Retained Trust

Karl Hughes
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Retained Trust

Want to know what it takes to build, scale, and sell your agency? Retained Trust is a weekly podcast where host Karl Hughes goes deep with digital service business owners to uncover the habits, tactics, and strategies they’ve learned to grow successful companies. Along the way, you’ll hear about Karl’s journey running and acquiring niche digital agencies as he learns from guests with a variety of backgrounds and experience levels.

  1. Fear, Growth, and Leadership Alignment with Andy Hite

    1D AGO

    Fear, Growth, and Leadership Alignment with Andy Hite

    In this episode of Retained Trust, host Karl Hughes speaks with Andy Hite, founder of Scaling Minds, about the often invisible role fear plays in entrepreneurship. Drawing on his coaching experience with high-performing founders and leadership teams, Andy breaks down how childhood conditioning shapes modern fear, how it blocks business growth, and how entrepreneurs can start addressing it. Karl and Andy explore the differences between coaching and consulting, practical ways to spot ego-driven fear, and the energy costs of staying in a fear loop. Andy also shares why a strong support network is critical and how pushing through discomfort can unlock lasting growth. Key Points From This Episode: [00:00:00] Andy shares how coaching helped a leadership team grow revenue by 40%. [00:03:17] The distinction between consulting and coaching—and where mindset fits. [00:05:10] How childhood experiences shape adult fear responses. [00:07:43] Why modern fear is rooted in outdated survival instincts. [00:09:58] Reframing fear of failure and understanding the emotional triggers. [00:12:06] Common fears entrepreneurs face and their origins in uncertainty. [00:15:06] Why avoiding uncertainty limits growth—and how to move through it. [00:16:57] The role of ego in fear and why public perception hits hard. [00:18:39] Fear of growth masked as a desire to “stay small.” [00:21:34] How past work trauma can cause self-sabotage in leadership decisions. [00:23:22] Why entrepreneurs at all levels struggle with fear, just differently. [00:25:06] Learning to focus on long-term data rather than short-term noise. [00:27:05] Infinite game thinking and why zooming out matters. [00:28:13] Andy’s framework for addressing fear: naming it, facing it, and pushing past it. [00:31:36] Mental skills as muscles—growth through repetition and discomfort. [00:34:49] The energy drain of fear and how to reclaim creative bandwidth. [00:35:10] The importance of a support network—and how Andy uses one himself. [00:38:04] The power of peer comparison and Jim Rohn’s “five people” rule. [00:40:09] What makes running a coaching business hard: market confusion and noise. [00:42:21] The difference between a tactical coach and a mindset coach. [00:44:30] Why tactics are everywhere—but mindset is the true limiter. [00:45:07] Book recommendation: The Happiest Man on Earth by Eddie Jaku. [00:48:23] Final thoughts on fear as the biggest creative blocker. [00:48:33] Where to find Andy online and learn more about Scaling Minds. Links: Andy Hite on LinkedIn: https://www.linkedin.com/in/andy-hite/Scaling Minds: https://www.scalingminds.com/Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughesProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com

    49 min
  2. Sweat-Proof Scaling: Agencies, Acquisitions, and Apparel with Jim Huffman

