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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Category: Business Advice
Looking Back 20 Years on June 1, 2021 and The Impact on PR firm M&A Transactions
It was June 1, 2001. Google was just a pup and Facebook and Twitter hadn’t been born yet. Advertisers were still purchasing print media. As far as creative services firms were concerned buyers had a clear delineation between marketing and PR shops. June 1, 2001 was also when I sold my CPA firm and started…
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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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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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Bigger is Better – But Not “Too Big”
We have been consistently advising PR Agencies to grow their top line for maximizing value, as long as they maintain bottom line consistency, targeting 20+ percent. But there is a footnote to this advice. Being “too big” may actually decrease the payback. The sweet spot for PR firms has been the $10-$25 million net revenue…
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The Value of Human Capital
The term “Human Capital” is offensive to some. They see it as treating people as material objects. I hope to build a greater appreciation that the character, competence and commitment of a firm’s professional talent has a major impact on its valuation in an M&A situation. That acknowledgement, together with other recommendations, are intended to…
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Cybersecurity and Telecommuting in PR, Alone and Together
Cybersecurity and telecommuting are two separate lanes for PR firm owners to manage. But they’re certainly not independent of one another. As the so-called dark web rears its ugly head, PR agency owners and C-level executives are increasingly responsible for protecting their digital and online assets soup to nuts. At the same time, owners must…
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Is Cry for PR Diversity Different This Time?
(This article originally appeared on odwyerpr.com.) It happens every few years, just like a Swiss watch. Cries are heard regarding the general lack of diversity within the creative services field and how it’s costing agencies and firms dearly. There are a few rounds of self-flagellation within the four walls, as the media trades run agonizing…
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3 PR M&A Trends to Watch in 2018
It’s just a few weeks into the new year, but the media M&A field is starting to percolate already. There were two deals in early January alone. Highwire PR, one of the fastest growing tech independent firms, acquired Inner Circle Labs and merged the two San Francisco-based agencies, while the Association of National Advertisers (ANA)…
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Empathy at Heart of Co-Mentoring Programs
Several years ago I worked at an online media production company whose aspirations unfortunately exceeded its budget. Nonetheless, I was eager to get more experience producing online video content. I was assigned to work with Susan (her name has been changed), a millennial. She seemed to be a real whiz with video equipment and knew…
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3 Ways Female PR Execs Pursue C-Suite Seat
It’s a start. When Barri Rafferty in late November was named Ketchum’s next global CEO, she became the first woman to lead a top-five PR agency. It’s fitting that Ketchum has taken the lead when it comes to promoting female PR executives. A recent survey released by the global PR agency and the Holmes Report…
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VIDEO: Millennial PR Firm Owners Carve New Niche
We were chatting with a top PR executive recently when we mentioned the proliferating number of PR firms owned by millennials, or people born between the early 1980s and 2000. The executive—a real pro—expressed skepticism. That’s fine, we said. But we also stressed to this executive to keep a close eye on the space. While…
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