M&A Insights

Most MSP founders spend years building value but almost zero time thinking about life after the deal.That’s exactly why I sat down with Jamie Waldren—author of Exit on Your Own Terms—to unpack what real succession planning looks like.Questions We Tackled:When should you actually start planning your exit? What’s the first step if you’re starting from zero? Why do most founders only think about exiting when a buyer shows up? How does your exit vision impact the type of buyer you choose? What makes succession planning harder for sub-$10M MSPs? Where do things go wrong without a plan? Key Insights (Don’t Miss These):An exit needs a Succession Plan like a road trip needs a Map  You can do one without the other, but you’ll probably get lost. Start earlier than you think 1–3 years minimum. 3–5 years is ideal. Work backward from your life—not your valuation Your retirement goals should drive your deal structure.Owner dependency kills value If all key relationships run through you, buyers get nervous.~50% of exits are forced Death, disability, or unexpected events—planning isn’t optional. ESOPs are underrated (especially < $10M MSPs) A powerful, tax-efficient way to reward loyal teams.Your plan determines your buyer PE vs strategic vs employees vs family—this isn’t random.One Action to Take Today:Ask yourself: “Who is the right next owner of my business—and what does my life look like after?” That single question changes everything.If you’re an MSP founder thinking about an exit in the next 3–5 years, this episode is a must-listen.Happy to share the episode—just drop a comment or DM.This podcast is hosted by Madhur Duggar.  Madhur is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Jamie Waldren on his LinkedIn at Jamie M. Waldren, CFP® | LinkedIn www.linkedin.com/in/madhur-duggarwww.linkedin.com/in/madhur-duggar

Private credit has quietly become one of the biggest drivers behind MSP growth and consolidation — yet few founders truly understand how lenders think.In this episode of M&A Insights, Madhur Duggar sits down with Reed Van Gorden, Head of Origination at Deerpath Capital, to unpack IT services financing from the lender’s perspective. Reed shares how private credit firms evaluate MSPs, why lenders are increasingly attracted to the IT services sector, and what separates a financeable business from one that struggles to secure capital.The conversation covers Deerpath’s lending model, underwriting frameworks, and the key metrics lenders focus on — including recurring revenue quality, contract structures, customer concentration, and management dependency. Reed also explains how private equity sponsors and lenders work together during acquisitions and growth phases, typical deal structures and loan terms, and what MSP owners can do today to position themselves for better financing outcomes.If you’re an MSP owner thinking about acquisitions, growth capital, or a future exit, this episode offers a rare look inside the credit playbook behind today’s deals.Topics covered:Why private credit lenders like IT services businesses?How MSPs are evaluated during underwritingRecurring vs. re-occurring revenue from a lender’s lensContract length and revenue visibilityWhy are sponsors so important for Lenders when doing their due diligence?Common financing structures and terms in MSP transactionsPractical advice for founders seeking capitalThe state of private credit lending and what could cause it to turn This podcast is hosted by Madhur Duggar.  Madhur is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Reed Van Gorden on his LinkedIn at Reed Van Gorden | LinkedIn www.linkedin.com/in/madhur-duggar

This episode features Carl Mazzanti, Founder & CEO of eMazzanti Technologies—a leader who believes that great MSPs are built on relationships first, technology second. For more than 25 years, Carl has invested deeply in clients, employees, MSP partners, vendors, and the local community, earning a reputation for trust, loyalty, and showing up when it matters most. That commitment was formally recognized in 2025, when Carl received the Corporate Citizenship Award from the Hudson County Chamber of Commerce.Carl is also widely respected for his hands-on expertise in backup, disaster recovery, and business continuity, shaped by real-world crises—from 9/11 to Hurricane Sandy and beyond. In this conversation, he shares how strong partner ecosystems, decisive leadership, and preparation for worst-case scenarios helped eMazzanti grow through adversity, support fellow MSPs, and build a