Retained Trust

In this episode of Retained Trust, host Karl Hughes reunites with his business partner, Manuel Weiss, to share insights on scaling digital service agencies. They discuss lessons learned from recent acquisitions, the importance of building strong relationships between partners, and strategies for creating a sustainable growth pipeline. Manuel reveals their approach to leadership development and the challenges of merging companies. They also explore the role of autonomy, structured frameworks, and the long-term vision for their businesses. Tune in to uncover practical strategies for agency growth and leadership.

Key Points From This Episode:

[00:00:00] Introduction to Karl Hughes and Manuel Weiss, and the focus on scaling agencies.

[00:01:08] Reflecting on key lessons learned over the past quarter.

[00:01:57] Importance of personal relationships in business partnerships.

[00:02:51] Maintaining trust and transparency between co-founders.

[00:04:02] Challenges of acquisitions and a recent deal that fell through.

[00:05:09] The slow and steady approach to acquiring businesses.

[00:06:40] Empowering teams by stepping back from day-to-day operations.

[00:08:20] The risks of micromanagement and the importance of autonomy.

[00:10:04] Implementing standardized frameworks across portfolio companies.

[00:11:25] Goals for 2025: Acquiring new companies and building leadership pipelines.

[00:14:21] Insights from acquisition entrepreneurship conferences.

[00:16:57] Building internal leadership through consultancy-based evaluations.

[00:18:15] Challenges of promoting internal leaders versus hiring externally.

[00:19:20] The role of advisory boards in supporting new leaders.

[00:23:22] Building a sustainable acquisition pipeline for long-term growth.

[00:27:07] Opportunities and risks of merging with similar-sized companies.

[00:30:13] Lessons from the downturn in venture capital funding on business stability.

[00:34:28] Growth strategies for The Podcast Consultant and Draft.dev.

[00:38:35] Moving Draft.dev upmarket and focusing on long-term contracts.

[00:41:02] Upcoming rebranding for Draft.dev to align with its new market position.

[00:44:13] Recommended books and lessons learned: The Will to Keep Winning by Daigo Umehara.

[00:49:19] Long-term focus and sustainability over short-term gains.

[00:52:42] Wrapping up: Future plans and staying connected with listeners.

Links:

• Manuel Weiss on LinkedIn: https://www.linkedin.com/in/manuelweiss1986/?originalSubdomain=at
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com 

In this episode of Retained Trust, host Karl Hughes sits down with entrepreneur and agency expert Sam Shepler, founder of Testimonial Hero, to explore the ins and outs of building, scaling, and acquiring service-based businesses. Sam shares his journey from running a generalist video agency to selling it, launching a productized service, and now expanding through strategic acquisitions. Karl and Sam break down the power of productized services, how acquisitions can unlock new growth, and the challenges of integrating new businesses into an existing agency. They also discuss how to say no to custom projects, balancing specialization with expansion, and why maintaining good relationships with competitors can open unexpected doors.

Key Points From This Episode:

[00:00:00] Introduction to Karl Hughes & Retained Trust

[00:00:43] Guest introduction: Sam Shepler’s background and agency experience

[00:01:51] Selling his first video agency and transitioning into productized services

[00:04:03] Why productized services appealed to Sam and how he built Testimonial Hero

[00:05:50] The myth of recurring revenue in service businesses

[00:07:09] The power of process-driven scaling and why it’s essential

[00:08:38] Saying no to custom client requests & keeping services streamlined

[00:10:37] The natural evolution from productized service to broader agency growth

[00:14:28] Expanding into new service areas without losing focus

[00:17:08] The limits of productized services and when to expand offerings

[00:20:21] The acquisition strategy: why Sam decided to buy instead of build

[00:23:46] Choosing the right services to add through acquisition

[00:27:02] The challenge of managing multiple agency brands

[00:30:15] Thinking in long-term horizons to unlock big opportunities

[00:34:37] The role of competitors in potential acquisition deals

[00:39:59] The difficulties of getting deals done & lessons from failed acquisitions

[00:45:45] Sam’s recommended books on business, strategy, and psychology

[00:47:00] Where to follow Sam & learn more

Links:

• Sam Shepler on LinkedIn: https://www.linkedin.com/in/samshepler/
• Testimonial Hero: https://www.testimonialhero.com/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com 

