2Bobs—with David C. Baker and Blair Enns
Aug 26, 2026 · 22 min · 10 segments
In a recent article, David discloses the questions all creative agency principals need to answer whenever they are ready to find the right buyer and successfully navigate the merger and acquisition…
Blair EnnsHost
So at your firm, Punctuation, one of the things you do is the M&A side of the business that your son, Jonathan, runs.
And we're gonna talk about the common variables that make you more sellable, but you start by listing these edge cases, and you say, "For some examples across the 200 equity transactions we've led, here are some that were successful.
"Sold to a client with buyer even knowing all other clients would then leave." So client buys it.
"Internal transfer when no bank would fund it and seller refused to carry the note." Okay, I wanna dig into that one.
"Zero recurring revenue," not so much a surprise, even though I think we all know that recurring revenue is valued higher.
So these are the edge cases, and you point out that, well, you can still sell firms that are edge cases like this.
But you really wanna be kind of in the middle part of the curve on all of these variables.
So at your firm, Punctuation, one of the things you do is the M&A side of the business that your son, Jonathan, runs.
And we're gonna talk about the common variables that make you more sellable, but you start by listing these edge cases, and you say, "For some examples across the 200 equity transactions we've led, here are some that were successful.
"Sold to a client with buyer even knowing all other clients would then leave." So client buys it.
"Internal transfer when no bank would fund it and seller refused to carry the note." Okay, I wanna dig into that one.
"Zero recurring revenue," not so much a surprise, even though I think we all know that recurring revenue is valued higher.
So these are the edge cases, and you point out that, well, you can still sell firms that are edge cases like this.
But you really wanna be kind of in the middle part of the curve on all of these variables.
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