. This trend creates meaningful opportunities for finance professionals who are comfortable operating in fast-paced, result-driven environments.
Value Creation – The Role of FP&A
At its core, private equity is about increasing enterprise value. Achieving this requires more than cost-cutting and demands disciplined execution, operational improvement, and strategic clarity. From a financial perspective, Chris emphasized the importance of sustainable and repeatable EBITDA as a measure of business quality. However, he stressed that finance teams must go beyond the headline number. The real impact of FP&A lies in understanding what drives performance and whether those drivers are durable. He encouraged us to consistently ask deeper questions:
- Where is margin truly generated—by product, customer, or region?
- How differentiated is the offering?
- How adaptable is the company to changing market conditions?
- How reliable and repeatable are earnings?
To translate these questions into impact, Chris framed FP&A’s value through a simple progression: Information → Insights → Action.
Strong FP&A organizations are built on three pillars:
People. Teams must combine analytical rigor with curiosity and adaptability. Detail orientation is critical, but so is the ability to think strategically and challenge assumptions. Backgrounds in accounting, finance, and technology strengthen the function.
Process. Standardized reporting routines (daily, weekly, and monthly) create transparency and predictability. Board reporting packages, scorecards, and annual operating plans align leadership and reinforce accountability. In many PE acquisitions, building or strengthening this structure is an early priority.
Technology. Automation and AI-enabled tools improve reporting efficiency and allow finance teams to focus on analysis rather than manual preparation. Flexible reporting systems enable leaders to view performance from multiple perspectives.
Together, these elements create a culture of analytics, one that not only reports results but also drives initiatives and tracks execution. In PE-backed companies, maintaining a strong “say/do ratio” is essential.
Transformation in Practice
Chris illustrated these principles through the turnaround of Briggs & Stratton. Once an iconic small-engine manufacturer, the company struggled as market demand shifted toward electric-powered alternatives. Strategic misalignment and operational challenges led to bankruptcy in 2020.
After its acquisition by KPS Capital Partners, the company underwent significant restructuring focused on operational discipline, product diversification, and cultural renewal. In this transformation, FP&A provided clarity, structure, and performance visibility, enabling leadership to make informed, data-driven decisions during a period of uncertainty. The example demonstrated how financial transparency and disciplined execution are critical in repositioning a distressed company.
Reflection and Takeaways
Chris Richard’s presentation reshaped my understanding of FP&A in private equity. Rather than functioning solely as a forecasting and reporting team, FP&A serves as a strategic partner in shaping enterprise value.
What resonated most was the emphasis on storytelling. Numbers alone do not create value interpretation and execution do. The ability to synthesize financial and operational data, communicate insights clearly, and drive accountability distinguishes high-performing finance leaders.
As private equity continues to grow, finance professionals must operate with urgency, precision, and strategic perspective. FP&A sits at the intersection of analytics and execution, transforming information into action and, ultimately, into value.
Categories: