We headed across the pond this week to catch up with Andy Neal. He recently sold the lettings assets of his business, Andrew and Co Estate Agents.
In this interview he’ll reveal why he decided to sell, the kind of buyer he had in mind and how he eventually came to sell to Martin & Co in Ashford.
Andy also delivered a timely reminder to us all, that choosing the right people for the right job is so important!
Talk to us about your decision to sell the lettings portfolio?
I now live in the US and have a real estate business over here. I was finding that I couldn’t effectively manage the UK lettings arm of Andrew and Co Estate Agents. With a portfolio of around 320 properties, the business was substantial and after much thought and planning, it simply felt like the right time to sell. After finding a partner to take on the sales side of the business, I needed to find a suitable buyer for the lettings assets.
What was important to you in choosing the right buyer?
The most important factor for me was that the whole transaction was easy. I didn’t want to have my time wasted with silly enquiries. Though this sounds straightforward, I quickly found that it wasn’t! Finding the right buyer who would offer the right price was a challenge.
Why did you choose to get external support from a business like Atomic?
I didn’t know how to manage the sale, that’s just not my area of expertise. I didn’t have the time either, so I knew I needed expert advice and support. It was clear to me instantly that Atomic knew what they were doing. They’re experts, so it made total sense to choose them as a partner. In my job people choose me for my expertise, and this was exactly the same. You need knowledgeable people around you, who know what they’re doing, to get you the best possible price. Atomic just felt like the right fit.
How did Atomic Consultancy help?
They didn’t just help, they handled absolutely everything. They put together an attractive proposal showcasing the business expertly and then approached the right buyer. Offering excellent advice, they also structured the right price. Working with them just made the whole process seamless and easy. The level of service delivered exceeding my expectations and was exactly what you’d expect from a broker that knows their industry inside out.
What advice would you give to others going through this process?
First and foremost, you need to find a broker that knows what they’re doing. Just as importantly, you need to listen to them. When it comes to our business, we all think we know best. However Atomic really know the fundamentals of the M&A process and exactly what buyers are looking for. They can also offer a good idea of the price you can expect to receive. I couldn’t have done what they did and without them I wouldn’t have reached my goals for this transaction.
The whole team at Atomic are friendly and make you feel so comfortable, answering any questions you have along the way. They’re easy to deal with and know what they’re talking about, which is exactly what you want in a partner.
For a no-obligation consultation or to discuss a potential business sale in confidence, get in touch with Atomic Consultancy today.
