ACQUISITION SERVICES SUPPLIER OF THE YEAR
After 100+ acquisitions and over 20 years in the business, there’s not much we haven’t encountered when it comes to buying and selling estate agencies.
As you’d imagine, we see a lot of the same triumphs and pitfalls – but you’d be surprised at some of the more weird and wonderful experiences we’ve come across in our time.
In this article, Atomic founder and CEO, Lucy Noonan, looks back on some of her more memorable experiences and lessons learnt throughout her career.
Disclosure hell
At the point of completion, it’s standard practice for all sellers to prepare a disclosure bundle.
This outlines any information that could be an issue, such as a missing Gas Safety Certificate for a property. It is then the responsibility of the buyer to review these before accepting and signing on the dotted line.
Back in my days as a buyer, a situation once occurred where a disclosure was submitted on completion day, stating that the owner had come out of prison six months prior due to money laundering.
Naturally, this was vaguely worded and buried deep within the fine print. As it turned out, the seller was jailed for laundering client money and was trying to sell on the liability! Let’s just say, there was a fair share of frantic client calls made that day…
Staff hop-scotch
Everyone has preferences when it comes to working environments.
There’s no right or wrong here. While some gravitate towards larger corporate companies, others may prefer the comfort of a small independent.
One year when working as a corporate buyer, we acquired three businesses in one town within the short timeframe of 12 months.
There was one individual on the team, who didn’t want to work for a corporate company, so when the time came to acquire, she left to seek out work for another independent business.
This happened to her twice, in no time at all. So, once again she packed up and left to join another independent. Just a few months later, she saw me walking through the door of her new place of work. I can only imagine her heart sinking as she looked up to see my face (again!).
Believe it or not, all this time later, she now works at a corporate company and absolutely loves it.
But admittedly, on our hide-and-seek journey with one another, I did feel terrible by the third time around!
TUPE Stress
The main purpose of a TUPE (Transfer of Undertakings (Protection of Employment) is to protect employees if the business ever changes hands. Its effect is to seamlessly move employees, and any liabilities associated with them, from the old employer to the new employer.
This is a huge step for any company and can bring with it all kinds of stress for all involved in such a big operation. This was certainly the case back in 2018 when I was assisting on a project that, for the confidentiality of all involved, will remain anonymous.
Pressures were flying high, so much so that one lady was so nervous about the situation, that she physically threw up on me! Ah, the glitz and the glamour of working in M&A.
Ninja Noonan
We’ve all been caught in scenarios we’d rather avoid at work – and this has certainly been no exception for me over the years. Acquisitions can be a delicate matter, so discretion is paramount for clients. Ninja Noonan is a nickname that has been bestowed on me by numerous people during my time.
This is due to me constantly dashing and diving after being spotted in certain situations and having to hide or pretend it’s not me!
The most classic memory of this was spotting another buyer and having to hide in the seller’s office to ensure they didn’t see me leaving, so as not to blow my client’s cover that they were selling. Confidentiality at its finest if you ask me!
Quick decision-making and swift Ninja movements have become somewhat of an important skill in my role over the years – hence the name Ninja Noonan was born.
Never judge a book by its cover
One of the most important things I’ve learnt during my journey so far is the importance of relationships.
How to nurture them, how to navigate them, and ultimately how to ensure they stand the test of time. I’ve discovered never to be fooled by appearances – people of all statuses and seniority levels can take many different forms.
Something I learnt the hard way…
At the corporate business I previously worked for, I was once asked to go and greet some very senior people who had flown into the UK for various important meetings. As the main buyer, I openly complained to my colleague in the lift that I couldn’t believe we had to come all the way to London to meet just one person, grumbling that it was a total waste of time.
This was only for me to later find that the person in question just so happened to be standing behind us in the lift at the time.
As you can imagine, this made for an incredibly awkward first meeting! Lesson? Never judge a book by its cover. And always do a quick sweep of the room before making comments.
With all the lessons learnt and battle scars to prove it, we wouldn’t change a thing! If you’re reading this and you work in the property industry, you’ll know all too well that there is NEVER a dull moment!