A happier agency founder exit

I had a lovely conversation with a founder recently. They've owned their agency for a couple of decades, and while they're still the CEO, their grown-up kids mostly run it now. They saw my new website and wanted to know if I could help them sell because they really want to retire.

I knew they'd explored selling before but it hadn't gone anywhere. This was clearly something they'd been wanting to do for ages but just hadn't yet met the right person to help. I'm used to founders like this – most of my clients have been putting off just getting it done for years before getting in touch.

They'd come to me because I optimise agencies to make a couple of extra million.

In our initial email exchange about working with me they asked how much I cost. I told them they couldn't afford me, decent six figures. We had the meeting anyway. They sounded nice.

They told me all about the agency and the fact they felt they could sell it for a decent sum. Maybe I could help them achieve what they wanted.

So I listened. I listened more. And started really hearing what they were telling me.

I started asking them pointy questions: How much do you really need to make now you're comfortably past retirement age? (Not much really, they're comfortable and have a great pension); How much do their kids (who run the business!) own? (A little bit); Why not sell it to your kids? (They can't afford to buy it); What'll happen to your kids when you sell it to a new owner? (They're a bit worried); and so on.

They were lovely, but I could see they were at a loss what to do. I told them I thought their whole family must be stressed.

That I didn't really understand why they wanted to sell the agency.

I told them flat out: Give your kids the agency.

Your spouse will be ecstatic. Your kids – your successors – will be free to do what they want without asking you about every decision. And if you keep 20% and they sell it then you'll get a nice windfall and you can take your partner to the Seychelles for a few months every winter.

This founder started laughing. The relief on their face. By the end of our half-hour chat we were both grinning.

They asked me if this is what I do for a living. I said yes, I have conversations that are pretty blunt, with people who need to be told what they already know, and who want to be relieved of a huge burden. 

And yes, occasionally those conversations turn into me helping them add a few million in value before they sell (and being nicely rewarded for it), and sometimes it just gets me a nice lunch with someone who's unexpectedly much happier because I told them what I really think, when no-one else would.

It was a truly fun, fabulous prospect conversation to have. Almost my favourite kind.

Did I win myself a new board advisory client? 

No. But I’m looking forward to a very nice lunch.