Work ethic at rare books business

George Fonsie Mealy is the third generation to run his family's Kilkenny-based fine art and rare books auctioneering business.

What is special about your business?
We have been a family-run business since 1934 when my grandfather established the firm. My dad subsequently joined the business and I followed in his footsteps. Some of our staff have been with the company for 40 years and our customers love seeing their familiar faces when they come to an auction.

What sets your business apart in your sector?
Throughout the years we have developed a reputation as experts in rare books and fine art and we are the only auction house in Ireland that holds regular specialist rare book sales. In recent times we were chosen to auction the late Fred Hanna of Dublin's private collection as well as other important libraries.

What has been your major success to date?
Surviving countless dips in the economy and being chosen to auction the contents of some of Ireland's most prestigious country houses and private collections. For example, Mount Congreve, Luggala, Abbeyleix House, Fort William, Coolavin, the Ronald McDonnell Collection and the Murnaghan Collection to mention a few.

What has been your biggest challenge?
It is difficult to implement change in such a long established business but we must move with the times. Charles Darwin summed it up when he said "it's not the strongest that survive, nor the most intelligent, but those most responsive to change".

What key piece of advice would you give to someone starting a business?
Love what you do. I am passionate about my job and don't mind putting in those extra hours. I was even answering my work phone on my honeymoon!

Who do you admire most in business and why?
My father Fonsie Mealy. His work ethic is admirable. He has the same drive and enthusiasm today as he did when he joined the firm 50 years ago at the age of 17. He is an expert and leader in his field and is a fountain of knowledge. He is as busy as ever and is constantly working to improve what we do.

What are some of the most interesting items you have sold at auction?
Throughout the years we have sold many historical manuscripts and artefacts, most notably the original manuscript of Ireland's national anthem Amhrán na bhFiann which realised in excess of €800,000. Also Kevin Barry's last letter which raised €85,000.

At one of our collectors’ sales we sold one of the original footballs used at the infamous Bloody Sunday match in 1920 (€30,000), and also the first ever football All Ireland Medal won by Limerick in 1887 (€28,000).

What's the biggest mistake you've made in business?
I'm too young to have made any big mistakes….yet, but one of the most difficult aspects of my job is trying to juggle a number of projects at once and trying to keep everyone happy – family and clients alike.
In your experience are the banks lending to SMEs currently?
Over the last few years it has become very difficult to secure funding on even a short-term basis from banks. In the case of SMEs and family-run businesses, the banks are reluctant to issue credit without stringent conditions attached, including obtaining extensive personal guarantees from the owner(s)/management. It can also be very difficult and frustrating at times to convey the inside workings of a small business to a lender.

What is the most frustrating part of running a small business?
I find that there are never enough hours in the day to address as much as I'd like to. In a small business it's necessary to be somewhat of a "jack of all trades".

What's your business worth and would you sell it?
I couldn't put a price on something that generations of my family have invested so much into. We wouldn't contemplate selling as we are going through an exciting period of growth with our new name and looking forward to the future.

In conversation with Olive Keogh