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Tad Phelps is CEO of Fintech, a business solutions provider used by retailers like CVS, Dollar General, and Food Lion.
How would you describe your job to someone who doesn’t work in retail? Fintech is in the business of enhancing operational efficiencies for retail, hospitality, and alcohol distributors. We have been around for more than 30 years and work with leading retail brands across the nation in a few different facets: providing technology solutions to support their accounts payable process (or how they pay their vendors) and to help manage their inventory—processes that can be extremely complicated and convoluted for multi-location stores. I spend the majority of my job working to understand ongoing pain points for these operations, and how our suite of technology offerings can best remedy those issues. The retail industry continues to quickly evolve, and my role is to identify how we can evolve alongside our customers to best serve them.
One thing we can’t guess about your job from your LinkedIn profile? I am still involved heavily in all our new products, from inception to features and functions. Our products, along with our people, are our lifeblood and I like to stay closely involved with both. I hate taking credit for our success. I know it sounds cliché, but all our success goes to our employees (our Fintechers); they really drive the company forward, are constantly innovating, and are a great group of people first and foremost.
What’s your favorite project you’ve worked on? I really do not have a favorite, but the favorite part of my job is M&A. Each deal, win or lose, is its own project that has its own nuances and challenges. I really like meeting other CEOs and founders and hearing their story and helping them find a home for their company and people. On a personal level, I am currently working as part of a team to help fund an area children’s hospital—this is something that I really enjoy working on.
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Which emerging retail trend are you most excited about right now, and why? There are two that stick out: One is just how much I have learned about scan-based trading since we acquired iControl and Nexxus and how this technology can completely change the retail landscape. The more I learn, the more I get excited about how we can help lead bringing this to the forefront of how retailers conduct business with their suppliers. The other is something I first ran across in Brazil several years back and is now starting to take hold in the US and that is buying everyday items such as clothing on a payment plan and seeing how that payment plan is presented/offered right on the shelf.
What’s your go-to coffee order? I don’t drink coffee, never have—just do not like the taste.
Worst piece of advice you’ve received? I was once told that I was too loyal to my team and that I had to distance myself from them to be able to make the tough decisions when/if it comes to it. Maybe they are right sometimes, but I would rather really know and enjoy those who are around me every day and give them every opportunity to succeed. I have been paid back a thousand fold by those people that I have been loyal to over the years and their loyalty in return has helped me get where I am today.
What was your favorite retail product when you were 15, and what’s your favorite retail product now? At 15, it had to do with anything sports related. I lived, ate, and breathed sports. Now it is probably wine. I enjoy drinking and collecting wine, and it is a hobby that I get great enjoyment out of through learning about whether it is the different wine regions and grapes or just enjoying a glass with my family and friends.