Senator Mary Ann O’Brien, Founder of Lily O’Brien’s and co-founder of the Jack Jill foundation

What is the most unique thing about your business?

I know it sounds cheesy, but the team and I are completely passionate about the business. We are still excited today and we are always innovating. We are more determined than ever to beat those Belgian and European competitors.

What was the best piece of business advice you have received?

I remember Philip Lynch saying to me to keep the personal touch. It’s funny all these years later, all the big global firms are trying to pretend to be small but we are the real thing. We are genuine.

What is the biggest mistake you’ve made in business?

Believe me, when cash flow becomes an issue, you know it. We have a very seasonal business – we build up stock in summer and then whoosh up into huge Christmas sales. We might have built up €4 million in stock – that’s a lot of chocolate, packaging and raw materials to buy. In 2008, we were doing what we always did but suddenly the world economy crumbled and I started to get strange phone calls from the bank. The stocking loan that we always got was not going to come through. Breathing down my neck doesn’t even begin to describe it. The directors gave the company a loan, as did Enterprise Ireland. The banks did not. We went forward but with a new culture that never again would we allow the company to expose itself on cash flow.

And your major success to date?

We built a dessert factory last year and so far this year, we have sold eight million desserts. British Airways has awarded us the dessert contract for their on-flight service – that’s 5.8 million desserts over a 12-month period. We beat three large European and two English companies in the tender.

Whom do you most admire in business and why?

I’d say Dermot Desmond and JP McManus. JP is unbelievable because he is very unassuming but has built an empire. Or look at Martin Naughton in Glen Dimplex – he was making heaters and is now such a ginormous global success story.

Based on your experience in the downturn, are the banks in Ireland open for business to SMEs?

I feel very anxious and slightly aggrieved because the taxpayer has bailed out the banks and one of the main reasons was to pour some of it back into the economy. I question if that’s happening. The banks tell you one story but the people I meet say that it’s not happening.

What one piece of advice would you give to the Government to help stimulate the economy?

Draw up a list of business people who have proven success at turning companies around, take their advice, make the hard decisions and go with it. You’d have to start with Michael O’Leary.

What has been the biggest challenge you have had to face?

Years ago, we had a recall from Sainsbury’s and we were only a tiny business at the time. I thought we were finished, but Sainsbury’s told us afterwards that our crisis management was magnificent. They awarded us a €1.6 million contract the following year.

Terrible things can happen but some good always comes out of it. My biggest personal crisis was losing my child Jack. Out of him came the Jack Jill foundation. It has raised €34.5 million to date.

What is your business worth and would you sell it?

I would hope it would be worth at least eight to 10 times its Ebitda (earnings before interest, tax, depreciation and amortisation). That’s a cheeky thing to say but we have a great brand and people love and respect it. I’d sell anything – except my children – if someone gave me enough money.

In conversation with JOANNE HUNT