A change in ownership can be a scary proposition for an established public relations firm or creative agency, but it can also be a tremendous opportunity for growth. The key is to manage your firm’s reputation, while providing the new owner with space to grow into their new role.
At Gould+Partners, we have helped numerous PR firms and creative agencies through the M&A process, and recommend the following strategies to manage your agency’s reputation during a change in ownership.
How to Manage Your PR Firm’s Reputation During an Ownership Transition
The most important thing you can do to manage your reputation during a PR agency ownership transition is to proactively communicate with internal teams, clients and the public. Once that trust is established, the next steps are to demonstrate immediate value, position the agency and new ownership as industry thought leaders, and prepare for the long-term.
Turn Employees into Brand Ambassadors
Communicate with employees before announcing changes publicly. Address team concerns, highlight the future benefits, and empower staff to speak about the change in a positive way.
- Detail exactly what is changing and address concerns regarding job security and daily operations.
- Explain the core vision and any new benefits coming to employees.
- Train staff on new company values and service standards.
- Provide teams with clear answers to common customer questions.
Protect Client Relationships
After communicating with employees, but before making the ownership change public, reach out to existing clients with an emphasis on continuity and improvements.
- Email existing clients directly with a personal, welcoming message.
- Reassure clients by confirming that existing contracts and services remain secure.
- Highlight improvements, such as upgraded systems or future service offerings.
- Maintain consistency by keeping critical operational touchpoints familiar.
Inform the Public
When communicating with the public, position the ownership transition as a natural evolution of your agency. Highlight improvements, while respecting the brand’s established legacy.
- Distribute a formal press release explaining the leadership change to local media and industry partners.
- Focus on the value and vision the new ownership brings.
- Acknowledge the previous history without defaming the former owners.
Demonstrate Immediate Value
One of the fastest ways to boost your reputation during an ownership change is to deliver on a promise or a problem that was previously unresolved.
- Improve a clear pain point quickly to demonstrate a new commitment to customer satisfaction.
- Over-deliver on customer service to win back skeptical clients.
- Respond to older complaints or negative reviews to show new management is listening.
Establish Thought Leadership
To enhance the reputation of both the PR firm and the new ownership, it’s important to establish thought leadership and authority.
- Secure third-party endorsements for new ownership from partners or trusted colleagues.
- Continue publishing industry insights and high-quality content.
- Highlight the ongoing expertise of your agency’s professionals.
Prepare for the Long-Term
Reputation management is a continuous, dynamic process, and it’s important to adapt your strategy based on on-going feedback.
- Listen to employee and client feedback.
- Address rumors or misinformation immediately.
- Continue to share positive updates to showcase fresh leadership values.
Get Professional Guidance During an Ownership Change
Managing your PR firm’s reputation during an ownership change requires clear communication and transparency. It is an exciting yet challenging time, even for public relations firms adept at providing reputation management for their own clients.