It’s the most important decision you have ever had to make.
Time to ride off into the sunset?
What is your leadership exit strategy? The key issue that threatens the continuation of many agencies and marketing communication companies is succession. Or really, how does the founder, the owner, the big cheese, exit the business?
It seems so simple. Just sell it to someone across town. Maybe hire a business broker. Or find an out-of-state buyer? Or do an ESOP. Or do bank financing.
All of these can be options in the right situation. But the key question remains, how to make it right so it works because you don’t want to find yourself back in the agency business, trying to rebuild a broken shell of a firm in your later years.
We understand that exiting the business is one part business, one part financial, one part psychological, and one part pride. And all guts. The questions regarding succession and exiting are many. Sometimes the key is “When?” But often it’s “How?” And many times it’s “Why?”
Helping agency owners plan this step is a unique space where we advise a lot of agency owners. It’s a common problem within our industry as firms struggle with how to pass the torch to a new generation of owners. Done right, it’s a thing of beauty. Done wrong, the agency stumbles, crumbles and falls.
A Call to Action: Position The Agency For Growth.
If you need to plan for your future, plan for your agency’s growth. Build a new business system that will stand the test of time, generating growth long after you’re gone.
Challenged by a sputtering economy, client’s and agencies are under increasing pressure to deliver more with less. Branding over time, results overnight – with less money. In response to this challenge, clients are leading a wave of investment in brand management and marketing services automation systems that champion brands, streamline processes and deliver results. It’s up to you to take advantage of these trends and build now for the future.
As the leader of your agency, you need a clear picture of the trends, challenges and opportunities. Our DayOne new business planning session focuses on reality and results, not on the hypothetical spoken in technobabble.
The point of the presentation is that agencies are now at a point where they must decide if they should just make incremental changes to the way they do business, or if they need to make a quantum leap into a complete redefinition of their role in the business world. All agency leaders know that some level of change is needed, and it’s needed now. The question is how much, and how fast. Successful agencies of the future will need to move beyond the archaic model of the past and:
- Position the agency for growth well into the future.
- Create an agency brand that resonates with the new breed of client.
- Communicate with all of a client’s important audiences, not just consumers.
- Know how to identify, prioritize and develop messages for all key points of contact with the prospect.
- Adopt a new business process that leads to real growth.
- Understand how to create and strengthen two-way relationships with prospects.
- Have a system for developing and proving business-building ideas for their clients (not just advertising ideas).
- Employ a set of metrics to measure the impact of new business and prove the ROI.
For a frank discussion on how we handle this delicate issue of helping owners position their agency for growth, call us in confidence. There are no easy answers. But there are solutions. Give us a call at 412.897.9329 or email [email protected]
Photo by tainted-minds
