I’d had my real estate agency for sale for months and there’d been some near misses on buyers before we’d signed these contracts. And then another 30 days of impatience for this, finance day.
This doesn’t get talked about, but one of the most difficult things about selling your business isn’t the prepping, the negotiation or the contracts. It’s living this dual existence. Chirpy team leader and business-as-usual principal to your agency team. All while you’re going through the stress of planning and executing your exit from business ownership.
It’s making unnecessary drives so you have complete privacy to call solicitors or brokers or accountants. It’s blaming auditors for the Form 6’s your team need to redo. It’s booking Christmas parties you know you’ll never host. It’s throwing new management incentives at your BDM that are entirely out of character for you!
It’s wondering how to handle a PM resignation. Should I recruit, knowing they’ll only be with us a fortnight before they’re told we’re closing? Ask the team to stretch? For how long? How do I explain that?! Until I have an unconditional sale I’m bound by confidentiality. I can’t say a word until finance is approved and the deal confirmed.
The duplicity really got to me. The cover ups and little lies and smoke screens and plain old deception. I liked and trusted my team. Some had been with me almost a decade and I’d always been a transparent leader. They trusted me. This bit was REALLY hard.
So it’s no surprise some of my clients break out and tell their teams. Against my best advice. Just to end the concealment and involve them and be honest with them. They tell me a huge weight lifts immediately.
But here’s what happens then: Staff immediately look for their next job. This has happened every time! Yes they’re loyal and they respect you and they think this has been a great place to work. All of that. But they will look out for themselves and you should expect them to do exactly that.
Maybe they like the agency/principal you’re under contract to, and might like to stay with these properties and landlords and tenants and go across. But it could still be weeks before they find out if that’s possible as the buyers can’t offer any roles until they’re unconditional.
Your PM’s are always getting regular calls from recruiters and competitors. This is a tight employment market and there will be someone who’s come close to tempting them away. Someone they’ll now call back for a meeting. Then you’ll be working with a rapidly shrinking team. And at a time you’re under growing pressure and stress of your own in handling the disposal of a significant asset.
I believe agency ownership is one of the loneliest jobs. And when you’re selling your business the cloak and dagger stuff will really test you. It felt so out of character for me, I became really uncomfortable being around my own team.
Until that day. The solicitor’s call was great news – contracts unconditional! The team announcement followed (planned and appropriately timed) when I could finally “fess up” and speak openly about the future. My team had heaps of time to plan their next move. I supported them, wrote references and introduced them to principals.
But right up to that day I kept the secret. It didn’t feel good, but I had key people in those key roles when I needed them. I had to look out for myself.
If you’re considering selling I’d love to have a confidential chat about your rent roll or agency. I’ve been in your shoes and know how to help. Please call me on 0423 332 022.