Agency business without outside capital, with Red Door Interactive CEO Reid Carr
Plus: Diverging Q1 results at S4 and Stagwell, GroupM layoffs, and the 4A’s new CEO
Agency Business is brought to you by Brian Wieser’s Madison and Wall, in collaboration with Olivia Morley's FusionFront Media. We publish new podcast episodes every Monday at 6 a.m. Eastern.
Hello and welcome to Agency Business for the week of May 12, 2025. Episode 21 is available now on Spotify, Apple Podcasts, or wherever you listen.
Reid Carr, CEO of Red Door Interactive, joins us this week to talk about building an independent, full-service agency with longevity and clarity of purpose. Founded 23 years ago in San Diego, Red Door remains privately owned by Reid and his wife and operates without external capital, PE involvement or plans to exit. Its strategy? Stay focused on integration, talent retention and disciplined expansion—without chasing scale for scale’s sake.
Reid shares how Red Door’s structure is built around durability: from its name, which avoids tying the business to his identity, to its open-book management practices and transparent approach to layoffs. With about 100 employees and clients in industries ranging from higher ed to healthcare, Red Door aims to be “fiercely independent” while still practical, measured and intentional in how it grows.
We also talk about the role of AI in agency operations, the tradeoffs of international expansion, and how integration can serve as both a client benefit and a growth strategy—especially for mid-sized brands seeking fewer partners and more coordination across media, creative and digital efforts.
In our news chat this week, we discuss diverging Q1 results from S4 Capital and Stagwell, the latest layoffs at GroupM and Dentsu, and the appointment of a new CEO at the 4A’s.
News of the week: Discussed in Episode 21
S4 Capital and Stagwell report diverging Q1 2025 results
MW: An interesting contrast between these two mid-sized agency groups, with S4 declining significantly and Stagwell growing well. However, there’s a lot to peel back: Much of Stagwell’s growth was inorganic (and they don’t disclose how much.) Meanwhile, S4 is still experiencing the consequences of cuts from its highly-concentrated client base, which should favor it eventually. Moreover, S4 has some big client wins that will return it to growth later this year. All of this is to note that there are a lot of moving parts and it’s not as simple as saying one is struggling and one is thriving.
Layoffs at GroupM (or WPP Media Services) and Dentsu’s latest Americas CEO departing, too
MW: There were a lot of stories about the changes at WPP’s media division, including the layoffs, but also of more turnover within senior ranks at Dentsu. While layoffs are never fun to go through, I think the big takeaway is that large groups—especially those that have been struggling—are highly likely to take significant action. Those left may want to take significant action to help make their businesses more durable.
MW: It’s always seemed like the 4As has historically punched below weight as a trade group relative to others, at least from a public-facing perspective. But on the other hand, its members may very well prefer a group that focuses on education and convening of members to help the business form views rather than establishing a high profile for itself. Trade associations are creatures of their members, so it will be interesting to see what direction the members want their new CEO to take the organization in.
Up next on Agency Business:
Next week’s guest is Sean Corcoran, president, media & analytics at BarkleyOKRP’s MissionOne Media. Watch for the episode next Monday at 6 a.m. Eastern.
As always, Agency Business is not pay-to-play. We welcome guest pitches, especially from women and leaders of color in the industry. Send us a note if you’d like to come on the show or learn about sponsorship opportunities.