firm designed to last well beyond its founder.Here are the highlights:Q: Can you walk us through eMazzanti Technologies today and the MSPs you support? A: Carl explains how eMazzanti has grown into a nationally trusted MSP and MSP-partner, supporting clients and fellow MSPs across the U.S., Canada, and internationally—often without formal marketing—by being reliable, partner-friendly, and excellent at what they do. Q: How did founding the firm just weeks before 9/11 shape your leadership? A: Carl recounts being inside the World Trade Center on 9/11 and how the experience permanently shaped his mindset around decisiveness, responsibility, and showing up for clients when everything is falling apart. Q: What did crises like Hurricane Sandy and the Joplin tornado teach you about MSPs? A: The biggest lesson wasn’t technical—it was human. In disasters, clients struggle to make decisions. The MSP’s real value is helping them regain clarity, momentum, and confidence under extreme stress. Q: Why do MSP partnerships matter so much in disaster recovery? A: Carl explains how long-standing MSP partner relationships allowed firms to fly in, share infrastructure, and restore services quickly, proving that no MSP should try to handle major incidents alone. Q: How do you think about backup, disaster recovery, and preparedness today? A: Drawing from decades of real-world failures, Carl outlines why he keeps idle infrastructure, standing contracts, and redundant systems ready even if they’re only needed once every ten years. Preparation beats improvisation. Q: Your culture inspires extreme loyalty—how is that built? A: Carl believes people are the only real asset. He discusses long employee tenures, a strong alumni network, and why treating staff well ultimately drives retention, client trust, and long-term performance. Q: How do you approach MSP M&A and long-term partnerships? A: “Date before you marry.” Carl shares why alignment, trust, and shared battle experience matter more than deal speed and why some partnerships naturally evolve into acquisitions over time. Q: What’s your view on AI in MSP operations today? A: AI is an extension of automation, not magic. Carl supports practical use cases but warns against hype-driven vendors especially in security and healthcare—where trust, durability, and survivability matter most. He also states the healthcare industry has been slow to adopt AI and eventually may find itself falling behind unless it figures out ways to safely adopt AI. Q: How are you preparing for leadership succession at eMazzanti? A: Carl explains how he’s spent 25 years systematizing himself out of the business—building leaders, documenting decisions, and creating a firm that runs effectively without its founder.www.linkedin.com/in/madhur-duggar

AI isn’t a future problem for MSPs — it’s today’s competitive divide. In this episode, I sit down with Ed Correia, CEO of Sagacent Technologies, a 26-year MSP based in Silicon Valley, to break down exactly how managed service providers can harness AI to create value, boost margins, and protect their clients.Ed shares how Sagacent is helping clients crawl–walk–run into AI safely — from writing governance policies and securing Shadow AI, to deploying tools like Copilot and ChatGPT for real productivity gains.We explore:Why Shadow AI is already inside your clients?Where most businesses fail with AI (95% see no financial benefit)?How MSPs should package, train, secure, and operationalize AI?Why pricing pressure is coming fast — and how the right AI strategy protects margins?What types of clients get the most benefit (hint: maturity matters)?Whether MSPs should build, partner, or buy AI capability?What happens to firms that ignore AI over the next 12–18 months?Ed also shares tactical advice for MSP owners:Start with your internal workflows, build governance first, iterate fast — and don’t wait for perfection.If you're an MSP thinking about offering AI services — or wondering what changes are coming to your stack, pricing, and client conversations — this is one you can’t miss.This podcast is hosted by Madhur Duggar.  Madhur is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Ed Correia on his LinkedIn at (29) Ed Correia | LinkedIn www.linkedin.com/in/madhur-duggarwww.linkedin.com/in/madhur-duggar

