10/24/2019
“I learned over the years that there are two types of agencies,” he said. The vast majority, he argued, care more about money than creativity and will put client needs ahead of doing the right thing. Yet those who care more about their culture and creativity more often will end up with a more profitable and sustainable business plan, he wagered.
“Those agencies who constantly chase profits—typically holding company agencies—never seem to escape that obsession,” he said. “Unfortunately, they’re now caught in a never-ending buying spree. They’re buying good agencies at super high valuations only to watch their profits and their creativity erode as they make that purchase. And then that agency loses its culture and then obviously loses its independence. And then they have to repeat the cycle again and again just to grow.”
“I hate to be harsh, but someone else's tragedy can be our opportunity,” David Luhr said.