    APR 8

    Sweat-Proof Scaling: Agencies, Acquisitions, and Apparel with Jim Huffman

    In this episode of Retained Trust, host Karl Hughes sits down with Jim Huffman—founder of GrowthHit and CEO of Neat—to discuss the journey from agency work to e-commerce entrepreneurship. Jim shares his pivot from finance into growth marketing, how he built and scaled GrowthHit, and what led him to acquire a sweat-proof t-shirt brand. They explore the highs and lows of agency life, the challenges of e-commerce operations, and how AI and acquisition strategies are shaping their next moves. Tune in for a candid, tactical conversation about building sustainable, scalable businesses. Key Points From This Episode: [00:00:42] Jim Huffman shares his path from spreadsheets to startups to launching a growth marketing agency. [00:02:07] The shift from venture-backed startups to bootstrapped, sustainable businesses. [00:04:19] Lessons from EO and why unsexy businesses can be the most successful. [00:06:58] Do agency owners actually like running agencies? The answer depends on the day. [00:08:36] Hiring strategies: How GrowthHit finds A-players outside of traditional pools. [00:11:28] The evolution from working with startups to specializing in e-commerce. [00:13:42] How recurring revenue and niche services lead to agency longevity. [00:14:41] Why niching down early matters and what Jim wishes he’d done differently. [00:16:24] The cobbler with no shoes: marketing your own agency. [00:17:09] Embracing EOS and shifting from founder-led chaos to structured leadership. [00:19:58] Building a lifestyle-aligned business and designing around energy. [00:23:10] The long game: why slow and steady can win in entrepreneurship. [00:26:33] Jim’s take on AI’s impact on marketing agencies and how GrowthHit is adapting. [00:30:29] Using AI tools like ChatGPT as strategy partners and content accelerators. [00:33:23] Inside the Neat acquisition: a sweat-proof apparel brand with IP and upside. [00:38:06] E-commerce vs. agency cash flow: what Jim has learned. [00:40:37] The importance of deal structure and having the right team post-acquisition. [00:43:45] How Jim uses podcasting to test ideas and build in public. [00:47:12] Fighting through the gap between taste and skill in creative work. [00:49:43] Book recommendations: “10x Is Easier Than 2x” and building with leverage. Links: Jim Huffman on LinkedIn: https://www.linkedin.com/in/jimwhuffman/GrowthHit: https://growthhit.com/Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughesProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com

    53 min

  3. APR 1

    The Discipline of Growth: Tony Wilson on Keeping Agencies Financially Healthy

    In this episode of Retained Trust, host Karl Hughes talks with Tony Wilson, founder of Accquip, a firm specializing in fractional CFO services for digital agencies. Together, they explore the financial missteps that can lead to agency collapse, the importance of pipeline visibility, and how to build a resilient, sellable business. Tony shares actionable insights on budgeting for growth, evaluating marketing channels, building a leadership team, and what buyers look for in an agency acquisition. This episode is packed with grounded advice for agency owners thinking long-term about financial health, sustainable growth, and eventual exit. Key Points From This Episode: [00:01:00] Tony Wilson explains Accquip’s mission and the common financial pitfalls agencies face. [00:02:09] How poor pipeline visibility leads to bad hiring and spending decisions. [00:04:30] Budgeting for sales and marketing: why time is just as valuable as dollars. [00:07:28] What percentage of revenue healthy agencies should invest in growth. [00:10:24] Why ongoing marketing is critical—even when business is booming. [00:12:56] Investing in marketing during downturns: a counterintuitive survival move. [00:14:32] Balancing inbound and outbound: the need for diverse acquisition channels. [00:16:48] How high-ticket agencies can afford bespoke, high-touch marketing. [00:17:55] The distinction between sales and marketing problems. [00:20:46] How to allocate a marketing budget—and avoid the silver bullet hire trap. [00:24:52] Testing and iterating marketing channels: a long-term view. [00:26:30] What it takes to build a sellable agency—beyond financials. [00:27:49] Risk factors buyers consider: customer concentration, team strength, proprietary tools. [00:28:48] Understanding quality of revenue and its role in valuation. [00:31:18] The importance of having a leadership team and management systems. [00:32:23] Why clear positioning and ICPs are crucial to valuation. [00:34:55] Building an agency that’s not dependent on the founder’s skills. [00:36:25] The power of referral networks and staying focused on a core service. [00:37:16] Tony’s journey from corporate finance to entrepreneurship. [00:41:30] Using a podcast for connection, lead generation, and collaboration. [00:45:31] Tony’s plans for in-person podcasting in Season 3. [00:46:13] Preparing for international relocation and learning cross-cultural communication. Links: Tony Wilson on LinkedIn: https://www.linkedin.com/in/tony-wilson-cpa/Accquip: https://www.accquip.com/Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughesProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com

