Seven Ways to Turn Off a Prospective Seller

Seven Ways to Turn Off a Prospective Seller

Jun 03, 2019

Want to know the quickest way to abruptly end a discussion about a PR agency sale just after the conversation starts?

I’ve invested a lot of time and effort throughout my career in the public relations industry working with and mentoring both would-be buyers (and sellers) on how to approach an initial agency sales meeting. And I can’t even begin to describe some of the eye-opening scenarios I’ve encountered over the years.

Take a seller client of mine who once reported back on his first in-person meeting with the head of a prospective buyer company. The buyer had instantly launched into how he’d like to immediately change the focus and approach of the seller’s company. During this meeting, the buyer also waxed on about his own success, and the fact that my client should be chomping at the bit to become part of his firm. The biggest issue: not once during this meeting did the buyer ask the seller about his own company. 

Despite preparation for an initial meeting between buyer and seller, some would-be purchasers tend to shoot themselves in the foot by expressing themselves in ways that can instantly turn sellers off. In my opinion, such buyers blow a potential opportunity of a lifetime given how they present themselves and what they say.

Here’s what not to do when trying to impress a prospective seller during an initial meeting:

Don’t ask the CEO of the firm you’ve brought to the table to discuss acquiring his firm anything about his business . A positive first meeting is vital to executing a successful deal, and simply extolling the virtues of your organization is a major turnoff to any prospective seller. Your job should be to put a seller at ease and communicate the strategic value of an acquisition.

Don’t turn a prospective seller off by being narcissistic. Make your first meeting a two-way street. Ultimately, it’s a buyer’s duty to take a deep dive into a seller’s firm and vice versa. Before the first meeting, do your homework and have an understanding of the seller as both a business owner and as someone with whom you can discuss family or any other topics/passions they may enjoy touching on during your initial get-together.

Don’t spend the first meeting telling the potential seller how fortunate he or she is to be considered as a prospective acquisition . “You’re so lucky that we are considering purchasing your firm,” isn’t going to lure a selling agency. Every seller is an entrepreneur and feels that he or she has built a good organization with blood, sweat and tears. Entrepreneurs take pride in their investment of time, money and effort, and they won’t accept the notion of someone swooping in and suggesting that all they have done is meaningless unless they sync up with this “extraordinary” buyer.

Don’t dismiss the concept of a strategic approach. When a buyer and seller meet for the first time, it must be a scenario involving reciprocal exchanging of information, with the most critical element being the chemistry between the two entities.

Don’t tell the selling agency how you plan to change the way they do business because “you can do it better.”  I’ve seen this too many times: the buyer comes in and declares “this is what we’re going to do,” instantly rearranging staff positions and duties, changing the firm’s name and so on. The buyer believes that altering every aspect across the board is a better approach, often without discussing the plans with the seller.

I don’t recommend that any buyer tell a seller that “my way is better.” Keep in mind, the seller has worked hard to create a dedicated team, so the worst thing you can do is demotivate them and clean house. If staff on the seller’s side senses their lives will be made worse as a result of this acquisition, they’ll likely walk and start job hunting elsewhere.

Don’t be coy about where the funding is coming from.  The seller is always interested in hearing from a buyer that the financing of a proposed transaction is secure and that the money is there. If a buyer hesitates on this topic and says “don’t worry,” then a seller won’t be that confident about moving forward.

The first meeting is the premise for a business discussion, and there are numerous questions a buyer should be prepared to answer at this time. All sellers want to ensure that anything they do is risk-free — or as much risk-free as possible — that funding is there and they won’t have to worry about how the earn out will be handled in the coming years.

Don’t demand an agency-name change off the bat.  A would-be buyer should understand that the selling agency takes pride in the name of his or her firm. If you march in and tell them that you want to integrate immediately, swallow their firm wholly, they’ll be turned off. Simply absorbing their agency into your operation is the wrong approach.

There are many reasons why a seller prefers to hold onto its name for a reasonable period of time. All deals are predicated on performance, and you’re giving a prospective seller a tremendous handicap by suggesting so many big changes in such a short period. Be cognizant — and supportive — of this fear when meeting for the first time.

Don’t outline the formula you use to make acquisitions without fully committing yourself.  One way to make a bad impression is to be underprepared for a first meeting by not bringing along a strong game plan. Your formula and strategy should demonstrate your overall vision without appearing to be vague — and it should emphasize specific areas where you see synergies between the two agencies.

