Zack Irani of Biomerica: Five Things I Wish Someone Told Me Before I Became A CEO

An Interview With Ben Ari

Always raise more money than you think you might need and raise it before you need it. Markets go up and down, so you want to make sure that you can accomplish your goals without being subject to volatility.

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 Zackary Irani.

Mr. Irani has served as Biomerica’s Chairman of the Board and Chief Executive Officer since 2010. Prior to that time, Mr. Irani served as the Company’s Vice President of Business Development. During fiscal 2008 and 2009, Mr. Irani also served as Chairman of the Board of Lancer Orthodontics, Inc. and served as Lancer’s Chief Executive Officer from April 1997 until April 2004.

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 knew that I wanted to be in healthcare since about age 14. At that time, one of our family friends was diagnosed with cancer and it affected me deeply to see her go through the challenges of the disease. I had such a profound feeling of helplessness then that I knew I wanted to spend my life and career looking for ways to help people with severe medical illness. That experience, along with my entrepreneurial upbringing and can-do attitude, that was engrained in me by parents who emigrated to this country when I was a 1-year-old, made me realize that I wanted to be a leader of a company in healthcare, where my passion and drive could combine.

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

I’ve learned that, as a business leader, I may think we have a clear path forward for one of our products, but the truth is, the market can go in a completely different direction. However, if you’re a flexible entrepreneur who is open-minded and market driven, you may be able to adapt and create something even better.

Biomerica originally excelled as a diagnostic company. We’re now evolving into a diagnostic-guided therapy company thanks to the revolutionary science behind our InFoods Technology products. InFoods is an entirely new approach to personalized medicine; it is designed to allow physicians to identify patient specific foods that, when removed, may alleviate or improve an individual’s irritable bowel syndrome, or IBS symptoms. IBS symptoms include constipation, diarrhea, bloating, pain and indigestion. It was actually feedback from the FDA that suggested we go down the route of a diagnostic-guided therapy because the results from our test can also help treat IBS. With InFoods, we’re not just saying “here’s what’s wrong”; instead, we’re giving doctors information about how to personalize treatment by designing a diet with the patient that avoids specific foods which can be triggers of pain and inflammation for each of their patients.

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?

Dr. Doug Drossman, who is the founder of the Rome Foundation, is one of the most prominent researchers and GI practitioners in the world. His organization sets the worldwide guidelines for diagnosing and treating GI diseases, and he’s the one who put functional GI on the map of doctors. One time when I was talking to him about InFoods and the science behind it I said, “do you know what a p-value is?” Of course, someone with this background, who has written over 500 articles and book chapters and has been on the forefront of cutting-edge medical research knows what a p-value is! The lesson here is do your research and know who you are talking to, and make sure to adapt as necessary. Dr. Drossman, by the way, became a member of our Scientific Advisory Board so luckily did not take offense to my slip up!

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 like a sponge; I love observing interactions and how people do things. So, there are so many people who helped me along the way — both directly and indirectly. There are two people, in particular, that stand out.

The first is Allen Barbieri, who is a great friend and has been on the Board of Directors at Biomerica for over 15 years. He has extensive executive level experience in many different business sectors. Being able to bounce things off him when I’m facing difficult or important decisions that shape the company’s future, has been invaluable. Of course, there are other business associates whose knowledge I often tap in to. Any successful leader needs to be good at listening highly knowledgeable people to make sound decisions.

In addition, my uncle Joseph Irani had been a great mentor. He was always happy and singing. No matter what was happening, my uncle never reacted negatively. He instilled in me that everything happens for a reason — and that if the same negative thing keeps happening then it’s a lesson that should be fixed. He also taught me that hard work and a positive attitude can overcome almost anything in life.

As you know, the United States is currently facing a very important self-reckoning about race, diversity, equality and inclusion. This may be obvious to you, but it will be helpful to spell this out. Can you articulate to our readers a few reasons why it is so important for a business or organization to have a diverse executive team?

I’m a member of the Young Presidents Organization. Many years ago when I joined my local chapter, there were no women, although some women had applied. At the time, there was a question “would women change the dynamic?” and my position was “yes, it would — for the better.” There are, of course, a lot of obvious ways the perspectives of women improve an organization. I also believe that some women tend to be more spiritual and more connected, bringing deeper and more fulfilling relationships to a business group. Also, as a child of immigrant parents, I believe that diversity in life experiences and viewpoints, makes organizations far more productive. I believe everyone can achieve DEI experience through non-traditional ways such as volunteering, taking extra classes and investing in oneself.