    51 min
  4. Building Scalable Sales Teams for Agencies with Karlie Morien

    MAR 25

    Building Scalable Sales Teams for Agencies with Karlie Morien

    In this episode of Retained Trust, host Karl Hughes speaks with Karlie Bliss, a seasoned sales leader specializing in lead generation and sales development. Karlie shares her journey from sales in the SaaS industry to building high-performing sales teams within agencies. Together, they explore the challenges agency owners face in creating predictable and scalable sales pipelines, the critical role of SDRs and AEs, and why founder-led sales aren't always sustainable. Karlie breaks down the importance of refining service offerings, developing a target account list, and using structured sales methodologies to ensure repeatable revenue. They also dig into how agencies can balance growth with service delivery capacity and discuss tactical strategies like LinkedIn advertising, targeted outreach, and the power of sales enablement. Whether you're an agency owner looking to step out of day-to-day sales or aiming to build a structured sales function, this conversation is packed with actionable insights.  Key Points From This Episode:  [00:00:00] Introduction to Retained Trust and guest Karlie Bliss.  [00:01:19] Karlie’s background in sales and transition to the agency world.  [00:03:55] How lead generation became Karlie’s expertise and passion.  [00:04:54] The difference between selling services versus products.  [00:06:40] Breaking down the SDR and AE roles in an agency sales structure.  [00:07:50] Why sales managers are critical for growing agencies.  [00:10:12] Common challenges for agency owners stepping out of sales.  [00:12:03] How sales processes differ between SaaS companies and agencies.  [00:15:09] Implementing structured sales models in agencies—what works and what doesn’t.  [00:18:41] The risks of scaling sales without aligning operations.  [00:20:49] Why agencies need to standardize services for repeatable sales.  [00:23:17] How to create a target account list to focus outreach efforts.  [00:26:45] The importance of manually refining lead lists for accuracy.  [00:30:04] Cold outreach vs. inbound marketing—finding the right mix.  [00:34:14] How to transition from founder-led sales to a scalable model.  [00:37:42] The role of pricing and packaging in making sales scalable.  [00:41:04] Choosing the right marketing channels based on your audience.  [00:44:09] Karlie’s recommended read: Traction by Gino Wickman.  [00:46:38] Where to find Karlie online.  Links:  Karlie Bliss on LinkedIn: https://www.linkedin.com/in/karliemorien/ Level Agency: https://www.level.agency/ Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

    49 min
  5. The Reality of Recruiting & Hiring with James Hornick

    MAR 18

    The Reality of Recruiting & Hiring with James Hornick

    In this episode of Retained Trust, host Karl Hughes sits down with James Hornick, Chief Growth Officer at Hirewell, to talk about hiring trends, employer prestige, and why LinkedIn feels like a necessary evil. James shares his journey from tech recruiting to becoming a partner at Hirewell, and why diversification in recruiting is key to surviving economic downturns. They discuss why employer prestige is often overrated, how global hiring is changing the job market, and what really moves the needle for employees today. James also dives into the importance of content-driven marketing in recruiting, the impact of AI and offshoring, and why some companies struggle to attract top talent. Plus, James talks about his passion for writing fiction and how storytelling plays into his work. Key Points From This Episode: [00:00:00] Karl introduces the show and today’s guest, James Hornick. [00:00:44] James explains his sarcastic approach to LinkedIn and why most posts feel too serious. [00:02:47] How LinkedIn played a key role in Hirewell’s internal hiring success. [00:06:03] What makes Hirewell different in the recruiting industry. [00:09:06] Why the best recruiters help companies adjust unrealistic hiring expectations. [00:12:59] The biggest hiring trends today: flexibility, compensation, and job security. [00:16:21] Why employer prestige is often misunderstood by business leaders. [00:20:49] How global hiring and cultural shifts are changing the job market. [00:26:12] The long-term value of content-driven marketing in recruiting. [00:31:06] Surviving economic downturns: how Hirewell diversified to stay resilient. [00:39:44] The impact of AI and offshoring on the hiring market. [00:45:12] How different cultures approach sales and recruiting. [00:50:53] James’ passion for writing fiction and how storytelling fits into his career. Links: James Hornick on LinkedIn: https://www.linkedin.com/in/jameshornick/Hirewell: https://hirewell.com/Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughesProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com

