How David Reid Sold His MSP for 8X (and Got a Decade of His Life Back)
David Reid (https://www.linkedin.com/in/davidwilsonreid/) sold his business before he turned 50. That wasn't luck. It was the plan.
He built Epic Information Solutions in Winnipeg back in 1995, rode the shift from break-fix to recurring revenue, and decided at 40, sitting at his cabin, that he wanted out by 50. Eight years later he sold to the local telco he'd been quietly courting the whole time, for just over 8X.
David wrote the book Getting to Exit (https://gettingtoexit.com) and built a nine-step framework for planning an MSP exit that's actually sellable, not just profitable. Carrie sits down with him to talk about what most MSP owners get wrong about exit planning, and what he'd tell his 40-year-old self.
Read more about David's approach to exit planning on the Fox & Crow blog here. (https://foxcrowgroup.com/insights/david-reid-getting-to-exit/)
In this episode:
• Why David picked his buyer eight years before he sold to them
• The nine-step framework for an MSP exit, starting with "figuring out your why"
• Why a legacy exit (selling to family or employees) usually means a lower valuation and a longer wait to get your money
• The classic MSP hiring mistake David made: promoting his best salesperson to sales manager. He calls it a cardinal sin.
• Why five-plus years is the real minimum runway for exit planning, not two or three
Guest: David Reid, author of Getting to Exit.
Find the book and his exit-planning resources at gettingtoexit.com. (https://gettingtoexit.com)
If you're an MSP owner thinking about your own exit, or you just want to hear a "Holy moly, that's a big gap I gotta fill" moment turn into an actual plan, subscribe.
Carrie (https://linkedin.com/in/carrielynnrichardson) Richardson and Ian (https://linkedin.com/in/ianalexanderrichardson) Richardson host the WIN Podcast - What's Important Now?
They are the co-founders of Fox & Crow Group, a software development company building growth platforms for MSP and IT channel businesses.
Learn more at:
Fox & Crow Group (https://foxcrowgroup.com/) - the MSP Sales Process platform and all-in-one CRM solution
Fox & Crow Instinct (https://facinstinct.com/) - the MSP Decision Intelligence Platform for IT Channel Vendors
Fox & Crow Jackdaw (https://facjackdaw.com) - Competitive Intelligence Reports on Demand for MSP businesses
Book time with Carrie here! (https://randr.membrain.com/Meet/carrie@croocial.com)
Be a guest on WIN! (https://randr.membrain.com/Beacon/Form/4de426f6-c941-4583-9127-62dba3d00fc9) We host MSP channel founders, executives and sales and marketing leaders who are willing to share advice with other IT channel firms on how to build, grow or sell a business using examples from their own experience.