Me & My Money: Frank Hederman, owner Belvelly Smokehouse

Are you a saver or a spender?
We focus entirely on creating an income that feeds the business of smoking food. I'm not interested in an "exit strategy" and making a quick buck. I'm interested in creating a long-lasting family business with integrity. That requires spending.

Do you shop around for better value?
As far as food goes, there is no such thing as cheap food. We purchase for the business as we do for our home, with great care and mindfulness.

What has been your most extravagant purchase and how much did it cost?
My most worthwhile purchase would have to be the money invested in my smoke generator and the construction of what is the only authentic timber smoke house for fish in Ireland. Now 30 years old, it still produces the most beautiful smoked food and I am fiercely proud of it.

D o you prefer to shop online or local?
Always local, unless I'm buying flights. I believe in supporting fellow traders in the English Market, and at Midleton Market and shop-owners who take pride in their businesses . . . I believe in giving something back, supporting the people who support you. I like walking into a beautiful shop . . . You simply can't replicate that online.

Do you haggle over prices?
No, I believe in paying the proper price for goods. I think it's in the trader's gift to decide if a discount be given.

Has the recession changed your spending habits?
I started my business in a recession and have worked through several. It hasn't changed the way I do business. Rather it's changed how people do business with me – the bank, our customers. We're finding a lot more people purchase from us because they prefer to treat themselves at home rather than eat out, and we provide the perfect excuse to do just that.

Do you invest in shares?
No, I invest in the business. Most of all I invest my time.

Cash or card?
Cheque book. Cash for tips.

What was the last thing you bought and was it good value for money?
I bought some very beautiful fittings for the refurbishment of our shop in the English Market. I think it is a good idea to repay customers' loyalty by treating them with an even more pleasurable experience. And the English Market can't afford to rest on its laurels, despite its achievements in recent times.

Have you ever successfully saved up for a relatively big purchase?
I tend to spend spontaneously, or borrow money when required. I like buying things to mark important events, but I'm not organised enough to put money aside.

Have you ever lost money?
In business, yes I have. But you learn by your mistakes. We now do business with people with whom we like to do business, and everyone gets along fine.

Are you a gambler?
I'm not a gambling man. In business, I've always been careful to spread the risk.

Is money important to you?
No, I have never allowed it to be.

How much do you have on you now?
Enough for everyday adventures.

In conversation with Tony Clayton-Lea