Episode 3 of our four-part tax series with Dave Wanis, Principal at Weaver, focused on how the One Big Beautiful Bill Act (OBBBA) reshapes tax planning for MSPs and IT service providers.If you’re an MSP owner preparing for growth, evaluating an exit, or just trying to lower your tax bill, this episode breaks down the most important OBBBA updates you need to know.Key Topics Covered:• QSBS (Qualified Small Business Stock) Changes – Learn how the new 3-, 4-, and 5-year holding periods, the increased $75M asset limit, and the higher $15M exclusion can dramatically improve after-tax proceeds for MSP owners planning a sale.• QBI Deduction for S-Corp MSPs – The 20% Qualified Business Income deduction is now permanent. We explain how MSPs qualify, how W-2 wages affect your deduction, and how to optimize salary vs. distribution strategy to maximize your QBI benefit.• R&D Expensing for MSPs and IT Service Firms – The return of immediate R&D expensing has the potential to significantly reduce taxable income for MSPs investing in internal software tools, automation, cyber capabilities, and AI development.• 163(j) Interest Deductibility (EBITDA Is Back) – OBBBA restores EBITDA for interest-deduction calculations, making leveraged acquisitions and growth financing more attractive. This matters for MSPs doing roll-ups or selling to buyers using debt.Why This Matters for MSP OwnersOBBBA’s tax changes affect annual cash flow, business valuation, deal structure, and exit readiness. Whether you're planning an acquisition, considering QSBS before a sale, or optimizing tax strategy inside an S-Corp, the new law offers significant opportunities—if you know how to use them.Hosted by Madhur Duggar, Senior M&A Advisor at Excendio Advisors, specializing in MSP M&A, valuations, and exit preparation. To learn how we help MSPs grow or exit, reach out at [email protected] or connect on LinkedIn. Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Dave Wanis on his LinkedIn at (39) Dave Wanis | LinkedIn www.linkedin.com/in/madhur-duggar

Most MSP owners spend years building their business but only a few hours thinking about how to sell it. That’s a problem — because the structure of your sale, not just the price, determines how much of that check you actually keep.In my latest M&A Insights conversation with Dave Wanis, Tax Principal at Weaver, we unpacked how deal structure can quietly swing your after-tax outcome by seven figures.Asset Sales: Painful for Sellers, Profitable for BuyersFrom a seller’s perspective, asset sales usually mean higher taxes. They can trigger both corporate and individual-level taxation and reclassify part of your gain as ordinary income — taxed up to 37%. But for buyers, asset deals come with a major advantage: a stepped-up basis that allows them to depreciate or amortize the assets they just purchased. Smart sellers know this — and negotiate to capture part of that buyer benefit in the purchase price.The Hidden $1 Million in GoodwillUnder current rules, the buyer can amortize goodwill from an asset purchase over 15 years. For a $10 million MSP, that goodwill deduction can be worth close to $1 million in present value — but only if it’s an asset sale. Pro tip: ensure your MSAs and client contracts are assignable before you go to market. Otherwise, that goodwill advantage could vanish during due diligence.Stock vs. Asset vs. F-Reorg: Finding the Middle GroundHere’s the tradeoff:Stock sales yield lower taxes for sellers.Asset sales yield higher deductions (and thus higher value) for buyers.F-Reorganizations can give you both — a clean legal stock sale that’s treated like an asset sale for tax purposes.Dave calls these “have-your-cake-and-eat-it” structures, but they need early planning and the right tax counsel to execute.Cash Isn’t Always KingIt’s tempting to take all-cash at close. But remember: cash is immediately taxable, while rollover equity lets you defer taxes and participate in future upside. In a high-rate environment, that deferral can be extremely valuable — especially if you believe the acquirer’s equity will appreciate over time.The TakeawayDon’t wait until you have an LOI to think about tax structure. As Dave put it, “Once you know you’re going to sell, start the conversation — even if the sale is five years away.”Because in M&A, the difference between a good deal and a great one often comes down to how it’s structured, not just how it’s priced.Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Dave Wanis on his LinkedIn at (39) Dave Wanis | LinkedIn www.linkedin.com/in/madhur-duggar