Your goal for an initial meeting should be to impress the seller, keep them interested in learning more and show your full commitment to your proposal.

Don’t focus entirely on your firm; be a good listener instead . When meeting a potential seller for the first time face-to-face, your goal isn’t immediately to sign on the dotted line. Instead, you should work to get to know the selling agency, make them feel comfortable about selling their business to you, and most importantly, listen carefully and respectfully to their concerns and questions.

Show the seller you care by simply listening. You don’t want to come across as an aggressive, hungry acquirer who wants to take over their company, but rather a supportive, caring partner that can bring mutual success to both entities.

First impressions matter

The best initial meetings I’ve attended between would-be sellers and buyers are those where the two parties are almost tripping over each other’s words. They share hope and a common vision for what each firm can do for the other.

The purpose of an acquisition is to combine forces with an organization that can help a seller grow and prosper; it’s a positive blending of both capabilities and talents.

How buyers express themselves at a first meeting will ultimately define the relationship moving forward, and whether or not there will be further discussions. So, remember, first impressions really do matter.

This article was originally published on odwyerpr.com .

THE STEVENS GROUP NEWS FEED

By Art Stevens and Rich Jachetti 25 Oct, 2023
Love Is In The Air Oct 2023 | Written by Art Stevens of The Stevens Group for CommPro Five Aspects to Consider When Being ‘Romanced’ by a Prospective Buyer As a PR agency owner, possibly the most critical decision you’ll make is when to sell your firm eventually. This experience can be quite daunting for anyone, especially if you’re not accustomed to the complexities of the M&A process. It can also be overwhelming, arduous and emotional if you’re not fully prepared for what’s ahead. If a prospective buyer is courting you, it’s essential to first and foremost understand what they are looking for in your agency. When you know what motivates them to buy, you can take carefully measured actions to reap monetary benefits in a potential sale and ensure a sound cultural match and positive chemistry among leadership on each side. What to Think About During the Courtship Period To decide if the M&A journey makes sense for your agency, it’s crucial to start by answering some key questions. For example, is now the right time? More importantly, are you ready ? Has your prospective buyer made other acquisitions? If so, do they have references you can talk to about their experiences before, during and after the process? In my many decades of consulting experience in the PR agency M&A space, I always stress the importance of developing a positive working relationship between the seller and buyer right out of the gate – it’s truly the key to success . After all, an agency sale is more than just about the money; it’s about creating a healthy, positive and productive environment for the seller and their team that ultimately empowers. Here are five considerations that can help you determine if it’s the right time to sell, especially if you’re currently being “romanced” by a prospective buyer: 1. Ensure that both firms’ synergies, collegiality and overall quality of life are sympatico . Synergy is a key element of a sale – it can exude a collaborative atmosphere and breathe new life into an agency. A newly formed or evolved PR firm – through consolidation and a solid united vision – can allow for greater purchasing power, reduce overhead, allow for better access to innovation and improved technology and potentially bring down the cost of debt and other benefits. 2. Make a list of questions to ask . Have your questions for a buyer lined up before the first meeting. Here are some ideas to get you started: · Why are you interested in this this acquisition? · What is your firm’s niche? · How do you see our roles in the future? · What is the typical deal structure? Is it based on earn-out? Or will it be an up-front payment and an earn-out? · What has been your growth pattern over the past handful of years? · Where do you get funding for deals? · What changes will go into effect immediately? · Will my agency and brand be absorbed into your agency, or will it remain independent? · Can employees on both sides expect a round of layoffs, or can we negotiate a grace period? · Will leadership be required to stay on for a specific length of time to onboard the new owners/management? 3. Do your due diligence – check that the buyer isn’t running a pressure cooker ! Show up armed with background information on each prospective buyer ahead of time. Never hesitate to ask them the same tough questions they’re preparing to ask you about your business. Study their portfolios (and any portfolio gaps) via their websites and SEC filings (if publicly traded). Ascertain how you can best position your agency and its services with everything they have to offer. 4. Determine if your firm is intended to be a meaningful, carefully thought-out strategy within the prospective buyer’s future . In other words, determine whether the prospective buyer is worth investing your time and effort into. The buyer’s goal should be to develop a foundation for a business discussion, impress you, keep you interested in learning more and demonstrate their full commitment to the proposal. 