As more companies rebound from the pandemic, advertising is sure to pick up. According to Zenith, ad spend will grow by 5.2 percent in 2022 to $652 billion. So if you work at an agency you love and have thought about buying it, now might be the right time. Just avoid running into the same errors that other buyers have experienced when executing an internal business sale. Here are the five biggest mistakes you could make:
1. Expecting the current owner to take the lead
The prospect of an internal sale is often introduced by an agency owner. That person might approach an employee or group of employees that seem like they’d be interested in buying the business. If you’re a prospective buyer and confirm your interest, the process of negotiating a deal will begin — unless you leave things up to the seller.