Featuring: Clara Stedman and Ben Engvall, Palmer Advisors In episode 116, I sit down with Clara Stedman and Ben Engvall, founding partners of Palmer Advisors, a boutique M&A firm focused on marketing, media, and tech agencies in the lower to middle market. Clara and Ben break down what agency owners need to understand about selling their business, navigating deal structures, and preparing for acquisition—even if an exit isn’t on the immediate horizon. We talk about why Palmer was founded, the major shifts in deal terms over the last few years, and why so many agency founders are choosing to stay on post-acquisition. They also share candid insights into common red flags that signal an agency isn’t ready to sell—and what to do about it. We dive into how niching (especially by industry) impacts valuation, what kinds of agencies are in high demand, and how AI and proprietary tools may influence future multiples. Whether you’re dreaming of an exit, fielding buyer interest, or just want to understand how your agency is valued, this episode pulls back the curtain on the M&A process and what today’s buyers really want. Key Bytes • Palmer Advisors focuses on M&A for service-based businesses.• The agency market is evolving with new deal structures.• Cultural fit is crucial in agency acquisitions.• Founders should not exit at their peak performance.• Timing is key when going to market for an exit.• Having a strong leadership team is essential for agency sales.• Niche agencies are more attractive to buyers.• Understanding EBITDA is vital for agency owners.• Deal structures can be creative and flexible.• The future of M&A looks promising with technology advancements. Chapters 00:00 Introduction to Agency Bites01:47 The Formation of Palmer Advisors03:35 Reflections on the First Year05:32 Understanding Agency M&A Dynamics09:23 Identifying Readiness for Exit13:28 The Importance of Owner Involvement16:02 The Value of Niching in M&A19:09 Demystifying M&A Terminology23:19 Future Trends in M&A25:11 The Role of IP and Technology in Valuation28:34 Rapid Fire Questions and Closing Thoughts Clara Stedman and Ben Engvall are the founding partners of Palmer Advisors, a boutique M&A advisory firm built specifically for founders of service-based businesses. With a focus on marketing, media, and tech agencies in the lower to middle market (typically $1–10M in EBITDA), Clara and Ben bring a modern, founder-first approach to buying, selling, and valuing businesses. They’ve quickly built a reputation for their strategic deal-making, brutally honest readiness assessments, and commitment to crafting win-win outcomes that align both financial and cultural goals. Clara leads as CEO, bringing a background in corporate retail and fitness, while Ben heads up M&A with a traditional finance foundation. Together, they’re reshaping what agency exits can—and should—look like. Contact Ben and Clara on LinkedIn or on the Palmer Advisors website.