5. Show genuine interest in learning more about the buyer . Don’t be detached or impersonal; you will probably turn the buyer off immediately. Reflect in your voice and body language that you are interested in learning about their agency and getting to know them as a person. Also, show them that you’ve thoroughly done your research. Remember that you are building rapport with the buyer, so first impressions mean everything at this point. The Bottom Line There’s no arguing that the M&A process can be daunting. With so many considerations and steps to take before, during and after the process–and unanticipated obstacles along the way – it’s essential to have the proper support . Enlisting the guidance of an experienced facilitator like a team member from The Stevens Group can help make the process go smoothly, protect you and your employees and get things done the right way the first time around. Sellers need someone who won’t slow the deal down by working to anticipate every imaginable (yet unlikely) risk and obstacle . Whether you aspire to retire, hike, bike, golf, spend more time with family or move on to your next professional venture, a proper strategy with the support of a professional can help you sell your agency successfully –and avoid potential headaches. Creating realistic expectations in two areas – time and money – is also important. Whether you’re actively working with a prospective buyer to sell your agency as soon as possible or slowly considering a future where you sell, I wish you the best of luck. And remember to be patient. If you want to sell, you want to ultimately sell to the right buyer for your situation . You want the culture to be as close to perfect as possible – and I believe that’s the most critical element. _________________ ART STEVENS Art Stevens is managing partner of The Stevens Group, a firm that specializes in facilitating mergers and acquisitions in the PR and digital/interactive space. https://theartstevensgroup.com
By Art Stevens 25 Oct, 2023
Selling Your PR Agency? Your Employees Might Thank You Fri., October 13, 2023 By Art Stevens Let’s face it – many of us are familiar with the numerous advantages to an owner when selling a PR agency. There’s the appeal of transferring your firm to new owners and generating liquidity while also allowing you to remain involved in the business if you desire. The process also presents an opportunity to maintain your involvement with the agency you worked so hard to build – in an evolved role – serving as a consultant or advisor to help the buyers ease into the transition. But are there any obvious benefits to your loyal team members and employees? Understandably, many employees feel anxious about all the changes – there’s uncertainty, fear of job loss and potential culture clashes to all worry about. Beyond the palpable change of being shifted around and restructured internally, the continued performance and loyalty of your remaining employees depend on how your M&A process is implemented. In my experience handling countless successful PR agency M&As over the years, I’ve observed that the benefits of selling a PR agency don’t only accrue to the owner but to their loyal staff as well. Sure, their lives change, which can be difficult for some people. But in the end, it’s usually for the better. Employees can find new routes to progress in their careers. The whole culture shift can itself be a positive one. Top 10 Employee Benefits Following an Agency Sale An agency sale should be viewed as fundamentally advantageous for employees. They often create more robust firms that remain operational and, in many cases, become even more competitive. Whether the goal of the M&A is to “save” a firm from failing or merely to scale it up and work toward molding it into a more competitive organization, they typically put companies in a stronger position. There are several positive impacts that an agency sale can have on employees, depending on the terms of the sale and the specific circumstances. Here are some potential benefits: 1. New career ladder to success . Opportunities will arise in larger organizations that simply don’t exist in smaller agencies. This can open new doors for your staff members, giving them the chance to move into a more senior role. And if the merger results in a more financially stable business, there’s also the possibility of eventual higher compensation. 2. Personal growth and development opportunities . When a M&A takes place, there are often training opportunities, which, in turn, gives enthusiastic team members access to new skills. Keep in mind: staff members want to feel like they’re learning, growing and improving. And with new people in the mix, there are also new experts and colleagues to learn from and evolve as a team. 3. Soft skills development . Believe it or not, new or unfamiliar situations can help your staff sharpen soft skills, such as time management, critical thinking, conflict management techniques and teamwork. Previously established teams may evolve due to the addition of staff from the acquiring agency, which can allow them to put their communication skills to good use. Collaborating with new team members can also expose your staff to diverse perspectives. 4. Different point of view . Staff members gain better perspectives just by being on the team of a more sizeable, growing company. Further, the brand recognition of a more prominent agency can open doors for employees in ways that don't necessarily materialize when they work at smaller firms. 