PRmoment Podcast PRmoment

Welcome to the PRmoment Podcast. 
On the show today, we’re chatting with Michael Murphy and we’re going to talk about Michael’s guide to buying, selling and growing your PR firm.
Michael is an advisor and non-executive for a range of PR firms. Notably, he’s helped WE since 2014. He also currently works with Coverdale Barclay, Alfred, and Lodestone, amongst others. 
Previously he was CEO, APAC, Weber Shandwick and CEO, International from 1993 – 2000,  CEO, Trimedia International from 2004 – 2009 and Global CEO, Grayling from 2009 – 2013.
Before we start, a plug for our new subscription training service for senior folks within agencies' PRmoment Leaders. The line-up of speakers for the first semester is now complete, do take a look - I thnk you'll be impressed!
Also, thanks so much to the PRmoment Podcast sponsors the PRCA.
Here is a summary of that Michael and I discussed:
2 mins What advice would Michael give to PR agency owners who are thinking of selling their business?
“Most business owners believe their business is worth more than it often is…many have inflated ideas of their worth.”
“No offence to the trade media but often the maximum possible price (the earn out figure) is talked about as the price in the (article) headline.”
“I know lots of agency owners who have sold their business and it has been a success. I know others where it has been an unmitigated disaster. You have to remember, you’re giving up your baby. You’re giving up your freedom. 
“Your likely to only sell your business once in your life, so you better get it right.”
6 mins Why do PR agency owners want to sell their businesses?
“The (PR agency) market is littered with small and medium sized firms.”
“You need to build around you people who will challenge you.”
“PR is a tough game. If you don’t enjoy it - get out.”
12 mins What are PR firms' owners exit options? Who are their likely buyers? Michael gives us an insight into the advantages and disadvantages of each.
“There’s never been a better time to sell you business. There is so much interest in the sector. So much money.”
13 mins What’s the rough ratio to profit that PR agency owners can expect to get upfront, compared to what they get in an earn out?
“The cultural fit of who you sell to is at least as important as the cash.”
“Private equity is much more prevalent in the sector than it used to be.”
PR owners exit options are:
Trade buyers
Private equity buyersManagement Buy Outs (MBO)Employment Ownership Trusts (EOTs)Don’t sellBecome an acquirer of other PR firms.“So many people think about selling, don’t do it and wait until it’s too late…they have something that’s worth a pittance to what it was worth a few years ago.”
23 mins What skills should agency owners look for when they choose an advisor for a sale?
25 mins What do PR agency acquirers look for when purchasing? Or, conversely, how can you prepare your PR agency for sale?
29 mins How do you get to a sensible valuation of your PR firm?
31 mins The likes of W Communications and The Romans are UK PR firms trying to increase their international offer, but Michael remains surprised that more UK firms don’t utilize the UK’s access to finance to more aggressively to scale their businesses globally.
“We’re (the UK) is the number two centre for comms and PR and public affairs outside North America - we’re renowned for our scale, our expertise and creativit