As a business leader, can you please share a few steps we must take to truly create an inclusive, representative, and equitable society? Kindly share a story or example for each.

I think that all business leaders need to be humble and ensure egos don’t get in the way of doing what is fair and right. We can learn so much by listening to and becoming connected to different members of our communities. I ask myself what my intentions are and “how I can work with this person to achieve both of our goals?”

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?

I think the number one job of a CEO is figuring out how to bring out the best of each team member to achieve your organization’s goals. Every personality is driven differently. For example, Some people are focused on monetary compensation while others are motivated by recognition. You, as CEO, want to make sure everyone in the boat is motivated and rowing in the same direction with you!

As a public company CEO, there are more responsibilities, too. You need to set and manage expectations so all of your stakeholders, including investors, understand and believe in your long-term vision. You are entrusted with creating shareholder value.

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

One of the greatest myths about being an executive is that you can kick back and order everyone around while you enjoy long lunches, golf breaks and a huge salary. As a microcap CEO, that is not happening. On the contrary, you often need to roll up your sleeves, get in the weeds and fix problems. The reaction to the problems is what sets CEOs apart, but you absolutely need to be on the front lines with your team.

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

I never thought being a CEO would be an easy road, but I underestimated how politics play a role in an organization. It’s something that needs to be actively managed.

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?

No, I don’t. Being a CEO means making hard decisions that will often make people unhappy. Just because your parents or society instill in you that you should strive for the top, doesn’t mean you’ll be happy in the role. I believe most people can find more career satisfaction and happiness in roles that are not executive level positions. Feeling the full responsibility for the success of the Company can be difficult!

To be a truly successful executive, I believe you need to find something that you’re passionate about. As I mentioned earlier, my family friend who passed away from cancer left a hole in my heart, and I wanted to use my career to make a difference in healthcare. Some business school professors and friends had urged me to become a lawyer. While I believe I had the skills to be “good” in that career, I know I would have been miserable and far less successful in a role where I had no passion.

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

Team members should feel like family and want to take care of each other. If everyone is transparent, and can move on after a disagreement, then people will know that they can trust you to do the right thing. Simple acts of kindness show that you are doing things for the right reasons.

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

One of the best parts about working for a company in healthcare, like Biomerica, is that we are only successful if we are positively impacting peoples’ lives and improving their health. Our company has made it easier for people to take charge of their own healthcare, affordably, through our at-home tests that can be found at major retailers like Amazon, Walmart and Walgreens. We are now revolutionizing the way people view IBS and other GI diseases. Rather than blocking inflammation, or putting a Band-Aid on a problem, we believe we can stop the cause of inflammation by providing information about what individuals with IBS may be sensitive to. We believe this represents a new era in personalized medicine.

Fantastic. Here is the primary question of our interview. What are your “5 Things I Wish Someone Told Me Before I Started” and why? (Please share a story or example for each.)

1. Everything will take twice as long and cost twice as much as you think. It takes time to educate the market on the vision and value of your product. I like the saying that “most overnight success stories took 10 years to make.”
2. It takes a lot more energy than you realize to put together a strong team.
3. A great idea is only 10% — 90% is implementation, struggle and strife, especially if you’re breaking boundaries.
4. Always raise more money than you think you might need and raise it before you need it. Markets go up and down, so you want to make sure that you can accomplish your goals without being subject to volatility.
5. If you’re doing something you’re passionate about, you’re going to put more of your body and soul into your efforts. It will never be just a job.

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.

I want people to understand that the only person who can truly take care of you is yourself — we are our own best doctors. That is why I’m so passionate about inspiring people to take control of their own health, and why Biomerica was the trailblazer of at-home laboratory testing when few others were thinking about it. As has been proven time and time again, the more information that you have about what is happening in your body and the earlier in a disease progression you get this information, the more likely you’ll have more favorable outcomes. So, we encourage everyone to prioritize their health, make sure that they know their risks for certain diseases (even if you currently feel “healthy”) and follow all recommended screening guidelines.

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

“Everything happens for a reason.” Learn from lessons that are not just positive but also negative. I learned more and achieved greater growth when things were difficult. My family background and personal philosophy has been to learn from every experience.

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

Elon Musk. He has done a lot of trailblazing, which takes so much drive, passion, vision and commitment. Automakers basically “killed” the electric car before Tesla and now they’re desperately chasing to keep up. That’s inspiring — if you do good, it will be good.

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