What ’ s The Top Lesson You Had To Learn That Allowed You To Kick-Start Your Business Growth ?
Selling your company is a good thing . That might sound flippant , but for me , selling Western Digitech to CompassMSP and joining this team has been the right move to push our momentum forward . For our clients — and for my team — this was a move that allowed us to grow in ways we couldn ’ t before . And , on a personal note , selling the company reduced my own risk .
What Would You Say Has Been The Single Secret To Your Success In The Past Year ?
If you take care of your team , everything tends to turn out just fine . This starts in the hiring process . You need to have the right team supporting you on the front lines , and when you take care of them , give them objectives , and offer support , they will , in turn , push your MSP into greater success .
Getting acquired by another company can certainly affect this . The first thing you need to look for during an acquisition or sale is the culture and attitude of the acquiring company . It ’ s not always about how much you can earn on the sale or how this could position your company . You have to consider the culture within that company and how your MSP will fit into it .
Since being acquired by CompassMSP , my team and I have been very happy with the culture we have been adopted into . We all understand the mission , help each other , and support our continued growth together .
So , it ’ s simple : Just take care of one another .
What Was The Biggest Challenge You Had To Overcome This Past Year Related To Your Growth Or As A Result Of Growth ?
I just mentioned how valuable culture is to acquisitions and merging with another company , but that can also be one of the biggest challenges in this process . Combine that with COVID-19 , and it ’ s safe to say this hasn ’ t been an easy transition across the board . It ’ s difficult to navigate this remotely . But our goal has always been to ensure our clients don ’ t see that struggle , even as our integration schedule has slipped .
While it hasn ’ t been easy to combine cultures , time-off policies , bill formats , and other platforms , that ’ s a natural part of the acquisition . As long as your team is prepared to muddle through the mess , your workplaces will begin to align .
Who Would You Say Is The Most Impactful Business Leader Or Thought-Leader Whose Techniques Or Leadership Style You Try To Emulate Or Are Influenced By ? Who Has Helped You On This Journey ? Why ?
The most influential person I ’ ve ever met is Gary Pica through TruMethods . I ’ ve been fortunate enough to work closely with Gary since 2014 , and he ’ s since become a friend of mine . He has a unique understanding of the business and develops a framework that proves he really does care about the businesses he ’ s influencing . He has a great way of understanding people and moving them forward .
In addition , my peer group , TruMethods , has been the most valuable relationship I ’ ve had throughout this journey . Gary has been influential in my career , but TruMethods has served as my own personal board of directors . They help me build the best-in-class MSP . I owe them a debt of gratitude , and some of my greatest friendships in this business have come from this group .
I would encourage other MSP leaders to find a peer group of their own . If you want to do something special in this field and in your business , you need to find a peer group . These groups allow you to benchmark yourself against other companies while offering that noncompetitive collaboration that helps you understand the landscape of your business and beyond .
What Book Would You Recommend That Other MSPs Trying To Grow Their Business Should Read ?
It ’ s not much of a page-turner , but I believe “ The Intelligent Investor : The Definitive Book on Value Investing ” by Benjamin Graham — a friend of Warren Buffett — is the gold standard in personal investing . Your financial house must be in order before you can comfortably make decisions about your business . You have to be in a place where the money you take out of the business at any given time isn ’ t costing you . Living below your means , developing a plan , and building some wealth outside of the business are valuable as you begin to take more chances .
Read that book , save some money , and protect yourself from the tyranny of now .
In Closing , Are There Any Words Of Wisdom That You Would Give To Other MSPs Looking To Grow Or Build A Successful Exit For Their Business ?
As you think about an exit , continue to run your business as if you ’ re not going to exit . If you focus on the exit options , it will ruin you and what you choose to execute .
Then , get your financials in order , chart your accounts , and consider offloading your heavy financial lifting to a CPA . This way , you ’ ll be in a better position for a larger MSP . You should also consider removing your unnecessary expenses , like team members who don ’ t pull their weight or expenses that are negatively impacting every dollar you bring in .
Finally , go through the selling process with a buyer at least once before committing to the sale . You need to get a feel for the environment of a sale and the process before deciding on what you want .
I ’ d be remiss if I didn ’ t shamelessly plug CompassMSP for acquisitions . We are very inquisitive about doing anywhere from 3 – 4 acquisitions in the next year or in the next few years . We ’ d love to talk if you ’ re interested . n
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