Rick Gould
Rick Gould

For most entrepreneurs, building a public relations or creative services firm isn’t just about growing a business—it’s a lifelong investment of time, passion and sweat equity. Founders pour themselves into every client pitch, every new hire and every late night spent refining strategies. Over the years, the firm becomes more than a company; it becomes a personal legacy. At some point, however, every owner faces the same question: What happens when I’m ready to step back? Succession planning is one of the most important and overlooked aspects of running a PR firm. It’s also one of the most difficult, because the decision is deeply personal. Owners must balance financial security, continuity for staff and clients and the desire to see their life’s work carried forward. While there are several common options, one in particular often delivers the greatest financial reward: selling the firm to a strategic or financial buyer.

The traditional succession paths

Grooming an internal successor. Passing the firm to a family member or long-time employee is the most traditional option. The advantage is cultural continuity and preservation of legacy. However, these transitions usually require years of preparation, financing arrangements and risk-sharing. The outgoing owner often relies on future profits or installments to get paid out—and if the firm stumbles, those payments may never fully materialize.

Partner buyouts or ESOP. Some firms pursue gradual ownership transfers through employee stock ownership plans or partner buy-ins. While this can keep the business ‘in the family,’ the financial upside is limited. The valuation tends to be conservative, and the seller’s payout is stretched over a long timeline, subject to firm performance.

Merger for continuity. Merging with another agency can provide stability for clients and staff, but these deals are usually structured around efficiency rather than maximizing owner value. The founding owner may retain a leadership role for a time, but the payout often pales in comparison to a straight sale.

Why selling delivers superior results

For owners seeking not just continuity but maximum monetary reward, selling the firm outright is often the most compelling succession strategy. Here’s why:

Valuation premiums. Strategic buyers—larger PR firms, marketing conglomerates or private equity-backed platforms—are willing to pay multiples of EBITDA because they see synergies and growth potential beyond what the founder can achieve independently. A sale valuation of 5-7x EBITDA, for example, far outstrips the conservative numbers used in internal transitions.

Liquidity and certainty. A sale puts money in the owner’s pocket today—usually a mix of upfront cash and performance-based earnouts. Compare that to waiting years for employee buyouts funded by profits. With a sale, the founder secures liquidity and reduces financial risk.

Growth capital for the firm. Buyers often bring resources, infrastructure and capital to accelerate growth. That means clients gain access to expanded services, synergies and opportunities, while the founder’s legacy can continue on a larger stage.

Timing the market. The PR and communications sector is attracting unprecedented buyer interest. Private equity firms are rolling up agencies into platforms, and strategic buyers are eager to expand into niches like fintech communications, healthcare PR and crisis management. Selling during a strong cycle allows founders to capitalize on this momentum—rather than waiting and risking a downturn.

Addressing common concerns about selling

Despite the advantages, many owners hesitate to sell. Common concerns include:

“Will my culture survive?” The best buyers understand that culture drives value. They often want the firm’s leadership and staff to stay, precisely because culture is what clients are buying.

“What about my employees?” A well-structured sale protects employees by integrating them into a larger platform with more resources and growth opportunities.

“Won’t I lose control?” Yes, selling means ceding control. But many deals allow founders to remain in leadership roles during a transition period, often with significant autonomy. The key is negotiating terms that align with the founder’s goals.

When is the right time to sell?

Timing is everything. The best time to consider a sale is:

When the firm is healthy and profitable.

  • When client concentration is low and revenue is diversified.
  • When strong growth trends make the firm attractive to buyers.
  • When the broader M&A market is active.

Waiting until retirement is imminent—or until the firm has lost momentum—usually leads to weaker valuations. Owners should start succession conversations early, ideally three to five years before they plan to exit, to maximize value and allow time for due diligence.

Steps for PR firm owners considering a sale

Assess your goals: Clarify what matters most—maximizing payout, protecting employees, preserving legacy, or all three.

Valuation: Understand what your firm is worth today and what could enhance its value.

Explore buyer types: Strategic acquirers, private equity firms and niche roll-ups each offer different benefits.

Engage an advisor: An experienced M&A advisor ensures you identify the right buyers, negotiate favorable terms and manage the process efficiently.

Plan your next chapter: Whether that’s retirement, a new venture, or a leadership role under the new ownership, think about life after the transaction.

The bottom line

Succession planning isn’t just about continuity. It’s about unlocking the financial value of decades of hard work. For most PR firm owners, selling the firm provides not only the highest monetary payoff but also the clearest path to securing their legacy. Internal transitions and gradual buyouts can work in certain situations, but they often limit upside and tie payouts to future uncertainty. In contrast, a well-structured sale delivers liquidity, certainty and the opportunity to see your firm thrive on a bigger stage.

At Gould+Partners, we specialize in representing sellers of PR and creative service firms. We help owners navigate succession options, identify the right buyers and negotiate deals that maximize both value and legacy. If you’d like to explore whether selling is the right path for your firm, let’s start a confidential conversation.

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Rick Gould, CPA, J.D., is Managing Partner of Gould+Partners, a merger and acquisition consultancy specializing in the PR sector.