September 29, 2025

Stuart Jamieson – CFO Discovers $50M Fraud

James Kennedy sits down with Stuart Jamieson, founder/partner at Unbridled Advisory, for a globe-spanning tour of “special ops” finance: Big Eight audit beginnings, 120+ acquisitions, PE carve-ups, shutting union plants the right way, sniffing out accrual games that fake EBITDA, outsourcing production to Asia, and even steering a taxi-medallion liquidation after a buyer’s shocking murder (yes – the same killer later caught after Versace). Stuart also shares lessons from a productivity-challenged Spain assignment, a hurricane-leveled BVI venture he tried to rebuild, and how he now helps founders with CFO services, M&A prep, and capital raises – without broker-dealer baggage.
The Gross Profit Podcast
The Gross Profit Podcast
Stuart Jamieson - CFO Discovers $50M Fraud
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Show Notes

In this episode, James Kennedy sits down with Stuart Jamieson, founder/partner at Unbridled Advisory, for a globe-spanning tour of “special ops” finance: Big Eight audit beginnings, 120+ acquisitions, PE carve-ups, shutting union plants the right way, sniffing out accrual games that fake EBITDA, outsourcing production to Asia, and even steering a taxi-medallion liquidation after a buyer’s shocking murder (yes – the same killer later caught after Versace). Stuart also shares lessons from a productivity-challenged Spain assignment, a hurricane-leveled BVI venture he tried to rebuild, and how he now helps founders with CFO services, M&A prep, and capital raises – without broker-dealer baggage.

About Stuart Jamieson

A Connecticut-raised, Scotland-rooted finance leader (and golf diehard), Stuart started at Ernst & Young (then Big Eight), moved into Fortune 500 special projects (United Technologies, Singer, Litton), and was recruited by PE to handle due diligence, integrations, turnarounds, and divestitures worldwide. Today he leads CFO and transaction advisory at Unbridled Advisory.

What You’ll Learn

  • When EBITDA lies: How routine accrual reversals can manufacture profits – and how to spot them fast.
  • Plant closures with a pulse: Managing union exits, severance, and asset liquidations while keeping one core facility alive.
  • Make-vs-buy at scale: Standing up Far East manufacturing partners and shipping molds to restore margins.
  • City politics 101: Navigating a taxi-fleet “monopoly” by rebranding and medallion sales – often worth more than the ops.
  • Culture & productivity: The Spain case – lunch drinks, siestas, and instituting a no-alcohol policy to lift output.
  • Resilience after catastrophe: Rebuilding a beloved BVI hospitality/rum venture post-Irma & Maria, then facing COVID.
  • Founder-friendly financing: How to run sell-side/buy-side processes, build CIMs, and raise capital as consultants (not broker-dealers).

Episode Highlights

  • Everything is a multiple of EBITDA – but if cash keeps running out, something’s off.”
  • “We shut two union plants, saved the Ohio facility, and rebuilt margins with Asia supply.”
  • “The city pushed on ‘monopoly’ – we flipped the brand and sold medallions instead.”
  • “In Spain, culture beat controls. Change lunch; change results.
  • “Biggest gut-punch? Hurricanes, then COVID. Sometimes the force majeure wins.”

More About Stuart’s Work (Unbridled Advisory)

Stuart and team partner with startups through mid-market companies to deliver:

  • Fractional CFO leadership & reporting cadence
  • Transaction readiness: models, KPIs, and CIMs
  • Capital raises (consulting structure; lawyers handle securities docs)
  • Buy-side / Sell-side support, diligence coordination, and post-close finance build-outs

Resources Mentioned

  • Big Eight → Big Four audit path
  • PE carve-outs, accrual accounting red flags, and cash-flow verification
  • Factory shutdown playbooks, union negotiations, and asset sales
  • Cross-border outsourcing and quality control

Business Hero

Jamie Salter (Authentic Brands Group) – admired for relentless execution, team-building, and compounding a modest initial fund into a global brand powerhouse.

The Gross Profit Podcast

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