By Marty Williamson
President and CEO at Williamson and Associates Mergers & Acquisitions
Over the past several months, something interesting has been happening in the OOH industry. More and more billboard companies are reaching out directly to independent operators—sometimes by phone, sometimes by email, and increasingly through regular mail —asking a simple question: “Have you thought about selling?”
There’s nothing inherently wrong with that. In fact, it’s a sign of a healthy market. Demand for quality OOH assets is strong, capital is available, and strategic buyers are actively looking to grow.
What has surprised us, though, is how many sellers are engaging in these conversations—and in some cases moving forward—without any broker or advisor representation at all.
From our perspective, that’s risky. And in many cases, expensive.
Here are the top reasons you should consider representation before selling:
You will never know if that number is really the BEST number
When a buyer approaches you directly, it often feels flattering. It feels efficient. It feels like you’re saving time and avoiding fees. But the reality is that direct outreach is designed to benefit the buyer, not the seller.
The buyer controls the narrative.
The buyer sets the valuation framework.
The buyer knows what others might pay—but you don’t.
Without exposing your assets to the broader market, you’ll never know if the number on the table is the best number, or simply the first number. And in the OOH world, that difference can be substantial.
One Buyer’s Offer Is Not the Market
We hear this all the time: “This seems like the logical buyer.” Sometimes that’s true but often, it’s not.
Different buyers value assets very differently. Some will pay more for digital upside. Some value strategic infill. Some are willing to stretch for long-term market entry. Some are backed by private equity and have a very different return profile.
When sellers go direct, they hear one voice. When they use an OOH-focused M&A advisor, they hear all of them.
Competition Changes Everything
The single biggest driver of higher valuations is competition.
When multiple qualified buyers are at the table:
- Valuations increase
- Deal structures improve
- Earnouts become more seller-friendly
- Closing risk decreases
Many sellers who initially considered a direct offer later tell us they were shocked at the price difference once the market was properly engaged. When buyers see you have listed with a Broker, they know they need to put their best offer forward.
OOH Is Not a Typical Business — and Shouldn’t Be Sold Like One
Out-of-home advertising sits at a unique intersection of real estate, media, and infrastructure. Valuation depends on far more than just revenue. Leases, permits, zoning, digital conversion potential, relocation rights, and local market dynamics all matter, and they matter differently depending on the buyer.
This is why skipping a specialized broker like us often leads to missed value or unnecessary deal friction.
An advisor who lives and breathes OOH understands how these buyers think, what they pay for, and where deals commonly break down. That knowledge protects sellers and, more importantly, creates leverage.
You Deserve Someone in Your Corner
A specialized OOH M&A advisor isn’t just there to “find a buyer.” We also:
- Manage confidentiality
- Control information flow
- Navigate due diligence
- Anticipate issues before they become problems
- Negotiate on your behalf
- Keep deals moving toward closing
- Allow for more efficient closings serving as the central point of coordination, helping align all parties and minimize delays
- Handle the work so that you can continue to focus on the business
Most importantly, we ensure the process serves your interests—not just the buyer’s.
Final Thoughts
We respect all OOH operators and understand why direct outreach can be tempting. It feels simple. It feels convenient. And buyers often position it as a “friendly conversation.”
If you’re approached directly, consider pausing before moving forward. A conversation with an OOH-specialized advisor can provide clarity, context, and often a very different outcome.
At Williamson & Associates, we have dedicated our careers to the OOH industry. I have personally built and sold 5 OOH companies and have been on your side of the closing table. Our team of advisors have firsthand experience as owner operators and have also bought and sold OOH assets. Whether you are thinking about selling now or simply want to understand what your assets may be worth, we are here as a resource, an advocate, and a partner.
You only sell your assets once. Make sure you sell them right.
Contact us:
https://williamsonassociates.com/
Marty@WilliamsonAssociates.com
706-207-1197
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