In this episode of Retained Trust, host Karl Hughes speaks with Joey de Wit, founder of AgenCFO, a fractional CFO service specializing in helping agencies master their finances. Joey shares his journey from corporate finance to entrepreneurship, highlighting the importance of financial forecasting, pricing strategies, and sustainable agency growth. They discuss the challenges of scaling service-based businesses, how to escape the feast-and-famine cycle, and why many agency owners underinvest in growth. Joey explains how proper financial planning can give agency owners control over their profitability, allowing them to reinvest wisely and build businesses that are financially resilient. If you're an agency owner looking to scale profitably, raise prices, and improve financial strategy, this conversation is packed with actionable insights.

Key Points From This Episode:

[00:00:30] Introduction to Joey de Wit and AgenCFO

[00:01:03] The role of a fractional CFO in agency growth

[00:03:15] What size agencies benefit most from CFO services

[00:06:03] The common financial mistake agency owners make

[00:08:39] The importance of financial planning and budgeting

[00:10:47] How agencies can forecast revenue more accurately

[00:15:24] Growth is expensive—why underinvestment is common

[00:16:41] The challenge of scaling agencies and negative economies of scale

[00:20:00] Pricing strategies: Why raising prices can be the best growth lever

[00:23:04] Joey’s entrepreneurial journey from banking to agency finance

[00:31:58] Hiring for finance roles—analysts vs. CFOs

[00:38:51] Client acquisition: Twitter, referrals, and content marketing

[00:41:18] The challenge of balancing growth with service delivery

[00:45:03] The reality of entrepreneurship—why you’re never fully “off”

[00:50:06] Book recommendations for agency owners and entrepreneurs

[00:52:54] Where Joey sees Agent CFO in the next year

Links:

• Joey de Wit on LinkedIn: https://www.linkedin.com/in/joeydewit/
• Joey de Wit on X: https://x.com/joeydewit
• AgenCFO: https://www.agencfo.com/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes

Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes sits down with Corey Northcutt, a serial entrepreneur and Chief Optimization Officer at Orbit Media Studios. Corey shares his journey from founding a hosting company in college to leading and selling multiple agencies, culminating in his role at Orbit Media. They discuss the evolution of digital agencies, the role of AI in marketing and optimization, and how agencies can leverage automation for smarter workflows. Corey also shares his perspective on junior roles in the AI era, the future of digital service businesses, and why he sees agency work as more resilient than ever. Whether you’re building an agency, integrating AI into your workflow, or considering an acquisition, this conversation offers valuable insights from an industry leader. 

Key Points From This Episode: 

[00:00:22] Introduction to Corey Northcutt and his entrepreneurial journey. 

[00:01:27] Corey’s background in building internet companies and selling agencies. 

[00:02:04] The role of Chief Optimization Officer at Orbit Media Studios. 

[00:04:46] How Corey transitioned from running his own agency to joining Orbit. 

[00:06:05] The size, structure, and services of Orbit Media Studios. 

[00:07:05] AI’s impact on SEO, content marketing, and agency workflows. 

[00:08:33] The role of AI in finding deficiencies vs. creating efficiencies. 

[00:10:46] AI’s ability to process and analyze large datasets for decision-making. 

[00:13:52] Does AI pose a threat to agencies, or is it a tool for growth? 

[00:16:47] The evolving role of junior employees in the AI era. 

[00:19:00] Corey’s early experiences launching a hosting business. 

[00:22:10] Growth hacking strategies and how Corey found underserved markets. 

[00:26:45] The intersection of AI, automation, and consulting work. 

[00:30:15] Predictions for the future of digital agencies in an AI-driven world. 

Links: 

• Corey Northcutt on LinkedIn: https://www.linkedin.com/in/coreynorthcutt/ 
• Corey Northcutt on X: https://x.com/corey_northcutt 
• Orbit Media; https://www.orbitmedia.com/ 
• Google Ranking Factors: https://www.orbitmedia.com/google-ranking-factors/ 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com  

In this episode of Retained Trust, host Karl Hughes speaks with John-Henry Scherck, the founder of Growth Plays, a B2B SEO and content strategy agency. John-Henry shares his transition from a solo consultant to building a growing agency, despite initially vowing never to hire employees. He discusses the challenges of scaling a strategy-driven service, the importance of hiring experienced talent, and how his approach differs from traditional agency models. The conversation explores the difficulty of getting strategic recommendations implemented, how to align content strategy with business objectives, and the key traits he looks for in hires. John-Henry also delves into personal branding, client acquisition through reputation, and how his agency balances autonomy and structure.  

