Who I Help

SMEs, with an emphasis on hospitality, agri-food, construction and engineering. Multinationals establishing subsidiaries or branches in Ireland. Businesses of all sizes and at every stage of development.

How I Help

Tax and business advisory. Business restructuring. M&A transactions. Tax advice for multinationals setting up in Ireland. Retirement and estate planning. Strategic sounding board for business decisions.

“THE BEST ADVICE COMES BEFORE THE DECISION.”

Padraic Lalor is a Partner at AAB, based in Carlow, working with a range of SME clients across hospitality, agri-food, construction and engineering, as well as multinationals establishing subsidiaries or branches in Ireland. Working with businesses of different sizes and at different stages of development gives Padraic a broad perspective, helping him understand the commercial as well as the technical issues clients face. A large part of his role is helping clients work through the options available to them and understand the practical, financial and tax implications before making important decisions, whether that’s a business restructuring, an M&A transaction, or planning for retirement or succession.

Sectors/Support

Hospitality. Agri-Food. Construction & Engineering.

The Best Advice Comes Before the Decision

It is best to give advice at the planning stage. That is not always possible, but it is always advisable to seek advice early. If you can plan the structure early, and look at the options available, then the best results are possible. Early advice also gives more time to identify potential difficulties and consider alternative approaches. Once a transaction has taken place, the options can be more limited, so good planning can make a significant difference to the eventual outcome.

Leave No Stone Unturned

I believe in considering multiple solutions as the best way to resolve problems. In this way, I try to support clients by using my knowledge, experience and judgment to offer practical advice, and give confidence that every angle has been considered to find the best possible solution in the circumstances.

I am very thorough in my approach; I don’t assume solutions and I don’t take the easy answer. It takes time, but it gets the best results. Every client and every situation can be different, and I think it is important to understand the full circumstances before reaching a conclusion. Sometimes an option which is not immediately obvious can ultimately provide the best solution.

Responsive and Accessible

I believe that the best way to build a strong client relationship is to deliver the service that the client expects, to be responsive and accessible, and gain their trust through actions rather than words. I enjoy talking to clients about their businesses, and it is satisfying to know that they trust me to advise on a wide range of issues. That relationship develops over time and means that clients are comfortable picking up the phone when an issue arises, or when they simply want to talk through an idea before making a decision.

Managing Risk

I believe managing risk is a significant challenge in advisory work. I approach this by being as thorough as possible in my understanding, research and problem-solving, using all available resources and seeking additional opinions whenever necessary. Clear communication with clients is essential, from the opening engagement meeting to final decision-making, enabling the client to make informed decisions based on expert advice.

Good advice is not always about eliminating risk, which may not be possible, but about identifying and understanding the risks and helping the client weigh these against the potential benefits before deciding how to proceed.

Building Empathy Through My Own Journey

The biggest challenge in my career was establishing my own accountancy and tax advisory practice, from having no clients at the beginning to becoming an established firm. My family, friends and wider network of contacts were an enormous support to me in overcoming this challenge.

A valuable lesson I learned was the importance of giving every client the best possible service. Often, taking care of smaller start-up businesses is rewarding in later years through their expansion or client referrals. I also learned that clients are appreciative and loyal to advisors who go the extra mile to support them. Having experienced the challenges of building a business myself, I understand the pressures that business owners face and the importance of having trusted advisors around them, and that experience has had a strong influence on how I work with clients today.

Opportunities for Our Team

I am also involved in managing many aspects of the firm’s business, dealing with day-to-day issues and planning business expansion and staff development. The most rewarding aspect is knowing that our team and our colleagues in the wider AAB organisation are part of a progressive and ambitious group, with an exciting future ahead.

I particularly enjoy seeing people develop within the firm, take on greater responsibility and build their own relationships with clients. Creating opportunities for our team is an important part of continuing to develop the business for the future.