Ivan Yates was in flying form at Virgin Media Business’s Connector Zone during this week's All-Ireland Business Summit.

Over 1,000 delegates, 50 exhibitors and 10 speakers attended the fifth annual Summit in Croke Park. Main sponsor Virgin Media Business lined up radio and television presenter Ivan Yates to oversee the event’s Connector Zone. At the lively networking session, groups of four gathered at different tables for ten-minute sessions, where they shared thoughts and experiences.

Introducing the event, Yates told attendees that they have one thing in common. “You’re all nutcases for deciding to be self-employed and run your own businesses,” he declared. On stage with Yates were entrepreneurs, Deirdre McGlone, formerly of Harvey’s Point Hotel in Donegal, and Brian Hefferon, managing director of storage company Nesta.

Yates asked his guests how their businesses make customers’ lives better. “Customer surveys show that it’s location, people and price in that order,” said Brian Hefferon. According to Deirdre McGlone: “People make the place. Our staff make guests feel welcome and at home. It’s all about the céad míle fáilte.”

When asked about his worst mistake in business, Hefferon described his first foray into digital marketing. “I tried to get into digital marketing before I knew a lot about it,” he recalled. “After the first weekend, I had a bill for €8,000. That was a costly mistake, but the most important thing is to learn from that. Don’t try to beat the system.”

In Association with

Yates next asked McGlone what technology had meant for her business. “Technology is important, but you have to ensure that you don’t lose sight of the homemade welcome and the handwritten note that make all the difference to guests”, she said. “You have to get the balance right.”

Leverage Perils

Yates recounted some of his own business learnings, tracing his life as an early school-leaver to becoming a Fine Gael TD and government minister, to founding Celtic Bookmakers in 2006 and being declared bankrupt in 2012. “Celtic Bookmakers had 73 shops in the UK and Ireland and was making €4m EBITDA annually,” said Yates.

“I was invited to the best restaurant in Ballsbridge by the bank, who told me my business was valued at eight times earnings, or €32m, and my recently rezoned farm was worth €25m. The bank said, ‘Ivan you are worth more than €50m but you have a problem: you have no borrowings’. They fixed that problem, and in 2012 I was in Swansea Court going personally bankrupt. I don’t know if there is a heaven or a hell, but never, ever, ever sign a personal guarantee.”

Yates emphasised the importance of business owners always knowing what they are doing in their business. “You always have to be your own best accountant and solicitor, because when the going gets tough those guys will head for the hills.”

Connected Community

The event concluded with Yates speaking with Aidan D’Arcy, head of Virgin Media Business. D’Arcy explained that Virgin Media’s brand purpose is making connections matter. “We are building a community by connecting people and businesses across the country,” he said. “Our fibre network covers over 70% of business premises in the country. We are in all the major cities and 40 towns, and outside of that we have wireless solutions to meet connectivity needs.

“The big thing for me is that Virgin Media Business is available in more regional locations now. And being part of Liberty Global means we can work with our business customers to help them leverage technology to make their businesses grow faster.”

Yates concluded the event by sharing some CIA advice on networking skills. “People will forget what you said but they will always remember how you made them feel.”

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Photo (l-r): Deirdre McGlone, Brian Hefferon and  Ivan Yates.