THREE SYSTEMS THAT MOVE THE MULTIPLE

What buyers pay a premium for.

Every agency valuation is an EBITDA figure multiplied by a number. The three systems below shape both halves: the EBITDA that survives a buyer's adjustments, and the multiple they're willing to pay on it.

Our job is the "what". What moves the multiple. What protects the EBITDA. What buyers pay a premium for, and just as importantly, what makes them walk.

The "how" stays with you. Your team can deliver it, or we'll introduce the specialists who can.

The three systems

Buyers assess up to 50 dimensions of a business; too many for a busy leader to manage. Our approach groups them into three systems that can be worked iteratively to improve both your agency and its value. The framework is based on analysis of over 500 agencies, and together they're how you get to peak exit.

Growth

Where you get invited, what you win, what clients become and removing bottlenecks to growth

Operations

How work gets priced, how work gets made, how work gets delivered, and what survives as margin.

Management

Who runs it, how decisions get made, how talent compounds, and how the business protects itself.

The Throughline

How the systems fit together.

In our sector, valuations come down to one equation: adjusted EBITDA multiplied by a number. The three systems map onto both halves.

Growth shapes the quality of the revenue that produces your EBITDA. Operations decides how much of that revenue survives as EBITDA, and creates the visibility that gives buyers confidence in the rest. Management lifts the multiple, by removing dependence on you, demonstrating how well the business is run, and showing it's governed properly.

We tell you what each system needs and in what order; specialist partners we trust handle the implementation.

Start with a value diagnostic.

A conversation about what your agency is worth today and what would move the number.

Book a Valuation Diagnostic

Frequently asked questions

How are marketing agencies valued in an M&A process?

Marketing services firms are typically valued using an EBITDA multiple, adjusted for revenue quality, client concentration, recurring or retainer income, gross margin stability, and leadership depth. Growth profile, sector specialisation, and scalability materially influence enterprise value (also known as EV), particularly for agencies with defensible positioning or platform potential (i.e. becoming an anchor investment for a PE firm to add other bolt-ons to).

Read full answer →
What makes a marketing services firm attractive for acquisition?
Attractive firms demonstrate strong margins, sector specialism, defensible intellectual property or methodology, scalable delivery models, leadership depth, and clear growth strategy. Cultural compatibility and integration readiness also influence deal certainty.
Read full answer →
How should a founder-led creative agency prepare for exit?
Preparation includes strengthening financial reporting to maximise EBITDA multiples, formalising leadership roles, documenting delivery processes, and articulating a clear growth narrative. Early preparation, including planning for earn-out structures and post-merger integration (PMI), improves negotiation leverage and deal certainty.
Read full answer →
Why do sub £20m creative agencies need a specialist M&A adviser?

No agency ‘needs’ a specialist M&A advisor, but it’s extremely wise to have one. Just like selling a house; you can do it yourself but you’ll often end up realising lower value than if you’d worked with a specialist who does it day in, day out.

Think about it. Do clients technically need agencies? They could build in-house teams. But the smart ones hire agencies for expertise they don’t possess.

In the same way, you should get a specialist involved as soon as possible. Even if you have an inbound inquiry. The smallest things can impact value and when you’re talking about multiples of EBITDA that very quickly translates into big losses.

Read full answer →