How To Turn Your Agency Into An Asset, with Henry Corona.

By |October 3rd, 2016|

Episode 52:

Henry Corona graduated from Grinnell College in Iowa, moved to Los Angeles, and earned an MA in Economics from UCLA. He worked as an Economist for the Rand Corporation, and while at Rand, Henry earned an MBA in Finance & Marketing from USC. Upon graduating, he joined the M&A department of a conglomerate.

He went to work for Lucasfilm Ltd. in various financial management positions during the first Star Wars and Raiders of the Lost Ark film series. His experience included cash and investment management, comptroller for profit sharing, merchandising, publishing and music. Following Lucasfilm, Henry worked in various film and entertainment companies including 20th Century Fox and New Line Cinema.

He went into the Advertising business by working for Dave Martin, founder of the Martin Agency, and has worked in financial and transactional management in marketing, advertising, communications technology ever since. His experience in marketing communications has included mergers & acquisitions, business valuation, and serving as CFO for ad agencies, tech start-ups, film and video production companies, and other communication technology businesses.

 

 

What you’ll learn about in this episode:

  • Henry’s transition from the film business to the advertising business
  • Mistakes agency owners make that hinder their ability to sell their agencies
  • Where agencies need to be investing
  • Why tracking hours is critically important
  • What to do about employees that cost your agency money
  • Why your agency should have a profit sharing system
  • AGI numbers you need to know
  • What diminishes the value of an agency
  • Charging brain surgeon prices vs. charging nurse prices
  • Training clients so they don’t feel like they’re getting the “B Team”
  • What agency owners can do right now to improve on the ideas from this episode

 

The Golden Nugget:

“Small businesses exist for the benefit of the owner.” – Henry Corona Click To Tweet

 

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Ways to Contact Henry Corona:

We’re proud to announce that Hubspot is now the presenting sponsor of the Build A Better Agency podcast! Many thanks to them for their support!

About the Author:

For almost 30 years, Drew McLellan has been in the advertising industry. He started his career at Y&R, worked in boutique-sized agencies and then started his own (which he still owns and run) agency in 1995. Additionally, Drew owns and leads Agency Management Institute, which advises hundred of small to mid-sized agencies on how to grow their agency and its profitability through agency owner peer groups, consulting, coaching, workshops and more.

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