In episode #2619, We delve into the crucial mistakes to steer clear of when acquiring an agency, drawing from our own experiences and aiming to offer valuable insights to those contemplating a similar move. We underscore the significance of avoiding errors such as neglecting to retain the founders and management team, rushing through the due diligence process, and overlooking the importance of ensuring a cultural fit. Our emphasis lies in taking the necessary time to find the right agency, conducting meticulous due diligence, and aligning incentives with the founders for a successful acquisition. Additionally, we stress the pivotal role of cultural fit and advocate for open communication throughout the acquisition process.
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Check out more of Eric’s content (Leveling UP YT) and Neil’s videos (Neil Patel YT)
TIME-STAMPED SHOW NOTES:
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(00:00) Today’s topic: Critical Agency Acquisition Mistakes
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(00:32) Importance of retaining the top talent during the acquisition
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(01:39) Need for founders to stay on board for knowledge transfer
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(02:59) Importance of conducting thorough due diligence before acquiring
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(03:56) Taking time for due diligence and decreasing the seller's advantage
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(05:32) Key factors to consider during due diligence: churn, revenue, growth
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(06:20) Importance of cultural fit and interviewing for it
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(06:52) The Leader's responsibility to be closely involved in the acquisition process
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(07:10) That’s it for today! Don’t forget to rate, review, and subscribe!
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