5. More — and better — benefits . In some scenarios, the staff of the newly created agency receive new stock options or other benefits as a reward/incentive. Depending on the terms of the sale, these may include other financial incentives such as bonuses or profit-sharing arrangements. The new entity also may offer enhanced benefits packages, such as healthcare, retirement plans and other perks. 6. Better job security . An agency sale can positively impact staff members if the firm was in trouble or there was already a fear of possible job loss. Merging with another agency often creates a more stable business, giving employees more security and stability in their roles. 7. Sheer longevity . Typically, an M&A means strengthened job security for those staffers who remain with the agency post-merger. Employees will likely be relieved that their jobs may no longer be at risk. And a healthy future for the agency means that employees can grow their careers within the business, which is advantageous to those interested in more executive-type or management positions. 8. Morale booster . The newly formed PR agency might provide a different company culture that can deliver positive change for staff and the agency overall. 9. Better fit . In some cases, staff members may feel out of place within their department, and it can cause considerable frustration and stress. There are often opportunities for some team members following an agency sale to shift into a new area of the business, giving them a fresh start with a different team. Remember, companies thrive when staff members are satisfied and happy. 10. Client base growth : If the acquiring agency has a wider net or access to additional industries, it can open new opportunities for staff to work on a more diverse range of projects and gain experience in different avenues. Change Can Bring with It Opportunities PR agency sales are significant events that can help a firm grow. Yet, by their very nature, they impact the employees of everyone involved. For this reason, it’s essential to consider the consequences M&A will have on teams before it’s complete. At the end of the day, it takes a top-down approach to ensure that the newly formed workplace is a pleasant, cheerful, productive environment for all – before, during and after the entire process. Developing a careful, strategic game plan across both entities involved in an agency sale is vital to ensure a smooth transition and motivated team members . And whether your experience is seamless depends on many factors surrounding company culture, chemistry and collaboration, and the blending of best practices of each firm. Communication is key to ensuring both seller and buyer are content and that the agency teams and clients across both have a positive experience throughout the process – ideally, along with guidance from an experienced facilitator like The Stevens Group. ________________________ ART STEVENS Art Stevens is managing partner of The Stevens Group, a firm specializing in facilitating mergers and acquisitions in the PR and digital/interactive space. https://theartstevensgroup.com
By Art Stevens and Rich Jachetti 25 Oct, 2023
Here's a helpful piece of advice from Art Stevens and Rich Jachetti of The Stevens Group. Keeping the PR industry (and buyers & sellers alike) up-to-date and in the know.
By Art Stevens and Rich Jachetti 25 Oct, 2023
Take it from PR industry experts Art Stevens and Rich Jachetti of The Stevens Group as they explain how to best vet a PR agency if you're acquiring one.
By Art Stevens and Rich Jachetti 25 Oct, 2023
Here are the advantages of selling your PR agency that everyone in the PR industry needs to know.
Show More
By Art Stevens and Rich Jachetti 25 Oct, 2023
Love Is In The Air Oct 2023 | Written by Art Stevens of The Stevens Group for CommPro Five Aspects to Consider When Being ‘Romanced’ by a Prospective Buyer As a PR agency owner, possibly the most critical decision you’ll make is when to sell your firm eventually. This experience can be quite daunting for anyone, especially if you’re not accustomed to the complexities of the M&A process. It can also be overwhelming, arduous and emotional if you’re not fully prepared for what’s ahead. If a prospective buyer is courting you, it’s essential to first and foremost understand what they are looking for in your agency. When you know what motivates them to buy, you can take carefully measured actions to reap monetary benefits in a potential sale and ensure a sound cultural match and positive chemistry among leadership on each side. What to Think About During the Courtship Period To decide if the M&A journey makes sense for your agency, it’s crucial to start by answering some key questions. For example, is now the right time? More importantly, are you ready ? Has your prospective buyer made other acquisitions? If so, do they have references you can talk to about their experiences before, during and after the process? In my many decades of consulting experience in the PR agency M&A space, I always stress the importance of developing a positive working relationship between the seller and buyer right out of the gate – it’s truly the key to success . After all, an agency sale is more than just about the money; it’s about creating a healthy, positive and productive environment for the seller and their team that ultimately empowers. Here are five considerations that can help you determine if it’s the right time to sell, especially if you’re currently being “romanced” by a prospective buyer: 1. Ensure that both firms’ synergies, collegiality and overall quality of life are sympatico . Synergy is a key element of a sale – it can exude a collaborative atmosphere and breathe new life into an agency. A newly formed or evolved PR firm – through consolidation and a solid united vision – can allow for greater purchasing power, reduce overhead, allow for better access to innovation and improved technology and potentially bring down the cost of debt and other benefits. 