How Lori Murphree from Evalla Advisors, Owns It
This week on Own It, we have a slightly different type of guest. We’re talking to Lori Murphree from Evalla Advisors. It is a financial services firm focused on mergers and acquisitions and investment banking. As you might expect, we certainly wanted to have her on the show to inform all of you about the possibilities of M&A in the agency world, but Lori is also passionate about female ownership across industries. So, we had a lot to talk about.
Understanding the financial piece of the puzzle is often a big hurdle for new agency owners, especially those who grew up working primarily in creative or accounts … basically any part of the business other than finance, so this is going to be super useful for us all.
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Key Takeaways
EPISODE: Lauren Murphree from Evalla Advisors
1. The Power of "Leaning In" to AI and Embracing Change | [00:15:25]
AI is not just a trend but a significant shift, comparable to the internet's impact. Agency owners should lean into AI, recognizing its potential to enhance services and value for clients, rather than fearing it. Brands are already expecting agencies to integrate AI into their work, making it crucial for agencies to understand and utilize this technology. The focus should shift from hours worked to the value provided, which AI can help optimize.
2. Overcoming Risk Aversion and Imposter Syndrome in Women's Entrepreneurship | [00:18:58]
Women can sometimes be more risk-averse than men, which can delay or hinder their journey to ownership. Many women start businesses later in life, often due to balancing family responsibilities. However, even after achieving ownership, imposter syndrome can persist, leading to a reluctance to take further risks. It's essential for women owners to continue taking calculated risks and pushing boundaries to grow their businesses.
3. Challenging Unconscious Biases in Investment Banking and Beyond | [00:22:11]
There's a significant lack of women in investment banking, particularly at senior levels, partly due to unconscious biases. The perception that an investment banker must be "hard" or aggressive often overlooks that women can be effective negotiators while still maintaining their feminine qualities like being bubbly, kind, and personable. This bias can lead to clients, including female agency owners, seeking male bankers based on a preconceived notion of who can secure the best deal.
4. The Importance of Believing in Big Goals and Speaking Them Into Existence | [00:36:33]
To achieve significant growth and success, owners must think big, set ambitious goals (like "global domination" or doing "the best work in this business"), and articulate them confidently. This belief in one's potential and vocalizing those aspirations can create a powerful energy and drive that helps manifest those goals. Women, in particular, may need to overcome a tendency to undersell their ambitions compared to men.
5. Leveraging Networks and Seeking Advice for Business Growth | [00:39:02]
Agency owners, especially women, should actively seek advice and insights from others who have successfully navigated similar growth stages. Connecting with individuals who have achieved significant exits or scaled their companies can provide invaluable lessons and strategies. This includes learning how to overcome plateaus at different revenue milestones and setting ambitious, written goals to guide growth. The advertising industry, known for its generosity, offers many opportunities for such mentorship and collaboration.
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