Key Points From This Episode: 

[00:01:14] John-Henry’s early mindset: Why he originally resisted hiring. 

[00:02:38] How Growth Plays differentiates from traditional agencies. 

[00:03:52] The challenges of scaling a strategy-driven business. 

[00:04:54] How Growth Plays positions itself in the B2B SEO and content strategy space. 

[00:06:08] The hardest part of scaling strategy: Getting recommendations implemented. 

[00:07:42] Creating urgency in content strategy to drive execution. 

[00:09:50] Aligning strategy with business goals, public earnings reports, and KPIs. 

[00:12:11] The importance of one-on-one stakeholder conversations to extract real insights. 

[00:15:25] Key hiring attributes: Critical thinking, communication, and autonomy. 

[00:18:28] How John-Henry builds a team that counterbalances his own strengths and weaknesses. 

[00:20:54] The role of personal branding and word-of-mouth in agency growth. 

[00:22:22] Delivering great work as the best marketing strategy. 

Links: 

• John-Henry Scherck on LinkedIn: https://www.linkedin.com/in/jhtscherck/ 
• Growth Plays: https://growthplays.com/ 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes speaks with Paul Seaton, founder of AgencyFi, which provides outsourced accounting and CFO services for digital and creative agencies. Paul shares his journey from Deloitte to running his own firm, helping agencies navigate financial complexities. They discuss the importance of understanding gross margins, structuring financials properly, and making strategic decisions to balance profitability and growth. Paul also delves into content marketing strategies, trust-building with clients, and the realities of scaling an agency while maintaining financial health. Whether you’re an agency owner looking to refine your financial strategy or someone interested in the business side of digital services, this episode offers valuable insights. 

Key Points From This Episode: 

[00:00:00] Introduction to Paul Seaton and AgencyFi. 

[00:01:15] How Paul transitioned from Deloitte to launching his own firm. 

[00:03:00] Why Paul chose to specialize in digital and creative agencies. 

[00:04:25] Understanding the financial challenges agencies face. 

[00:06:10] The importance of trust in financial services. 

[00:07:45] Strategies for growing an agency-focused financial business. 

[00:09:50] Content marketing as a key driver for client acquisition. 

[00:12:15] The role of financial advisors in operational decisions. 

[00:14:30] The significance of gross margins in agency profitability. 

[00:17:00] Common financial misconceptions among agency owners. 

[00:19:40] Best practices for structuring an agency’s P&L statement. 

[00:22:10] The challenges of scaling and hiring delivery managers. 

[00:24:30] Balancing a lifestyle business vs. a scalable agency model. 

[00:27:15] Paul's perspective on pricing, churn, and long-term client relationships. 

[00:30:45] Final advice for agency owners looking to improve their finances. 

Links: 

• Paul Seaton on LinkedIn: https://www.linkedin.com/in/paul-seaton-78392880/ 
• AgencyFi: https://www.agencyfi.co/ 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 

Production and editing by The Podcast Consultant: https://thepodcastconsultant.com  

In this episode of Retained Trust, host Karl Hughes speaks with Aidan Sowa, founder and CEO of VelvetVoice PR. Aidan shares his unique journey from running a lead generation agency to building a thriving PR firm. He dives into the intricacies of “sales-enabled PR,” blending traditional strategies with modern tools to maximize impact. Aidan unpacks the challenges agency owners face when relying solely on referrals and highlights how PR can amplify credibility, boost conversions, and even attract investors. From authentic storytelling to leveraging cold email campaigns and staying resilient through setbacks, Aidan’s insights are a must-listen for agency owners looking to scale effectively. Tune in to explore actionable PR strategies that fuel growth and sustain trust.

[00:00:00] Karl Hughes introduces the episode and guest, Aidan Sowa, founder of VelvetVoice PR.

