So, are acquisitions the key to success?
“I believe so, and in my case – they absolutely have been. Many franchisees think it’s difficult to make an acquisition and are actually fearful of it – they don’t believe that the banks will lend them the money to do so. But in reality, it’s easy. Acquisitions are profitable and there is a substantial income to be made from them. And, as such – providing you develop a solid business case – the banks will fund you. Four out of the five acquisitions I’ve made have been funded through the bank, all of which have been rebranded as Martin & Co Sutton Coldfield and operations integrated.”
And the full integration of the acquired businesses wouldn’t have been possible without the right systems and processes that David has ensured are in place.
“Since opening the doors to our business nearly a decade ago, we’ve developed some really slick and streamlined processes, which has enabled us to undertake acquisitions easily and ensure that the transition post-completion for both staff and customers is as smooth and seamless as possible. This is the big challenge that many agents undertaking an acquisition face, but it’s absolutely possible. We acquired one of our businesses on the 8th May 2015 and had fully integrated all of the software and systems just 9 days later!”
The final words from David sum up what he believes makes a successful franchisee…
“Certainly from our own experiences, being able to relate to other people is absolutely crucial – and this is where great customer care comes in. Whether you’re engaging with a landlord or a tenant, every individual will have his or her own specific needs. For example, there are landlords who literally want to hand you the keys to their property and let you get on with it, and then there are those who want to be more involved in the process and want to know all the ins and outs. You need to be able to identify these and adapt your service accordingly – to make for happy customers, happy staff, and a healthy business.”