Welcome to our April 2024 Review of PR Pitches and mergers & acquisitions in the UK PR scene with Andrew Bloch, where we will discuss the biggest pitch wins and mergers and acquisitions that the PR sector has seen in April 2024.
Andrew is the lead consultant - PR, Social, Content and Influencer at the new business consultancy firm AAR and a partner at PCB Partners, where he advises on buying and selling marketing services agencies.
Andrew launched Andrew Bloch & Associates in 2020.
Before we start, a plug for our new subscription training service for senior folks within agencies' PRmoment Leaders. The line-up of speakers for the first semester is now complete, and even if I say it myself - it’s almost perfect! Do take a look at this semester-based career development programme, details are on the homepage of PRmoment.
Finally, thanks so much to the PRmoment Podcast sponsors the PRCA.
Here’s a summary of what Andrew and PRmoment podcast founder Ben Smith discussed:
2 mins April’s PR pitch update:
“The volume of briefs has significantly increased in the last month.”
“If the tide hasn’t quite turned, it's turning.”
 Hovis appoints Clarion.
Brixton Brewery (Heineken) appoints Fanclub.
 Brompton Bikes appoints The Romans.
 19 Crimes - part of Treasury Wine Estates Portfolio appoints Manifest. 
 Scottish Widows Life Insurance and Pensions provider appoints Team Spirit -and The Agency Partnership.
The Macallan appoints Havas Red.
William + Grant appoints Exposure.
 HM Treasury appoints Teneo and Lexington 
Renault appoints Ready 10
Motorway appoints Fight or Flight - 
Shark Ninja  appoints Burson - 
Tinder appoints The Academy
 Carlsberg appoints Hope&Glory
“One of the biggest briefs out there in consumer PR.”
EA appoints Premier
 Hootsuite appoints Words + Pixels
“A game-changing account for Words+Pixels, potentially,”
 Cancer Research appoints Shook 
 April’s M&A update
Accenture buys Unlimited
WPP announced that leading global investment firm KKR has made a growth investment in FGS Global
 Together Group (owner of Purple) buys Frame Publicity
Cavendish - expand into NI and ROI with the acquisition of MCE

Can communications help bridge the divide between the UK government and UK business community?

Today on the PRmoment podcast, I am interviewing Iain Anderson, executive chairman of H/Advisors Cicero. Iain recently wrote a report for the Labour Party titled “A New Partnership: A Long-term Plan for Government Business Relations to Power our Economy and Society,”  and I thought it would be interesting to get Iain on the show to discuss how communications might help to change the relationship between government and business.

Before we start, a reminder about our new subscription training service for senior folks within agencies: PRmoment Leaders.

It features a new educational syllabus that will help develop and retain your senior team members while preparing them to lead your business and drive future growth.

Containing 11 learning and networking elements, the PRmoment Leaders subscription package has been designed to flex around busy teams and individual learning styles.

Also, thanks so much to the PRmoment Podcast sponsors the PRCA.

Here is a summary of what Iain and PRmoment founder Ben Smith discussed:

1.30 mins How can we repair the trust of domestic and international business in the UK?

“It’s all got a bit mashed up lately. What does the UK stand for? What’s its approach towards business? Does it like business?... Is it interested in long term investment and where it comes from.”

“I’ve talked to 350 organisations, large and small…and experts, I quite like talking to experts.”

“People are interested in long-term policies and long-term relationships.”

4 mins Do some sections of British society regard business as evil?

“Most people regard business as core to long-term economic growth.”

6 mins How does the UK government's approach to business compare to our European neighbours and the US?

“Biden’s Inflation Reduction Act has sucked in inward investment (into the US) in the last 3 or 4 years.”

“The shorthand description of my report could be: Be more Macron!”

“What is mind-bogglingly hard (for business) is trying to invest when (government) policy keeps changing.”

10 mins Iain tells us about the findings of his report on how the relationship between the UK Government and UK business can be improved. 

More coordination from the heart of government: The key economic actors at the heart of the UK Government are the Treasury, Downing Street, and The Department of Business and Trade.

Have long-term policies.
Be open and transparent: “The whole VIP lane procurement controversy during the pandemic has done huge damage and undermined confidence in government procurement.”Drive inward investment into the UK.We need to turbocharge the economy in times of crisis.Approach to regulation: The environment of risk and reward needs to be in balance.“People are desperate to see a real signal of what the country stands for. But they also want to see the country come together. They want to see the country do well.”

16 mins Why do government policies get changed so frequently when the UK changes governments so infrequently?

“Governments start with a lot of energy…”

“We need a sense of energy. The country is fatigued.”

21 mins Privately, how are Conservatives reflecting on the Conservative government’s approach to business and in

Welcome to the PRmoment Podcast. 
On the show today, I’m chatting with Jules Herd. Jules is the founder of PR agency Five in a Boat, which she started six years ago. It’s a tech PR firm with a fee income of about £750K. The business mainly does reputation advisory work, so it is at the more serious end of the PR spectrum. Looking to the future, Five is a Boat is looking to double in size and wants to launch in San Francisco in the short term.


