Most founders think they have two options:

1. Keep grinding
2. Shut it down and go get a job.

Steve Guberman was one week from taking a corporate offer when his brother stopped him. After spending a decade building his own agency, Steve made an acquisition with no money in the bank, sold the business after the worst year of his life, and now advises agency founders on mergers, acquisitions, and exits.

He hosts the Agency Bytes podcast and has coached more than 100 agencies. In this episode he and Adrienne open up the part of business ownership that usually happens behind closed doors.

What they cover:

• How Steve acquired a competitor's book of business with zero cash, using a commission structure paid out over two years
• What an acquihire is, and why a burnt out founder often wants to become your employee
• Why hiring a salesperson almost never works under seven figures, and what to buy instead
• The difference between an entrepreneur and an accidental business owner, and how to tell which one you are
• The RFP his six person agency never should have won, and the year that followed
• Nine pitch meetings, three offers, and the sale he almost never made
• Why he begs founders not to shut it down, even when the exit is not life changing money
• Merger versus acquisition in plain language, plus how a seller keeps equity for a second bite
• Why 25% growth is a good year, and one deal can add 40%

Connect with Steve:

Steve Guberman is the founder of Agency Outsight, where he helps agency owners build the business of their dreams—with clarity, purpose, and profit. A former agency founder who successfully exited his own firm, Steve now guides creative, marketing, and digital leaders through growth, positioning, and the complex decisions that come with scaling or selling an agency. Drawing on his experience as both a coach and M&A advisor, he helps owners understand what truly drives long-term value—financially and personally. As host of the Agency Bytes podcast, Steve shares real stories and lessons from top agency leaders to help others grow with intention.

Steve on LinkedIn: https://www.linkedin.com/in/agencycoach/

Agency M&A Liftoff, Dallas, November 4 to 6: https://liftoffconference.com/

Free agency resources: https://www.agencyoutsight.com/merge

Podcast: Agency Bytes

⏱️ Time Chapters

00:00 Meet Steve Guberman
01:08 Founder optionality
04:41 The acquisition he made with no money
06:35 What an acquihire actually is
07:15 Why hiring a salesperson rarely works
08:12 Accidental business owner or entrepreneur
11:55 Do it again, and again, and again
12:55 The one third rule
13:25 Don't build the department, buy it
16:45 Does your house need to be in order first
17:40 The consolidation happening right now
19:45 The RFP they never should have won
20:55 The year everything came apart
22:05 I'm going to run this thing until I die
22:35 Get a job or sell it
23:05 Nine pitches, three offers
24:30 Offering the business to his team
25:20 The folder on Eric's desktop
26:05 A three year succession plan in action
27:55 The dentist and the dog food website
30:20 Three years of clean books
31:25 What a well run business is actually worth
34:05 Why these deals happen behind closed doors
35:10 Merger versus acquisition, explained
36:25 The second bite
42:20 25% growth versus one deal
43:20 Lift Off in Dallas
45:50 Where to find Steve