ACQUISITION SERVICES SUPPLIER OF THE YEAR
In late December 2022, we supported ACJ Sales and Lettings in Cardiff with the sale of their hugely successful and long-standing agency. ACJ Properties was established by Anthony Charles Jones in 1993.
Anthony, or Tony as he is known to us, started the business by managing a portfolio of luxury apartments on Penarth seafront.
Over the years, he and the team at ACJ have grown to be the largest independent letting agency in the Vale of Glamorgan. We have to say this was one of our favourite projects to date.
Selling your estate agency business isn’t easy, and we caught up with Anthony to get his thoughts on the process, and why it’s taken a bit of time to finally feel ready to reap the benefits of his new-found freedom.
Why did you decide to sell?
It’s difficult to sum up in one short answer, but the main driver for change was the market.
The market has changed enormously, particularly in Wales, with new legislation, tax changes and unstable conditions.
This has meant the sector remains volatile and when I combined this with the challenge of finding, and keeping, the right people to run the business, I decided now was the right time to sell.
Why did you choose to get external support from a broker like Atomic?
I knew we needed support from someone who understood the process and could help us navigate the complexities.
What we got with Lucy and Atomic however was much more than that.
Lucy guided us to get the best possible price for the business, but she was also acutely aware of the people involved and was very sensitive to handling those emotions.
Many of our team had been with us for over 20 years, they were a second family to me, and I felt a great deal of responsibility to take care of them and make the process as easy as possible for them.
Lucy totally understood this, and I think it’s a rare mix to find someone who is commercially astute but can handle the softer, human elements of a deal.
Operationally, Lucy and her team were incredibly communicative, and supportive and took ownership of the process, including the lengthy due diligence process.
Atomic had associates and affiliates lined up and in place ready to support us, which proved invaluable.
What were some of the challenges you faced?
I’ll be honest, I was ambivalent throughout the whole process.
Selling your business is much more time-consuming and complex than I anticipated and I felt an enormous sense of loyalty to my team. Living in a small town, keeping secrets is tricky, and I was conflicted over retaining confidentiality for the sake of the deal, alongside the honesty I felt my team deserved.
If it hadn’t been for Lucy managing this whole deal, I might not have sold.
How do you feel now that the sale is through?
It’s taken me at least 4 weeks to start to accept the fact that we’ve sold the business and for it to really sink in.
We ended up selling the business just before Christmas and it was the first Christmas I hadn’t met the team, gave them all a hug and wished them and their families well.
I missed that; I missed the buzz. But on reflection, I just needed a little time to adapt to the new normal, and I’m now thoroughly enjoying the benefits that come with selling.
What advice would you give to others going through this process?
My advice is to use a broker, don’t try and do this on your own!
But use a broker who not only understands all the processes and prepares you for what is a difficult, challenging journey, but also someone who is on your side, champions you and can manage the emotional side of a sale that nobody prepares you for.