[00:01:00] Aidan explains VelvetVoice PR’s focus on building authority for entrepreneurs, influencers, and businesses.

[00:03:10] Importance of PR for influencers and how strategic press coverage drives credibility.

[00:05:14] Addressing challenges in PR attribution and maximizing ROI through social media and ads.

[00:07:22] The credibility impact of PR on startups and venture-backed companies.

[00:10:09] Advantages of “sales-enabled PR” over traditional approaches, focusing on measurable outcomes.

[00:13:41] Mistakes to avoid in PR campaigns, including overuse of press releases and poor messaging.

[00:16:03] Trends in PR for 2024, including the role of authenticity and the pitfalls of AI-generated content.

[00:19:10] Tools like HARO and local business coverage as cost-effective PR starting points for small teams.

[00:22:18] Aidan’s pivot from lead generation to PR during the COVID-19 pandemic.

[00:24:30] Lessons learned from early entrepreneurial challenges, including dealing with chargebacks.

[00:28:19] Scaling with cold email: Aidan shares practical strategies and tools for high-volume outreach.

[00:35:04] How authenticity and executive involvement enhance sales conversations with larger clients.

[00:43:22] Best practices for preventing chargebacks and ensuring payment security in digital services.

[00:47:18] Debunking myths around “quick success” and the value of persistence in scaling an agency.

[00:52:07] Aidan reflects on the importance of mindset, personal growth, and strategic goal-setting in entrepreneurship.

• Aidan Sowa on LinkedIn: https://www.linkedin.com/in/aidansowa/
• Aidan Sowa on X: https://x.com/AidanCSowa
• VelvetVoice PR: https://www.velvetvoicepr.com/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Retained Trust: https://retainedtrust.com/

Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this episode of Retained Trust, host Karl Hughes welcomes Tevia Hoalst, founder of TeKoda Accounting, for an engaging conversation on the world of small business finance. Tevia shares her journey from the restaurant industry to leading a team that helps entrepreneurs manage their day-to-day accounting with a personalized approach. They explore the differences between "tax books" and "business books" and why a tailored approach to financial reporting can make or break a company’s decision-making process. Tevia explains the importance of finding the right financial partner who understands the unique needs of small businesses and emphasizes how data-driven insights can alleviate growth-related cash flow challenges. The discussion also covers key growth lessons, cash cycle management, and the psychological highs and lows of entrepreneurship.

[00:00:00] Karl Hughes welcomes guest Tevia Hoalst, founder of TeKoda Accounting.

[00:01:00] TeKoda Accounting’s personalized approach: Humanizing the bookkeeping process with client-tailored services.

[00:02:02] Internal vs. tax accounting: Differences in how business and tax books are organized and why both matter.

[00:04:58] The challenge of generic categories in tax-focused bookkeeping and its limitations on operational insights.

[00:08:26] The importance of hiring the right accounting professionals for small businesses.

[00:10:53] Insights from diverse industries: How observing different financial structures helps TeKoda’s Accounting provide better advice.

[00:14:24] Common triggers for outsourcing bookkeeping: When and why entrepreneurs seek professional financial management.

[00:17:31] The pitfalls of ignoring historical data and the importance of proactive financial planning.

[00:20:13] Why entrepreneurs may resist data-driven decisions and how to balance vision with practical financial insights.

[00:25:10] Managing growth-related cash flow challenges, such as negative cash cycles and solutions like credit lines and upfront payments.

[00:28:26] Strategic financial planning: Knowing when to secure funding before a growth phase to avoid cash crunches.

[00:31:03] Marketing challenges for service-based businesses and the importance of trust in customer acquisition.

[00:36:17] The hiring process at TeKoda Accounting: Culture-first recruiting and the use of live skills assessments.

[00:41:10] Managing the emotional highs and lows of entrepreneurship with the support of peer networks.

[00:46:07] Book recommendations for entrepreneurs: "Simple Numbers" by Greg Crabtree and "Awesomely Simple" by John Spence.

[00:50:46] Tevia’s goals for the future: Exploring growth through acquisitions and expanding brand visibility.

