Nicolas Mulroney of Bond Bakery Brands: How Investing in Key Team Members During an Industry Slump Transformed a Commercial Bakery Platform

As a part of our series called ‘Five Things I Wish Someone Told Me Before I Became A CEO’ we had the pleasure of interviewing Nicolas Mulroney.

Nicolas Mulroney is the co-founder of Bond Bakery Brands, where he combines his passion for food with a focus on expanding businesses. Under his leadership, Bond Bakery Brands has become North America’s fastest-growing investment platform for commercial, family-owned bakeries. His vision is to build a better bakery company by supporting the growth of these businesses.

Thank you so much for joining us in this interview series! Before we dig in, our readers would like to get to know you a bit more. Can you tell us a bit about your “backstory”? What led you to this particular career path?

I always wanted to run a business. The concept of coming to work and leading a variety of projects and priorities was always interesting. I assumed that after graduation from university, a great idea for a company would pop into my head. That was not the case.

Instead, I spent nearly a decade in different functions in Canadian banks, then joined a company in the cemetery and funeral home industry and only after that did I decide to go out and hunt for a business to invest in and grow. I came across Portofino Bakery and saw the potential for a legacy changing investment, giving me the opportunity to lead and grow an existing business.

Can you share the most interesting story that happened to you since you began leading your company?

When the pandemic hit, we saw the kind of positive impact a food company could have. Portofino Bakery is located on Vancouver Island and when the world was still trying to figure things out in March 2020, our community was cut off and needed help. Shipments of food from the mainland were in flux and as one of the only food manufacturers on the island we knew we had a duty to help. That moment was the genesis for Portofino Bakery becoming one of the very few B-Corp certified commercial bakeries. It also made us realize that if we could do this with one bakery, let’s see what we could do with more! In October 2020, Bond Bakery Brands Limited was formed with the acquisition of Pace Processing & Product Development. We’ve since made more acquisitions specifically targeting family- & founder-run commercial bakeries.

Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?

Mistakes were not so funny when we were starting out, as stakes were high for us. My Co-Founders and I were betting our careers on the success of multiple businesses in an industry that we had zero experience in.

That being said, we had several moments in 2019 when we were raising capital for the investment into Portofino Bakery. Let’s just say that there was a certain amount of “faking it, ’til you make it” necessary.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

I’m a lucky guy and am grateful for all the support to get to this point. My wife, Katy, is my number one supporter and cheerleader. Without her unwavering belief and support, there is no way I would have been able to take the necessary risks to becoming an entrepreneur. Any issue I face, I have her by my side and it gives me the support needed to keep going. I cannot stress enough how lucky I am to have her constant support; she is remarkable in so many ways.

Leadership often entails making difficult decisions or hard choices between two apparently good paths. Can you share a story with us about a hard decision or choice you had to make as a leader?

One of the most pivotal decisions I’ve made was investing in our team when resources were tight. A wise man in Omaha always says to ‘be greedy when others are fearful,’ and that phrase kept coming to mind. In 2022, our industry was in a slump, and finding optimism among my peers was rare. While managing liquidity was the safer choice, I took a leap of faith and invested in a new business development hire — someone who has since proven to be a game-changer for us.

It’s easy to say, ‘invest when times are tough,’ but when you’re truly up against it, that decision tests your conviction. With only a small margin for error, it was a challenging call, yet one I’m glad I made. It reinforced my belief that backing the right people can drive growth even when circumstances seem bleak.

Ok, thank you for that. Let’s now jump to the primary focus of our interview. Most of our readers — in fact, most people — think they have a pretty good idea of what a CEO or executive does. But in just a few words can you explain what an executive does that is different from the responsibilities of the other leaders?

As a CEO, my role is about setting the overarching vision and long-term strategy for the company. I focus on building the team and guiding the direction of Bond Bakery Brands, making key decisions that impact our growth, and ensuring we stay aligned with our mission. I work on fostering relationships with investors, building our team, exploring new business opportunities, and making strategic investments. Ultimately, it’s about steering the ship with our long-term goal and ensuring that any headwinds we face, are in the end turned into tailwinds.

