Numbers and Narrative: Ben Pidgeon on Getting Your Financial Story Straight

Every founder has a story to tell. But too often, the pitch deck and the pro forma are telling two different ones. In the third session of the Fundraising Workshop, Ben Pidgeon, Executive Director at VisionTech Partners and longtime investor, delivered a powerful reminder: “Your numbers are your narrative. If your deck says one thing and your financials say another, that’s not just confusing; it’s a credibility killer.” What followed was a masterclass in building investor trust through alignment, clarity, and consistency.

Two Sides of the Same Coin

Ben opened by drawing a parallel: Think of your pitch deck as the story you’d tell at a cocktail party; high-level, emotional, built to capture interest. Now think of your pro forma as the same story… but told to your CFO or accountant; detailed, structured, numbers-first. Too often, founders build these two assets in isolation. The result?

• Decks that promise scale, but models that show flat revenue
• TAM slides that tout $1B markets, but unit economics that don’t work
• Roadmaps full of hiring plans, with zero associated burn assumptions

Investors don’t need you to be perfect. But they do need you to be cohesive.

Alignment Builds Trust

Ben hammered this point home: “You’re asking someone to give you hundreds of thousands, or millions, of dollars. The least you can do is make sure your story checks out.” He encouraged founders to cross-reference:

• Milestones in the deck vs. timelines in the model
• Headcount plans in the org chart vs. salaries in OpEx
• Use of funds in the narrative vs. cash flow forecasts in the spreadsheet

Every discrepancy is a potential red flag. Every alignment is a signal of thoughtfulness and execution readiness.

Get the Story Straight

Ben outlined a three-part framework for tightening your financial story:

1. The Setup
   
   Begin your deck and model with context:
   • What’s your mission?
   • What problem are you solving?
   • Who are your customers and how big is the market?
2. Your model should reflect your go-to-market assumptions: CAC, sales cycles, conversion rates. These aren’t guesses—they’re hypotheses investors will test.
3. The Conflict
   
   Every great story has tension. For startups, it’s usually capital constraints, market shifts, or operational risks.
   
   Ben urged founders to address risks upfront—in both the deck and model—so they appear coachable, not naive.
4. The Resolution
   
   What happens if you get the money?
   
   Your deck should show how capital fuels progress. Your pro forma should prove it—month by month, line by line.

Common Mistakes (and Easy Fixes)

Ben shared real-world examples of mismatched decks and models, including:

• Raising $2M but only showing how to spend $1.2M
• Promising profitability in 12 months with no OpEx assumptions
• Claiming a 10-person team with no payroll in the forecast

The fix? Work backward. Start with your “ask” slide. Break down exactly what each dollar funds. Then pressure test:

• Do the numbers support the claims?
• Are margins and growth rates realistic for the stage?
• Is the burn rate aligned with your runway?
  

Tools and Tips

Ben gave practical advice on building your model and deck, including:

• Use a single source of truth. Link your pitch deck visuals (e.g. charts, use of funds) directly to model outputs.
• Avoid vanity metrics. Focus on inputs you can actually control.
• Narrate your assumptions. Don’t hide them—explain them.
• Update quarterly. Investors want to see how your thinking evolves over time.

He also encouraged founders to share both assets early in the process. Don’t wait until diligence. A clear, well-aligned story can accelerate decisions.

Internal Benefits (Again)

Just like Matt Tyner’s session on the data room, Ben’s financial storytelling tips had a bonus benefit: internal clarity. One founder noted: “This made us realize our sales ramp was totally disconnected from our hiring plan.” Another said: “We spotted an issue with our CAC assumption just by walking through the deck-model flow.” Getting your financial story straight isn’t just for investors, it’s how you manage your own focus and accountability.

Tactical Takeaways from Ben’s Session

✅ Make sure your deck and pro forma say the same thing

✅ Align timelines, milestones, hiring, and use of funds

✅ Use a shared source of truth to drive both assets

✅ Avoid vanity metrics, focus on operational inputs

✅ Share risks openly and explain your assumptions

✅ Treat the deck + model as a single, cohesive pitch

The Q&A: Crunch Time Clarity

Ben’s session sparked a lot of questions and some real talk:

• How many months should my model cover? (Ans: At least 24, ideally 36 with reasonable assumptions.)
• Do I need to show profitability? (Ans: Not always, but you do need a clear path to it.)
• How should I model different raise scenarios? (Ans: Use toggle tabs or scenario planning sheets.)

One founder asked: “What if I change my mind mid-process?”

Ben’s answer was gold: “That’s fine, but document it. Investors can forgive an evolving strategy. They can’t forgive surprise.”

Ben’s message was clear: fundraising isn’t just about inspiration, it’s about precision. When your story and spreadsheet align, you show investors you’re not just dreaming big, but operating with discipline. This session was a powerful reminder for founders looking to raise with confidence that the path to capital starts with a cohesive, credible story told in both words and numbers.