Five Steps you Need to Know About to Keep your Business Growing?
Learn the steps needed to sell your business, from hiring the right people, forming a board of directors, to defining a niche in your market.
Find out how Jeff Hilimire grew his digital agency to one of the best agencies in the country with top clients ranging from Chick-fil-a, Coke and CISCO. Learn how he sold the agency twice, and what he recommends to take your agency to the next level. Discover what Jeff considers his biggest mistake and his the secrets to successfully growing a digital agency. And finally, what was the sale process like when Jeff sold both Spunlogic (2008) and Engauge (2013).
Setting a clear goal for the business.
In Jeff’s case, the end goal was to be acquired and to make sure decisions were based on this goal. He knew they needed to be one of the biggest agencies in the southeast with a fast growth rate and big name clients. This meant taking on clients and projects that sometimes lost money in order to get the name brand clients believing once they get one big name, they could leverage that name to get bigger clients.
How to win big clients?
Jeff picked a niche he could own, which was user experience. In doing that, they were able to start targeting big clients, focusing on doing whatever they needed to get the first one. Once you get the first one, big ones almost always follow. Leverage your past success once you get the first one.
Should you setup an advisory board?
Yes, and you should set it up from the very beginning. Jeff wanted unsolicited advice and wanted to have different skill sets on the board. He picked one person from each discipline:
What are some keys to keeping your business growing?
- You need to have at least one leader focused on growth.
- Invest back into the business and keep your salary low.
- Learning to delegate is key to growing. Give power to your team.
- Build a culture where people want to have fun. Start a company trip to bring everyone together.
- Commit 100% to growing.
What are two pieces of advice when selling your business?
- Don’t get distracted when you go through the selling process.
- If you get to the stage of talks about buying, treat it like it won’t happen.
Building and selling an agency, or any business, is a long, multifaceted process. Learning from those who have gone before you can ease and simplify the process if you are willing to learn. Jeff provides crucial insight that can open doors to growing and selling your agency.