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New Bayleys arm champions businesses with scale

A commitment to giving enterprise business sales more prominence within its full-service real estate agency has further bolstered Bayleys’ client offering.

Bayleys recently acquired the bespoke brokerage and advisory firm Rede, bringing that company’s two founders and other experienced brokers into Bayleys’ nationwide business which is headquartered in Auckland’s Wynyard Quarter – the seat of big business in New Zealand.

Rede has an established performance record selling businesses with scale, under the direct guidance of principals William Cheong and James Macmillan who now take up positions as national directors for Bayleys Business.

Ryan Johnson, Bayleys national director commercial and industrial said in acquiring Rede, Bayleys is publicly acknowledging that business sales sits alongside real estate – not under it – as a business line with its own unique credentials and transactional paths.

“Bayleys has a reputable and proven history in the sale of retail businesses valued sub-$2 million and while we will continue to grow this part of our operation, we now have capacity and added credibility to sell businesses with scale.” he explained.

“By harnessing the leadership, skillsets and experience of Rede, we’ve boosted capability to transact enterprise businesses in the unlisted private market with a value of $2 million - $50 million.

“The new-look Bayleys Business model will have four arms to it – advisory, brokerage, valuation and syndication and will leverage current activity in the Auckland, Tauranga, Hawke’s Bay and Christchurch markets, with expansion to other regions to strategically follow.”

Johnson said Bayleys has cemented loyal and respected working relationships with business and property owners across its broad full-service real estate offering, and has deep connections with corporate New Zealand and private wealth holders.

“Our clients own residential, lifestyle, farm and waterfront properties along with their commercial and business interests so Bayleys Business will help connect all the dots across the real estate spectrum.”

Rede was created by chartered accountant Cheong, who has broad international experience in commercial banking and financial risk management, and Macmillan who comes from the banking sector with experience in business, commercial and corporate finance, restructuring and insolvency.

The pair were drawn to the culture of the family-helmed Bayleys company where initiative, leadership and professional development are supported, and interconnected business relationships are ingrained.

“In aligning Rede with Bayleys, our long-held goal of growing a nationwide network of brokers who are trusted professionals and leaders specialising in selling businesses of scale will be realised,” said Cheong.

“By backing our value proposition with the power of the Bayleys business, brand and network, we believe it is possible to achieve this goal in a short period of time and for Bayleys Business to become the most trusted successful business sales brand in New Zealand.”

Macmillan said Rede was founded on professionalism, knowledge and confidentiality and was driven to deliver a level of service to New Zealand business owners usually only seen at the top end of the mergers and acquisitions industry.

“Building on Rede’s legacy, Bayleys Business will provide a unique sell-side advisory service and represent businesses with an enterprise value up to $50 million,” he said.

“Unlike a retail business brokerage, our targeted and intelligent approach is largely off-market without public marketing.

“We use our extensive professional and personal networks and a qualified investor database to judiciously introduce only identified genuine buyers to any sale process, thereby achieving the desired result faster.”

At the sharp end of the Bayleys Business proposition is the process to arrive at a full discounted cashflow-style valuation carefully cross-checked with other methodology.

“Once we form a view on the business’s value, we then spend time with the business owner to ensure there is alignment in terms of their expectations, our assessment of value and what we believe to be achievable in the market at that time,” said Cheong.

“As with any transaction in the real estate arena, timing is everything to optimise value and our clients will be market-ready with all financial and administrative ducks in a row before we initiative any buyer activity on their business.”

Macmillan said discretion and confidentiality underpin all aspects of the process and thorough due diligence is carried out on prospective purchasers to get an in-depth understanding of their investment parameters to effectively “matchmake” sellers and buyers.

Confirmation of the National-led coalition, and widely expected interest rate cuts later in the year, have seen buyers for established businesses return to the market – a trend Bayleys Business expects to continue as 2024 unfolds.

“More buyers in the market will lead to stronger competition for good businesses which will improve the likelihood of a business selling at or around the market price,” proffered Macmillan.

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