In our latest IT Experts Podcast episode, we explore the intricate dynamics of partnership in the MSP world through the lens of Joe Burns’ compelling journey. Joe, a seasoned entrepreneur who has not only scaled but also successfully exited from an MSP, shares his experience into what happens when business partners discover their goals and ambitions are no longer aligned.  Joe Burns co-founded an MSP with a shared vision for success, driven by the enthusiasm that characterizes many startup ventures. However, as the business grew, it became clear that Joe and his business partner's visions for the future were vastly different. This realisation wasn't immediate; it crept up over years as the business scaled. Signs of misalignment began to surface, particularly during strategic planning sessions where their different growth ambitions were starkly highlighted. Despite efforts to realign, including engaging with a growth coach and attempting to bridge the gap in their ambitions, the divide only widened.  The pivotal moment came when it was undeniable that their differing expectations for the future of the business were too significantly to continue effectively as partners.  Working together became uncomfortable and decision making was difficult.  Joe's business partner expressed a desire to exit the business, which prompted a series of discussions about the future. Rather than viewing this as a setback, Joe saw an opportunity to assess the true market value of their business and either buy out his partner or sell the business entirely. This led to the decision to sell the MSP, a move that would allow both partners to pursue their individual visions without compromise.  Joe candidly shares the mistakes made during the selling process, chief among them being the failure to court multiple buyers. The initial excitement of having an interested buyer led to a 'monotony' situation – a market condition with only one buyer – which ultimately could have jeopardised achieving the best possible sale price for the business. This experience taught Joe the importance of fostering competitive interest when selling a business to avoid undervaluing it.  Drawing from his experience, Joe offers invaluable advice for MSP business owners, particularly those navigating the complexities of a partnership: 

• Personal Goals Alignment: Ensure there's clarity on personal goals and ambitions from the outset. Regularly revisiting these goals and ensuring they align with the business’s direction is crucial for sustained partnership harmony. 

• Prepare Your Business for Sale: Regardless of immediate intentions to sell, structuring your business as if you're preparing it for sale can increase its resilience, value, and attractiveness to potential buyers. This includes making the business operationally independent of the owners. 

• Embrace Niching: Focusing on specific sectors or problems can significantly enhance an MSP's market position, making it easier to market and sell solutions. Understanding and addressing the unique needs of a focused client segment can lead to more business and success. 

• Community Engagement: The MSP community offers a wealth of support and knowledge sharing. Engaging with this community can provide valuable insights and strategies for growth, as well as support through the challenges unique to the MSP industry. 

Joe Burns’ journey illustrates the importance of alignment, strategic foresight, and the invaluable lessons learned through the process of exiting an MSP. For MSP business owners, whether currently in a partnership or contemplating one, this episode offers critical insights into ensuring that your business not only aligns with your personal ambitions but is also strategically positioned for MSP success. 

You can connect with Joe Burns on his LinkedIn HERE 

If you are in the same place, as Joe Burns did, listen to THIS episode where I asked Stuart how to get aligned with your business partner.  

Connect on LinkedIn HERE with Ian and also with Stuart by clicking this LINK 

And when you’re ready to take the next step in growing your MSP, come and take the Scale with Confidence MSP Mastery Quiz. In just three minutes, you’ll get a 360-degree scan of your MSP and identify the one or two tactics that could help you find more time, engage & align your people and generate more leads. 

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To join our amazing Facebook Group of over 400 MSPs where we are helping you Scale Up with Confidence, then click HERE 

Until next time, look after yourself and I’ll catch up with you soon!