In this week’s 34th episode of #AskSwenk, we discuss what you should do (and shouldn’t do) when negotiating to sell your agency, how to compensate referral agencies and how to follow-up when you unfortunately begin to experience prospect silence and they go dark.

The Best Way to Sell a Digital Agency

{1:08} Amy asked: “I’m in negotiations to sell my marketing agency. What should I be aware of? Pitfalls to avoid?”

You need to determine why the other agency interested in your business wants to buy your agency.

They might not tell you but it’s important to ask and figure it out to give yourself leverage when selling your agency. This is important

Give them an overview of your agency initially and evaluate if they are right for you and can afford your agency while they are evaluating your agency.

How to Compensate Partner Commissions

{5:57} Scott asked: “What are your thoughts on paid referrals or partnerships between agencies? For example, your agency refers me work I pay you x% commission. ”

How big your projects and retainers are important when working out partner commissions. For a good strategic partnership, it should work both ways in referrals and have a sliding scale for commissions.

What to Do When You Experience Prospect Silence

{7:38} Stuart asked: “We are walking our clients through the proposals, in person, as per your advice. However, we still find that once we have done this, the client then goes quiet on us (never a good sign). How do we persistently, yet politely, follow up to expedite this last stage of the sale and to find out if we are their preferred supplier?”

It’s a bad sign when prospect silence happens but go back to the first conversation you had with the prospective client. Evaluate that conversation in if they are a good fit for your business.

Was the prospect you spoke to the person that makes the decisions?

Do they have the budget for the project they want to work on?

Do they have realistic timing?

Go through the steps to create a follow up on prospect silence and create the best strategy moving forward with that client.

Did you enjoy this week’s episode?

Find more of my Ask Swenk series by clicking here or why not visit my Youtube channel for more of the series and lots more videos that can help you as an agency owner improve your business.