This is the first episode of the Exit Playbook, a companion series to Agency Principals that goes deeper into the mechanics of agency M&A. Simon Morgan is joined by Doug Baxter and Jane Boardman to tackle the question every founder eventually faces: should you sell? Not a pitch for selling, but a framework for thinking about it clearly.

Key takeaways

Burnout isn't always burnout. Often it's a founder who has taken the agency as far as their own skillset allows, while the agency itself is capable of more.

Match fitness beats market timing. Chasing multiples or a "hot category" is a losing game. What's in a founder's control is clean contracts, robust financials, and a leadership team that isn't entirely dependent on them.

The finish line is the start line. With an earnout in play, completion isn't the end of the story. Founders who plan for life during and after that period get a far better experience than those who treat signing as the finish.

Who's talking

Simon Morgan is a partner at Agency Futures, based in Australia, advising independent agency owners across the UK, Europe, Australia and the US on sell-side, buy-side and merger transactions.

Doug Baxter is Managing Partner at Agency Futures. A former agency owner himself, he's spent years advising founders through every stage of the M&A process, from early-stage thinking through to completion.

Jane Boardman OBE is a Senior Advisor at Agency Futures, bringing decades of experience running and growing her own agency to the question of what makes a business genuinely ready to sell.

Chapters

00:16 Should You Sell? Framing the Question

01:12 Founder Burnout and the Reluctant CEO

05:39 Timing the Market vs. Getting Match Fit

08:44 Deal Preparation and Client Contracts

12:59 The Earnout Reality: Why the Finish Line Is the Start Line

16:51 What Makes Your Agency Special

18:36 Beyond a Full Sale: Mergers and Minority Investment

20:18 When M&A Makes Sense — and When It Doesn't

27:43 No One Will Want to Buy My Agency

31:43 Closing Thoughts: Culture Over Finance

Thinking about whether now is the right time for your agency? Talk to us.