Most MSPs run their business from the bank account. And that’s exactly why they leave money on the table.In this episode of M&A Insights, Brandi Bonds — Managing Partner at Next Level Now — breaks down how to turn your financials into your competitive advantage.If you’re an MSP owner who’s great at operations but still flying blind on finance, this one’s for you.Here are some of her mic-drop moments 👇The sale of your business comes down to whether you make money. It may be about clients and employees for you, but it still needs to translate into profits.If finance isn’t one of the legs on your stool, you won’t be a high-performing MSP. Treat finance as a growth driver, not an afterthought.The best MSPs close their books monthly, practice accrual accounting and forecast within five percent. That’s what confidence looks like to a buyer. If you track your numbers with discipline today, you’ll have options tomorrow.. A data room isn’t just for buyers — it’s for you. It’s how you prove you’re running a serious business. Data-driven clarity will add points to your margin and turns to your multiple.Most MSPs have a PSA problem, not because of the software — but because they don’t use the data to run the business. MSPs focus on operations not on finance. Use technology strategically.If you’ve collected $200K of advanced revenue but your bank account is at $100K you’re living off money you haven’t earned and buyers will catch that Clean add-backs, accrual books, and revenue recognition alone can add 1–2 turns to your EBITDA multiple.Know your Staff utilization. Utilization is down from 85%-90% to 50%-60% and it is killing margins. Low staff utilization is one of the biggest money losers.Know your add backs and take them because buyers won’t do that for you! Don’t wait for buyers to tell you what your add backs should be.If someone says they are a CFO and they will get your books closed they are not a CFO. They are a controller. Get the right level of strategic help for your stage.Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Brandi Bonds on her LinkedIn at (22) Brandi Bonds | LinkedIn www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn   M&A Insights New Podcast Episode Drop!💡 Founders: Choosing between a Sole Prop, S-Corp, or C-Corp can make or break your tax strategy.I sit down with Dave Wanis, Tax Principal at Weaver, for the first episode in a series we’re doing together on tax strategy for entrepreneurs.💡 This episode is titled: “Sole Prop, S-Corp, or C-Corp? Demystifying Early Tax Strategy for Founders”🎙️ Dave put it best: “The most tax-efficient thing you can do is talk to an advisor early and often.”🔑 Key Takeaways:Plan Early, Review Often: The biggest founder mistake? Setting up an entity on Day One and never revisiting it. Your structure should evolve with your business.Flexibility of LLCs: LLCs aren’t just one thing — they can be taxed as a Sole Proprietorship, Partnership, S-Corp, or C-Corp. Choices will vary depending on many moving pieces including current and future profitability, salary needs and exit horizon   Self-Employment Tax Surprises: Sole proprietors often miss that 100% of income is subject to self-employment tax — a costly mistake if you’re not prepared.S-Corp Advantages: With S-Corps, founders must pay themselves a salary, but profits above that can avoid employment tax — creating real tax savings.State Nexus Risks: Expanding across states? Watch out for state income, payroll, and sales taxes. Ignoring “nexus” is one of the biggest red flags Dave sees in diligence.Investor Readiness: Entity choice today impacts investor interest tomorrow. Acceptance of S-Corps is increasing although recent regulatory changes are making C-Corps more attractive.This is just the start — we’ll be diving into more advanced topics with Dave in upcoming episodes (think asset vs. stock sales and Section 1202).Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Dave Wanis on his LinkedIn at (39) Dave Wanis | LinkedIn www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInI sit down with Dan Brumwell Partner in Weaver’s Transaction Advisory Group to discuss Financial Due Diligence, a key component of the due diligence process. Below are the questions discussed, along with a high level summary of the answer. Enjoy! 1. Weaver Background2. Quality of Earnings (QoE): The BasicsQ: What is a QoE and why is it important?Q: What are core components of a QoE?Q: How is revenue broken down (monthly vs. annual)?Q: What if data isn’t easily available?Q: Can QoE show profitability per customer? 