In our previous article, we looked at a few interesting tips from the world of the Olympics that will help any marketing agency prepare itself for a successful sale. Here are a couple more lessons from sport’s global showcase that can help you get the return you’re looking for.
Make sure you have the right support
Everyone knows Michael Phelps as the most successful Olympian of all time, but not many know who helped him win all those medals. Bob Bowman coached Phelps throughout his career – starting when he was just 11-years old and guiding him through five Olympic games. Both Bowman’s coaching style and his knowledge of the sport were key in helping Phelps win a record 23 medals.
Preparing fora sale can be time consuming and distract from day-to-day operations and having the right people there for support and advice can make all the difference.
Advisors: Engage with experienced M&A advisors, accountants, and legal professionals. They can guide you through the complexities of the sale process, ensuring all legal and financial aspects are covered.
Support teams: Ensure you have a strong support team in place to handle operational tasks. This allows you to focus on strategic decision-making and maintain business performance.
Don’t underestimate the value of your IP
It’s not just their physical ability that sets Olympic athletes apart. Hours are spent refining mental approaches, training methodologies and strategies to help them reach the podium. If you’re readying your agency for sale, you need to treat your IP as one of your most valuable assets. This means making sure that all intellectual property is protected and clearly documented. This includes trademarks, copyrights and any proprietary technology.
Tech gives an edge
From wearable tech to apps that monitor recovery and even using virtual reality to simulate competition environments, technology can often mean the difference between a podium finish and disappointment. The lesson is that a robust and up to date technology infrastructure can add significant value to your agency. Ensure that your IT systems are secure, scalable and well-documented.
Know your competition
Something that sets champion athletes apart is the amount of time spent studying and understanding their competitors. Gold medallists often spend as much time looking at their opponents’ strengths and weaknesses as they do on their own training and preparation. By conducting a thorough market analysis and highlighting your agency’s competitive positioning you can demonstrate a strong market position and enhance your agency’s appeal.
Don’t forget the fans
While the athletes are the heroes of the games, the show case wouldn’t exist without a dedicated fan base. Following, support and recognition help secure sponsorship and funding and are vital for success. It’s the same when it comes to reputation management and an agency’s value. Client testimonials, industry awards, and positive media coverage can significantly boost your agency’s attractiveness to buyers.
Managing risk and reward
Olympians are constantly looking at the balance of risk versus reward and knowing how to minimise the one and maximise the other is a constant struggle. By conducting a thorough risk assessment and developing mitigation strategies an agency will be able to help navigate ups and down and as well as avoid any nasty surprises during the sale process.
Culture is king
A winning mindset and culture is often worth it's (literal) weight in gold for Olympic competitors. And culture is just as important when it comes to the sale of an agency. A strongly defined culture will help an agency preserve its identity and value post sale. Ensuring a good cultural fit between buyer and seller will also make sure there’s a smooth transition during the sale.
There are countless lessons to be learned from elite athletes when it comes to preparing for a successful sale, but if you’re looking for the right partner to help maximise your agency’s value and coach you through the process, please contact us. We’d love to help you realise the return you’re after.
