Gut-Checking Business Decisions: CEO Megan Gluth-Bohan on Learning from Pandemic Mistakes

My Favorite Mistake: Business Lessons from Failures and Success

My guest for Episode #270 of the My Favorite Mistake podcast is Megan Gluth-Bohan, a remarkable leader in the chemical industry. Megan is the CEO and owner of Catalynt Solutions, Inc., a prominent U.S.-based chemical distributor, and Chemblend of America, a renowned chemical blending and tolling facility.

EPISODE PAGE WITH VIDEO, TRANSCRIPT, AND MORE

Her companies stand out as some of the largest certified women-owned suppliers in North America. Under her leadership, they have achieved significant recognition, including a spot on the 2023 Puget Sound Business Journal's Middle Market Fast 50 list. Megan herself was honored as one of the Business Journal's Middle Market Fast 50 Leaders of 2023 and was awarded the prestigious Ernst and Young Entrepreneur of the Year 2023.

In this episode, Megan shares her journey through the highs and lows of her career, focusing on the lessons learned from her favorite mistake. She candidly discusses the challenges she faced during the pandemic, where rapid decision-making led to deals with untrustworthy customers. Megan emphasizes the crucial importance of taking a moment to pause and trust one's instincts, even in high-pressure situations. This conversation delves into how these experiences have shaped her approach to leadership and decision-making.

We also explore Megan's initiatives to support women in STEM and her efforts to create opportunities for previously incarcerated women. She talks about fostering a culture of open discussion about failures, without blame, within her companies. Join us as we dive into Megan's insightful perspectives on leadership, resilience, and the power of learning from mistakes.

Questions and Topics:

• How did you discover these deals were mistakes?
• How did the dynamic of group evaluation or group effort play into these deals?
• How do you handle team contributions when you're the one with the view of the entire chessboard?
• Have you faced similar situations with other deals since those mistakes?
• What specific factors led to the failures, and what did you learn from them?
• How do you apply the lessons learned from failures to future endeavors?
• Can you describe your company’s culture around failure and how you model it as a leader?
• Do you have a support network or board for advice and coaching?
• Can you talk about fostering a safe space for failure in your company?
• How do you categorize different types of failures and encourage the right type of risk-taking?
• How do you ensure organizational memory of mistakes to prevent recurrence?
• How do you balance treating people right with running a profitable business?
• What initiatives are you involved in to support women in STEM?
• Can you share about your efforts to create opportunities for previously incarcerated women?
• Is there a book in your future?