John Dempsey is a very successful entrepreneur who graduated from the school in 1986. He runs a Dublin based company who have clients from GameStop to The K Club. His company predict revenue of over €10 million by the end of this year alone.
Here’s his interview:
What were you like as a student in school?
To be truthful, I was probably a bit lazy. The subjects I really liked were Economics (Tony Gleeson) Maths (Pat Power) History (Michael O Donoghue) English (Tom Ambrose). I think the way these teachers approached the course really made it relevant.
What year did you graduate?
1986
What subjects did you study for your L. Cert.?
English, Irish, Maths, History, Chemistry, Economics, Geography. Can’t remember the others.
How many points did you get in your L. Cert.?
I don’t remember, lets just say, I was never going to do medicine!
What did you think of school, was it good fun, or terrible to go into every day?
School was great; I enjoyed it most of the time. I think double classes of Irish first thing on Monday morning was the worst I could say about my time in the High School.
What did you want to do after school?
Initially, I wanted to join the Gardai, but back in the 80’s they were not recruiting. Just as I entered 5th year, I got a part time job in Dunnes Stores. This is where I first encountered true commercialism. I was soon hooked. I realised that where society or business’s had a need, a person or a company who could service that need could make a nice living.
What college did you apply to, and if you did, what course did you want to do?
I did not apply to any college, after my leaving cert, I went straight into Trainee Management with Dunnes Stores.
What is your favourite memory of school?
I have a few; my proudest was getting to two Munster finals with the school (Hurling & Football). The friends I made, many of whom I am still in contact with. Finally the 5th year show with the Presentation Convent was so good, I repeated 5th year.
What jobs did u do before starting your company?
Trainee Manager, Manager, Area Manager and Buyer with Dunnes Stores Managing Director for Eircom’s Retail Division.
What inspired you to set up a security company?
When I was working in Eircom, we had a real problem with stock loss in one of our stores. We went to the golden pages and found four companies providing anti theft solutions. We invited the four companies in for a meeting. Of the four we invited in, three turned up. I found the companies focused on their technologies rather than focusing on the solutions to our problem. These companies had good products but as sales people they failed on a number of points.
Did you conduct market research?
Interviewing these three companies was the start. I felt we could provide a better service to Retailers in Ireland if we focused on their needs (to reduce stock loss), most retailers knew nothing about RF or AM (exactly). Between my wife and I, we had 40 years retail experience, we knew the problems. All we had to do was package the solutions in a clear way.
Was there a niche in the market for your business?
Most definitely, when we started, our competitors focused on the clothing sector. We knew the quickest way to grow our business was to create new markets for our business. So we focused on selling to retail sectors who previously had not considered using anti theft equipment.
Do you have a big client base? If so, can you name some of your main ones?
Our business has grown steadily over the years, our customers include Supervalu, Centra, Spar, GameStop, Heatons, Atlantic Homecare, DID Electrical, Ryanair, & K Club.
Was it hard work to set up? E.g., finding capital, sourcing employees and materials, etc.
The most difficult part was sourcing suppliers who had reliable products. We have been very lucky with our employees. Our business would not have been as successful if it was not for our team of engineers who are brilliant and very customer focused.
Do you advertise? If so, through which medium?
We use a number of means, Golden pages, Ad words on Google, Yahoo adverts, Direct Mail. But never underestimate the power of a customer referral. About 50% of our business each year comes from repeat business with existing customers and referrals. In business terms, Ireland is tiny. If you screw up, word quickly gets around. “So always under promise and over deliver”.
How many employees do you have?
We have 21 engineers around the country, 8 in the office.
Tell me about your company?
Detectag Securities Ltd. Provides anti theft solutions to Retailers. Home CCTV, provide and install CCTV systems to householders Security Warehouse acts as a distributor for many of the worlds largest manufacturers of security equipment. Screenfood Ireland Ltd is a Digital Media solutions provider.
How much revenue, on average, have you taken in each year, since founding the company?
The company continues to grow, in our first year turnover was about €200k, this year it will exceed €10 million.
If your company was to be sold, how much would the market value it at?
About 2 time’s turnover or 8 times profit seems to be the international benchmark.
Is there a big market for your company?
Globally, retailers lost $1 Billion last year to shoplifting. As the economy deteriorates and unemployment rises, shoplifting grows. If we can provide cost effective solutions, we will remain relevant to retailers and consequently grow our business.
Have you any main competitors?
Competition is welcome, always be aware of their offerings but never become obsessed with them. Stick to your gameplan, a business that follows competitors rather than strives to be a leading player has no real competitive advantage.
What position in your company do you hold?
I involve myself in the sales and marketing functions.
Is there a B.O.M.?
2 Shareholders ( my wife and I) , however we have a very strong team of non executive Directors whose assistance is invaluable.
Coming from a “small” country town to living in the “big” city, was it a culture shock or were you used to being there from college?
Moving to a City from a smaller town has some drawbacks (traffic, mainly), but I found this to be outweighed by the greater opportunities.
Since setting up the company, have there been any difficulties? e.g., getting clients, advertising, loss of revenue, failure of your technology?
In the early days, the biggest challenge was convincing a Retailer to spend significant money with you as a start up company. They wanted to be sure you would be there in a year and not gone with their money leaving bad or faulty equipment behind you. You just have to believe in your offering, be better than the competition and keep working on improving your offering. It will pay off.
If you could do one thing different, what would it be?
I think we would have embraced the internet earlier, Google has provided us with so many opportunities since we started advertising with them.
Does your company have a website?
www.detectagsecurities.ie
www.homecctv.ie
www.securitywarehouse.ie
www.screenfood.com
What words of advice would you give to future entrepreneurs?
· Never stop wanting to learn new things · Never give up. · Never spend it before you earn it · Always listen to your customer · Always ask yourself “ can we do this better” · And most importantly ENJOY WHAT YOU DO. · Ask yourself, “what do I like, what am I good at ” Can I be one of the best ?
What do you drive?
My greatest weakness is cars, currently I have a BMW X5, but I am already thinking about my next car. I might buy a Porsche when you send me the cheque for this article!
Where do you live?
In Wicklow, but I will always cheer for Tipperary.
How much are you worth?
Definitely more dead than alive.
Who influenced you most growing up?
My mother, she showed us that with the right attitude and hard work, you could achieve anything.
What are the challenges facing businesses these days?
Keeping costs under control is a major issue and in my view if we don’t do this as a country, the larger employers will simply move their operations abroad. We already outsource some of our web design to Poland and have saved about 40%. |