ACQUISITION SERVICES SUPPLIER OF THE YEAR
The conversation gives agency owners valuable insight into the acquisition process from the buyer’s perspective.
Connells Group is one of the largest and most recognised names in the UK property sector, with a long history of acquiring, integrating and growing estate and lettings agency businesses.
For Atomic Consultancy, this was a particularly relevant conversation. Over the last 12 months, Connells Group has acquired six businesses through Atomic Consultancy, creating a strong working relationship between both sides of the transaction.
In this episode, Lucy and Helen discuss what makes an agency attractive to a buyer, how acquisition values have changed, why integration matters, what sellers can do to prepare properly and why the right advice can make a major difference during the sale process.
They also talk openly about women in business, working in senior M&A roles and the importance of being authentic, commercially strong and resilient in a traditionally male-dominated environment.
Helen Smith’s journey into mergers and acquisitions
Helen’s career did not begin in estate agency or acquisitions.
Her first interest was science, specifically genetic engineering. However, after discovering that life in a laboratory was not the right fit, she moved into accountancy and qualified as a chartered accountant.
Although her early years in audit were not where she felt most at home, her career began to click when she moved into insolvency and restructuring.
That was where her interest in deal-making really began.
Helen talks in the podcast about working on distressed businesses, making difficult commercial decisions, identifying buyers, negotiating deals and helping businesses move from challenging positions into saleable ones.
That experience gave her a strong grounding in both the legal and financial sides of acquisitions.
It also explains why her role today combines strategy, due diligence, negotiation, legal detail, risk assessment and project management.
From deal execution to acquisition strategy at Connells Group
Helen has been with Connells Group for more than 11 years.
Initially, her role focused heavily on acquisition execution. She would take deals that had already been originated, manage the due diligence process, coordinate workstreams, handle legal details and deliver the transaction through to signing.
As Lucy points out during the episode, this is very similar to the role she previously held at LSL before founding Atomic Consultancy.
Both Lucy and Helen understand the acquisition process from the inside. They know what it is like to sit on the buyer side, manage departments, review risks, plan integrations and keep a deal moving towards completion.
Over time, Helen’s role at Connells expanded.
She became more involved in originating and negotiating deals, particularly as the market became more active. She explains that during 2024 she evaluated more than 150 acquisition opportunities, with a strong pipeline continuing into 2025.
That volume of activity gives Helen a clear view of what buyers are looking for and what sellers need to understand before entering the market.
What buyers really look for in an agency acquisition
One of the strongest themes in the episode is that a good acquisition is never just about the headline numbers.
Of course, income, turnover, managed portfolio size and profitability all matter. But serious buyers will always look much deeper.
They want to understand whether the value being presented is sustainable.
That includes areas such as:
- The quality of the managed portfolio
- The reliability of recurring income
- Landlord retention
- Staff structure and stability
- Compliance standards
- Management information
- Financial records
- Client money and deposits
- Contracts and employment documentation
- The ability to integrate the business after completion
For sellers, this is hugely important.
A business may look attractive on paper, but if the underlying information is unclear or difficult to verify, buyer confidence can quickly be affected.
The cleaner and more organised the business is, the easier it becomes for a buyer to assess risk, model the opportunity and move forward with confidence.
Why valuations are becoming more sophisticated
Lucy and Helen also discuss how agency valuations and acquisition modelling have changed over recent years.
Historically, many deals in the sector were assessed using fairly standard turnover multiples. A buyer might look at the revenue, apply a broad multiplier and make a decision from there.
Helen explains that this has become much more scientific.
Connells now uses more detailed forward-looking modelling to understand how an acquisition is likely to perform over time. This includes assessing expected returns, integration potential and whether the deal is likely to deliver the value anticipated at the front end.
Lucy adds that brokers often value businesses based on turnover because they do not always know what level of profitability each buyer can achieve post-acquisition.
One buyer may already have a nearby branch, existing systems and local infrastructure, which means they can create greater post-synergy EBITDA. Another buyer may need to keep premises, staff and systems in place, which creates a very different financial picture.
This is why acquisition value is not always as simple as applying one fixed multiple.
Strategic fit matters.
Buyer infrastructure matters.
Location matters.
Integration potential matters.
Competition also matters.
For sellers, this reinforces the importance of understanding how different buyers may view the same business in very different ways.
Competition in the agency acquisition market
The episode also explores buyer competition.
Lucy explains that Atomic does not favour buyers. Every buyer receives the same opportunity through the same process, with information shared via NDAs and offers handled fairly.
Helen jokes that Connells has “finally won some with Atomic”, highlighting the competitive nature of the market.
Connells may be the largest estate agency group in the UK, but that does not mean it wins every deal. Buyers still have to compete, make strong offers, follow the process and demonstrate that they are the right fit for the seller.
This is an important point for agency owners.
Competition can help drive value, but the best outcome is not always just about the highest offer.
The right buyer must also be able to complete, manage the transition and protect the value of the business after completion.
Why integration is critical after completion
One of the most important points Helen and Lucy discuss is integration.
Buying a business is not the end of the process.
In many ways, it is the beginning of the next phase.
Helen explains that Connells now has far more robust reporting systems in place to track whether acquisitions are delivering the returns expected from the original modelling.
Lucy also highlights that integration is fundamental. If a buyer gets integration wrong, the business they have acquired may not remain the strong investment it appeared to be at the start.
This matters for both buyers and sellers.
For buyers, it means the work does not stop once the legal documents are signed.