2. Make a list of questions to ask . Have your questions for a buyer lined up before the first meeting. Here are some ideas to get you started: · Why are you interested in this this acquisition? · What is your firm’s niche? · How do you see our roles in the future? · What is the typical deal structure? Is it based on earn-out? Or will it be an up-front payment and an earn-out? · What has been your growth pattern over the past handful of years? · Where do you get funding for deals? · What changes will go into effect immediately? · Will my agency and brand be absorbed into your agency, or will it remain independent? · Can employees on both sides expect a round of layoffs, or can we negotiate a grace period? · Will leadership be required to stay on for a specific length of time to onboard the new owners/management? 3. Do your due diligence – check that the buyer isn’t running a pressure cooker ! Show up armed with background information on each prospective buyer ahead of time. Never hesitate to ask them the same tough questions they’re preparing to ask you about your business. Study their portfolios (and any portfolio gaps) via their websites and SEC filings (if publicly traded). Ascertain how you can best position your agency and its services with everything they have to offer. 4. Determine if your firm is intended to be a meaningful, carefully thought-out strategy within the prospective buyer’s future . In other words, determine whether the prospective buyer is worth investing your time and effort into. The buyer’s goal should be to develop a foundation for a business discussion, impress you, keep you interested in learning more and demonstrate their full commitment to the proposal. 5. Show genuine interest in learning more about the buyer . Don’t be detached or impersonal; you will probably turn the buyer off immediately. Reflect in your voice and body language that you are interested in learning about their agency and getting to know them as a person. Also, show them that you’ve thoroughly done your research. Remember that you are building rapport with the buyer, so first impressions mean everything at this point. The Bottom Line There’s no arguing that the M&A process can be daunting. With so many considerations and steps to take before, during and after the process–and unanticipated obstacles along the way – it’s essential to have the proper support . Enlisting the guidance of an experienced facilitator like a team member from The Stevens Group can help make the process go smoothly, protect you and your employees and get things done the right way the first time around. Sellers need someone who won’t slow the deal down by working to anticipate every imaginable (yet unlikely) risk and obstacle . Whether you aspire to retire, hike, bike, golf, spend more time with family or move on to your next professional venture, a proper strategy with the support of a professional can help you sell your agency successfully –and avoid potential headaches. Creating realistic expectations in two areas – time and money – is also important. Whether you’re actively working with a prospective buyer to sell your agency as soon as possible or slowly considering a future where you sell, I wish you the best of luck. And remember to be patient. If you want to sell, you want to ultimately sell to the right buyer for your situation . You want the culture to be as close to perfect as possible – and I believe that’s the most critical element. _________________ ART STEVENS Art Stevens is managing partner of The Stevens Group, a firm that specializes in facilitating mergers and acquisitions in the PR and digital/interactive space. https://theartstevensgroup.com
By Art Stevens 25 Oct, 2023
Selling Your PR Agency? Your Employees Might Thank You Fri., October 13, 2023 By Art Stevens Let’s face it – many of us are familiar with the numerous advantages to an owner when selling a PR agency. There’s the appeal of transferring your firm to new owners and generating liquidity while also allowing you to remain involved in the business if you desire. The process also presents an opportunity to maintain your involvement with the agency you worked so hard to build – in an evolved role – serving as a consultant or advisor to help the buyers ease into the transition. But are there any obvious benefits to your loyal team members and employees? Understandably, many employees feel anxious about all the changes – there’s uncertainty, fear of job loss and potential culture clashes to all worry about. Beyond the palpable change of being shifted around and restructured internally, the continued performance and loyalty of your remaining employees depend on how your M&A process is implemented. In my experience handling countless successful PR agency M&As over the years, I’ve observed that the benefits of selling a PR agency don’t only accrue to the owner but to their loyal staff as well. Sure, their lives change, which can be difficult for some people. But in the end, it’s usually for the better. Employees can find new routes to progress in their careers. The whole culture shift can itself be a positive one. Top 10 Employee Benefits Following an Agency Sale An agency sale should be viewed as fundamentally advantageous for employees. They often create more robust firms that remain operational and, in many cases, become even more competitive. Whether the goal of the M&A is to “save” a firm from failing or merely to scale it up and work toward molding it into a more competitive organization, they typically put companies in a stronger position. There are several positive impacts that an agency sale can have on employees, depending on the terms of the sale and the specific circumstances. Here are some potential benefits: 1. New career ladder to success . Opportunities will arise in larger organizations that simply don’t exist in smaller agencies. This can open new doors for your staff members, giving them the chance to move into a more senior role. And if the merger results in a more financially stable business, there’s also the possibility of eventual higher compensation. 