Lawyers, accountants, partners, HR. All have important roles to play in mergers and acquisitions. But as Mishcon de Reya partner Susan Freeman finds out, there may be a more important role in making sure mergers work
As the consolidation of property services companies continues apace, with the DTZ and Cushman & Wakefield merger being the latest, I spoke to the man known as CBRE’s secret weapon. Reg Coomber is a man of mystery. He has been with the company for 32 years, but has a role with no official title.
When the Americans at Insignia took over Richard Ellis in 1999, they immediately recognised Coomber as the fixer. With his hospitality sector background, he has the vital task, following all CBRE mergers and acquisitions, of bringing together management and staff on both sides at informal social gatherings to break the ice.
Once the deal is done, he is “the man who makes things happen”.
Research indicates that only half the mergers between professional services firms are successful and, in 90% of cases, people issues are the weak link.
Even the best business case for a merger can be undermined by ignoring the need to integrate the key assets – human resources – so Coomber provides a vital service.
Coomber knows from years of experience that you should wait at least six months to a year for the post-merger party in order to give everyone a chance to settle down first. “Ignore this and you end up with two separate parties,” he says, because people don’t know each other.
So what does a successful party look like? Coomber cites a recent party he organised for 1,700 people – virtually the entire CBRE UK contingent. “If someone had landed from Mars, they wouldn’t have seen any difference between the different groups,” he says.
Apart from the post-merger events, Coomber’s annual CBRE sports days are legendary. There you are likely to see him, resplendent in multi-coloured leotard, leading an aerobics class. Regular quiz nights are also “a real leveller”, says Coomber, although he freely admits it’s not exactly University Challenge, with CBRE’s current managing director taking the stage as quizmaster, and singing and dancing and fundraising.
Everyone who works at CBRE goes to these events, says Coomber, and “everyone talks to everyone”.
And after all these years, with numerous mergers and acquisitions under his belt, Coomber readily admits he is still learning. “Every deal is the same but completely different and the people need to be looked after,” he says, adding that he wonders whether other companies prioritise the people issues enough.
“From the directors’ viewpoint, it may seem perfect as they know why they did the deal – but you have to talk to the staff,” says Coomber.
The CBRE directors’ view
Ciaran Bird, UK, managing director:
“Reg is a one-off. He is so committed and passionate about delivering exceptional events. Absolutely every piece of detail is considered, and no stone is left unturned. Whether he is hosting the new grads intro weekend in Bude, Cornwall, our executive directors’ conference, hosting the US main board or a key client event, all are given the same high level of commitment.”
Martin Samworth, EMEA chief executive:
“He is a man with many talents and seems to be able to deploy them in many ways at the same time. Officially, he calls himself client services manager; unofficially, he runs sports and social, client events, sorts out our front-of-house catering, runs some of our graduate inductions, and is a coach and mentor to many people.”
Mark Collins, residential chairman:
“I joined CBRE in February 2011 and my first real experience as a ‘new boy’ was at MIPIM that March. Our resi team hosts an exclusive dinner on the Tuesday evening during MIPIM and Reg adopts the ‘favourite uncle’ approach in his guidance and wise counsel and ensures that everything runs in a highly professional and superb environment. The feedback from my first event was fantastic.”
Susan Freeman, partner, Mishcon de Reya