• Tevia Hoalst on LinkedIn: https://www.linkedin.com/in/tevia-hoalst/
• TeKoda Accounting: https://www.tekodaaccounting.com/
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes
• Retained Trust: https://retainedtrust.com/

Production and editing by The Podcast Consultant: https://thepodcastconsultant.com

In this solo episode of Retained Trust, host Karl Hughes takes a departure from his usual guest interviews to share a deeply personal and structured discussion on the 12 books that have most influenced his journey as an entrepreneur. Ranging from timeless classics to modern masterpieces, Karl reflects on how each book impacted his mindset, approach, and business strategies. From reshaping his understanding of productivity with The 4-Hour Work Week to conquering fear and embracing action with The Alchemist, this episode is packed with insights and practical takeaways. Tune in to discover how these powerful reads can help you grow, pivot, and achieve long-term success in your entrepreneurial endeavors. 

Key Points From This Episode: 

[00:00:00] Introduction to the solo episode and its purpose 

[00:01:14] The 4-Hour Work Week by Tim Ferriss – early inspiration for productivity and freedom 

[00:04:00] How to Win Friends and Influence People by Dale Carnegie – essential communication and rapport-building tips 

[00:06:05] The Mom Test by Rob Fitzpatrick – validating business ideas the right way 

[00:08:12] Big Magic by Elizabeth Gilbert & The War of Art by Steven Pressfield – overcoming creative resistance and fear 

[00:10:00] The E-Myth Revisited by Michael Gerber – building systems, not just products 

[00:12:17] The Obstacle is the Way by Ryan Holiday – reframing challenges as growth opportunities 

[00:13:25] How Will You Measure Your Life by Clayton Christensen – defining success beyond financial gains 

[00:14:15] Buy Then Build by Walker Deibel – strategies for acquisition entrepreneurship 

[00:16:03] Unlimited Power by Tony Robbins – the cycle of belief, action, and results 

[00:17:35] The Gap and The Gain by Dan Sullivan and Dr. Benjamin Hardy – rethinking success and progress 

[00:19:14] The Alchemist by Paulo Coelho – the importance of belief, purpose, and overcoming fear 

[00:21:00] Final reflections and invitation for audience book recommendations 

Links: 

• Karl Hughes on X: https://x.com/karllhughes 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 
• Retained Trust: https://retainedtrust.com/ 
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com  

In this episode of Retained Trust, host Karl Hughes speaks with Bob Tripathi, founder of Digital Sparx Marketing, about his fascinating journey through corporate roles, entrepreneurial pivots, and building a thriving marketing agency. Bob reflects on lessons learned from startups and large companies, discusses the importance of patience and adaptability, and shares how he turned challenges like the pandemic into opportunities with resourcefulness and grit. From digital marketing innovations to launching a PPE business during a crisis, Bob’s story is a testament to the power of resilience, curiosity, and lifelong learning. Tune in for insights into agency growth, navigating business hurdles, and fostering genuine human connections in work and life. 

Key Points From This Episode: 

[00:00:00] Introduction to Bob Tripathi and his journey in marketing and entrepreneurship. 

[00:01:16] Bob introduces Digital Sparx Marketing and its data-driven approach. 

[00:03:06] The challenge of understanding the marketing funnel and utilizing data effectively. 

[00:05:13] Bob’s career shift from corporate giants like Discover to startups. 

[00:08:26] Differences in skillsets required for startups versus big corporations. 

[00:11:23] Developing patience as a key skill for agency success. 

[00:14:15] Founding Online Marketing Training and identifying a market gap. 

[00:18:08] Transitioning into running an agency despite initial reluctance. 

[00:24:19] Bob’s pivot during the pandemic to launch a successful PPE business. 

[00:30:23] Lessons from the pandemic-driven business experience. 

[00:36:54] The importance of continuous learning and curiosity. 

[00:39:35] Building a support network and valuing diverse perspectives. 

[00:44:04] Bob’s reflections on reading the Bhagavad Gita and staying present in life and business. 

Links: 

• Bob Tripathi on LinkedIn: https://www.linkedin.com/in/bobtripathi/ 
• Digital Sparx: https://digitalsparxmarketing.com/ 
• Karl Hughes on LinkedIn: https://www.linkedin.com/in/karllhughes 
• Production and editing by The Podcast Consultant: https://thepodcastconsultant.com