2. Personal growth and development opportunities . When a M&A takes place, there are often training opportunities, which, in turn, gives enthusiastic team members access to new skills. Keep in mind: staff members want to feel like they’re learning, growing and improving. And with new people in the mix, there are also new experts and colleagues to learn from and evolve as a team. 3. Soft skills development . Believe it or not, new or unfamiliar situations can help your staff sharpen soft skills, such as time management, critical thinking, conflict management techniques and teamwork. Previously established teams may evolve due to the addition of staff from the acquiring agency, which can allow them to put their communication skills to good use. Collaborating with new team members can also expose your staff to diverse perspectives. 4. Different point of view . Staff members gain better perspectives just by being on the team of a more sizeable, growing company. Further, the brand recognition of a more prominent agency can open doors for employees in ways that don't necessarily materialize when they work at smaller firms. 5. More — and better — benefits . In some scenarios, the staff of the newly created agency receive new stock options or other benefits as a reward/incentive. Depending on the terms of the sale, these may include other financial incentives such as bonuses or profit-sharing arrangements. The new entity also may offer enhanced benefits packages, such as healthcare, retirement plans and other perks. 6. Better job security . An agency sale can positively impact staff members if the firm was in trouble or there was already a fear of possible job loss. Merging with another agency often creates a more stable business, giving employees more security and stability in their roles. 7. Sheer longevity . Typically, an M&A means strengthened job security for those staffers who remain with the agency post-merger. Employees will likely be relieved that their jobs may no longer be at risk. And a healthy future for the agency means that employees can grow their careers within the business, which is advantageous to those interested in more executive-type or management positions. 8. Morale booster . The newly formed PR agency might provide a different company culture that can deliver positive change for staff and the agency overall. 9. Better fit . In some cases, staff members may feel out of place within their department, and it can cause considerable frustration and stress. There are often opportunities for some team members following an agency sale to shift into a new area of the business, giving them a fresh start with a different team. Remember, companies thrive when staff members are satisfied and happy. 10. Client base growth : If the acquiring agency has a wider net or access to additional industries, it can open new opportunities for staff to work on a more diverse range of projects and gain experience in different avenues. Change Can Bring with It Opportunities PR agency sales are significant events that can help a firm grow. Yet, by their very nature, they impact the employees of everyone involved. For this reason, it’s essential to consider the consequences M&A will have on teams before it’s complete. At the end of the day, it takes a top-down approach to ensure that the newly formed workplace is a pleasant, cheerful, productive environment for all – before, during and after the entire process. Developing a careful, strategic game plan across both entities involved in an agency sale is vital to ensure a smooth transition and motivated team members . And whether your experience is seamless depends on many factors surrounding company culture, chemistry and collaboration, and the blending of best practices of each firm. Communication is key to ensuring both seller and buyer are content and that the agency teams and clients across both have a positive experience throughout the process – ideally, along with guidance from an experienced facilitator like The Stevens Group. ________________________ ART STEVENS Art Stevens is managing partner of The Stevens Group, a firm specializing in facilitating mergers and acquisitions in the PR and digital/interactive space. https://theartstevensgroup.com
By Art Stevens and Rich Jachetti 25 Oct, 2023
Here's a helpful piece of advice from Art Stevens and Rich Jachetti of The Stevens Group. Keeping the PR industry (and buyers & sellers alike) up-to-date and in the know.
By Art Stevens and Rich Jachetti 25 Oct, 2023
Take it from PR industry experts Art Stevens and Rich Jachetti of The Stevens Group as they explain how to best vet a PR agency if you're acquiring one.
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Here are the advantages of selling your PR agency that everyone in the PR industry needs to know.
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