What are the “myths” that you would like to dispel about being a CEO or executive? Can you explain what you mean?

One myth I’d like to dispel is that being a CEO is all about power and decision-making. People often assume that as an executive, you have the final say in everything, but in reality, it’s much more about collaboration. A lot of my role at Bond Bakery Brands involves listening to the team, gathering insights from various leaders, and working collectively to make informed decisions. Another misconception is that CEOs are always focused on the big, glamorous parts of the business, strategy and innovation. While that’s true to an extent a lot of my time is spent navigating challenges like managing financial pressures or responding to unexpected events, like we did during the pandemic. It’s not always exciting; it’s often about resilience, adaptability, and balancing competing priorities. Whatever our business needs at that very moment, that’s my ultimate priority.

What is the most striking difference between your actual job and how you thought the job would be?

The most striking difference is how much my role as CEO involves managing uncertainty. I initially thought the job would revolve more around driving growth and executing strategy, which it does, but I’ve come to realize just how much of my time is spent navigating unpredictable challenges, whether it’s shifting market dynamics, supply chain disruptions, or unexpected economic conditions. For example, during the pandemic, we had to pivot quickly to support local shelters by delivering pallets of bakery products, which wasn’t part of any initial plan but became a core part of our impact-driven vision at Bond Bakery Brands. I’ve learned that being adaptable and making decisions with incomplete information is a constant part of the job.

Do you think everyone is cut out to be an executive? In your opinion, which specific traits increase the likelihood that a person will be a successful executive, and what type of person should avoid aspiring to be an executive? Can you explain what you mean?

I don’t think everyone is cut out to be an executive, and that’s not a bad thing. It’s about finding the right fit for your strengths and passions. To be a successful executive, you need a blend of resilience, adaptability, and a long-term vision. Resilience is key because the job comes with constant challenges and pressure — it can be quite trying. You also need to be adaptable because things rarely go as planned, and being able to pivot quickly is essential. Another important trait is the ability to inspire and lead people, even when the outlook is not so rosy. You have to bring people along with you toward a shared goal.

What advice would you give to other business leaders to help create a fantastic work culture? Can you share a story or an example?

My biggest piece of advice for creating a fantastic work culture is to lead with empathy and transparency. People want to feel valued and connected to the larger mission of the company. At Bond Bakery Brands, we’ve always emphasized building a culture that prioritizes relationships whether it’s with our team, our family-run bakery partners, or the communities we serve.

I’ve always wanted anyone at the company to have an open line of communication with all our senior leaders. Bi-annual town halls are important for us to be able to update our teams on how things are going. In those settings we showcase our multi-year strategy, our financials, our priorities, our hurdles and our opportunities. It provides an opportunity for us to lead with empathy and transparency. At Bond, we say that ‘our word is our Bond’ and I want everyone to know I mean it.

How have you used your success to make the world a better place?

I’ve always believed that business success should be paired with making a positive impact on the world. At Bond Bakery Brands, this has been central to our mission from the beginning. We’ve focused on preserving and growing family-run bakery businesses, which is about more than just acquisition. We’re helping sustain traditions and keeping jobs within local communities. We’ve also worked hard to create a culture of purpose within our company, where everyone knows they’re contributing to something bigger than just profits.

Our mission is to Build Better Bakeries. Constantly striving for better!

Fantastic. Here is the primary question of our interview. What are your “Five Things I Wish Someone Told Me Before I Became A CEO” and why? (Please share a story or example for each.)

1 . Projecting optimism (even if you have to fake it). In the face of extreme challenges, your team needs to know that there is a positive path forward. Leaders lead; teams need to know where they are going. I have always been clear with my team that we are going up against some of the biggest competition in our industry and we are going to win with our customer-centric focus. There have been many instances where optimism may be tough to conjure up but in the end, its presence is paramount.

