Fame & Fortune: Gavin Duffy

Despite operating illegally, the broadcaster employed up to 25 people and was commercially viable.

From there, Duffy moved to RTE and Radio Ireland until 1989, when he set up LMFM, Ireland’s first licensed provincial local radio station. In 2004, Duffy and LMFM’s other investors sold the radio station to UTV for €11m.

In 1992, Duffy set up a media consultancy business called Dorland, the owner of Mediatraining.ie, which targets business executives. Other firms that Duffy has invested in, both through Dragons’ Den and independently, include HRM Group; Animatazz, which makes toy animation kit; and Henparty.ie.

Duffy, 52, lives in Co Meath with his wife, Orlaith Carmody, and their four children.

How much money do you normally carry in your wallet?

I take €300-€400 at a time from the ATM.

What credit cards do you use?

Visa. Purchases such as petrol are put on the credit card so I can keep track of them for the business. The cash I keep for personal use.

Are you a saver or a spender?

A spender. On Dragons’ Den I have been described as an investor, which sounds terribly grand, but I am really a gambler. RTE has created a casino for me.

Do you buy shares?

I’ve never been a share player, but that’s not to say that I haven’t purchased shares from time to time. It’s not my thing. I prefer to invest in something I can follow and influence.

Have you ever been really hard up or broke?

A number of times. I’ve been unemployed twice. I’ve been described as a serial entrepreneur because I could never hold down a job.

Entrepreneurs are usually arrogant because we believe we can do it better. Being hard up is what drives you; you don’t want to go back there.

Do you own property?

I’ve been a property investor for a number of years. I never got into land development or speculation and I didn’t buy property in Ireland after 2003 because I thought it was getting too expensive.

I purchase commercial buildings with sitting tenants and agreed leases for 20 years or so.

What was your first job, and how much were you paid?

Working for Dundalk in 1979, for which I was paid IR£45 (€57) a week.

What is the most lucrative work you have ever done?

My day job as a marketing consultant is the most lucrative work.

My only expense is the suit I turn up in and I’m paid large fees to advise companies about how to market their products. Touch wood, I feel I’m very fortunate in that regard.

My investment in LMFM went spectacularly well for myself and fellow directors. We were fortunate to sell it to UTV in 2004.

What is the worst thing to have happened to you financially?

In 1985, when I was 25, I promoted a summer festival in Drogheda, Co Louth.

I had Billy Connolly and others on the bill. I charged IR£12 but should have charged only IR£8. I thought I was going to sell 3,000 tickets. I didn’t.

That was a big lesson for me. I’ve avoided promoting festivals ever since.

My co-investors were good, solid people and were paid back. I came away without a penny after giving it six months of my life.

What makes a good entrepreneur?

I cringe at the start of Dragons’ Den when we’re introduced as the country’s most successful business people. I’ve asked RTE to take out that line because I don’t consider myself successful. I’ve learnt from, and survived, many failures.

You build up a knowledge base of what works and what doesn’t work. You learn when to drop the tent on something. In business, the biggest losses arise when people throw good money after bad.

Have you ever seen people spend money in a way that shocked you?

I certainly have — including myself. On one occasion, a friend’s girlfriend bought him what looked like a jewellery box but it was a vibrating watch holder. At that time we didn’t have just one Rolex, we had all the brands and then you had a box to put them in that vibrated so it kept them wound automatically.

It was at that point I began to suspect we really were losing the run of ourselves in Ireland.

What was your best investment?

On Dragons’ Den, it is TanOrganic. I ended up with 45% for a €50,000 investment. It’s early days but it’s looking like I’ll get a spectacular return.

What was your worst investment?

Business people have amnesia about really bad investments, the ones that kept you awake at night.

You learn from them and move on. However, I particularly remember the 1985 festival event because it really hurt at the time.

What’s the most extravagant thing you've ever bought?

I’m not extravagant except when it comes to family holidays. There’s nothing I like more than the extravagance and opulence of a wonderful hotel.

I used to do show jumping but I never spent silly money on horses because I wanted to develop my own.

Do you manage your own financial affairs?

Not really. I think it’s important to have external, professional advice and therefore I don’t complain about accountants.

I have an accountant who advises me, Neil McGeown of KMR in Dundalk. He’s a much-valued adviser.

Have you been personally affected by the recession?

Certainly. My property portfolio has devalued but I was lucky that I wasn’t into speculation or development.

I’m fortunate in that my day job is still in demand. I don’t like to use the term “recession proof” but it appears to be that way.

What is the most important lesson you have learnt about money?

It’s only money. Never get carried away by it. Never be owned by it. Never think you’re extra special because you have it, and don’t think you’re anything less because you don’t have it. To have a wife who loves — or rather, tolerates — me and four healthy children is wealth.

I wouldn’t underestimate the financial problems of many people. They don’t sleep at night due to their financial problems. If you’re a young person in negative equity, it could gnaw away at you, but time is a healer. You can’t say that about a health problem.

What's your financial priority?

To make money work for me rather than having to work for money.