3. Audited Financials vs. QoEQ: How is a QoE different from audited financials?4. Common Adjustments in MSP QoEsQ: What adjustments do you typically make?5. Key Metrics and Red FlagsQ: What financial red flags do you often find? Q: How do you handle churn metrics?6. Net Working Capital (NWC) EssentialsQ: What is NWC and why is it important? Q: How is NWC calculated? Q: Common seller misunderstandings?7. Process & Client CommunicationQ: What does a typical engagement look like? Q: Who participates in diligence calls? Q: What if info is hard to get? Q: How do you handle tight deadlines?8. Seller-Side QoE: Why It MattersQ: Why should a seller do a QoE report? Q: When should MSPs do this?9. Market Trends & Future of DiligenceQ: What trends are you seeing? Q: Will QoE become fully automated?10. Final TipsQ: What’s your advice for MSPs thinking of selling?🎧 Tune in now to learn how to own your financial due diligence process.Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Dan Brumwell on his LinkedIn at (30) Dan Brumwell, CPA | LinkedIn  www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInYou’ve decided to sell your business and have finally selected an M&A advisor to help you through the process. Then comes the listing agreement—and suddenly things get murky. Why is it exclusive? Why the hefty fees? Why are you bound to it for a year—and what exactly is a tail period?If you’ve ever reviewed a listing agreement, you’ve likely asked these questions. Here’s a simple, jargon-free breakdown of what you’re signing and why it’s structured that way.1. Exclusivity: Why It MattersExclusivity means you agree to work only with one advisor during the sale process. It may seem limiting, but it actually protects your interests. Multiple advisors reaching out to the same buyers can cause confusion, damage your credibility, and weaken your negotiating position.Exclusivity also ensures that all buyer inquiries go through your advisor—helping them build a competitive market for your firm. Even if a buyer comes directly to you, referring them to your advisor allows that interest to be leveraged to raise your valuation.2. Fee Structures: Are They Fair?Most M&A advisory fees follow a “success fee” model—a percentage of the final sale price that decreases as the deal size increases. While some advisors charge retainers and expenses upfront, others like Exendio Advisors often work on a success-only basis.To put it in context: when selling a home, you might pay 5% in broker fees—even though the listing is on Zillow. In contrast, selling a business is significantly more complex and requires deeper expertise, networks, and months of dedicated effort. Considering the value an experienced advisor brings; the fees are often well-justified.3. The One-Year Commitment: Why So Long?Most agreements have a one-year term—but that doesn’t mean it’ll take that long. The goal is to close within 4 to 6 months. The one-year period provides a buffer in case of delays from market volatility or business changes (think: COVID-19 disruptions). It ensures your advisor can see the process through without unnecessary resets.4. The Tail Period: Protecting Market LeverageThe tail clause usually extends for two years after the agreement ends. It requires that if a buyer—introduced during the listing period—comes back later to do a deal, the advisor still gets compensated.Why? Without a tail, buyers could just wait out the agreement to avoid paying a fee. That undermines your ability to build a competitive buyer pool. The tail keeps the playing field level, ensuring all serious buyers engage during the active process and you retain maximum leverage.Final Thought: Listing agreements may seem intimidating at first glance, but when understood properly, they’re designed to protect your interests and maximize your outcome. Always ask questions, and make sure you’re comfortable with the terms—but know that most of these clauses are standard and serve a strategic purpose.Embarking on your MSP’s Build-Prepare-Exit journey needs planning from inception to exit. Too many MSP founders are getting to their exit gates and finding they don’t have all the pieces they need for a successful sale. If you are navigating through the challenges of growing your business and planning for an eventual exit, we invite you to connect with Madhur Duggar, Senior Advisor at Excendio Advisors.Email: [email protected]  www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode of M&A Insights, I sit down with Matt Koenig, VP of Channel at NodeWare, to tackle one of the biggest challenges MSP founders face: selling with confidence and clarity.Matt explains why sales success starts with your mindset — the “lion mentality.” The lion rules the jungle