CE Pro Podcaast #177: Scott Newnam of Audio Advice Shares His Thoughts on Growing Business and Culture in CI

Summary

At the cusp of Audio Advice Live (and on the heels of acquiring Sound Components), CE Pro Senior Editor Nick Boever sat down with Scott Newnam, CEO of Audio Advice, to talk about the company’s latest acquisition, how its growth plan differs from others in the channel, and how integrators can better chart their own business growth, whether it’s building a stronger client list, adding locations or planning for eventual succession.

Audio Advice is unique among integration firms in that it has deliberately maintained large brick-and-mortar showrooms alongside an e-commerce and custom integration operation. This is because company believes that high-performance audio, home theater and smart-home products benefit from being experienced in person. The company does try to make its website similarly experiential through extensive content and video.

Moving onto the topic of Sound Components, Newnam says the company was an especially strong fit because of its reputation, high-end positioning, experienced team and long history in Miami. Newnam has also known the company’s leadership for roughly 20 years with the acquisition developing organically through a long-standing relationship.

Rather than targeting markets and buying companies to achieve a predetermined geographic footprint, Newnam says many opportunities for Audio Advice come from owners who already know the company and approach themselves. The ideal acquisition is a respected, high-end business with a strong team and reputation.

Newnham identifies three ways Audio Advice’s growth opportunities emerge:

• Established owners looking toward retirement and wanting to protect their employees and legacy.
• Owners who want to continue working but want their business to become part of a larger organization.
• People outside the existing Audio Advice network who are inspired by the company and want to open a location, as happened with the Las Vegas expansion.

Perhaps the biggest philosophical takeaway, however, is that growth shouldn’t inherently be the goal. Newnham distinguishes between entrepreneurs who genuinely want to build and sell or scale a large organization and those who enjoy personally running a smaller business.

Check out the full podcast to hear more about what Newnam has to say, and follow Audio Advice on its socials to keep up to date with the company.

Summary

At the cusp of Audio Advice Live (and on the heels of acquiring Sound Components), CE Pro Senior Editor Nick Boever sat down with Scott Newnam, CEO of Audio Advice, to talk about the company’s latest acquisition, how its growth plan differs from others in the channel, and how integrators can better chart their own business growth, whether it’s building a stronger client list, adding locations or planning for eventual succession.

Audio Advice is unique among integration firms in that it has deliberately maintained large brick-and-mortar showrooms alongside an e-commerce and custom integration operation. This is because company believes that high-performance audio, home theater and smart-home products benefit from being experienced in person. The company does try to make its website similarly experiential through extensive content and video.

Moving onto the topic of Sound Components, Newnam says the company was an especially strong fit because of its reputation, high-end positioning, experienced team and long history in Miami. Newnam has also known the company’s leadership for roughly 20 years with the acquisition developing organically through a long-standing relationship.

Rather than targeting markets and buying companies to achieve a predetermined geographic footprint, Newnam says many opportunities for Audio Advice come from owners who already know the company and approach themselves. The ideal acquisition is a respected, high-end business with a strong team and reputation.

Newnham identifies three ways Audio Advice’s growth opportunities emerge:

• Established owners looking toward retirement and wanting to protect their employees and legacy.
• Owners who want to continue working but want their business to become part of a larger organization.
• People outside the existing Audio Advice network who are inspired by the company and want to open a location, as happened with the Las Vegas expansion.

Perhaps the biggest philosophical takeaway, however, is that growth shouldn’t inherently be the goal. Newnham distinguishes between entrepreneurs who genuinely want to build and sell or scale a large organization and those who enjoy personally running a smaller business.

Check out the full podcast to hear more about what Newnam has to say, and follow Audio Advice on its socials to keep up to date with the company.