CFOs are operating in an increasingly complex landscape – balancing growth, risk and financial control. At Cooper Parry’s first CFO Sessions event in Glasgow, we brought together finance leaders for an afternoon of insight, discussion and real-world perspective – set against the backdrop of one of Scotland’s most iconic industries.
With David Ferguson (Founder & CEO) and Joseph O’Raw (COO) of Ferguson Whisky as guest speakers, the session offered a rare look into a fast-growing, disruptive business operating within the traditional Scotch whisky market.
Founded in 2021, Ferguson Whisky has quickly built a reputation as a modern whisky business – combining cask trading, independent bottling and immersive brand experiences.
As David explains, “We are an independent blender and bottler providing end-to-end whisky services from cask to bottle for customers all over the world.”
It’s this blend of heritage, innovation and entrepreneurial thinking that makes them such an exciting business – and an ideal case study for CFOs navigating growth in today’s fast-moving environment.
Business Growth Strategy in Uncertain Markets
A key theme throughout the session was the reality of building and scaling in uncertain conditions. The whisky market – like many global sectors – is shaped by geopolitical pressures, tariffs and shifting demand, making long-term planning increasingly complex.
Despite this, Ferguson Whisky’s approach blends patience and conviction. As David put it: “Whisky is a long-term industry, so you need conviction in your decisions… you have to trust that what you’re doing now will pay off years down the line.”
For CFOs, strong financial leadership and resilience come from balancing your awareness of short-term disruption with confidence in your long-term strategy. In uncertain markets, conviction becomes a competitive advantage.
Faster Decisions, Smarter Trade-offs
While whisky takes years to mature, decision-making within Ferguson Whisky moves quickly. The team highlighted that today’s oversupplied market presents a rare buying opportunity – but only for businesses prepared to act decisively.
That creates a familiar tension for CFOs: speed versus discipline. Joseph was clear on the importance of balance: “One of the biggest challenges is taking emotion out of decision-making. David is incredibly passionate about whisky – which is a strength – but it can also make purchasing decisions more difficult. You see great opportunities and want to act quickly, but you have to stay disciplined and make decisions with your head, not your heart.”
In high-growth environments, opportunities can be compelling – but not all are worth pursuing. CFOs play a critical role in helping your business ‘pace itself’, ensuring that fast decisions are underpinned by financial rigour, not just ambition.
Balancing Vision and Financial Control
Ferguson Whisky’s journey also highlights the shift from entrepreneurial startup to structured, scalable business.
As Joseph explained, “We’re currently focused on professionalising the business – introducing processes, systems and governance. All the foundational elements that entrepreneurs don’t naturally gravitate towards, but are essential for scaling.”
This is a challenge many CFOs recognise. Growth demands vision, experimentation and risk-taking – but sustainable scale requires robust controls, clear processes and financial visibility.
Cash management sits at the heart of this balance. As Joseph put it simply: “Cash is critical in any small business – especially in an industry like whisky where returns can take years.”
The takeaway? Growth without control is fragile. The most successful businesses build both in parallel.
Differentiation Through Experience and Brand
Beyond its operational model, Ferguson Whisky is also redefining how value is created in the whisky sector. The business combines product with experience – curated events, travel and storytelling that connect customers to whisky in a more meaningful way.
That focus is intentional. As David explained: “We want people who come to Ferguson Whisky to have an adventure and experience the best whisky a nation and a culture can create.”
For CFOs, this highlights an important shift. Value is no longer driven solely by product, service or price – it’s shaped by brand, experience and emotional connection. Understanding and investing in those drivers is key to long-term growth.
What This Means for CFOs
So, what can finance leaders take from a whisky business operating in a centuries-old industry?
- Have conviction in your strategy – “Trust your judgement… stay aligned with your original vision.”
- Move fast – but stay disciplined – take emotion out of critical decisions
- Play the long game – long-term value beats short-term reaction
- Manage cash relentlessly – especially in capital-intensive models
- Build structure as you scale – governance and processes enable sustainable growth
- Differentiate beyond the product – experience and storytelling drive modern value
Supporting Businesses Through Growth and Complexity
The energy in the room at our Glasgow CFO Sessions event was undeniable. It’s clear that finance leaders are looking for shared insight and practical perspectives on navigating growth in today’s climate – and we’ll continue bringing together the best voices to provide both in abundance.
At Cooper Parry, we work with ambitious businesses at every stage of their journey – helping them scale sustainably, strengthen financial discipline and make confident decisions in uncertain times.
Whether it’s building the right financial infrastructure, supporting international expansion or preparing for the next phase of growth, we’re here to help – and we’d love to talk.