Five in a Boat has grown for five years since its launch, but like many tech PR firms worldwide, it has had a tougher last twelve months or so.


If you’re wondering, the name Five in a Boat is a nod to Jule’s rowing prowess!


On the show today, Jules and I will discuss whether UK PR agency founders have lost their confidence in recent times and no doubt we’ll chat about a bunch of other stuff.


Before we start, a plug for our new subscription training service for senior folks within agencies' PRmoment Leaders. The line-up of speakers for the first semester is now complete, and even if I say it myself - it’s almost perfect!


Do take a look at our latest PR Masterclass: PR and AI. I’m tremendously excited about it because we've filtered out the snake oil salesmen, the bluffers, and the AI dead ends to create it. It really is an exceptional programme of speakers. It’s only been live for a couple of days but already tickets are going quickly.


If you're wondering why you should attend?


Well, AI is going to impact all of our businesses. Whether you’ve already begun your professional AI journey or if you're looking for advice on where to start - this Masterclass will help you.


At this one event, 12 experts will give 10 Masterclasses on PR & AI. All the details are on the PRmoment.com homepage.


Finally, thanks so much to the PRmoment Podcast sponsors the PRCA.


Here’s a summary of what Julia and PRmoment founder Ben Smith discuss:


2 mins Why does Julia think UK PR firms have lost their entrepreneurial confidence?


“There has been a reticence to take risks since COVID, work environments have changed and people have become more reliant on being able to have a better work-life balance, which I’m an advocate of. The downside to that is the sense of ambition has dissipated.”


7 mins Are UK PR firms losing their ambition?


“There’s not this drive that there was five years ago on the sector.”


“(In the UK) the younger generation…if you come last in a race, you get a medal.  If you apply that to the business world, that isn't good. Business is about elite performance.”


9 mins Being aggressive in business is much easier if a) you’ve got lots of money in the back or b) you're spending someone else’s money. Most PR agency founders in the start-up stage don’t have those luxuries, do they?


“Failure is not trying at all… Nothing is going to be perfect in life.”


“50% our our clients are non UK clients.”


“We get most of our new saints through cold calls.”


12 mins The games industry made up 70% of Five in a Boats fee income 12-18 months ago. That sector has cut back on its PR spending heavily. How has Five in a Boat managed that shift from one sector to other areas of work?

On the show today, I’m chatting with Will Hart, who is the CEO of PRmoment Leaders.
Before becoming CEO of PRmoment Leaders, Will was the group MD of Unlimited Group and, before that, the managing director of PR agency Nelson Bostock for over ten years.
Will joined PRmoment in January this year to lead its subscription training programme for agency directors - PRmoment Leaders.
The first semester of masterclasses has just been released and includes the following themes:
How to build and develop your agency business
Rachel Bell, founder, Brand Spanking
How to improve the diversity, inclusion and retention of PR teams
Sheeraz Gulsher, co-founder, People Like Us and Braver
How to lead a pitch more effectively
Kat McGettigan, founder, Fine Lines
The financial controls you need in a modern PR firm
Adrian Talbot, CFO, Miroma Group, Formerly Global CEO of Hotwire
How do you build a great agency team?
Frankie Cory, ex co-CEO, W Communications

