Episode Details
Back to Episodes
EP 120: The Agency Rollup Playbook: 24 Acquisitions, $750M Revenue, and What Most Buyers Get Wrong
Description
In this episode of $100M Exits, Jason sits down with Erik Huberman, Founder and CEO of Hawke Media, to unpack what it really takes to run a programmatic M&A strategy, back early-stage founders, and scale a media agency to $750M in gross revenue, all at the same time. Erik has done 24 acquisitions, invested in 120+ companies, and has the battle scars to prove what works and what blows up.
From structuring 100% earn-out deals with no upfront cash, to betting on founders over ideas, Erik shares a no-filter look at how he thinks about buying companies, writing checks, and building infrastructure that lets others grow faster than they could alone.
What You'll Learn:
Why Erik pays zero cash upfront on acquisitions — and why founders still prefer his deals
What he looks for before writing a check (hint: it's not the idea)
The biggest mistake founders make on the sell side: ego over realism
Why early-stage software is now one of the riskiest bets in venture
When a founder should actually consider inorganic growth — and when it's too soon
Here’s what you’re in for:
00:00 – Intro & Erik's Background
01:00 – Why Hawke Media Buys Companies
05:00 – What Makes an Agency Worth Acquiring
07:00 – How Deals Are Valued & Structured
11:00 – The 100% Earn-Out Model Explained
13:00 – Sell-Side Mistakes Founders Make
20:00 – When Deals Fall Apart Post-Close
22:00 – From Angel Investing to Running a Fund
26:00 – Best Investments: Postscript, Klaviyo & Telly
31:00 – What Erik Looks for in Early-Stage Founders
40:00 – Advice for Founders at $5M–$50M
44:00 – Markets Erik Is Avoiding Right Now
Raising capital?
Get a list of vetted VCs for FREE here: https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=YouTube&utm_medium=EP+120&utm_campaign=%24100M+Exits
Get the latest fundraising insights, news, and tips:
https://blog.thunder.vc/funding-101?utm_source=YouTube&utm_medium=EP+120&utm_campaign=%24100M+Exits
ABOUT ERIK HUBERMAN
Erik Huberman is the Founder and CEO of Hawke Media, a marketing consultancy built on the idea that every business deserves access to CMO-level expertise without the overhead of a traditional agency. After founding and selling two e-commerce companies before age 26, he bootstrapped Hawke Media into a nationally recognized firm that has helped more than 5,000 brands scale.
Beyond Hawke Media, Erik leads Hawke Ventures and Hawke.AI, investing in startups and building data-driven tools that help businesses make smarter marketing decisions.
You can reach out to Erik through:
LinkedIn: https://www.linkedin.com/in/erikhuberman/
Website: https://www.hawkemedia.com - Company https://www.erikhuberman.com - Personal
ABOUT JASON KIRBY
Jason Kirby is the co-founder