#20: Positioning Your Agency For A Sale with Doug Austin, Austin Amplifies

 Welcome to The Exit Plan, a podcast for business owners interested in learning more about selling their business.  Doug Austin is the Author of Permission to Win, he spent most of his career building, growing, and selling ad agencies until he founded the Austin Amplifies which specializes in helping independent agencies find their next level.  In this episode, Doug Austin shares how, in 2008, he helped to build a successful agency network  in Missouri supporting the food service industry. It grew into three ad agencies and a product development firm including an Employee Stock Ownership Plan (ESOP) and acquisition in 2015, Doug left in 2016. He also shares how he decided to be a consultant focusing on growth, innovation, and organizational culture as he enjoys connecting with agency professionals without the pressure of agency leadership. During his leadership, three competing agencies thrived with a strategy that balanced growth and operational independence. Doug also touches on his role in growing three competing agencies that focused on certain verticals which allowed separate leadership teams consisting of creative, account, and digital to lead authentically under a holding company umbrella. He also explains the meaning of The Employee Stock Ownership Program (ESOP) on which it enables business owners to slowly sell their business to employees. Furthermore, he shares how he does his job as a consultant, where he helps businesses prepare for sale by improving operations through focusing on management instead of selling. Regarding valuation, he assesses the business' financial health, operations, and profitability, and works closely with the client to determine a fair and accurate valuation using industry benchmarks and financial analysis.  Doug shares what he focuses on in his consultant career which are cultural, positioning, and experiential aspects of agencies. He specializes in understanding an agency's true selling proposition, value proposition, and factors influencing loyalty. He provides insights on necessary changes before selling by observing, asking targeted questions, and assessing market presence. Doug also emphasizes the importance of embracing Artificial Intelligence for traditional agencies. Adopting AI is vital for competitiveness, as those lagging behind risk commoditization of their services. Adaptation and collaboration with AI specialists are crucial for agencies to thrive in this evolving landscape. AI-specialized agencies, currently managing tools, could quickly transform into full-fledged agencies with strategic hires, requiring just a few key additions.  Learn more on how to widen your business, making it profitable and how a marketing consultant works.    Sign up to The Exit Plan mailing list: http://eepurl.com/iC8sIY   WHAT YOU WILL LEARN: How a consultant works and processes done in a business industry Understanding Employee Stock Ownership Plan (ESOP) How Artificial Intelligence affect businesses in this time era How proper positioning affects selling process Cybersecurity as an evaluation metrics Assessing and evaluating factors before selling   CONNECT WITH DOUG: LinkedIn | www.linkedin.com/in/doug-austin Company LinkedIn | www.linkedin.com/company/austin-amplifies Company Website | www.austinamplifies.com Book | Permission To Win   THE EXIT PLAN The Exit Plan is for business owners that are interested in learning more about how to sell their business. Each episode Barnaby Cook interviews someone who has bought or sold a business - either a creative agency, or a production company. The conversation gets under the skin of why they wanted to sell, or were looking to acquire, how the deal was structured, how they agreed upon a valuation and what lessons they learnt along the way.