"The flotation was supposed to be October/November and in September the GFC hit - the flotation was off."
It was time for a new chapter and having done "the corporate thing" he missed the "front end of retail" and wanted to own a business.
He knows his way around retail, receiving an extensive education with United State retail billionaire Jay Schottenstein's UK business
"They were a value investor. They bought up businesses that were struggling and used their connections and expertise to turn them around."
Mr Connolly's role was travelling Europe looking for companies with growth potential but he had an insight into another arm of the company, where companies already in liquidation were bought off the liquidator, and closing-down sales augmented.
"They were very good at it - very clever. They would buy in product to sell during the closing-down sale because all your good stuff goes early on and you're left with all the dross - no reason why anybody would come in."
His search for his own New Zealand business led him to Hellaby Holdings' Hannahs and Number One Shoes.
When in Sydney looking for financial backers it was suggested, he visit ASX-listed RCG.
"They said, it would be the last place we would place our money, but while you are here would you be interested in buying our New Zealand business?"
"My attitude is never say no until you have investigated, so I said, okay I'll have a look at it."
The business was high-end sports-footwear chain The Athlete's Foot.
"The more I looked into the business the more I liked it. It was a health and wellbeing category, it was high end in terms of service and not about discount price, it had good processes and it had fantastic backup support through Australia with a team of about 40 in the office.'
It was his first experience with a franchise organisation but in 2009 he became the master franchisee for New Zealand with a 47-year licence.
In Australia there are 145 stores and in New Zealand nine.
"In theory it is a fifth of the population so we should be able to get about 29 stores, but in our market we have Shoe Clinic, Shoe Science in Auckland, Front Runner and others. So the number of stores, that do what we do, is significantly greater in terms of density then Australia, which is why it is a slower burn in New Zealand.
"They say the previous owners were ready to take New Zealand by storm but were surprised to find an already-competitive high end of the market.
"New Zealand had the most technical market in the world in terms of customer knowledge and the number of stores offering a fitting service - that's what I hear from my suppliers."
He said he was aware of the competition and bought the franchise at a good price.
"I liked the opportunity and at the end of the day it's about how well you implement the strategy."
He owns six of the nine stores.
"Ideally" he would like to franchise them and consolidation of the industry would make it easier.
"Either we get mopped up by somebody else or we mop up other people, so that we have some strength in numbers and then we can start building on the franchise."
People researching their shoe needs in-store and buying online was not a problem, but he said buyer beware.
"There are so many issues with online purchasing. There are so many scam-Nike sites out there, it is unbelievable. It is a constant battle for Nike.
"You can get fake anything, particularly out of China."
He said a "clicks and bricks" strategy was working. The Athlete's Foot website carried extensive shoe information for research before face-to-face purchases.
Profits from the website was shared with franchisees "so it is not competition".
The couple moved to Hawke's Bay in 2013 after an enjoyable golf tournament. Part of the motivation was Mrs Connolly's desire to run an accommodation business - Tuku Tuki Cottages in Haumoana.
Last year a colleague from Carpet Court contacted him. Alan Heatlie, was general manager at Guthrie Bowron, where the 120-year-old one-stop-shop home improvement retail chain was for sale.
"The similarities I saw with The Athlete's Foot were so close that, for me it was a perfect fit," Mr Connolly said.
"I mystery-shopped a number of stores before I bought the business and I was so impressed."
They became work colleagues - equal partners.
"It was owned by a venture capitalist - they wanted to put it in as little money in and as much money out as they possibly could so they hadn't invested in supporting the franchisees. So I said, Alan that is the first thing we have to do - we have to find a way of funding a couple of regional managers, to start with one in the North Island one in the South Island."
"This is coming out of our royalties but we felt, because we are in it for the long term, this was the right investment to make. Over time we will make further investments.
The first hundred days was spent visiting all franchisees to "talk to them about what they thought was right and wrong about the business and what strategy should be".
Many were 20-year veterans. The Masterton franchise owner has been in place 42 years.
Mr Connolly said he did not know why past Hawke's Bay franchisees closed down but said the business model had plenty of successful examples.
The business model is now more profitable.
"The way marketing was structured, we were paying far too much for above-the-line costs - production costs - and not enough going into the top line, i.e. radio, press etc.
By "cutting out the middle man" and changing agencies for better-value-for-money, production costs were cut by 40 per cent.
He splits his time evenly between the two businesses.
"I spend 60 per cent of my time on The Athlete's Foot and 60 per cent on Guthrie Bowron. It is working quite well.
"By the time I'm 80 I think I'll probably retire. I am still enjoying it and while you enjoying it, it is not work."
Tuki Tuki Cottages is an early success.
"The clientele is diverse, many attracted by the Kidnappers golf course 15 minutes' drive round the corner and the superb array of wineries nearby.
"We have Germans, Indonesians, Koreans, American - it is just amazing how broad it has gone in such a short space of time."
With their collection of Bordeaux wines dwindling, they enjoy learning about New Zealand wine and living beside vineyards.
Guthrie Bowron sponsored the Champion Viognier Award at the 2015 Hawke's Bay A&P Bayleys Wine Awards.
"That sponsorship was all about Guthrie Bowron being back. It has new ownership and it is more progressive, putting more support into the franchisees and growing their profitability.
"On the back of that we're growing the network.
"In retail terms our largest category is curtains and blinds, two is paint, three is flooring and four is wallpaper and then accessories."
His first publicly-prominent move in Hawke's Bay was his considerable donation to Hawke's Bay Today's Bring Yer Boots campaign for children who could not afford football boots.
Both Nike and individual franchisees became involved.
"That led to developing relationships nationally with the Regional Sports Trusts. From Julie pestering me to do something with the shoes it became a national campaign for us, in terms of giving something back to the community."
He enthuses about the move to Hawke's Bay.
"What we love about Hawke's Bay is that people are so friendly. We had our citizenship party in May and we had 70 people come to our party.
"If you put yourself out there and get involved in the community then it is very easy to make lots of friends. We were outgoing in Auckland but didn't get as many friends as we have here."
