Yes—lots of good examples of marketing agencies building themselves into product companies, most notably Moz, HubSpot and Semrush. This is the way.
In order to scale past $1M in profit, you need to professionalize the management of the agency and scale the workforce, probably using offshore/nearshore help. I've found that a lot of agency owners just don't want the hassle, and are fine taking home $1M/year (fair!)
In order to scale past $1M in profit, you need to professionalize the management of the agency and scale the workforce, probably using offshore/nearshore help. I've found that a lot of agency owners just don't want the hassle, and are fine taking home $1M/year (fair!)