Tim Drake, a semi-retired agency owner, shares his journey of building and selling his agency for £20 million. He discusses the various pivots his agency went through, from graphic design to websites to mobile-first business. Tim emphasizes the importance of finding the right business partner and maintaining a ruthless focus on building and selling. He explains the earn-out structure of the deal and how they exceeded expectations. Tim also highlights the significance of culture, agility, and a deep understanding of running a business in achieving success. He encourages agency owners to consider different approaches to achieve their financial goals.

Takeaways

• Pivoting and adapting to new technologies and market demands is crucial for the success of an agency.
• Finding the right business partner who complements your skills and shares your vision is essential.
• Maintaining a ruthless focus on building and selling can lead to significant financial success.
• Culture, agility, and a deep understanding of running a business are key factors in achieving success in the agency industry.

Connect with Tim on LinkedIn: https://www.linkedin.com/in/tim-drake-6b41569/

Connect with Barnaby on LinkedIn: https://www.linkedin.com/in/barnabycook/

Join The Exit Plan mailing list: http://eepurl.com/iC8sIY

George Hughes, founder of Small Films, shares his experience of starting and acquiring businesses in the video production industry. He discusses the challenges of transitioning from working in the television industry to running his own company and the importance of understanding the objectives of clients. Hughes also talks about how he acquired Maia Films, an education specialist company, during its liquidation process. He explains the negotiation process, the assets he acquired, and the impact on his business. He concludes by reflecting on the lessons learned and the potential for future acquisitions.

Takeaways

• Transitioning from working in a specific industry to running your own company requires understanding the objectives of clients and adapting to their needs.
• Acquiring a business during its liquidation process can be a strategic opportunity, but it requires careful negotiation and assessment of the assets and liabilities involved.
• The acquisition of Maia Films has the potential to significantly increase Small Films' turnover and establish the company as a dominant player in the education content industry.
• Timing is crucial in business acquisitions, and acting quickly can help secure clients and maximize the benefits of the acquisition.
• Reflecting on the experience, being more aggressive and proactive in the acquisition process could have yielded even better results.

Connect with George on LinkedIn: https://www.linkedin.com/in/georgemhughes/

Connect with Barnaby on LinkedIn: https://www.linkedin.com/in/barnabycook/

Join The Exit Plan mailing list: http://eepurl.com/iC8sIY

Takeaways

• Evidential design brings scientific thinking and research into the design process, allowing for more objective decision-making.
• Implementing evidential design can lead to successful projects and awards, as demonstrated by the case study with World Vision.
• Growing up as a business owner involves developing processes, understanding the financials, and taking a more strategic approach.
• Selling a business requires finding the right buyer who aligns with the company's values and long-term goals.
• The earn-out period can be affected by unforeseen events, such as the COVID-19 pandemic, but open communication and flexibility can help navigate challenges.
• Transitioning from a business owner to a non-executive role allows for more free time and the opportunity to pursue new ventures.

Connect with James on LinkedIn: https://www.linkedin.com/in/steveroyle/

Connect with Barnaby on LinkedIn: https://www.linkedin.com/in/barnabycook/