Introduction
exhibit agency growth strategy: In this Q&A, I (Adam Rao) share how we bought a COVID-crushed exhibit production company, executed a turnaround with impact-focused ETA, and grew it into Triple 20, a certified B Corp, now doing $6.4M/year.
Founder Success Story QnA
Give us your background and how ETA first came onto your radar.
I started my career in the nonprofit sector for a little over a decade. I loved impact work and community engagement, but I hated the two-sided nature of nonprofits and the slow governance. I wanted to stay in impact but knew I needed to be in the for-profit world. I discovered impact companies—profit-driven but also creating social and environmental good. After my MBA, I read HBR on entrepreneurship through acquisition, put it on the shelf, went into banking, and left in late 2019 to start a self-funded search. Two years later, we bought an exhibit company at the end of 2021.
Explain impact companies, B Corp, and GBC for us.
An impact company is a for-profit company that considers both financial returns and social/environmental impact in decision-making—multiple stakeholder capitalism. GBC (General Benefit Corporation) is a legal form requiring directors to consider impact alongside profit. B Corp is a third-party certification by B Lab that audits governance, workers, community, and environment; score 80+ to certify and re-certify every 3 years. You can be both—we are a Minnesota GBC and recently got our B Corp certification.
Why make impact core to the exhibit agency growth strategy?
It’s the right thing to do, and it’s strategic. In fragmented markets with low differentiation, being an impact company sets you apart. People know who we are because of our impact commitments. Talent is the second reason—people increasingly want to work for values-aligned companies, even at lower pay, which helps us attract talent that competitors can’t.
What was your search thesis and scope?
I launched the search to buy and build the Twin Cities’ next great impact company. We chose a geographic focus (Minneapolis–St. Paul) and were industry agnostic. The advice I got: pick geography or industry, not both, so you can find the needle in the haystack.
Walk us through your search process and team-up with Silus.
I started self-funded in fall 2019. COVID hit in March 2020, so I paused. I met my now business partner Silus Morgan and relaunched in January 2021 with a little investor search capital. Silus is phenomenal—CRM, marketing, sales funnel. We looked at ~1,000 companies in 9 months and closed on Showcraft in September 2021. We structured a hybrid search with ~$80–85k in search capital (50% step-up style), passive investors, and I kept control (50.1%+).
How did Showcraft come to you and what were the risks?
Through a local broker. Pre-2020 it was ~$4–5M revenue with high customer concentration. COVID obliterated it—almost 15 months of zero revenue. Fragmented market, old-school talent, low differentiation—perfect to test our thesis. Huge risk, but we mitigated it with a 100% seller-financed deal, interest-only initially, non-personally guaranteed. Purchase price was $1.22M based on a rolling EBITDA average including COVID; later refinanced down to $780k via an SBA loan when sellers wanted out of the note.
What did you find post-close inside the business?
We closed Sept 30, 2021. The team had just come back six weeks earlier from furlough. There was rust, uncertainty, and frankly a bad culture. I overheard a PM hang up on a prospect who didn’t know their booth size. We realized we had to rebuild culture, customer centricity, and processes from the ground up. Then a hurricane canceled a show and Omicron hit, so we had to move fast to turn over the team and try new strategies. Painful, but it let us make the business our own quickly.
How did revenue come back and how did you project it?
We hoped for $1M in Q4 2021 and did just under $500k. In 2022, despite Omicron, we did about $3.8M. Demand for face-to-face returned unevenly, but it returned. More than half of 2022 revenue was existing clients, but a lot was new business. Starting from scratch would’ve been hard due to inventory—we inherited roughly $2M of aluminum framing systems.
How did the Display Arts add-on happen and get financed?
By mid-2022 we were bleeding cash but seeing a slight turn. Classmates sent me a lead: Display Arts, another exhibit company. We acquired it in January 2023 for $750k using an SBA 7(a) loan with 10% down (raised ~$65k plus company cash). Display Arts had ~2–2.5M revenue and $300–400k EBITDA historically, more custom work, and great people. We subordinated the Showcraft seller note, later refinanced it down to $780k via SBA, and termed out our LOC losses.
What cost and culture moves mattered most?
We exited a painful 36k sq ft lease and consolidated both companies into the Display Arts building—two revenues, one roof. Culture-wise, we ultimately had zero of the original Showcraft team after a year. Most of the Display Arts team stayed; they were great people. Diligencing culture is hard—Showcraft’s team had just returned, so no real visibility; Display Arts had been operating a full year, which made the read much clearer.
Any lessons on team size and leadership fit?
If you’re walking into a turnaround, know where you’ll recruit before you replace people. For us, leading 7 people was actually harder than leading 20+. We run EOS; I’m the visionary, Silus is the integrator. We’re better as leaders of leaders, not hands-on in tiny teams. There’s also a critical mass element—culture shifts with 20–25 people are easier than with 7–10.
Where are you now and what’s the vision?
We merged Showcraft and Display Arts in 2023 and rebranded to Triple 20 in early 2024. 2022 revenue: $3.8M (Showcraft only). 2023: a little over $5M, loss year due to clean-up. 2024: $6.4M revenue on a $6M goal with about $700k EBITDA. This year’s first half is strong; the back half is uncertain (tariffs, client shifts), but we’re optimistic. Vision: become the leading exhibit agency for world-changing brands and hit $1M EBITDA, operating as a certified B Corp and Minnesota GBC.
How does Triple 20 operate differently as a B Corp/GBC?
We have impact areas of focus: environmental sustainability (high-waste industry—we prioritize sustainable materials and practices), career development (partnering with Bemidji State University and building pipelines and internships), community engagement, and impact leadership development. Structurally, everyone is paid a living wage and has healthcare access. We measure and manage impact alongside profit.
Adam Rao Method
I focused the exhibit agency growth strategy on acquisition, impact differentiation, and disciplined financing—then rebuilt culture and operations with precision.
- Acquire in fragmented markets with low differentiation and use impact to stand out.
- De-risk with creative seller financing, then refinance with SBA when stable.
- Consolidate facilities to cut costs and centralize operations under one roof.
Adam Rao Tools
We use tools to orchestrate pipeline, finance, and execution. EOS runs leadership rhythm; CRM drives deal flow; SBA 7(a) and lines of credit support acquisitions and working capital; impact tracking supports B Corp compliance.
- EOS for vision/integrator alignment and execution cadence.
- CRM for broker outreach, sourcing, and client pipeline.
- SBA 7(a) loans to finance add-ons and refinance seller notes/LOC.
Key Notes
Turnarounds require speed, culture rebuilding, and capital structure flexibility. Impact positioning helps recruitment and branding in fragmented markets.
- Seller financing can de-risk severe turnaround bets.
- Culture diligence is hardest—operate assumptions accordingly.
- Add-ons can accelerate stability when the target has clean, post-crisis financials.
Get Started in Just 5 Steps
Here’s how I’d approach an exhibit agency growth strategy using ETA and impact to differentiate and scale.
- Pick a geographic focus and keep industry flexible.
- Use broker lunches and direct sourcing to see 100s of deals.
- Structure creatively (seller notes, interest-only) to de-risk.
- Consolidate facilities and standardize processes early.
- Institutionalize impact (B Corp/GBC) to differentiate and attract talent.
Conclusion
Our exhibit agency growth strategy combined ETA, impact, and disciplined financing to revive a zero-revenue business into Triple 20 at $6.4M revenue and $700k EBITDA. The playbook: de-risk the buy, rebuild culture fast, consolidate costs, and let impact fuel brand and hiring.