ACQUISITION SERVICES SUPPLIER OF THE YEAR
Following the completion of their recent acquisition of Go Direct Lettings Wirral, which we were thrilled to advise on, we caught up with a very busy Daniel Hewitt from Hewitt Adams Estate & Letting Agents.
Tell Us A Bit About The Deal
We were thrilled to have the opportunity to acquire Go Direct Lettings Wirral, a great local business with more than 170 managed properties. One of the many positive aspects of the deal is the fabulous staff we have retained in the business, and the great working relationship we established with the owner, Jane.
The way we have worked together and hopefully will continue to work together in some way in the future is a great foundation for continued success and can only benefit the staff and clients long term.
What Motivated you to Grow Through Acquisition Rather than Organic Growth?
Given the uncertainty and volatility of the sales market at the moment, we’ve always wanted to build a large managed portfolio which we’ve done organically up to now. We already had 260 managed properties but with some of the challenges of the sales market, we wanted to make the business bomb-proof so that if we do go into recession we can ride the storm.
We felt that having that guaranteed rental income was the way forward. By doing an acquisition rather than relying only on continued organic growth we are speeding up that process of building up the pot of sustainable income.
How Did You Come Across Atomic and Why Did You Get Them Involved?
We’re part of FIA (the Federation of Independent Agents) and through a WhatsApp group chat we’re in regular contact with fellow members, and quite a few of them had used Atomic before.
We’ve also seen some of the webinars Lucy’s done and we understand that she’s the go-to lady when it comes to acquisitions. Given that this was our first acquisition we quickly realised that we needed someone to walk us through the process. And we’re so pleased we did!
What Was Your Experience of the Acquisition Process?
It was stressful! To be honest, when we were considering the fees from Atomic my immediate thought was that it was quite an expensive extra…but now I can absolutely say getting Atomic’s support is the best thing we could have done.
There is no way in a million years we could have done it without Lucy and her team. The questions she was asking, the really important clauses she made sure the solicitors included, it all made such a huge difference and we would never have come close to any of these aspects without Atomic.
Anything Else Atomic Added?
Lucy was constantly on hand, she was always there to take a phone call, whether it be first thing in the morning or late in the evening.
She’s a good negotiator and she gave us a very good understanding of what a business is worth, how it’s valued, and what different aspects of the business are worth. She explained everything which could have been really complicated in straightforward ways, giving us a good understanding of every aspect of the deal and of the business.
And in reality, the value Atomic added has more than paid for their fee. Lucy and the team have just been fantastic, start to finish, and we will definitely be going back to them.
What Advice Would You Give to Someone Else Going Through The Same Process?
As tempting as it is to try and save money and put a value on the business yourself (because there is a formula you can use) I would 100% recommend using a company like Atomic.
Get them to guide you through the process because it’s not easy and there are literally a million and one things you need to know and be thinking about which you wouldn’t consider if you were doing it on your own.
What Next For You?
We need to just focus on getting our heads around what we’ve just done, which is why I’m so busy at the moment and then we will definitely be looking to acquire more businesses over the coming years. But it’s really just continuing to deliver A1 customer service to our clients, retain all our managed landlords and give them the best possible service.