This week we're joined by Nicolas Mulroney , President and CEO of Bond Bakery Brands . Nicolas shares his transition from a finance career at RBC to leading a thriving baking enterprise, highlighting the pivot that led him from Bay Street to Bakery Street. We talk about the founding of Bond Bakery amid the challenges posed by the COVID-19 pandemic and how his upbringing in a political family shaped his entrepreneurial spirit. Nicolas discusses how technology integrates in his business, he offers insights for budding entrepreneurs, and he outlines his future aspirations for the baking industry in Canada. We are also joined by John Ruffolo to talk more about the proposed Federal budget and other news in tech. About Nicolas Mulroney: Nicolas Mulroney is the Co-Founder, Chairman, CEO, and President of Bond Bakery Brands Ltd. Based in Toronto, Ontario, Bond Bakery Brands operates as an investment platform accelerating the growth of bakery companies throughout North America. The company emphasizes community engagement and investment in family- and founder-run businesses, striving to demonstrate that profitability and positive impact can coexist. Bond's portfolio includes a variety of bakery companies, and it employs over 600 individuals across 11 facilities. Before launching Bond Bakery Brands, Nicolas served as the Chairman of Portofino Bakery from June 2019 to October 2020, and he remains the Founder and Managing Partner at Northern Waters Capital since August 2018. His career in the capital markets sector includes roles at CIBC Capital Markets in Investment Banking and Institutional Equity Sales, and at Park Lawn Corporation as Vice President of Mergers, Acquisitions & Strategic Initiatives. Nicolas holds an MBA from the University of Toronto's Rotman School of Management and a Bachelor of Arts from Boston College. In this episode, we discuss: (01:52 ) John Ruffolo discusses meeting with Minister Freeland focusing on adverse effects of proposed capital gains changes on entrepreneurs and investors (03:32 ) The dual concerns for innovation community: impact on entrepreneurs and availability of capital (05:00 ) The federal budget is poor public policy, particularly for venture capital, stressing the importance of maintaining strong domestic capital source (07:24 ) The need to grow the economic pie rather than just redistributing income (13:45 ) Public discussions should aim at understanding fundamental problems and exploring viable solutions to foster a collaborative environment across various sectors (15:54 ) Nicolas Mulroney’s entrepreneurial journey (16:09 ) Nic’s upbringing and the influence of his family, especially his father from Prime Minister Brian Mulroney, on his career choices (18:27 ) Challenges and learning experiences from his time in finance that prepared him for entrepreneurship (20:10 ) Nic’s decision to leave finance to pursue running a business, attracted to transforming old economy industries (21:20 ) The process and rationale behind using a search fund to acquire a business, eventually leading to the purchase of a bakery (23:37 ) Advice from his father and Paul Demarais, encouraging him to pursue entrepreneurship (25:33 ) Operational challenges faced during the pandemic and the strategic shift towards building Bond Bakery Brands (30:08 ) Describes expansion of Bond Bakery Brands, highlighting the acquisition of assets and focus on commercial bakeries (32:08 ) The use of technology and data to improve operational efficiency across Bond Bakery Brands (34:36 ) Consumer trends affecting the bakery industry and the strategic response of Bond Bakery Brands to changing market conditions Fast Favorites: 🎙- Favorite Podcast: How I Built This 📰- Favorite Newsletter / Blog: New York Times Dealbook 📲- Favorite Tech Gadget: Phone 📈-  Favorite New Trend: Ozempic 📚- Favorite Book: The Outsiders 🤔 - Favorite Life Lesson: It's a funny thing, the more I practice, the luckier I get. Follow Matt Cohen and Tank Talks here! Podcast production support provided by Agentbee.ai