The Benefits of Selling Your PR Firm
As a public relations firm owner, selling your company is a decision that should be carefully considered and well thought out. There are many pros and cons to ponder, many factors to weigh and many consequences to consider. Then there is the task of preparing your company for sale, finding a buyer willing to pay what you feel your firm is worth, timing the sale advantageously and executing a successful sale while maintaining business as usual. Successfully selling a PR firm is no small task.
But while selling your PR firm may be intimidating, it can also be immensely rewarding. There are many benefits to be gleaned from the successful sale of a PR agency – both for you as the owner and for the company.
1. Extra Money in Your Pockets
Successfully selling your firm for a profit will, undoubtedly, provide you with a bit more financial freedom and security. Having additional funds in your personal accounts and lessening your investment in the company will provide you with opportunities to travel and enhance your lifestyle if you so desire.
2. More Time To Focus on What You Love
Selling your company doesn’t mean you have to exit the industry. It merely means you’re surrendering some of your duties within the organization. Often times, selling your PR firm enables you to partner with a capable buyer and work together to further enhance the organization. You’ll get to surrender some of the more tedious, back office tasks like bookkeeping and administrative paperwork and focus on the aspects of public relations that you love.
3. Opportunities for Growth & Expansion
While selling your PR agency can benefit you, it can also benefit firm. Often times, PR firms are purchased by other agencies wishing to expand. This sale can give your company the chance to grow and evolve in ways that were not possible before.
4. New Clients
Additional financial resources, employees and talent can breathe new life into your firm, enabling it to compete for larger clients and accounts it may not have been able to acquire before. This, in turn, can fuel the success and profitability of the organization you worked hard to build.
5. An Enhanced Legacy for Your Organization
Selling your PR firm to capable buyers at the top of their game can spur continued growth and success for your company at a time when it might have otherwise been stalled or stagnant. You can sit back and enjoy the rewarding feeling of watching the company you invested so much in continue to prosper on the foundation you established and, as important, the earn-out will enable you to share financially in the upside.
Selling your PR agency is a daunting yet rewarding task that can benefit both you and the organization you worked hard to build and maintain in a number of ways. If you are ready to move forward with selling your PR firm, let’s have a conversation!