    55 min
  6. Building Trust and Scaling Agencies with Manuel Weiss

    MAR 11

    Building Trust and Scaling Agencies with Manuel Weiss

    In this episode of Retained Trust, host Karl Hughes reunites with his business partner, Manuel Weiss, to share insights on scaling digital service agencies. They discuss lessons learned from recent acquisitions, the importance of building strong relationships between partners, and strategies for creating a sustainable growth pipeline. Manuel reveals their approach to leadership development and the challenges of merging companies. They also explore the role of autonomy, structured frameworks, and the long-term vision for their businesses. Tune in to uncover practical strategies for agency growth and leadership. Key Points From This Episode: [00:00:00] Introduction to Karl Hughes and Manuel Weiss, and the focus on scaling agencies. [00:01:08] Reflecting on key lessons learned over the past quarter. [00:01:57] Importance of personal relationships in business partnerships. [00:02:51] Maintaining trust and transparency between co-founders. [00:04:02] Challenges of acquisitions and a recent deal that fell through. [00:05:09] The slow and steady approach to acquiring businesses. [00:06:40] Empowering teams by stepping back from day-to-day operations. [00:08:20] The risks of micromanagement and the importance of autonomy. [00:10:04] Implementing standardized frameworks across portfolio companies. [00:11:25] Goals for 2025: Acquiring new companies and building leadership pipelines. [00:14:21] Insights from acquisition entrepreneurship conferences. [00:16:57] Building internal leadership through consultancy-based evaluations. [00:18:15] Challenges of promoting internal leaders versus hiring externally. [00:19:20] The role of advisory boards in supporting new leaders. [00:23:22] Building a sustainable acquisition pipeline for long-term growth. [00:27:07] Opportunities and risks of merging with similar-sized companies. [00:30:13] Lessons from the downturn in venture capital funding on business stability. [00:34:28] Growth strategies for The Podcast Consultant and Draft.dev. [00:38:35] Moving Draft.dev upmarket and focusing on long-term contracts. [00:41:02] Upcoming rebranding for Draft.dev to align with its new market position. [00:44:13] Recommended books and lessons learned: The Will to Keep Winning by Daigo Umehara. [00:49:19] Long-term focus and sustainability over short-term gains. [00:52:42] Wrapping up: Future plans and staying connected with listeners. Links: Manuel Weiss on LinkedIn: https://www.linkedin.com/in/manuelweiss1986/?originalSubdomain=atKarl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughesProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com

