Before launching Passportal, Colin Knox spent nearly 2 decades in the MSP business, most recently as the Owner of Xcel Professional Services. In less than 7 years, Colin founded the IT Services business, grew it to $4M in annual revenue, and then lead the efforts in selling the booming company. In our conversation, Colin walks us through each chapter of the story, from growth milestones of an MSP to the idea, process, and transaction of selling the business, plus the valuable lessons he learned along the way.
Starting, Growing, and Selling an MSP: Episode Highlights
- Colin’s introduction and background (0:56)
- How business changed with each growth milestone at Xcel Professional Services (4:25)
- Balancing project work with monthly recurring business (8:24)
- A closer look at Xcel’s size, structure, and more (10:52)
- Making the mental shift between working in the business vs. working on the business (13:05)
- The thought process behind selling Xcel Professional Services (16:24)
- A timeline of activities leading up to the sell (19:00)
- Addressing the business valuation before starting due diligence (23:49)
- Lessons learned during the process and transaction of selling Xcel (29:14)
- How many people do you tell during the process, and when? (34:18)
- An introduction to Passportal for MSPs (39:10)
- Rapid-fire Q&A: best book recommendation, favorite resources for personal development, parting advice about acquisitions, how to reach Colin (42:30)
As mentioned in the episode:
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, by Eric Ries
Driven: How to Succeed in Business and In Life, by Robert Herjavec
Want to find out more about The BrightGauge Podcast? Check out all the episodes here.