Navigating Ownership Transitions: Behind the Scenes of a PR Firm Buyout

Abbie Fink, the new sole owner of HMA Public Relations, shares her journey of transitioning from vice president to president and the challenges she faced during this significant change.

Abbie and Adrian discuss the intricacies of business ownership, including the emotional and financial aspects of Abbie buying out her business partner, Scott Hanson, who retired after many successful years together.

Abbie highlights the importance of maintaining the firm's legacy while navigating the complexities of valuation, negotiations, and ensuring a smooth transition for clients and employees alike.

She also emphasizes the value of having both professional advisors and supportive friends during this transformative period. As Abbie reflects on the renewed energy within HMA Public Relations, she expresses pride in the work they continue to do and the strong relationships built over the years.

Read the transcript and notes for this episode on our website.

Key Takeaways

• Transitioning to sole ownership involves navigating complex legal, financial, and emotional factors—each critical to the successful acquisition of a business.
• Engaging with expert advisors such as mergers and acquisitions attorneys and financial specialists is key to comprehensively understanding the firm's valuation.
• Balancing friendship and business interests with a former co-owner requires clear communication and a focus on shared goals, such as maintaining agency continuity and client satisfaction.
• The support of informal "friend-visors" is vital during transitional periods, providing emotional and motivational backing.
• Ownership transition can reinvigorate business energy and client service strategies, presenting fresh opportunities to build on an established legacy.

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Need to hire a PR firm?

We demystify the process and give you some helpful advice in Episode 19: "How to Hire a Public Relations Agency in Arizona: Insider Tips for Executives and Marketing Directors."

Credits

Copper State of Mind, hosted by Abbie Fink and Dr. Adrian McIntyre, is a project of HMA Public Relations, a full-service public relations and marketing communications firm in Phoenix.

The show is recorded and produced by the team at Speed of Story, a B2B communications firm, and distributed by PHX.fm, the leading independent B2B podcast network in Arizona.

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