As the public relations M&A market continues to percolate with additional transactions, more potential suitors are now eyeing PR firms that can bolster their portfolio and deepen their bench. (1 reader comment)
What PR Firm Buyers Want to Know
Tue., Apr. 4, 2017
By Rick Gould
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Category: M&A
Apr. 5, 2017, by Don Bates
Good advice, as always. Of course, I know this for certain because I consult for Rick. He's the most productive writer on M&A in the PR business. The Gould Partners website is jam-packed with free advice and counsel regarding buying and selling PR firms of all sizes and styles.
I hope agencies everywhere are soaking up this stuff from Rick and other M&A specialists in the field for a very simple reason. They will make more money if they do, both now and in the future, because they've taken some time, however modest, to value their worth and begin a plan of action to bring in more clients, make more profit, focus their experience, and prepare for later years.
On their own, or with the help of outside consultants, a few hours of putting the numbers in focus and creating a plan of action to move from where they are now to where they want to be, will be worth tens of thousands, perhaps hundreds of thousands, more than if they don't.
Too many agencies spend all their time taking care of clients and very little time taking care of themselves. A PR or marketing firm is a business at the end of the day. It's not only a framework for making a salary while doing the fun creative work. It's also a framework for building and managing wealth.
So why not get rich quicker and smarter by putting a little more business into your business?