Season beef with 2 teaspoons of salt and 1/2 teaspoon pepper all over. Set aside for at least 30 minutes at room temperature, or you can place in the fridge overnight.
In a large Dutch oven or heavy-bottomed pot with a tight fitting lid, cook bacon over medium-low heat until the fat is rendered and the bacon are browned and crisp about 10-15 minutes. Transfer to a paper lined plate. Reserve fat in the pot - you are building flavor.
Heat oven to 350°F. Raise the heat under the pot to medium-high cook until the fat is just starting to smoke. Time to start searing the beef. do not over crowd and sear on all sides. Remove seared beef to a plate or bowl. Repeat until all pieces have been browned and are on the plate. Add the onion and carrot and the remaining 1/2 teaspoon salt. Cook until soft, about 10 minutes stirring occasionally.
Stir in garlic and tomato paste, cook for 1 minute, stir in the flour, cook another minute and then add the wine, bay leaf and thyme, scraping up any of the browned bits on the bottom on the pot. Add the browned beef and half of the cooked bacon back into the pot. cover, and transfer to the oven. Cooking until the beef is very tender. about 1½ hours or so.
In a large skillet over medium high heat, combine the shallots and mushrooms plus a ¼ cup of water, the olive oil and a pinch of salt, black pepper and sugar. Bring to a simmer, then cover and reduce the meat to medium-low. cooking for about 10-15 minutes. Uncover and raise the heat to high cooking and tossing frequently until they are browned about 5-7 minutes.
To Serve, scatter the onion and mushrooms and remaining cooked bacon over the stew and top with fresh parsley.
NOTE: you can make the stew a day or two before, just wait on the onions and mushroom part until the day you are serving.