Gerard Teahon is founder and chief executive of Uniquely, a sales and customer service business process outsourcer and the recent winner of Customer Services Centre of the Year at the 2024 CCMA Irish Customer Contact & Shared Services Awards.
Are you a saver or a spender?
Both. I have always saved from a very young age and have always had goals and milestones that I wanted to achieve to show for the work being put in. As a result, savings were always spent to have something to show for the effort. A nice restaurant, a holiday, a house. I don’t think you can properly have one without the other – you have to put money away, but savings have to have a purpose.
What was the first job you ever received money for, and how much were you paid?
I worked in a bar/restaurant in Tralee in the early 1990s. I think I got paid £2 an hour. I followed that with a summer as a kitchen porter. Never again.
Do you shop around for better value?
From a personal perspective, I am not great at shopping around. My time is often at a premium, and though I understand and expect value, I will often just go with convenience.
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What has been your most extravagant purchase and how much did it cost?
About 10 years ago I bought an expensive overcoat. I surprised myself when I bought it; I still have it. It will come back in style!
What purchase have you made that you consider the best value for money?
We bought a site and, over the past seven years, built our family home in Kerry. There is nothing I regret about the buy or the build.
Is there anything you regret spending money on?
No regrets. If it did hurt, I learned from it, and I won’t make the same mistake again.
Do you haggle over prices?
Yes. From a business perspective, I have no problem asking for a discount if I don’t feel I’m getting value, but it depends on the purchase. I was brought up in a house where value was important – everything was haggled over, so I definitely understand the principle.
Do you invest in shares and/or cryptocurrency?
Yes, in shares for businesses. In my line of work, I come across a lot of high-potential businesses and I like to invest in them. I haven’t invested in crypto yet. I have spent time trying to understand it but I don’t fully grasp it. To me, it is a bet as opposed to an investment, and though I like a bet, I haven’t made one in crypto yet.
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Do you have a retirement or pension plan?
Yes, I have spent a lot of time over the last number of years planning for the future.
What was the last thing you bought and was it good value for money?
A horse called Will the Wise, as part of a syndicate. Value for money? I hope so.
Have you ever successfully saved up for a relatively big purchase?
I have saved up for every big purchase. My first house in Galway was the most intense in terms of saving. I don’t think I went out for a full two years as I saved everything to get the deposit. It was a great milestone to have achieved at the time, and I really felt it was worthwhile.
Have you ever lost money?
All the time, but only money I can afford to lose. I have a large appetite for risk, but I always think things through and consider both the upside and the downside. In terms of losing money stupidly, this year I lost a coat on the Wednesday of the Punchestown festival. It was a new coat with a good day’s winnings in the pockets. I hope whoever found it needed it and enjoyed it.
Are you a gambler and, if so, have you ever had a big win?
I love my horses, and I love a flutter. One of the most significant wins happened more than 20 years ago when I was working at Eircom. It was the Cheltenham Festival, and I had a bet on four horses (a yankee) in the morning as I knew I was in presentations that afternoon. Incredibly, three of the four came in – the great Istabraq was the one that didn’t. I took the following day off, went to Galway and paid off my student loans with the winnings. That was a big win.
What is your best habit when it comes to money? And your worst?
I’m good at making it, and I’m even better at spending it.
How much money do you have on you now?
I never really have cash on me. I have three children who are very good at reducing whatever I have. Right now, it’s about €50.
In conversation with Tony Clayton-Lea
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