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Beyond Selling Your Agency - Creative Ways to Plan Your Succession
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In this episode, we are diving into the topic of succession planning with guest Christine Nicolson.
We explore the importance of agency owners considering the future of their agency (way before any succession plan is enacted) and the steps they can take to ensure the plan is delivered. From evaluating daily tasks, determining business value, to strategies for selling an agency,
Rob and Christine provide valuable insights and advice for agency owners looking to build profitable and sustainable businesses.
Time Stamp
[00:00] Introduction to agency succession planning and Christine Nicolson
[01:10] Christine’s background
[02:50] What does having a succession plan mean?
[06:29] What will happen if you are unable to work in your agency?
[07:20] What stage should an SME agency owner start their succession plan?
[10:22] First steps in creating a succession plan
[13:25] Selling might not be the right goal in your succession plan
[19:57] Earnout and partnership ended badly, lessons learned.
[21:15] How do you value your agency?
[26:00] Mistakes people make when valuing your business
[29:00] Christine’s advice to her younger self
Quotations
“If you can’t take a day or week off then you are building no value in your business and you need a succession plan!” - Christine Nicolson
“Your agency is not your baby, it's a mechanism to earn money!” - Christine Nicolson
“You are very unlikely to sell your business and then walk away with cash in your pocket” - Rob Da Costa
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