2 . Big game hunters do not get fooled by rabbit tracks. Keeping your team focused is an ongoing challenge. You have to be clear with your strategy and clear with your expectations. There are moments when your team may find it difficult to ignore a new opportunity or smaller passion projects. Your team is your competitive advantage, and their focus is at a premium. Focus should be on meaningful opportunities that ultimately align with overall strategy and ‘move the needle’. As CEO, it’s important to remind them, perhaps more than you feel you should, to ignore the noise and focus on impactful opportunities.

3 . Always prepare for the worst. Even if you don’t know where the trouble may (or may not) come from, it’s important to be prepared. What happens if you lose your largest customer? What happens if you need to recall a product? Hopefully those situations do not become priorities we will need to solve for in the future, but as CEO it’s critical that you go through these exercises regularly as many eventually do occur.

4 . Celebrate ‘wins’ — Losses can certainly add up and as our team is constantly preparing for the worst, ‘wins’ become even more important to celebrate. I encourage our teams to celebrate major and minor milestones in their own unique ways. It’s a necessary morale boost!

5 . Enjoy the (bumpy) ride — Being a CEO is a blessing by seeing your strategic vision come to life. Mistakes are guaranteed. Your resilience will be constantly tested but as they say, “if it were easy, then everyone would do it.” You are in a fortunate position so while many forces may cause you to question that, you ultimately have your hands on the wheel. Fortune favours those willing to forge a new path so enjoy the (bumpy) ride — giddy up!

You are a person of great influence. If you could inspire a movement that would bring the most amount of good for the greatest number of people, what would that be? You never know what your idea can trigger.

In business it would be that profit is the output of great purpose. Doing well in business should be fun and rewarding. Success in business goes beyond just making a profit; it’s about being proud of the positive impact that is left behind — leaving a legacy. A legacy that isn’t just measured by financial success, but by the positive impact we make on people, communities, and industries. Purpose-driven leadership inspires others to carry the vision forward, embedding values and aspirations that endure long after we’re gone.

I got into business to make an impact. My hope is that the legacy of the business I am building inspires someone else to have fun building up a purpose-driven business.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in

your life?

“The more I practice, the luckier I get”. — Arnold Palmer. Preparation is key for me. Even without knowing what issues I may face on a daily basis, I need to be prepared. Preparation allows me to respond confidently and quickly, whether it’s an unexpected challenge or a unique opportunity. I’ve found that being prepared isn’t just about solving problems — it’s about creating the conditions for success before issues even arise. By investing time in preparation, I can adapt more effectively, turning surprises into stepping stones rather than setbacks.

We are very blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them

I’ve always wanted to meet Bill Belichick. I’ve long admired his ability to build and sustain success, not just with the players he coached but also with his staff and culture. He seemed to unlock tremendous potential in everyone, and I often wonder what he looked for in a player, what attributes were non-negotiable to him, and how he consistently applied his approach season after season. His preparation and discipline are legendary — what separated his methods from what he saw others doing?

To me, there are so many parallels between football and business. Belichick’s legacy is about more than just winning seasons; it’s about the dynasty he built and the relentless work it took to maintain it. That’s something I can relate to. I’m incredibly proud of the team I’ve helped build, and I know the kind of focus and commitment required to create something lasting. Meeting him would be a unique chance to learn from someone who excelled at creating a culture of excellence and sustained it over time.

Thank you for these fantastic insights. We greatly appreciate the time you spent on this.

About the Interviewer: Dina Aletras boasts over 20 years of expertise in the corporate media industry. She possesses an in-depth understanding of growth, strategy, and leadership, having held significant roles at some of the UK’s largest media organizations. At Reach PLC, the UK’s largest tabloid publisher, she served in various director capacities. Additionally, she held leadership roles at The Independent Magazine Group and DMGT. Her extensive knowledge spans editorial, digital, revenue, sales, and advertising.

Upon relocating to Switzerland, Dina took on the responsibility of managing and promoting the international section of Corriere del Ticino — CdT.ch pioneering the English page “onthespot.” She also was the Co-Editor of Southern Switzerland’s first official Italian and English bilingual magazine.