Editorial: Agencies' independent cultures worth retaining.(Brief article)

Several new millionaires were created in adland last year. 2005 was the year of the deals, when many of the strongest agencies sold their independence for eye-watering sums.

The rush of sales was not coincidental. The conditions were right for a good price, particularly for ad agencies - the downturn was retreating, so potential suitors felt more optimistic and the agencies were operating at what felt like the peak of their respective games. These independents had for the previous five years been raiding the network-aligned agencies, poaching several big domestic clients.

All the companies that sold to larger organisations were run by groups of individuals who had made huge personal sacrifices and taken big risks, so few could begrudge them their millions. But preparing for a sale, putting a deal into place, was the greatest challenge any of them had faced (Anatomy of a Deal, page 24). The most precious asset of any successful agency is its culture, something determined by the founders' personalities, the ...