Inside a Boutique Agency Holdco, With Sei-Wook Kim

## Points of Interest - **00:01 – 00:38 – Introduction**: Marcel introduces Sei-Wook Kim, co-founder of Barrel and Barrel Holdings, highlighting his experience building and scaling multiple agencies. - **00:38 – 01:31 – What Barrel Holdings Does**: Sei-Wook explains their holdco structure, managing a portfolio of independent, specialized marketing agencies with a long-term acquisition strategy. - **01:31 – 03:31 – Origin of the Holdco Model**: The conversation explores how Barrel evolved from a single agency into multiple businesses through spin-offs and organic opportunities. - **03:31 – 04:56 – Shift from Incubation to Acquisition**: Sei-Wook shares why they moved from building agencies from scratch to acquiring established firms to accelerate growth. - **04:56 – 06:07 – Independent Portfolio vs Roll-Up Strategy**: They discuss why Barrel Holdings avoids the traditional roll-up model in favor of independently operated agencies with separate P&Ls. - **06:07 – 07:31 – Long-Term Investment Philosophy**: Sei-Wook explains their long-term hold strategy, focusing on durability, adaptability, and avoiding short-term exit pressure. - **07:31 – 09:09 – Capital Strategy and Self-Funding**: The discussion covers their decision to fund acquisitions through internal capital and debt rather than external investors. - **09:09 – 12:52 – What Makes an Agency Attractive**: Sei-Wook outlines key acquisition criteria, including specialization, recurring revenue, and strong leadership teams. - **12:52 – 15:06 – Challenges in Financial Diligence**: They break down common issues in agency financials, including inconsistent revenue tracking and unclear cost structures. - **15:06 – 17:29 – Understanding True Profitability**: The conversation highlights how to normalize owner compensation and adjust financials to reflect true EBITDA. - **17:29 – 21:01 – Operating Model and Performance Metrics**: Sei-Wook explains their weekly and quarterly cadence, including key metrics like revenue, expenses, and pipeline forecasting. - **21:01 – 35:43 – Forecasting, Scaling, and the Impact of AI**: The episode closes with insights on forecasting discipline, scaling leadership across multiple agencies, and how AI may reshape agency value and delivery. ## Show Notes - Sei-Wook Kim on LinkedIn - Peter Kang on LinkedIn - Agency Habits Website - Barrel Holdings Website Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.