Profitability

A Bill of Rights for PR Firms

By Matthew Schwartz

Overservicing among PR firms doesn’t simply mean working for nothing. It’s a lot more costly. That’s because when your firm starts to expand client services—without being adequately compensated—it has a negative effect on the rest of the operation. Indeed, the repercussions for overservicing can make a bad situation considerably worse. Perhaps more so any other …read more


Valuing Your PR Firm ‘As If’ It Were Your Home

By Rick Gould CPA, J.D.

Your home has been good to you. You have invested a chunk of money into sprucing it up throughout the years and the work has paid off nicely. You are ready to sell. As you brace for a sale you remember that tiny crack in the wall near your bedroom and some chips scattering the …read more


Making Sense of Your Balance Sheet

By Rick Gould CPA, J.D.

For many PR firm owners and C-suite executives it’s often considered the management equivalent of getting root canal: Reading their balance sheet. While a growing number of PR firm owners have gotten more comfortable with reading their balance sheet, there’s still a lot to be desired in terms of owners having a solid grasp for …read more


PR Predictions for 2017

By Rick Gould CPA, J.D.

We were having drinks with a PR firm owner when we started talking about long-term planning. “It’s an oxymoron,” said the owner, stressing that the marketplace is so fluid these days that if PR firms get too far ahead of themselves planning-wise it could be downright counterproductive. The point is well taken. We can’t recall …read more


Psychological Buy-in Critical for Exit Strategy

By Rick Gould CPA, J.D.

Amid the dramatic and ongoing changes within the media and marketing industries is the accelerating rate of M&A transactions within the PR field. PR firm owners, including heads of boutiques, smaller shops and mid-size firms, are giving more serious consideration to selling out. Many of these owners are products of the baby-boom generation and would …read more


G+P Part-Time CFO Division Looks to Fill Void in PR

By Rick Gould CPA, J.D.

The positive reaction in the marketplace to our new Part Time CFO division has exceeded our expectations—and it’s little wonder. Gould+Partners launched the division because we see a huge void in the marketplace among PR firm owners to hire a CFO and get a better grip on their financial operations. Checklist for CFO Effectiveness and …read more


PR in the Not-Too-Distant Future

By Matthew Schwartz

For agency owners and C-suite executives for creative services firms, it’s the best of times and the worst of times (apologies to Mr. Dickens). PR executives from both the agency and client sides are optimistic about the industry’s future and believe that within the next five years they’ll be expected to deliver more strategic communications, …read more


Employee Retention to Maximize the Value of Your Firm

By Rick Gould CPA, J.D.

Within the C-suite, every top executive has an invaluable role to play. The CEO is the visionary of the firm. The CFO manages the financial infrastructure while the COO (if the firm is big enough) manages the operations. But when you consider selling your firm and need to demonstrate maximum value and future profitability, it’s …read more


The Dramatically Changing PR Economy

By Matthew Schwartz

The financial onus on PR agency owners is growing like a weed. In an increasingly post-digital age, PR agency owners and C-suite executives face a dramatically changing business environment. These days the biggest challenges for agency owners and C-suite execs include whether to “build or buy,” and how to reinforce their firms financially. Those were …read more


Benefits of Hiring Part-Time CFO 

By Rick Gould CPA, J.D.

I have this recurring conversation when I meet with agency owners. When I happen to ask if the firm might consider hiring a full-time CFO the answer, more often than not, is, “No, not affordable.” Agency owners tell me, of course, they see the value of bringing aboard a part-time CFO, but often cite prohibitively …read more