The Role Of The Chairman: Lorcan TiernanExpertly Put is a series of exclusive conversations with industry experts, designed to help business owners and management teams gain a deeper understanding of the topics that matter most. In this edition, Stuart Fitzgerald sat down with Fitzgerald Power’s chairperson Lorcan Tiernan to discuss the role of the chairperson and how they support ambitious management teams.Lorcan TiernanI first met former Dillon Eustace M&A partner, Lorcan Tiernan in 2019. We were both representing the MBO team, led by John Florence, that would ultimately acquire Irish Homecare, with support from MML. In recent weeks the business was sold to CPL.After 30+ years in corporate law, Lorcan has hung up his solicitor’s hat. He now works with fast growing Irish SMEs like Fitzgerald Power as non-executive chairperson, helping them to develop and execute growth strategies.He’s in our Greyfriars office for a series of strategy sessions and between meetings we chat about his current chapter.Stuart Fitzgerald: You’ve had a really interesting 36-months or so in your role as chairperson of some very successful Irish companies. Who you are currently working with?Lorcan Tiernan: Right now, I’m chairperson of Fitzgerald Power, which operates in the financial services sector and OROKO Travel, a luxury travel business. I have also recently taken on the chair role for ACE Money Transfer, a regulated money transmission firm. Up until July, I was also chair of Principal Logistics, which was acquired by a U.S. company. In addition to that, I provide board advisory services to Cogs & Marvel, which specialises in event management.SF: Quite a diverse portfolio. Does that create challenges for you?LT: Actually, there’s huge commonality. The sectors couldn’t be more different but the challenges are always the same. Each of the companies share a common focus on growth, leadership, and strategic execution. They are all extremely ambitious. The challenges that a good chairperson helps to solve are rarely product or service related.SF: Technical accounting service questions in our business, for example?LT: Exactly. Where a good chair adds value is on the knotty, strategic challenges that businesses face. And you’d be amazed on the cross-sectoral parallels.SF: What drew you to these businesses?LT: For me, it’s all about chemistry with the CEO and senior leadership team. The sector itself is less important. It’s the people and the dynamic that matter. I typically spend around six months getting to know the CEO and their team before committing to any long-term arrangement. This gives both sides time to build trust and understand what I can bring to the table. Many of the companies I work with are at a stage where they are considering transactions — whether that’s acquisitions or other strategic moves — and that often puts me on their radar. But I like to look for companies that are open to building a broader relationship beyond M&A, where we can work together on long-term growth and the development of the business.SF: You briefly mentioned common challenges that companies come up against. How do you help?LT: SME owners often find themselves in a very lonely role. The weight of decision-making can be immense, and many CEOs appreciate having someone to bounce ideas off in an impartial way. What I find most effective is creating a regular, informal dialogue. For instance, I meet with CEOs weekly for a casual coffee chat, which helps them frame their week and get some clarity. The challenges they face are constantly evolving, from managing cash flow to figuring out growth strategies. My approach is to structure our meetings around what’s pressing at the moment, rather than sticking to a rigid agenda. This flexibility is key because the issues they face can shift rapidly.SF: CEO support aside, what else is involved?LT: I divide my responsibilities into four main groups: the CEO, the board, the senior management team and the shareholders, especially where there are external investors involved. In regulated sectors, like financial services, there’s a fifth group — the regulatory bodies. My job is to ensure that each of these groups gets the right level of attention without disrupting the day-to-day operations of the business.A lot of people think that the role of the chairperson is primarily about governance and board meetings. While these functions are important, they’re not the whole picture. Once the board meetings are scheduled and the governance framework is set, the real work happens outside of the boardroom. I focus on regular communication with the CEO and senior team, helping to address issues as they arise. I also take the time to meet with senior management individually a few times a year to understand their challenges and support the CEO’s messaging across the organisation. When it comes to investors, keeping them informed and avoiding surprises at board meetings is key to maintaining strong relationships.SF: The companies you work with have all experienced significant growth. What do you put this down to?LT: They have all succeeded through a combination of hard work and a clear, focused growth strategy. There’s no replacement for a strong work ethic, but beyond that, you need to have a well-defined plan for growth and the discipline to execute it. At Fitzgerald Power, for example, we’ve always made sure that we have the right infrastructure in place to scale, and that requires investing ahead of growth. Having a clear sense of direction and sticking to it — even when distractions come up — is critical. You also need to be flexible enough to adapt your strategy as you learn and grow.SF: Growth through acquisition is often a key strategy for ambitious management teams. From your experience, what makes a good M&A target?LT: At Principal Logistics, where we had a particularly effective acquisition strategy, the approach was driven by identifying very specific criteria for potential targets — things like shareholder profiles, company size, and geographic location. This focus helped the team avoid distractions and made it easier to act quickly when the right opportunity came along. Speed is critical in M&A because hesitation can cause deals to fall through or lead to issues post-transaction.However, the most important factor by far is cultural fit. You can acquire a company with great financials, but if the culture doesn’t align, integration will be tough. I always advocate for treating the acquired company’s team with respect and decency after the acquisition. When people feel that their interests align with the acquiring company, it makes integration much smoother. I also believe that aiming for “complete” integration is not always necessary or productive. Focus on the key areas that matter most and be flexible with the rest.SF: I completely agree. I’ve yet to see an excel model that captures cultural integration. The amount of time that’s spent on people and culture issues in diligence and pre-deal planning is absurdly low. What cultural integration challenges have you encountered, and how do you manage them?LT: The biggest challenge is often blending two different company cultures. Sometimes the cultural differences aren’t apparent during due diligence, so you might not discover them until after the deal is closed. For example, differences in work ethic or decision-making styles can cause friction. Another challenge is the emotional impact on the team being acquired. It’s not uncommon for them to feel a sense of abandonment when the previous owners exit the business, especially if they’ve worked together for years.One thing that helps mitigate this is ensuring that the selling shareholders share some of their proceeds with their team. It shows that the team is valued and helps maintain morale during the transition. The human element is critical in these situations — you need to manage the emotional side of the transaction, not just the financial and operational aspects.SF: Makes sense. For SME owners who are looking to scale, what advice would you offer to ensure they’re prepared for the journey?LT: My main advice is to invest ahead of your growth. If you truly believe in your growth strategy but don’t have the resources to execute it, don’t hesitate to bring in external capital. Many companies try to grow organically, but more often than not, they need that extra financial firepower to reach their full potential.When you’re bringing in external investors, make sure they offer more than just money. Investors who can bring strategic insights or valuable networks are far more valuable than those who just write a cheque. Also, and I can’t stress this enough, do your due diligence on potential investors. You’ll want to partner with people who are aligned with your vision. Ireland is a small place, so use your network to find out who has a good reputation and who might not be the right fit for your company.SF: Any final thoughts?LT: If you want to build a great business you have to be brave, so aim high. Don’t be afraid to set ambitious goals. Even if you don’t hit all of them, you’ll make far more progress than if you had set more modest targets.Secondly, you need to lead by example. If you want to inspire your team to work hard and stay committed, you have to show them that you’re willing to put in the effort too. And finally, take care of yourself along the way. Growth can be exhausting, and it’s easy to burn out if you’re not careful. Whether the journey is a sprint or a marathon, make sure you pace yourself and take time to recharge.Until next time.To find out more about Lorcan, check out his LI here. See you soon for the next edition of Expertly Put.