Considering starting your own business? Thinking of selling? Knowing where to begin on either front is a challenge, not to mention the many steps between actually launching and seeing success. We consulted two women who have gone through the process for their expert insights: Elizabeth Harrison, co-founder of Harrison & Shriftman, and Ashley Chejade-Bloom, founder of LFB Media Group. They shared their stories, from their original intentions to their new normal, plus their advice for those seeking to do the same.

Everyone’s story about how they started is unique to their circumstances, but there are definitely common themes in play. “How I started my business has a lot to do with being at the right place at the right time,” says Harrison. “I was approached by Lara Shriftman and together we felt that there was a white space in the PR industry. There were large PR firms that catered to Fortune 500 companies that focused on corporate PR, and there were event planning companies that created one-of-a-kind experiences; however, no one had seen what combined-event planning and traditional PR could do together.”


Omega Her Time, Harrison & Shriftman

Chejade-Bloom also identified an untapped approach within the PR industry. “Before founding LFB Media Group, I worked at a very traditional PR agency in NYC where I saw an opportunity to work with the hospitality industry from more of a lifestyle perspective, so I decided to branch off on my own.” she shares. “I also sensed a need for a deeper, more robust relationship with clients, so publicity became only one part of what we do. Oftentimes, developers can be removed from what’s relevant, so we work with them from concept to completion to ensure that the right programming, partnerships and events are in place to achieve their goals, and then we publicize the project.”

Neither Harrison nor Chejade-Bloom set out to sell or merge from the beginning. Instead, they both remember being hyper-focused on the hustle in front of them, carefully growing their businesses. How did their opportunities come about, then? For Harrison & Shriftman, it was all about networking, connections and trusting your gut. “We didn’t have a business plan, we just knew people, we knew brands, and we had good instincts,” says Harrison. “When Omnicom approached us, we were also approached by a top talent agency and a world class advertising agency. We ended up going with Omnicom because we thought that it had the most potential with offices all over the world, potential new business opportunities, and the resources to help us build our business and continue to grow.”


MI30, Marriott International’s 2018 Americas Leadership Summit, BMF

For Chejade-Bloom, her company’s acquisition by BMF was something of a natural next step after years of working together. “LFB has been a partner of BMF since 2010, so the acquisition was a natural evolution of the growth strategy for both companies,” she says. “We all saw the PR landscape shifting and how digital and earned media results are increasingly critical to the success of brand activations.”

“Our partnership showcases that experiential marketing is becoming the mechanism that drives effective communications strategies across multimedia landscapes, and the need to deliver a full suite of marketing services, including experiential, PR, digital, talent, and data and analytics, to meet our clients’ core business objectives,” she continues.

Combing through the many factors behind the decision to sell is a process in itself. “If I could do it all over,” says Chejade-Bloom, “I would start out with an acquisition strategy in mind and make decisions accordingly along the way."  In retrospect, the two agree that the most organized you are, the better, from your books and policies to hiring the right legal and advisory team. Chejade-Bloom also advises entrepreneurs to, "create the narrative and go-to-market strategy up front. Understanding how to position the new offering and communicate the benefits will help ignite excitement amongst clients and employees throughout the sale process.”


Priyanka Chopra x Booking.com, Harrison & Shriftman

In addition to preparing the business itself, you must also personally be ready for a change. “My role changed drastically after we sold,” says Harrison. “When we started the business we both worked on everything. Once we sold, a lot of my time was spent working with our parent company to be able to take advantage of the contacts and the new tools we were given. I naturally fell into that role while Lara continued to be the face of the agency working with most our clients.”

“One of the biggest adjustments was the financial reporting,” she continues. “We had to hire a real CFO to make sure we were being compliant and that we could handle the reporting to DAS (Diversified Agency Service). It was tough at first, but it made us a lot more disciplined and because we were in an earn out we had to watch our expenses carefully. Finances were definitely the biggest change overall."

Following LFB’s acquisition, Chejade-Bloom joined BMF’s leadership team as Executive Vice President dedicated to sales strategy and innovation. The day-to-day management of LFB, including client services, strategy, and talent acquisition, is now overseen by the agency’s President, Selmin Arat.


FX Networks’ ‘Trust’ Show Launch, BMF

Feeling inspired? Bookmark Chejade-Bloom’s four-part advice for starting your own business:

1. Being a business owner doesn’t come with the perks of vacation time, normal office hours, a personal life, etc. When you “eat what you kill” and are responsible for your employees’ livelihood, you have to go all in. Regardless of how challenging and competitive the market is, you must be willing to put your business first if you want it to thrive.

2. If you’re a sole business owner, you must be equipped to make big, and often time-sensitive decisions that will seriously impact your business (regardless of if you have experience with the topic at hand), so it’s essential that you are decisive, rational, and cool under pressure.

3. Always, always, always, know your numbers and understand the operations of your business inside and out.

4. Don’t have an ego. Put your employees and your clients/customers first. Remember: without them, there is no company.

Michael B. Jordan x Bacardi, Harrison & Shriftman

At the selling stage, both women highlight the importance of outlining your goals and why you want to sell, whether that might be scaling faster with a bigger company or finding an exit strategy. “If you are a personality driven business, they are buying you and your contacts, your drive and ambition. If you plan to exit upon selling that’s a different type of buyer,” says Harrison. Chejade-Bloom brings up a personal point, noting that you should, “Make sure you fully understand the impact of the acquisition beyond the dollar, including your personal career trajectory.”

At the end of the day, selling or merging is the start of a relationship--one you’ll be locked into, something that you’ll be a part of on a daily basis. “You need to really like the people you sell to,” Harrison urges. "It’s going to be different after you sell and the honeymoon is over; make sure you are going to be happily married to that person or company!” Chejade-Bloom seconds that it’s crucial to get to know the buyers personally. “You will likely work very closely with these people for the next few years, so you want to make sure your values and company cultures align.”

There’s no summarizing the steps to success, but suffice it to say that trusting your instincts and staying true to your goals are the closest to a North Star as you can get.