How to Build a Business Plan Exit Strategy

Establishing an exit strategy isn’t something owners of PR firms and advertising agencies typically think about as part of their business plan. However, when it comes time to leave, it’s important to have a plan in place to protect accumulated wealth, as well as to smoothly transition the business to the new owner, and to…
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Compensation: Clients Who Fit the Bill

Healthy client relations are the lifeblood for PR agencies. Every client is unique, of course, with disparate needs, and PR agency owners often must take pains to provide those services, as well as a trust-based relationship. When it comes to effectively serving clients, one size doesn’t fit all. The same holds true for agency billing….
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PR Firms Remained Profitable in 2020

U.S. PR agencies managed to remain profitable in 2020 despite the severe economic damage wrought by the COVID-19 pandemic, according to an annual industry survey conducted by PR merger and acquisition consultancy Gould+Partners. Gould+Partners’ latest Benchmarking report, which analyzes key factors affecting PR firm profitability, found that PR agencies in 2020 saw, on average, profitability…
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Psychological Buy-in Critical for Exit Strategy

Amid the dramatic and ongoing changes within the marketing communications industries is the accelerating rate of M&A transactions within the PR field. PR firm owners, including heads of boutiques, smaller shops and mid-size firms, are giving more serious consideration to selling. Many of these owners are products of the baby-boom generation and would like to…
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Ten Reasons to Get a PR Agency Valuation

I was recently called by a prospective seller who asked for advice on the value of her firm. She was told by a competitor of my firm that she should simply double the annual fees, assuming her bottom line was at least 20 percent. What he didn’t ask her were a series of questions needing…
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5 Questions to Ask When Considering Selling Your PR Firm

If you have decided that it’s time to take that first step in your planned exit strategy of selling the firm, you may have questions regarding what your next steps should be. The next steps you should think through as you move to sell your public relations agency are: 1. Do you know your true…
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Public Relations’ Renewed Call for Diversity

Rick Gould and Robert Udowitz co-authored this article Those of us who’ve worked in public relations for many years know that calls for greater diversity in the industry are nothing new. The absence of multicultural leadership within the ranks and the absence of women in top management role are two conspicuous measures of what’s not…
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PPP Lesson Learned: Build a Solid Banking Relationship

Our three surveys on the financial impact of the coronavirus crisis made one insight clear. Whether it be a global, national or regional bank is not what matters. What matters is that it be with a bank and banker that knows you, that knows your firm, that understands the cash needs and seasonal flows of your…
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Surviving the New Recession

The U.S. business world is facing a plunge into unchartered waters. None of us can foresee the bottom or estimate the number of months it will take to rebound. As the PR industry decides the best course ahead, I’ll offer some suggestions based on benchmarking the industry for the past three decades of good times…
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Managing Employees Working Remotely

With the coronavirus pandemic, many employers are having their staff work remotely to avoid spread of the virus. Managing remote employees is a new phenomenon for some, so here are some guidelines that may be helpful. Be certain that your team understands that their role remains unchanged, and the same metrics of success still apply….
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You’re Interested in Selling Your PR Firm. What Are Your Next Steps?

If you’ve owned a public relations firm for several years and have decided that it’s time to take that first step in your planned exit strategy of selling the firm, you may have questions regarding what your next steps will/should be. The next steps you should think through as you move to sell your PR…
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