Creative Agency Success Show

By: Summit Virtual CFO by Anders
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  • Summary

  • Has your business scaled beyond $1 million in annual revenue? Do you employ a staff of 20 or more people? If so, you've likely experienced a whirlwind of highs and lows that come with growth. You're not alone in your journey. Since 2002, Summit CPA Group, now Summit Virtual CFO Services by Anders, has helped businesses and creative agencies across America and the globe by providing Virtual CFO Services, cash flow management, business tax planning, financial forecasting, and much more. We've also performed hundreds of 401(k) audits and provided CPA firms with accounting outsourcing services and Virtual CFO consulting. This podcast seeks to help service-based business owners dive deep into the financial side of their business to achieve growth and financial success. Tune in bi-weekly as our hosts—Jamie Nau, Director + Virtual CFO, and Jody Grunden, Partner at Anders CPAs + Advisors—interview special guests to share knowledge in the digital and creative agency industry, as well as Jody’s experience as a service-based business owner and entrepreneur.
    2023 Summit Virtual CFO by Anders
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Economics Leadership
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Episodes
  • Unlocking Exit Readiness: How to Prepare Your Agency for a Successful Sale with Phil Daniels

    Unlocking Exit Readiness: How to Prepare Your Agency for a Successful Sale with Phil Daniels
    Nov 4 2024
    “It's never too early to start planning because you never know when that end is going to be. Operate with optimism. There's a lot of activity that's really unprecedented in the industry right now, and I think for the years ahead, it's going to be very good for agency owners who build really solid, predictable, nice operating practices.” – Phil Daniels The finer details of this episode:Overview of mergers and acquisitions (M&A) in the agency sector.Insights on exit readiness for agency owners.Discussion of motivations for agency owners considering a sale.Current trends in the M&A market and their implications.Importance of a strong management team in enhancing agency value.Evolving dynamics of purchase agreements and deal structures.The role of private equity in the agency landscape and common misconceptions.Strategies for presenting a compelling narrative to potential buyers.Importance of early planning and preparation for agency sales.Common pitfalls during the due diligence process and how to avoid them. Episode resources:Summit Virtual CFO by Anders website: https://www.summitcpa.net/Love our content? Sign up for our newsletter: https://www.summitcpa.net/summit-newsletterDigital Dollars and Cents: A Virtual CFO’s Playbook to help Digital Companies Create a Financial Roadmap to Success, is now an audio book! Download it here: https://vcfo.summitcpa.net/ddcConnect with Phil here: https://www.linkedin.com/in/phillipdaniels/Check out Season Advisors here: https://seasonadvisors.com/ Timestamps:Welcome to the Show (00:00:00)Introduction to the "Creative Agency Success Show" and its focus on helping agency owners. Discussion of Topics (00:00:14)Overview of the episode's topics: mergers & acquisitions and basketball, highlighting guest Phil Daniels. Phil Daniels Introduction (00:01:20)Phil shares his background in M&A and agency ownership, setting the stage for his insights. Early Career in M&A (00:01:35)Phil discusses starting his career at JP Morgan, focusing on acquiring and integrating businesses. Transition to Agency Ownership (00:02:20)Phil recounts his journey to starting his own agency, motivated by low barriers to entry. Agency Sales Experience (00:03:22)Phil explains his experience with agency sales, emphasizing the emotional aspects of selling. Motivations for Selling (00:04:46)Phil explores various reasons agency owners consider selling, including burnout and lack of succession planning. Exit Readiness Concept (00:07:18)Phil introduces the idea of exit readiness, emphasizing the importance of preparation before selling. Trends in Purchase Agreements (00:09:34)Discussion on recent trends in M&A agreements, including structure and incentives for sellers. Incentivized Buyouts (00:10:57)Phil talks about the common structure of incentivized buyouts and the importance of owner involvement post-sale. Valuation Gaps in Sales (00:12:19)Challenges in aligning seller expectations with buyer valuations, and strategies to bridge gaps. Timing for Cleaning Up Books (00:15:11)Phil advises on the optimal timeline for preparing financials before selling an agency. M&A as a Marathon (00:16:39)Discussion on the lengthy and complex nature of the M&A process for agency owners. Private Equity Perspectives (00:17:18)Phil shares insights on agency attitudes toward private equity investments and their implications. Private Equity in Agency M&A (00:17:24)Discussion on the impact of private equity in agency valuations and the changing landscape of M&A. Understanding Buyer Types (00:18:09)Exploring different types of buyers, including private equity, family offices, and strategic buyers, and their implications. Owner Objectives and Planning (00:18:58)The importance of understanding owner objectives when considering potential buyers and planning for agency sales. Strategic Buyers vs. Financial Buyers (00:20:10)Ranking the desirability of strategic buyers over financial buyers in agency sales. Management Team Retention Strategies (00:21:39)Ways to incentivize management teams to stay through the transition during an agency sale. Common Due Diligence Pitfalls (00:22:50)Identifying key reasons why due diligence fails, focusing on net working capital and owner dependency. Phil's Experience as an NBA Ballboy (00:24:39)Phil shares memorable experiences from his time as a ballboy for the Indiana Pacers. Michael Jordan's Comeback Game (00:26:47)Phil recounts witnessing Michael Jordan's return to the NBA and the unforgettable moments that followed. Final Thoughts on M&A (00:33:30)Phil emphasizes optimism in the current M&A landscape for agency owners and shares contact information. Planning for Agency Sales (00:34:22)Phil emphasizes the importance of early planning for agency sales, as circumstances can change unexpectedly. Eliminating Add Backs (00:35:10)The discussion highlights the negative perception of add backs by investors and the benefits of clean financials. Importance of Due Diligence...
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    36 mins
  • Spooktacular Showdown: A Halloween Movie Draft Special

