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Critical Lessons To Amplify Your MSP From Shark Tank ’ s Most Successful Business Tycoons
Is Fred Voccola , CEO of Kaseya , the newest shark on Shark Tank ? He might just be after serving on the Shark Tank judges ’ panel as the fourth “ shark ” alongside Robert Herjavec , Kevin O ’ Leary , and Daymond John at the 2023 Technology Marketing Toolkit ( TMT ) Sales & Marketing Boot Camp . After giving sage advice and feedback to five best-in-class MSP finalists in the TMT “ Better Your Best ” contest , the Sharks sat down with Robin Robins , founder and CEO of TMT , to explore the Sharks ’ recommendations specific to the Managed Service Providers and Managed Security Service Providers industry for turbo-charging business growth .
Here are eight of the most impactful lessons from the Shark Tank panel :
# 1 Sell Multi-Year Agreements
The number one piece of repeated advice during the panel discussion was that MSPs should be selling three-year contracts . “ I want to see them lock in a contract for longer because when you lock in a contract for longer , even at a discount , it has more exit value to buyers like me ,” O ’ Leary said . “ I look at that when I look at a book of business . If it ’ s month to month , it ’ s worth a third of what a long-term contract is worth .”
Fred Voccola agreed , praising the finalists selling multi-year contracts . “ The multi-year contracts ensure you will lock in recurring revenue , adding 3X to 4X to valuation ,” he said .
Meet The Sharks
( Left to Right )
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