Tom Hakel, Founder & CFO at CXO Strategies | Customer Story

How CXO Strategies found better value and saved more with Cake

A Silicon Valley advisory firm's journey to simpler cap table management

"I've been a Carta guy for the last 12 years. However, we wanted more value for our money. So we tried Cake and, the delightful surprise was it was a better product. We saved money with a better product."

A conversation with Tom Hakel, Founder & CFO, CXO Strategies

CXO Strategies is a Northern California advisory firm with 30 years of experience guiding early-stage and growth companies. CFO and Founder Tom Hakel talked about how they decided to switch to Cake Equity after 12 years with Carta.

"I've been a Carta guy for the last 12 years. However, I was looking for alternatives about two years ago. We were wanting something different and we wanted more value for our money. And it was a venture community in Silicon Valley, a bunch of startups that got together and they all recommended Cake. So we tried Cake reluctantly. I didn't know about it, I'd never use it, and I was hesitant to try it. The delightful surprise was it was a better product. So we saved money with a better product."

Despite initial reluctance, CEO Tom Hakel discovered that Cake not only reduced costs but also provided a better product which dramatically simplified their equity management processes. The transition resulted in a more accessible platform that enabled founders to manage their cap tables independently.

The Challenge

Finding Carta alternatives

Tom's primary motivation was finding a solution that offered better value for money. However, the prospect of migrating from an established platform presented significant concerns about the transition process.

"When we migrated from Carta to Cake, I was very reluctant because for me, it meant work. And I go, I have to learn a new system, and it's going to be a lot of work for me."

The recommendation to try Cake came from an unexpected source—a community of Silicon Valley startups that had collectively discovered and endorsed the platform. Still, Hakel approached the switch with hesitation, concerned about the operational disruption it might cause.

The solution

Minimizing migration friction

The transition approach proved remarkably straightforward and required minimal effort from CXO Strategies. The process involved:

  1. Exporting existing cap table data to Excel and CSV files
  2. Providing these files to the Cake team
  3. Allowing Cake specialists to handle data migration and reconciliation
  4. Accessing the completed, fully-functional cap tables upon first login

"It literally was an export to Excel and CSV files that I provided to the Cake team, I did nothing. The Cake team loaded up the cap tables, reconciled it all back, and when I logged on there was my cap tables. It was like magic."

This white-glove onboarding experience eliminated the primary concerns about platform migration, transforming what Hakel anticipated would be a labor-intensive process into a virtually effortless transition.

Intuitive equity management platform

The Cake platform provided CXO Strategies with a comprehensive solution for all aspects of equity management, including:

The solution's most distinctive feature was its intuitive design, which dramatically simplified processes that had previously required specialized knowledge or extensive time investment.

"It probably takes a new employee onboarding, maybe 3 or 4 minutes to really bring in an option package. And you're done!"

Between financing rounds, the platform maintains its ease of use, allowing for straightforward management of the cap table without requiring advanced financial expertise.

The Results

Transforming equity engagement

Beyond the immediate operational benefits, the implementation of Cake produced a fundamental shift in how founders interact with their equity information:

1. Increased founder autonomy

Company leaders who previously relied entirely on advisors for cap table information began managing and viewing this data independently.

"In the old days, it's always me telling the founders about the cap table, me helping them through it. With Cake, there's a big difference. The founders, now with very little financial background, log on to the platform and can manage and see the cap table themselves."

2. Changed executive behavior

Even leaders who had previously avoided direct engagement with cap table management began actively using the platform.

"Our CEO never would go log on or she would never log on to the platforms to really manage the cap table. She would always ask me the question. Now she logs on to Cake herself and looks at everything. So it's a big change."

3. Superior value proposition

The combination of reduced costs and enhanced functionality created an unexpected win-win scenario.

CXO Strategies' Equity Philosophy

Democratizing financial information

Tom's experience illustrates a core principle of effective equity management: when financial information becomes more accessible, it empowers company leaders to make better-informed decisions. By removing technical barriers and simplifying user interfaces, Cake has helped democratize cap table management within the organizations CXO Strategies supports.

This accessibility translates to:

Wrapping it up

Better value through simplified equity management

For CXO Strategies, the migration from Carta to Cake delivered a compelling combination of benefits that extended well beyond the initial goal of cost reduction. The platform not only streamlined administrative processes but fundamentally changed how company leaders interact with their equity information.

This case demonstrates that the right equity management platform can transform what has traditionally been a complex, specialized function into an accessible tool that empowers founders and executives. For early-stage companies and growth-focused businesses, this accessibility represents a significant advantage in navigating the challenging journey from startup to established enterprise.