    Spooktacular Showdown: A Halloween Movie Draft Special
    Oct 31 2024

    In this special episode of The Creative Agency Success Show, four speakers with Halloween-themed personas—Jamie Nightmare, Hannah Hexed Hood, Adam Haunted Hale, and Joey Killing Kenny—engage in a lively draft-style discussion about their favorite Halloween movies. Jamie, the enthusiastic host, sets the stage and outlines the draft rules. Hannah humorously admits her limited horror movie experience, while Adam and Joey share their deep knowledge and personal anecdotes. The conversation is filled with playful banter and passionate debates as they each select and defend their top horror film picks, creating an engaging and entertaining Halloween-themed episode.
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    47 mins
  • The Best Strategies for Nurturing Client Relationships with Adam Kurzawa

    The Best Strategies for Nurturing Client Relationships with Adam Kurzawa
    Oct 21 2024

    ”When I think about sales, it's really nurturing relationships and manufacturing opportunities. That is your job all day, every day.” - Adam Kurzawa

    The finer details of this episode:

    • Insights on business development strategies for creative agencies.
    • Emphasis on nurturing existing client relationships for agency growth.
    • Discussion on effective outreach efforts and relationship-building in sales.
    • Importance of hiring for business development roles, focusing on soft skills and industry knowledge.
    • Strategies for identifying growth opportunities within current clients.
    • Challenges and considerations in the hiring process for sales positions.
    • The significance of maintaining personal connections in business.

    Episode Resources:

    • Summit Virtual CFO by Anders website: https://www.summitcpa.net/
    • Love our content? Sign up for our newsletter: https://www.summitcpa.net/summit-newsletter
    • Digital Dollars and Cents: A Virtual CFO’s Playbook to help Digital Companies Create a Financial Roadmap to Success, is now an audio book! Download it here: https://vcfo.summitcpa.net/ddc
    • Connect with Adam here: https://www.linkedin.com/in/adamkurzawa
    • Check out Infinum here: https://infinum.com/

    Timestamps:

    Introduction to the Show (00:00:00)

    Jamie and Jody welcome listeners to "The Creative Agency Success Show," highlighting its purpose for agency owners.

    Friendship and Professional Journey (00:00:35)

    Jody discusses his long friendship with Adam and Adam's professional growth in business development.

    Practical Business Development Insights (00:01:14)

    Jamie emphasizes the practicality of Adam's insights for agencies struggling with business development and sales.

    Discussion on Pipeline and Biz Dev (00:03:33)

    The conversation shifts to building a sales pipeline and strategies to enhance business development.

    The Importance of Existing Clients (00:04:14)

    Adam stresses focusing on upselling and nurturing relationships with existing clients for growth.

    Outbound Marketing Strategies (00:07:41)

    Discussion on effective outbound marketing tactics, emphasizing personalized approaches over traditional methods.

    Manufacturing Opportunities (00:10:37)

    Adam shares ideas on creating memorable events to foster connections and generate new business opportunities.

    Building Relationships for Biz Dev (00:13:09)

    Adam discusses the importance of having advocates within client organizations to facilitate business development.

    Hiring for Growth Roles (00:16:25)

    The speakers discuss key qualities to look for when hiring a strategic growth director for business development.

    Complementary Roles in Sales Teams (00:21:07)

    The idea of having two types of salespeople: hunters and facilitators, to enhance business development.

    Monitoring Sales Performance (00:21:45)

    Importance of regular check-ins and analyzing funnel activity to assess sales performance.

    Referrals and Trust in Sales (00:26:30)

    Discussing how referrals enhance credibility and ease the sales conversation.

    The Ineffectiveness of Cold Calling (00:26:40)

    Critique of cold calling as a sales strategy, emphasizing its challenges and ineffectiveness.

    Text Communication in Sales (00:28:10)

    Advocating for transitioning leads from LinkedIn to more personal communication methods like text.

    Patience in Sales Conversations (00:31:52)

    The importance of patience in conversations and planting seeds for future business opportunities.

    Importance of Business Development (00:40:16)

    Speakers emphasize the need for proactive steps in business development for 2025.

    Contacting Adam (00:40:21)

    Adam shares how listeners can reach him for business discussions.
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    41 mins

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