This week we spoke to Hannah McCartan who recently sold her property business, McCartan Lettings.
We’d love to say it was a smooth process, but her journey really highlights the benefit of having a knowledgeable and supportive team in your corner.
Despite the rough ride to get there, Hannah is now looking ahead to her new business venture (and still describes the whole process as an “amazing experience!”)
Over to Hannah, to tell her story…
Why did you decide to sell?
I guess everyone goes through times when they think “I’m done, I hate this, I don’t want to do it anymore”, but they’re never going to be the times when you sell up.
There’s a famous quote “Never quit on a bad day”.
I’ve had a lot of business mentors over the years, that asked me to focus on the worth of the business and how I could grow it. I did that. We acquired another letting agent and it was all very exciting. Working with a mentor helped me really refine the back end of the business, put systems in place and get the finances in order. By doing that I realised that I had a really strong business.
I decided I wanted to build the business to sell, and my mentor asked me what my number was? What amount of money would it take to walk away from what I’d built? At the time I was 42, so I was in a very different position to someone who was selling their business for retirement.
I’d seen Lucy Noonan a few times at industry events. I had a lot of respect for her I felt comfortable enough to just pick up the phone one day on a drive to Cardiff and ask her whether she would value my business for me? The number she came back with, honestly, I nearly fell off my chair. I literally had no idea it would be worth so much.
My business was in a really healthy place. So, I decided that I would quit on a good day!
Why did you choose external support from Atomic?
I’m all for getting people in to support you who are better than you are. I have sold a business before, but that was a quite straightforward process compared to this. I wanted an industry expert who would get the job done properly.
I know there are other acquisition services out there, I’ve been contacted by one before, but there was just no rapport. I was just a number on a list. Whereas being part of Women in Estate Agency group, and building a kind of online relationship with Lucy, I knew that if I was ever going to sell, I would always go to her. Through social media she’d already proven her expertise to me and the fact that she’s a woman in business, smashing it out of the park, I was always going to support that.
I did wonder at the start, would she just stick the business on the internet then leave me to it? I knew if that happened, I’d likely just panic and accept the lowest offer on the table. However, she walked me through the whole process, even supporting me while interviewing potential buyers.
Tell us more about how the team at Atomic helped?
It’s been a bit of a journey, and I think everyone has had to dig deep, really deep.
Atomic valued the business, I received four offers and agreed a deal at full asking price. My business met the buyer’s needs and fit their growth plans. However, I was clear that there couldn’t be any messing around and that I wanted to complete the deal within three months.
We faced so many challenges throughout the process with solicitors, and Lucy and Laura stepped in and really handled some difficult conversations.
Then once the ball really started rolling, my Lettings Assistant and Lettings Manager both handed in their notice for different reasons. I went from a strong position to potentially being a distress sale. This led to the offer being reduced by a significant amount. I phoned Lucy in a bit of a state! She took control and sorted it out and a couple of days later we had a new hybrid deal on the table.
As completion finally came, I was on my knees. I was in a car park crying and called Lucy and I just said “I can’t don’t this anymore. I will just carry on with the business.” And Lucy said to me “You’re so close. This is what you wanted. You need to stay focussed and achieve the things you set out to achieve.” What she did transcended professional support as she just had the clarity to drive the sale forward. She knew it’s what I needed to hear – stick with the plan.
What lessons have you learnt?
I think the lesson to be learned is that you need to do your research on everyone involved in the process, including solicitors. I don’t even know if that’s a thing, but it needs to be!
I was pretty smug as I had all my paperwork together, however it was recommended I got a dedicated professional to prep files in the very specific way it needed to be done. In general, just keeping your business squeaky clean and completely audited, as you never know when staff are going to leave. My advice is, don’t sell until you’re completely ready and prepared.
What advice would you give to others going through this process?
Be physically and mentally ready. I said to my husband that I can’t drink alcohol through the process. I needed to be 100% present through the highs and the lows. I needed to exercise regularly, eat healthy and do yoga every morning. I haven’t lost a pound, but apart from that I’ve felt so amazing!
The lack of control throughout the process is hard. You have to sort of surrender yourself to that fact whilst also needing to be in control to drive it forwards. My advice would be to get everything in order you can think of, go and get advice, and be prepping yourself at the same time.
How do you feel now that the sale is through?
I have so many plans! But my business mentor said my first plan has to be to stop. I must have a mental break. But already my mind is ticking over.
I will say, though it has been rough, it has also been an amazing experience, and I’ve learned so much about the process but also about myself. I really want to share my story and help coach other business owners going through the same thing.
I’ve set up a business called The Landlord Community that supports landlords in Wales with legislation changes. I really wanted to get this up and running last year, but I couldn’t because the agency was getting in the way all the time. So that’s the main focus. Lots of landlords are unnecessarily selling because they don’t have the support they need with legislation, adding to the housing crisis. If I can help landlords stay in the market, then I’m helping the overall rental sector.
I’m also a trainer with Rent Smart Wales, so I share my knowledge and experience with self-managing landlords, but now also with letting agents as I’m no longer a threat!
I’m excited to see where things can go next! In the meantime, I’m just tackling the school holidays.
Based on your experience, why choose Atomic?
There’s no one else I would have gone with, and I couldn’t have done it without them. They were the backbone of this sale going through, it just wouldn’t have happened without their energy, knowledge, experience and tenacity. It’s what makes them get the job done and my gosh, they got the job done.
Lucy is vulnerable and honest in her communications. I know I’m not going to get any BS with her! She definitely kept me in focus when everything was feeling very blurry.
Already so many agents have reached out to have a chat. My main message to them is “how can you make an informed decision to sell without knowing what your business is worth?”…
For a no-obligation valuation or to discuss a potential business sale in confidence, get in touch with Atomic Consultancy today.
