Sherry FitzGerald could hardly have picked a better time to set up its new franchise operation. The company is to target 40 country estate agents in the next two to three years in a bid to establish a national brand. If the idea works, the whole shebang can be floated on the stock market, and its 25 directors will share the rewards.

Mark FitzGerald's idea to launch the new company comes at the end of a superb trading year for Sherry FitzGerald, when it saw its fees rise to £9 million and its profits to £2 million. Residential sales accounted for the lion's share of the turnover, though its commercial division has been given new life since it linked up with DTZ last April. Response in the Dublin estate agency scene has been rather muted. Some doubt that Sherry FitzGerald will manage to catch many more big provincial fish such as Dermot McMahon, its first franchisee and a dominant figure in the Co Clare market. From now on, the franchise company is likely to target the number two and number three traders in many of the large provincial towns, simply because the big players may be happy with their lot and don't need a national profile. Top of the Sherry FitzGerald shopping list are likely to be agencies in Waterford, Wexford, Drogheda.

The IAVI is thought to have concerns about the size and scope of the new venture but like any good business, the franchise company will be pitching to both IAVI members and members of the rival Institute of Professional Auctioneers and Valuers. Whatever the eventual payoff of a flotation may be, it will have to be shared out among a great many people. In contrast with most other companies, Sherry FitzGerald rewards its high fliers with directorships, so it's no surprise that its executive board now numbers a staggering 23. What is surprising is the number of women directors - seven in all. As Mark FitzGerald likes to point out, the combined board members of the other top five firms in the city include just one woman - Lisney's ace deal-maker Ann Hargaden.