For sellers, it means they need to think carefully about who they sell to. A buyer’s integration plan, operational capability and understanding of the business can all affect what happens to the team, the clients and the brand after completion.
The role of Atomic Consultancy in the acquisition process
Helen gives a valuable buyer-side view of working with Atomic Consultancy.
She explains that Atomic has created a different approach in the market by supporting the interface between the seller and the due diligence process.
Due diligence can be painful.
It requires time, detail, documentation, questions, follow-up enquiries and a level of scrutiny that many sellers have never experienced before.
For most independent agency owners, selling a business is something they may only do once in their life.
Lucy explains that this is where Atomic’s background as former buyers makes a difference. The team understands what buyers need, what due diligence involves and how to help sellers navigate the process.
Atomic’s role is not simply to find a buyer.
It is to guide the seller through the emotional, practical and commercial stages of the transaction.
That includes explaining legal terms, supporting the flow of information, helping with project management and keeping the seller focused on what needs to happen next.
As Lucy says in the episode:
“For many owners their agency is their baby. It may carry their name, their reputation and decades of hard work.”
That human side should never be lost in the process.
What sellers should do before going to market
One of the most useful parts of the episode is Helen’s advice for sellers.
Her message is simple.
Think before you enter the process.
“Sellers should start preparing before they formally go to market. That means getting the basics in order and making sure the business can withstand buyer scrutiny.”
Helen highlights several key areas sellers should focus on:
- Make sure accounts are filed and up to date
- Understand your key performance indicators
- Ensure your back-office records are organised
- Keep tax and financial records accurate
- Make sure compliance is up to speed
- Check staff contracts are in place
- Ensure employment documentation is complete
- Understand your landlord and client records
- Be ready for buyers to review the business in detail
Lucy compares the process to opening the cabinet and allowing the buyer to look through everything.
If the information is well organised, the process is easier.
If the information is missing, inconsistent or difficult to find, the process becomes far more painful.
For any estate or lettings agency owner thinking about selling in the next few years, this is one of the clearest takeaways from the episode.
Preparation protects value.
Why the right solicitor matters
Helen also raises another vital point for sellers.
Use a proper corporate solicitor.
Not every solicitor is equipped to handle the sale of an estate or lettings agency business.
Helen explains that she has seen sellers use long-standing local or family solicitors who may know them personally, but do not have the specialist corporate experience required for a business sale.
Lucy agrees, adding that estate and lettings agency transactions have their own risks, particularly around areas such as client money, deposits, compliance, warranties, indemnities, restrictive covenants and disclosures.
Choosing the cheapest legal quote can be a false economy.
A strong corporate solicitor can protect the seller, keep the process moving and help avoid unnecessary problems.
For sellers, this is not an area to cut corners.
Women in business, M&A and senior leadership
The episode also moves beyond the technical side of acquisitions and into a more personal conversation about women in business.
Lucy and Helen both talk openly about working in male-dominated environments.
Helen’s career has spanned science, accountancy, restructuring, corporate finance and acquisitions, all sectors where women have historically been underrepresented in senior roles.
She speaks honestly about the challenges of navigating those environments, staying true to herself and understanding her own strengths.
Lucy also reflects on her own experience building Atomic Consultancy, including the pressure to prove herself and the resilience required to grow a specialist business in a competitive market.
This part of the conversation adds real depth to the episode.
It is not just about deals.
It is about leadership, authenticity, experience and the reality of women holding senior roles in mergers and acquisitions.
Helen’s view of Atomic Consultancy
At the end of the episode, Lucy asks Helen to describe Atomic Consultancy in three words.
Helen chooses:
- Approachable
- Supportive
- Invested
She explains that Atomic supports sellers through the process and helps take away some of the pain of due diligence.
Buyers and brokers are often on opposite sides of a negotiation, and both need to protect their position.
The important thing is that the process remains fair, professional and focused on getting the right result for the seller.
Key takeaways from Lucy and Helen’s conversation
This episode gives estate and lettings agency owners a rare insight into how acquisitions are viewed from the buyer side.
Some of the key takeaways include:
- Buyers are looking beyond headline turnover
- Strong management information builds confidence
- Valuations are becoming more detailed and strategic
- Integration is just as important as acquisition
- Sellers should prepare before entering a sale process
- Proper legal advice is essential
- Due diligence can be painful, but preparation makes it easier
- The right broker can support both the commercial and emotional sides of the journey
- Buyer competition is active, but the right fit still matters
For agency owners considering a future sale, the message is clear.
Do not wait until you are ready to exit before preparing the business.
The earlier you understand what buyers will look for, the better placed you are to protect value and make informed decisions.
Thank you to Helen Smith
A huge thank you to Helen Smith for joining Lucy on the Boom Podcast and sharing such valuable insight from the buyer side of the agency acquisition process.
Her experience, honesty and practical advice make this episode especially useful for any agency owner thinking about selling, preparing for exit or simply wanting to understand what serious buyers look for.
It was also great for Lucy and Helen to finally meet in person after working together on several acquisitions over the last 12 months.
Thinking about selling your estate or lettings agency?
If you are thinking about selling your estate or lettings agency, or you want to understand how attractive your business may be to buyers, Atomic Consultancy can help.
We work exclusively with estate and lettings agency businesses, supporting owners through valuations, sale preparation, buyer engagement, negotiation, due diligence and completion.
Whether you are actively considering a sale or simply want to understand what you may need to prepare, an early confidential conversation can help you make the right decisions.
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