What is the contribution of comms in the modern corporate world?
Bruce McLachlan, director, Consumer Communications, International, Amazon
What does a great agency: client partnership look like?
Sian O’Keefe, Vice President of Corporate Affairs, Mars Wrigley Europe, CIS and Turkey
Holly Clarke, regional senior manager - consumer PR, Mars Wrigley
Finally, thanks so much to the PRmoment Podcast sponsors the PRCA.
Here's a summary of what Will and PRmoment founder discussed:
4 mins: In partnership with our friends at Censuswide PRmoment, we recently conducted some quantitative research into the attributes of modern PR leaders. Will talks us through the top 5 trends emerging from that research.
PR agency leaders believe in themselves. They have confidence in their abilities.The biggest issue for PR agency leaders is how to handle unrealistic client expectations.PR agency leaders lack confidence in the business of PR and their ability to futureproof the agencyPR Agency leaders want to get out of their own agency’s echo chamberPR agency leaders don’t have enough time15 mins Will has worked in the London PR market for 25 years. When agencies have scaled quickly - what have you observed that they are doing right?
“PR is a team sport.”
16.30 mins Conversely, when agencies fall off that growth line, are there any common traits in terms of the mistakes they make?
“The key to happiness? Make yourself small.”
“So often those second generation (PR agency appointments) don’t quite work.”
“No one goes to work to make the founder a millionaire.”
20 mins What are the skills and attributes of a modern PR leader?
23 mins PR firms have spent the best part of 10 years playing around with their structure to try and replicate the setup of ad agencies. Does hindsight suggest that was a wrong move for PR?
“There’s some magic in the generalist account team-focused PR agency structure.”
“PR planners are some of the best planners on the planet.”
“There’s a beautiful sweet spot between the old-school PR structure and ad agency world (structure.)”
29 mins Will talks us through what PRmoment Leaders is all about and how you hope it can help the PR leaders of tomorrow.
“We’re focussing bespoke training on senior people in PR businesses to prepare them for leadership.”

This week on the PRmoment Podcast, I’m interviewing Mitch Kaye, co-founder and CEO of The Academy, as we look back on ten years since he and Dan Glover launched The Academy.
The Academy is an independent PR firm in London with a fee income of approximately £7m. It has 56 employees and was co-founded by Mitch Kaye and Dan Glover in 2014. 
If you want to join your PR peers, don’t forget to buy your tickets for The PRmoment Awards. The Manchester Awards are on Thursday 11th April and the London Awards are on Thursday 25th April.
3 mins How is the consumer PR market ATM? 
“We’re in a good moment. 2023 was our best ever year and 2024 has started in the same manner…We’re enjoying where we’re at but I do speak to lots of other people who are having a hard time.”
“There’s definitely work out there and there's definitely people winning.“
5 mins It's ten years since Mitch and Dan Glover founded The Academy. When they launched, what was the plan, and how much did they need to adapt that plan?
7 mins Second time around doesn't happen too often with PR founders; most people seem to have only one start-up in them. Why is that, do you think? 
“Ambition is the biggest thing for me.”
8 mins What's been easier the second time around? And what has been harder?
The second time around, “the highs are not as high, the lows are even lower, but you're braver, you're more experienced, and you have seen problems before…so you can call on that body of work.”
10 mins Where is the PR market now compared to 10 years ago?
“PR is in a much better place. It is a brilliant time for consumer PR. As a discipline we take ourselves more seriously and we are taken more seriously.”
“Some agencies now, and I would include us in that, have the ear of much more influential people.”
“The job is more difficult now but more rewarding too.”
16 mins The Academy has had some impressive client wins and the work coming out of the business is very good at the moment. How does an agency get itself in form?
“The hardest thing to do in this business is to win. It’s very, very easy to come second in a pitch.”
19 mins The Academy has a high fee income per head compared to its peers. A PR income ballpark of £100K per head is tough to achieve in consumer PR. And you’ve got a fee income per head of £125K. How have you done that?
“We’re not the cheapest agency on the block. We’ve got great people. We’ve never shied away from that, really.”
21 mins Has The Academy been immune from the decreasing number of retainer client relationships towards increased project income?
“We’ve probably got a disproportionate amount of retainers versus our competitors.”
“We hire ahead of our needs and retainers help you do that…the challenge of retainers is energy.”
23 mins Last year, The Academy had an 80% win rate on 15/20 pitches. When you were at Mischief, you did 70 pitches a year. That's quite a change in strategy.
“If you're pitching three times a week, you’re not spending an awful lot of time with your clients.”
“The biggest opportunity you have is with your existing clients. They've already hired you, they already trust you.”
“Doing three pitches a week is never the answer.  Whatever the question is.“