Virtual Roundtable Discussion
“Do you have a responsibility to your community upon exiting your MSP?”
Today we discuss what is the responsibility of the MSP owner upon exit. Most look to take care of their team, especially if they are not being retained, but how about our responsibility to your community? We give our thoughts about an owners community approach after selling their baby.
About This Episode
It’s a question with a different answer for each and every person who asks it: what will my exit look like? In this episode of MSP Business School, the guys discuss their views on the owner’s responsibility to their families, their clients, and their employees when considering an exit plan. They share their ideal exit scenarios, what they would deem a hard pass, and what they see as their responsibilities when weighing exit options.
2:14 – Tim and Robb talk about their ideal exit scenarios, and Robb shares how his idea of legacy shifted as his kids got older and their personalities, strengths, and interests emerged. He also discusses his hesitation with going the venture capital direction, and shares why he believes selling to a larger entity may not be in the best interest of his clients and the MSP community.
6:15 – Brian shares his surprise at Robb’s dislike of the VC route, and uses a personal story about his first business to illustrate how business owners aren’t always able to orchestrate the exit they would like. He also shares how a niche product can take the exit even further out of your hands, and how to be prepared so that you know the risks and benefits associated with the different types of options you may be presented with.
17:55 – Brian explains how consolidation can sometimes dictate the timing and manner of an exit – particularly in the product and software world – and how being committed to your client might mean making sure they have a platform, even if you’re no longer at the helm.
27:21 – The guys circle back to the owner’s social responsibility when considering an exit. They end by concluding that it isn’t an easy answer: every owner has different factors to consider, and different opportunities pop up along the way. What may be a hard pass for one owner is the ultimate goal of another, and so each owner has to weigh their options based on what works best for them, their families, their clients, and their employees.
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