James Kennedy chats with Haim Ratzabi, founder of HR Boutique CFO Services in Israel, about building and scaling companies in the Startup Nation – from early finance ops through U.S. GAAP/IFRS readiness and the long road to a NASDAQ listing. Haim explains Israel’s unique mix of government R&D support, elite military tech networks, and a deep advisor ecosystem (Big Four + global law firms) that helps startups go global. You’ll hear what it really takes – time, fees, bankers, tooling – to go public, when to bring in a fractional CFO, and how to structure finance so founders can move fast and pass investor/bank scrutiny.
About Haim Ratzabi
A finance leader with 25+ years in public companies (many NASDAQ-traded), Haim has served as Controller, Treasurer, and CFO. Through HR Boutique CFO Services, he supports SMBs and maturing startups (typically $5–10M turnover) that are too small for a full-time CFO but need enterprise-grade reporting, investor readiness, and capital-market discipline.
What You’ll Learn
- Going Public, Realistically: Typical timelines (~2 years), advisor stack (Big Four + international counsel), F-1/IPO prep, and why reporting discipline must precede fundraising.
- The Cost of “Playing with the Big Guys”: Legal/accounting in the $600–700k range and 2–3% bank fees – why founders should treat these as the price of admission.
- Why Israel Breeds Startups: R&D grants (Innovation Authority), defense-unit networks, top universities (e.g., Technion), and a strong local advisor market.
- Operate Global from Day One: English-first documentation, U.S./EU investor expectations, and getting bank-ready with timely financials and cash forecasts.
- Tooling & Processes: When SaaS firms graduate to NetSuite (revenue recognition, billing), and where local ERPs like Priority fit.
- When to Hire a Fractional CFO: After raising ~$1M, ~5–6 employees, or opening new markets – before complexity and investor scrutiny outpace your books.
Episode Highlights
- “If you want to raise money, you have to play the game. Banks and advisors take their cut – budget for it.”
- “Reporting first, fundraising second. Treat public-company discipline as a habit, not an event.”
- “Israel’s edge is R&D support + elite networks + global mindset. Small country, fast connections.”
- “Decision speed matters, but only when your numbers are clean enough to trust.”
- “Invest early in tax + structure – IP location, treaties, and stock-option tax rules can change outcomes.”
More About Haim’s Role
Haim installs reporting cadence, forecasts, budget vs. actuals, investor packs, and SOX-style controls scaled to SMB realities. He partners with auditors and counsel to guide companies from “promising startup” to due-diligence ready – or all the way to a public listing.
Resources Mentioned
- Israel Innovation Authority: Early-stage grants/support for R&D companies
- NASDAQ / AIM / TASE paths: sequencing local listing vs. direct U.S. listing
- ERPs: NetSuite (SaaS growth use cases), Priority (popular in Israel)
Connect with Haim
- Company: HR Boutique CFO Services (Israel)
- Focus: Fractional CFO & controllership for SMBs and maturing startups; cross-border investor readiness
Business Hero
Gil Shwed (Check Point Software Technologies) – admired for disciplined, conservative, long-term leadership that built a durable, multi-decade cybersecurity powerhouse.
