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Blog calendar    Oct 09, 2024

Electrifying Growth Episode 31: Revolutionizing the Supply Chain Industry

Barry Conlon, founder & CEO of Overhaul, joins Managing Partner and host Chris Sugden for Episode 31 of Electrifying Growth.

 

Building a business requires more than just financial acumen and operational excellence. It demands resilience, adaptability, and, most importantly, empathy. Barry Conlon, CEO and founder of Overhaul, shares five invaluable lessons from his career, spanning over three decades, including military service in Ireland’s special operations. From bootstrapping businesses to navigating crises like the 2007-08 financial crisis and COVID-19, Barry’s insights on leadership and team-building resonate with business leaders aiming to create lasting success.

5 key leadership lesson themes arose across our conversation:

1. Empathy Helps You Make Better Decisions

Barry’s leadership style was shaped by his military background, where quick decision-making in high-pressure situations was the norm. He explains that his time in Ireland’s Army Ranger Wing, a special operations unit, prepared him for the challenges of entrepreneurship, particularly the ability to pivot when things don’t go according to plan is crucial. It taught him that being able to adapt quickly can mean the difference between success and failure.

One key takeaway from Barry’s learnings is being adaptable in challenging times. Empathy in those moments is also crucial. As a leader, understanding what your team members are going through helps you make better decisions and build stronger connections. This empathetic leadership style is something Barry learned early on in his career and continues to apply in his business endeavors today.

2. Embracing Risk Helps You Innovate

Barry founded Overhaul in 2016 after successfully building FreightWatch International into a global leader in supply chain security solutions. Both businesses revolved around the idea of solving real-world problems through innovative technology. At Overhaul, Barry and his team focus on providing visibility and security solutions for supply chains, a more pressing challenge during the COVID-19 pandemic. This ability to foresee market needs and pivot during crises has been a key factor in Overhaul’s success.

To sum it up, the experiences of building businesses that solve real problems for the supply chain industry led Barry to another leadership lesson: embrace risk. As a leader, you must be willing to "burn the ships," as Barry puts it. Committing fully to your business without a fallback plan makes you more likely to find innovative solutions to challenges. This mindset of total commitment and willingness to take risks allowed Barry to grow both FreightWatch and Overhaul into industry leaders.

3. Lead with Vulnerability and Team Building

None of this came to Barry without trials and failures along the way. It’s essential to acknowledge your weaknesses as a leader. Too often, CEOs believe they need to have all the answers and take credit for every success. However, Barry argues that authentic leadership comes from building a team that fills in the gaps in your expertise. You create a more vital, resilient organization by surrounding yourself with people who complement your strengths and trust them to do their jobs.

Being open about your vulnerabilities as a leader builds trust with your team and encourages them to take ownership of their roles. Barry often jokes about his weaknesses, especially in tasks like analyzing financial spreadsheets, and this openness empowers his team members to step up. This leadership style fosters a collaborative environment where team members feel valued for their contributions.

4. Partner with Teams Who Put People First

Barry’s partnership with us reflects his belief in the importance of human connections in business. Barry describes his experience working with Edison Partners as more than just financial backing—a partnership based on mutual trust and shared values.

Barry speaks about our focus on due diligence, including speaking with customers and even former employees to understand the human side of the businesses we support. This human-centric approach aligns perfectly with Barry’s leadership philosophy; partnering with organizations whose missions and values align with your company’s makes for better long-term partnerships. 

5. Navigate Crises with Resilience

One of Barry's most significant challenges was navigating the Great Financial Crisis and, more recently, the COVID-19 pandemic. These "black swan" events required rapid pivots and a clear focus on the fundamentals of the business. Barry emphasizes the importance of always focusing on profitability and ensuring that your business is capital-efficient, especially during boom times when it’s easy to get distracted by growth.

Crises present opportunities. Staying focused on your customers and maintaining strong business fundamentals allows you to emerge stronger from difficult times. For Overhaul, this meant providing critical supply chain security solutions during the pandemic when global supply chains were more vulnerable than ever.

Bottomline: Leadership, Empathy, and Growth

Barry Conlon’s journey from special operations to CEO offers a masterclass in leadership, resilience, and empathy. Whether navigating crises, building high-performing teams, or choosing the right equity partners, Barry’s approach is rooted in understanding the human side of business. His lessons on embracing risk, vulnerability, and empathy are invaluable for entrepreneurs looking to build sustainable businesses.

Check out the full episode below!

Chris is Managing Partner and Chairman of the firm's investment committee. He has been on both sides of the table as a successful entrepreneur. His experience includes leading sales, product, finance, business strategy and capital formation.