If you haven’t done so already, be sure to prepare all aspects of your business prior to listing it for sale. In line with this, consider what role you would like to play in the business once it is sold. Will you be going for part-time role, consultancy, board position, or a complete severance? It’s important to decide early so you can determine the general direction of your company and the role each person in your agency will play once the business is sold. Aside from these, preparing for an exit helps increase the selling success rate while improving the price of the entire agency.
Turn your agency into a specialized team.
For example, if you have a marketing agency with general virtual assistants, consider getting them trained to work on a more specific niche. If you don’t have an idea where to start, take note of the usual industry of your clients and take it from there. In case it is a relatively new agency and still needs to explore its specialization, consider a very specific niche. This will help reduce the competition while you establish your place in the industry without too much pressure.
From there, build up your client base and improve your online reputation. If done correctly, this will help increase profits and leads. You may even get referrals from past and current clients if they’re highly satisfied with the service.
Focus on branding
Improve the output that your marketing agency provides, create content that will encourage a large following, design a system that will attract recurring revenues. What makes you unique and desirable from the client’s point of view? Design at least one quality that will make it stand out from its competitors.
Don't depend on a few clients to help keep the marketing agency going.
This is not ideal because this will waste a lot of time and resources that should have been used to further improve your marketing agency. To prevent having this problem, consistently reach out to potential leads even if you are currently meeting your sales quota. If you have an excess of work, you can then decide to outsource. If done correctly, this can help increase the price of the marketing agency because the potential buyers will interpret this as a growing business.
Formulate a specific marketing agency selling process to help increase productivity for the entire team.
This may be a bit tricky in the beginning because different agency members have different preferences on how they want to get their work done. Therefore, it’s best to set a meeting with the entire team first to see where everyone should meet halfway. Here are some more considerations when considering an exit strategy.
Give it time
Don’t panic when planning to sell your marketing agency. Give it at least a year before you get your business out in the market. Use this timeframe to clear up any accounting-related issues, catch up on pending projects, and touch base with your past and present clients. It’s important to complete these things prior to and exit because these can help you negotiate a higher price. If a potential buyer sees that the marketing agency has no unfinished business, this will give room for easier future improvements. That, in itself, is already attractive to a buyer who has a lot of plans for the agency. Besides, who wouldn’t want to start working on a positive note?
Takeaways For Your Marketing Agency
Even if you’re not planning to sell your company, it’s still a good choice to devise an exit plan. Consider this as a plan B for your marketing agency. This will help you improve the entire end-to-end process and have another fruitful goal in mind. Check out this article on how to automate your business in preparation for an exit.
If you’re planning to sell your marketing agency in the hopes that this will help you get rich quickly, think again. A good marketing agency takes time to develop. You have to work extra hard to build up your reputation and branding.
You will also need to prepare your agency now even if it’s just a few incremental improvement steps at a time. If you’re planning to sell your marketing agency from the get-go, consider a team that can greatly complement different businesses. This way, you can have a broader market. If you want less competition, then you have to work on a specialty that has a potentially high ROI in the long run.