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Gary, CFO / NPO Founder at Biomerica and Forge Optima: Advize Career Interview
From flower shop beginnings to CFO and NPO Founder, this career journey showcases the power of embracing pivots and purpose.
Early work experiences, coupled with a transition from creative pursuits to finance, led to pivotal roles at Ernst & Young and Broadcom before landing at Biomerica.
The core of the CFO role involves more than just SEC compliance; the focus is on commercializing innovative products and executing a vision by fostering cross-functional collaboration and building morale, especially when facing challenges.
A foundation in accounting is crucial, but understanding the business, practicing empathy, and acting with purpose are paramount. The best part of the job?
Building new things, solving problems, and helping people through mission-focused work, plus providing guidance to the next generation. Thriving requires agility, adaptability, strategic thinking, and strong interpersonal skills.
Most importantly, "grit" is essential for learning from setbacks and maintaining a strong work ethic, leading to the ability to pursue passions and values while helping others along the way.
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Gary Lu
CFO / NPO Founder
Biomerica and Forge Optima
UCLA
Economics
Biotechnology & Pharmaceutical
Finance
Worked 20+ Hours in School, Greek Life Member
Watch all of this Advizer's videos below
Career Path Of A CFO At Biomerica
Gary's career journey began with early work experience at a flower shop and Crown Books, instilling valuable real-world skills. Pivoting from creative pursuits like website building at UCLA, Gary transitioned into finance and accounting, leading to roles at Ernst & Young, Broadcom, and eventually, the CFO position at Biomerica, drawn by the opportunity to commercialize the "In Foods IBS" diagnostic test and leverage startup experiences within an established public company.
Main Responsibilities Of A Chief Financial Officer At Biomerica And Forge Optima
Gary's responsibilities as CFO include ensuring compliance with SEC regulations through reports like 10Ks and 10Qs, which inform shareholders and maintain internal controls, but more importantly, leveraging experience from the startup world "to eat what we call our own dog food" by helping navigate the business and commercialize new products. Gary's focus extends beyond traditional finance roles, aiming to "execute on the vision" and commercialize category-creating products.
A Day In The Life Of A CFO And NPO Founder At Biomerica And Forge Optima
A CFO's day revolves around leadership and cross-functional collaboration to ensure tactical execution aligns with the company's mission and vision, potentially involving investor calls, financial model reviews, and in Gary's case, balancing responsibilities with a non-profit, Forge Optima, focused on guiding the younger generation, plus family time and mentorship; ultimately, living with purpose makes it all feel less like work. It boils down to "if you live with purpose and you know that what really kind of scratches your itch, it makes it a lot simpler".
Most Important Skills For CFO And Nonprofit Leader At Biomerica And Forge Optima
For a role like CFO/NPO Founder, a strong foundation in accounting is crucial, almost like "the alphabet or language" for advanced finance. Understanding the business itself is paramount to making sound financial decisions that support the company's goals, and leading with purpose requires adaptability, empathy, and strong listening skills to effectively guide and strategize with a diverse team.
Favorite Parts of Being a CFO and Non Profit Founder at Biomerica and Forge Optima
Gary enjoys the building aspect of the role, particularly the journey of commercializing new products, understanding the consumer, and navigating both direct-to-consumer and doctor's office sales. It's also rewarding to be part of a mission-focused team that's "trying to solve for problems, we're trying to help people," and the importance of positive human interaction and a supportive team culture is another key element of satisfaction.
Biggest Challenges Faced By A CFO At Biomerica
Gary, a CFO and NPO Founder at Biomerica and Forge Optima, identifies the biggest challenge in the role as maintaining morale and a shared sense of purpose when the organization is "not winning," particularly in tough market conditions, because "humans we're very complex." Therefore, fostering the right messaging, culture, and employee sentiment is paramount, even more so than the technical financial aspects of the job, to ensure everyone buys into and contributes to the overall mission.
Favorite Parts of Working as a Life Science CFO and Nonprofit Founder
Gary enjoys seeing the vision and dreams of startup founders come to life, something once not understood earlier in their finance-focused career, and finds immense satisfaction in the life science/med tech space by witnessing how products, like Biomerica's IBS test, can bring both "physical and emotional change" to patients. Moreover, Gary values the ability to "help others" through the non-profit work at Forge Optima, particularly in guiding the younger generation with identity, values, and pathways.
What Type of Person Thrives in the Business Industry, According to a CFO and NPO Founder at Biomerica and Forge Optima
To thrive in Gary's industry, agility and adaptability are key, as is a blend of strategic thinking and tactical execution, as "you have to play chess, not checkers, right? But there's also a part you need to play checkers." Furthermore, success requires strong interpersonal skills, emphasizing empathy alongside the ability to drive execution and "get this stuff done."
What a Chief Financial Officer at Biomerica Wishes They Had Known Before Entering the Biotechnology Industry
Gary acknowledges that at a senior level, one generally knows what to expect going into a role, but emphasizes the importance of thorough research and due diligence, especially when starting out, to avoid surprises and ensure cultural alignment, stating that "everything is as it seems...that's the rare part." Gary also stressed that a leader should act "transparently" to ensure people understand the mission.
Entry-level Positions For Aspiring Chief Financial Officers And Nonprofit Organization Founders
Gary emphasizes that while high finance roles like investment banking and PE firms are competitive and often require an MBA, there are many fulfilling entry-level positions like bookkeeping, accounts payable/receivable, and corporate accounting that provide a solid foundation, and even side hustles offer valuable real-world experience, demonstrating that one doesn't "need to have a lot beyond kind of the basics to... be successful in finance."
Significant Career Lesson From a Non-Profit Founder at Forge Optima
Gary emphasizes that "grit" has been the most successful lesson in their career, specifically the ability to learn from setbacks, be introspective about what could have been done better, and pick oneself up after being "punched in the face," because ultimately, life teaches lessons, and growth comes from paying attention and being willing to change, which requires grit to stay the course through difficulty.
College Experiences That Helped A Chief Financial Officer And NPO Founder At Biomerica And Forge Optima Succeed
College was a period of exploration and significant pivots for this career professional, beginning with a marketing internship that revealed it "wasn't really what [the] calling really was," leading to a late-stage major change and embracing a fresh start. Involvement in diverse activities, from working full-time to taking leadership roles in the Student Accounting Society and a theater company, cultivated a well-rounded perspective that ultimately helped "land an internship at Ernst and Young," setting the stage for future success as a CFO/NPO Founder.
How Identity Has Influenced a Chief Financial Officer and Non Profit Organization Founder at Biomerica and Forge Optima's Career
Gary's experience as a first-generation Asian American shaped identity, fostering "grit" and a strong work ethic from an "immigrant mentality," but also creating self-doubt and limiting career guidelines. The key to success, as Gary learned, lies in pursuing one's passions and values, leveraging those identity factors as part of one's fabric, while recognizing the importance of personal identity and not being confined by perceived limitations.
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