Jeff Archibald is the Managing Director of Paper Leaf, a full-stack website, app, and software development firm. Their products have received awards and accolades, and they are also recognized as one of Canada’s top firms by Strategy Magazine and Clutch.
As an Agency Owner, you need to step out of roles that are not strategic and uses your time productively. It is difficult, but you have to make that shift from a tactical to a strategic mindset. This is quite crucial for the early growth phase.
Organize your processes, divest the skill sets amongst the group, and become a profitable company. This is the right way to structure a business vis-a-vis someone simply showing an interest in acquiring your business. In case someone does show up, be a willing participant in those conversations
When considering an acquisition offer, do your due diligence, identify the financial red flags and ensure that any risks that you’re taking are mutually shared.
“You need to understand that you're going to have to take on some risk, and the acquiring party is going to have to take on some risk. But if those balances ever get out of whack, then you need to be willing to walk away.” - Jeff
To make your life easier, hire an attorney and an accountant, even if you happen to be familiar with the legalities of an acquisition.