ACQUISITION SERVICES SUPPLIER OF THE YEAR
We caught up with one of our clients, Jodie Paget, owner of JP Lettings, who we recently helped sell her lettings agency in order to pursue her dream of emigrating to Australia with her family.
In the interview, we discuss with Jodie what her overall experience was like, alongside any advice she’d give any letting agent who may be looking to sell in the future.
What is your business background?
I previously worked for an independent agent which sometime later, was sold to a corporate.
I quickly discovered that the corporate world just wasn’t for me. I then decided to take the plunge and go solo as an independent agent in 2015.
That’s how JP Lettings was established. Looking back over the past 7 years, it’s been an unbelievable journey so far and the business has grown in leaps and bounds over the years – expanding to 185 managed properties.
Why did you decide to sell?
A few years ago my husband and I made the life-changing decision to emigrate to Australia with our children. It’s something we’d often dreamed about doing, and finally, we decided we wanted to turn out dream into a reality.
We actually move to Australia in just 2 weeks! This was the sole reason for the sale.
Why did you choose to get external support from Atomic?
I was approached by Lucy at Atomic as she had someone interested in buying my business.
Having Lucy for support was great. I totally underestimated how difficult it would be and really didn’t understand the process at all. I just knew I wanted to sell my business but there is so much more to consider.
How did Lucy and the team At Atomic Consultancy help?
Lucy was just incredible from the very beginning. She introduced me to a group of solicitors, explained the whole end-to-end process, and ultimately guided me every step of the way.
At first, the people who bought JP Lettings wanted to make an asset sale, something I wasn’t overly familiar with.
She explained everything to me in a way that I could understand the tangible differences in various types of sales, taking the time to advise me to ensure I got the best possible outcome from the sale.
What were some of the challenges you faced?
One of the biggest challenges we incurred was clients and staff members finding out about the sale before it was finalised.
The business was based in a small village and, as you can imagine, such huge news was difficult to contain.
Whispers and rumours began and then shortly snowballed.
During this, I lost one of my biggest clients with a large portfolio which unfortunately affected the final sale price and made things very tricky to negotiate.
What advice would you give to other agents considering selling?
My main piece of advice would be to use a broker with the industry expertise needed to secure the sale you’re looking for.
It’s a complex process and you really do need expert guidance and help throughout the whole journey.
Also, as I learnt the hard way, don’t tell anybody your plans whatsoever! Keep the news of your sale quiet as loose lips could severely impact your end deal.
How do you feel now that the sale has been completed?
I feel 10 stone lighter!!
Honestly, it feels like such a weight has been lifted from my shoulders. I can finally breathe a sigh of relief and just feel happy and excited about starting the next chapter of our life, down under!
I want to say a massive “thank you” to Lucy and her team at Atomic Consultancy, for the hours of support and advice given across many weekends and late evenings.
I genuinely don’t know where I’d be without them – whether the sale would have even gone through and whether I’d have got half the value I did for it.
Thinking about selling your lettings agency? Contact us today and we’d be delighted to help you begin your journey.