Killian O’Sullivan is commercial director of The Connacht Distillery, connachtwhiskey.com
Are you a saver or a spender?
I’m more of a spender but, in truth, my other half and friends often complain that I’m impossible to buy for as there’s very little I really want. I tend to spend too much on spirits to get a hold of the packaging, which is a bit geeky I admit, and then have to gift it away when there’s no space left in the apartment!
Do you shop around for better value?
Always. From a young age, I was always advised by my parents to look around for good value and I took that with me into my first job at C&C Group where I worked in procurement. Quality, service and price were our watchwords, and those have stuck with me.
What has been your most extravagant purchase and how much did it cost?
I’m not sure I’d count a secondhand VW Golf as an extravagant purchase, but it was when I first lived in the UK. It cost £11,500 in 2005. A fabulous car, even if it did cost a fortune in VRT when I moved back to Ireland. The VRT was happily refunded.
What purchase have you made that you consider the best value for money?
I tend to purchase things that last, but in terms of absolute value, I really love my iPhone. I tend to walk 10km a day and it allows me to enjoy podcasts, listen to books and keep on top of calls and emails.
How did you shop during the Covid-19 restrictions – online or local?
I’d say a healthy mix of both, but with a bias towards local businesses. It was really great to be able to support local food businesses in particular. We launched our Batch 1 Single Malt Irish Whiskey last August, the first whiskey to be distilled in Mayo for over 150 years. We had a great reaction from local stockists, with many openly willing to support and stock a locally-produced product. I think Covid-19 encouraged that.
Do you haggle over prices?
Very much depends on the context. I like a bargain but I’m much more inclined to haggle with larger companies and service providers than with smaller and local businesses. Getting a deal on TV subscriptions or wifi puts a smile on my face.
How has the pandemic changed your spending habits?
I definitely started shopping more locally when it comes to food, and I have been supporting more local restaurants as and when they’ve been allowed to open.
Do you invest in shares?
I’m not a massive fan of shares. I have been burnt on a couple of occasions and now tend to prefer private companies rather than listed ones. I’d much rather understand a business, the owners, the people, their motivation and passion than to focus purely on spreadsheets and forecasts from anonymous plcs. It’s how I choose the businesses I work with, as well. It doesn’t always work, but at least I can own my mistakes.
Cash or card?
Card, but I keep some cash for businesses that have an old-fashioned till with no card machine.
What was the last thing you bought and was it good value for money?
The last big purchase was a Briggs & Riley suitcase with a lifetime guarantee, so we’ll see how it goes. It replaced my hard-shell Samsonite that had lasted 10 years and travelled the world with me.
Have you ever successfully saved up for a relatively big purchase?
Not that I can recall.
Have you ever lost money?
Yes. A couple of the companies I invested in didn’t work out, but you learn from that. The worst mistake I made was giving a personal guarantee for a business I had established but which went under as a result of the financial crisis. I would never do that again and advise any aspiring entrepreneur to avoid giving one.
Are you a gambler and, if so, have you ever had a big win?
Nope. I enjoy horse racing but my bets tend to be a euro each way a half dozen times a year, so my Paddy Power account isn’t terribly profitable for them or for me. I’m actually so disinterested in gambling that when I was at one of the big casinos in Macau, instead of playing the games, the operations director, who was from Dublin, gave me a tour of the back office as I found the business more fascinating than the games tables.
Is money important to you?
It’s important insofar as it gives you the freedom to do certain things.
How much money do you have on you now?
Unless it’s via Apple Pay, not a cent.
In conversation with Tony Clayton-Lea
