At Mirren Live last month, Future Proof Advisors co-founder and CEO Terry Dry joined Lori Murphree of Evalla Advisors to chair a candid CEOs-only discussion on a question many agency leaders are working through right now:
When does it make sense to build, partner, or acquire?
What made the session especially valuable was the range of perspectives in the room. Some leaders were focused on building enterprise value. Some were thinking about eventual exit strategy. Others were evaluating partnerships, merger opportunities, or acquisitions as a way to expand capabilities and increase value. There were also leaders actively looking to acquire agencies to strengthen their own footprint and positioning.
That made for a broad, honest conversation about growth and evolution.
The overall energy in the room was strong. There were real growth stories, real optimism, and a lot of thoughtful discussion about what is possible next. That is not to say there was not concern. Like most leadership conversations right now, the discussion also reflected real uncertainty around the macro economy, market volatility, and the pace of change being driven by AI. But the tone was balanced. Leaders were not frozen. They were trying to think clearly about how to move forward.
A few themes came up again and again.
Growth is still the goal, but complexity is the risk
One of the most practical parts of the discussion centered on how to grow without adding the wrong kind of complexity.
That is where the build, partner, or acquire question becomes so important. Not every capability needs to be built in-house. Not every gap should be filled through acquisition. And not every partnership is worth the distraction. One of the mantras we shared in the room was simple:
Don’t try to solve a problem that has already been solved.
For some agencies, that means partnering instead of building. For others, it means acquiring a capability that would take too long to develop internally. The point is not to force a default answer. The point is to make a smarter decision based on where the business is trying to go and what kind of growth will actually create value.
AI is changing how leaders think about value
AI came up throughout the session, but not just in the usual “what tools are you using?” way.
The more useful conversation was around how leaders should think about the parts of their business that are becoming AI-enabled and the parts that may be more AI-proof.
That distinction matters. Agencies are under growing pressure to show measurable ROI, improve efficiency, and protect margins, all while differentiating in a crowded market. Leaders are rightly asking which parts of the business become more valuable when AI is used well, and which parts still depend on human judgment, trust, creativity, leadership, and strategic depth.
That line of thinking also connects directly to valuation.
The market is rewarding different things than it used to
Lori shared helpful context on what is happening in the broader marketing services M&A landscape, and it reinforced a lot of what leaders in the room were already sensing.
A few market signals stood out:
- Deal activity is back, with 455 marketing services deals closed in 2025
- Private equity remains a major force, involved in roughly 80% of marketing services deals
- Scale is earning a premium, especially for agencies with stable revenue, lower client concentration, and proven growth
- AI-enabled and digital transformation capabilities are commanding stronger valuations than pure creative alone
- Buyers are rewarding lower-risk businesses with stronger margins, repeatable revenue, and clearer differentiation
In other words, the market is active, but it is not rewarding everything equally.
That is why leaders cannot think about growth in the abstract. They have to think about what kind of growth actually builds enterprise value.
Building value is not the same as guessing what a buyer wants
Another point that resonated in the room was this: leaders should not spend all their energy trying to reverse-engineer what some hypothetical buyer might want someday.
Yes, buyers care about revenue and EBITDA. Of course they do. But those are not the only things that shape value. Strategic fit matters. Leadership team strength matters. Client concentration matters. Specific capabilities matter. Vertical depth matters. Cultural fit matters.
So rather than obsessing over what the “right buyer” might prioritize, we talked about the importance of focusing on the things that build value in your business specifically.
That means doing the right things for growth, resilience, capability strength, and leadership depth now, because those are the things that tend to matter regardless of who the eventual buyer is.
Mindset still matters
There was no shortage of tactical discussion in the room, but mindset came up too.
One phrase we shared during the session was:
Change is inevitable. Struggle is optional.
That felt especially relevant in this moment. The market is changing. Technology is changing. Valuation frameworks are changing. Buyer behavior is changing. Leaders do not get to opt out of that. But they do get to choose how they respond.
The strongest leaders in the room were not pretending there is no uncertainty. They were simply trying to make better decisions inside of it.
Final takeaway
If there was one takeaway from Mirren Live, it is that agency leaders are not short on ambition. What they want is a clearer way to think about their next move.
How do you grow without overcomplicating the business?
How do you build capabilities without wasting time or capital?
How do you create more value now, not just someday in a sale process?
And how do you make smart decisions in a market that is changing fast?
Those are exactly the kinds of conversations we love being part of at Future Proof Advisors.
And based on what we heard in the room, those conversations are only becoming more important.
We were grateful to Mirren for the opportunity to lead the conversation and engage with such a thoughtful group of agency leaders. It was exactly the kind of discussion we care about at Future Proof Advisors as we help leadership teams think through big-picture growth decisions, enterprise value, and what it takes to build stronger, more future-ready businesses.
Want a deeper look at the market context behind the discussion? Download the latest Marketing Services M&A Landscape report from Evalla Advisors here.
Indie Agency- M&A Summit