The J-Curve every agency founder hits before they get paid
On Friday, I spoke with a client who’s gone all-in on transforming his agency’s sales engine before selling.
He’s doing a lot of the right things:
- Tightening the ICP
- Running repeatable outreach campaigns
- Building scalable systems
But he said:
“Corey, I’m doing all the right stuff… but my revenue’s flat.”
Here’s what I told him:
That’s not a problem…that’s the phase buyers pay up for.
Revenue ≠ Valuation
Revenue spikes when you work harder.
Valuation spikes when your systems work without you.
Buyers don’t pay for growth; they pay for predictable growth.
You’re not building a sales pipeline. You’re building a transferable sales asset.
The J-Curve Explained
When you start engineering a sales organization buyers value:
- You remove yourself from the pitch process.
- You install metrics, CRM discipline, deal reviews.
- You stop saying yes to every deal and start building a model.
That dip, when momentum slows and complexity increases, is the J-curve.
It’s the uncomfortable proof that you’re trading founder hustle for durable equity.
On the Other Side
After that valley, founders suddenly see the light:
- Pipeline reporting becomes clean.
- Win rates stabilize.
- Growth becomes predictable.
That’s when buyers start competing, because you’ve built a machine they can scale, not a personality they have to replace.

Here’s the Thing…
If you’re planning to sell in the next 12–24 months, the J-curve isn’t optional.
It’s the toll you pay for freedom.
Most founders never cross it. Instead, they optimize for income, not enterprise value.
If you’re ready to engineer the sales system buyers pay a premium for, that’s the work.
CQ
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