David Johnston CFO

David Johnston former CFO

Former CFO David Johnston is the current principal of dbj Consulting LLC, a firm that provides fractional CFO services to life sciences organizations. Johnston was the previous CFO of many Massachusetts biotech and life sciences companies.

Current Situation
In 2019, Johnston established dbj Consulting LLC. After over three decades as a corporate CFO, Johnston launched his firm to share his financial skills with smaller fledgling life sciences enterprises that cannot yet afford a full-time, experienced CFO. Many of his clients are virtual and have fewer than ten employees. Clients who hire his firm receive the services of an expert CFO on a fractional, part-time basis. Because of his experience, he can establish and implement action plans quickly.

According to Johnston, part-time C-level executives in growing enterprises are a trend that benefits both the firms and the executives. He can better manage his career and family life thanks to his consulting firm, where he serves as a fractional CFO for multiple firms. It also aids in his long-term health and productivity by preventing burnout. It also keeps his attention because it exposes him to various experiences.

Small emerging biotech enterprises benefit from CFOs because they assist them in building financial partnerships, managing financial resources, and providing financial planning advice. CFOs can also help businesses build a better foundation and boost accountability. Part-time CFOs are paid on an hourly or flat-fee basis and solely for the hours they work for the company. Companies can engage an expert part-time CFO for less than they would pay a full-time CFO because they only pay for time spent.

CFOs have essential roles in biotech companies, such as obtaining funding and monitoring grants, financial reporting, budgeting, leading compliance, and assisting in planning the company's future market trajectory. In some circumstances, CFOs serve as CEOs, particularly when cash flow is important.

Some of his firm's clients have CFOs, but they hire him for strategic counsel. He feels that a disciplined and professional attitude with a sense of humor works well for entrepreneurs.

Work in Writing
As a former CFO, David Johnston is also a frequent writer and author on biotechnology and finance themes. His work has appeared on Medium, Tumblr, the Buckeye Business Review, DrBioScience, and other business and medical websites.

Since 1998, Johnston has had top finance positions with life sciences companies. His first role in life sciences finance was with Genzyme as senior vice president of corporate finance, corporate planning, and analysis. Sanofi, a major pharmaceutical and healthcare corporation headquartered in Paris, eventually bought this Cambridge, Massachusetts-based biotech startup. Following his time at Genzyme, Johnston worked as the CFO of two Boston-based international firms looking for medications to treat and cure cancer.

Before obtaining his first senior-level position at a biotech company, he held finance positions at other companies.

He has received numerous honors for his financial and strategic insight.

Knowledge and Experience
Johnston uses his extensive experience to assist dbj Consulting clients. He has experience in the following:
Leading Initial Public Offerings, Creative, non-dilutive royalty financing, Advising companies on strategic stock buy and sell solutions, Managing SEC reporting and financial analysis, Investor relations, Corporate finance, Strategic planning and the setting of Key Performance Indicators (KPIs), Financial modeling, Mergers and acquisitions, Advising startups on how to raise funding and plan their financial future, Corporate development, Financial analysis, Acquisition integration, Revenue recognition, Due diligence, The Sarbanes-Oxley Act, Developing and rethinking capital allocation strategies, Improving operational efficiencies by analyzing bottlenecks, Helping companies use financial data to make decisions.

Education
Former CFO David Johnston graduated with honors from Washington & Lee University in Lexington, Virginia. He received his MBA from the University of Michigan's Stephen M. Ross School of Business in Ann Arbor.

Philanthropy and Volunteering
Johnston advises various non-profit boards on financial and strategic matters. For example, he has previously been on the board of directors of RAW ArtWorks. RAW Artworks, situated in Lynn, Massachusetts, is a young arts organization that provides free programs in various artistic disciplines. Tissue Banks International Inc., the world's largest provider of ocular tissue, has also appointed Johnston to its board of directors.

Hobbies and Recreational Activities
Johnston is a voracious reader. Rinker Buck's The Oregon Trail: A New American Journey is one of his favorite novels. While the book is intriguing for its information on traversing the Oregon path on a mule-drawn wagon, it is equally important for tiny biotech entrepreneurs. The book explains how the two hikers deal with obstacles and uncertainty while remaining focused on finishing the trek.

Johnston lives with his family in Marblehead, MA, which is part of the Greater Boston area.