A Mindset Shift That Will Build Your PR Firm’s Value
Edited version From “Doing It The Right Way”, 2nd Edition
There is a right way to build a firm’s value. There is a formal process that works. The hardest step for most firms is the first and most critical one: shifting the owner’s mindset to manage the firm as if it were to be sold tomorrow to an outside buyer.
Why Managing Your Firm As If You’re Going to Sell is So Valuable
This mindset shift is critical. It gives the agency owner or owners the highest-valued endgame to work toward. Without this mindset, owners don’t plan realistically for their exit strategies—and every owner has an endgame in mind. Selling internally to employees, selling to an outside firm, or running the firm in perpetuity through management succession— all of these methods leave unrealized value on the table.
Managing your PR firm as if you were to sell maximizes not only profitability but also value. This mindset forces an owner to put his or her best foot forward each day and believe that an external sale is imminent. Firms become more disciplined with profitability building from a day-to-day operational perspective, and they also become more disciplined with financial and managerial controls when they imagine someone on the outside is watching. These levels of accountability don’t usually happen without this as-if mindset.
Whether you intend to sell in six years, sixteen years, or not at all, the process is the same: build profitability, build value, build “as if” to sell.
Ready to Maximize Your PR Firm’s Value & Profitability? We Can Help.
Gould+Partners regularly advises PR firm owners with a “Build to Sell” program to maximize value when they are ready. If you’d like to up your firm’s value and profitability, there’s no better time than now to get started. Get in touch with us today and take the first step towards reaching your firm’s full potential!
Wondering what your PR firm is worth? Learn more about PR Firm valuations here.
Curious about our Build to Sell program? Get the details about our proprietary program here so you can determine if it might be a good fit for your public relations firm.