    53 min
  7. From Niche to Growth: A Path to Agency Expansion

    MAR 4

    From Niche to Growth: A Path to Agency Expansion

    In this episode of Retained Trust, host Karl Hughes sits down with entrepreneur and agency expert Sam Shepler, founder of Testimonial Hero, to explore the ins and outs of building, scaling, and acquiring service-based businesses. Sam shares his journey from running a generalist video agency to selling it, launching a productized service, and now expanding through strategic acquisitions. Karl and Sam break down the power of productized services, how acquisitions can unlock new growth, and the challenges of integrating new businesses into an existing agency. They also discuss how to say no to custom projects, balancing specialization with expansion, and why maintaining good relationships with competitors can open unexpected doors. Key Points From This Episode: [00:00:00] Introduction to Karl Hughes & Retained Trust [00:00:43] Guest introduction: Sam Shepler’s background and agency experience [00:01:51] Selling his first video agency and transitioning into productized services [00:04:03] Why productized services appealed to Sam and how he built Testimonial Hero [00:05:50] The myth of recurring revenue in service businesses [00:07:09] The power of process-driven scaling and why it’s essential [00:08:38] Saying no to custom client requests & keeping services streamlined [00:10:37] The natural evolution from productized service to broader agency growth [00:14:28] Expanding into new service areas without losing focus [00:17:08] The limits of productized services and when to expand offerings [00:20:21] The acquisition strategy: why Sam decided to buy instead of build [00:23:46] Choosing the right services to add through acquisition [00:27:02] The challenge of managing multiple agency brands [00:30:15] Thinking in long-term horizons to unlock big opportunities [00:34:37] The role of competitors in potential acquisition deals [00:39:59] The difficulties of getting deals done & lessons from failed acquisitions [00:45:45] Sam’s recommended books on business, strategy, and psychology [00:47:00] Where to follow Sam & learn more Links: Sam Shepler on LinkedIn: https://www.linkedin.com/in/samshepler/Testimonial Hero: https://www.testimonialhero.com/Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughesProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com

    48 min
  8. Profitability & Planning: Joey de Wit on Smarter Agency Finances

    FEB 25

    Profitability & Planning: Joey de Wit on Smarter Agency Finances

    In this episode of Retained Trust, host Karl Hughes speaks with Joey de Wit, founder of AgenCFO, a fractional CFO service specializing in helping agencies master their finances. Joey shares his journey from corporate finance to entrepreneurship, highlighting the importance of financial forecasting, pricing strategies, and sustainable agency growth. They discuss the challenges of scaling service-based businesses, how to escape the feast-and-famine cycle, and why many agency owners underinvest in growth. Joey explains how proper financial planning can give agency owners control over their profitability, allowing them to reinvest wisely and build businesses that are financially resilient. If you're an agency owner looking to scale profitably, raise prices, and improve financial strategy, this conversation is packed with actionable insights. Key Points From This Episode: [00:00:30] Introduction to Joey de Wit and AgenCFO [00:01:03] The role of a fractional CFO in agency growth [00:03:15] What size agencies benefit most from CFO services [00:06:03] The common financial mistake agency owners make [00:08:39] The importance of financial planning and budgeting [00:10:47] How agencies can forecast revenue more accurately [00:15:24] Growth is expensive—why underinvestment is common [00:16:41] The challenge of scaling agencies and negative economies of scale [00:20:00] Pricing strategies: Why raising prices can be the best growth lever [00:23:04] Joey’s entrepreneurial journey from banking to agency finance [00:31:58] Hiring for finance roles—analysts vs. CFOs [00:38:51] Client acquisition: Twitter, referrals, and content marketing [00:41:18] The challenge of balancing growth with service delivery [00:45:03] The reality of entrepreneurship—why you’re never fully “off” [00:50:06] Book recommendations for agency owners and entrepreneurs [00:52:54] Where Joey sees Agent CFO in the next year Links: Joey de Wit on LinkedIn: https://www.linkedin.com/in/joeydewit/Joey de Wit on X: https://x.com/joeydewitAgenCFO: https://www.agencfo.com/Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

    56 min
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    About

    Want to know what it takes to build, scale, and sell your agency? Retained Trust is a weekly podcast where host Karl Hughes goes deep with digital service business owners to uncover the habits, tactics, and strategies they’ve learned to grow successful companies. Along the way, you’ll hear about Karl’s journey running and acquiring niche digital agencies as he learns from guests with a variety of backgrounds and experience levels.

    Information

    • Creator
      Karl Hughes
    • Years Active
      2024 - 2025
    • Episodes
      25
    • Rating
      Explicit
    • Copyright
      © Copyright 2025 Karl Hughes
    • Show Website
      Retained Trust

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