not because it’s the biggest or smartest, but because it knows what it wants and goes after it with focus and determination. MSP founders, too, need to shed fear and take control of the sales conversation.We also walk through a step-by-step sales process MSPs can use to win better clients, earn fair pricing, and grow sustainably:Discovery — Understand the client’s business, uncover pain points, and get decision-makers in the room.Assessment — Audit both the technical and people environments and relate findings to business outcomes.Proposal — Present your solution live, clearly tied to the client’s priorities, and framed in terms of business impact.Project Plan — Show a clear, actionable path forward with realistic timelines and milestones.Pricing — Position your pricing as a reflection of your value, not just a number, and handle objections confidently.We discuss how to ask the right questions at each stage, how to overcome objections (especially about price), when and how to hire your first salesperson, and why it’s crucial to make room operationally before taking on new clients.Matt also shares his dos and don’ts for MSP sales — from building trust and presenting proposals live, to avoiding the trap of competing only on price or hiring salespeople on straight commission.If you’re ready to stop fearing sales and start approaching it like a lion, this episode is packed with real-world advice and actionable strategies.🎧 Tune in now to learn how to own your sales process and grow your MSP with confidence.Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Matt Koenig on his LinkedIn at (35) Matthew K. Koenig | LinkedIn www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInCybersecurity is no longer a “nice-to-have” — it’s essential. But for many MSPs, selling it effectively (and confidently) is still a challenge.In this episode, I talk with Matthew Koenig, VP of Channel Sales at Nodeware, about how MSPs can position themselves as trusted business partners, not just tech vendors, and make the cyber sales process both effective and enjoyable.We cover: 🔹 Why the $109B SMB cyber market is the opportunity of the decade 🔹 How to run business-driven Discovery conversations 🔹 What to include in a Security Assessment — and how to present it 🔹 Why bundling your cyber offering beats line-item pricing 🔹 How trust, storytelling, and confidence help you close deals 🔹 Tips for aligning cyber services with compliance and insurance needsWhether you’re struggling to start the conversation or looking to take your cyber sales to the next level, this episode gives you actionable insights — and shows that selling cyber doesn’t have to be scary.🎧 Listen now to learn how to sell cyber — and have fun doing it!Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at (34) Madhur Duggar | LinkedInCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Matt Koenig on his LinkedIn at (35) Matthew K. Koenig | LinkedIn www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInWhether or not you provide cyber services to your client, you are still exposed to cyber liability. I sit down with one of the most prominent lawyers in the country specializing in MSP legal practices, Thomas Fafinski. Thomas is joining to talk about a topic that is front and center in the MSP space today – Cybersecurity and what are some of the best practices MSPs should be following when protecting themselves against cyber liability. As an MSP, your clients expect you to "handle everything cybersecurity"—but when a breach happens, who's really liable?Cyber insurance can be your safety net—or a false sense of protection—if you don’t understand the fine print. Here are 5 critical best practices every MSP should implement to protect themselves, their clients, and their reputation:✅ 1. Know What You’re Actually Responsible For Most breaches are due to admin or physical errors—not tech failures. Make sure your MSA is crystal clear about what you do (and don’t) cover.✅ 2. Don’t Rely on Generic Contracts Include language in your MSA that limits liability for 3rd-party criminal acts, requires clients to carry cyber coverage, and defines scope precisely. (Look up Travelers v. Portal Healthcare if you want to see how vague language can lead to years of litigation.)✅ 3. Watch Out When Switching Policies That lower premium? It likely comes with a tighter coverage window. If you're on a claims-made policy and switch carriers, you could lose retroactive coverage and end up footing a massive bill.✅ 4. Understand What’s Not Covered Some insurers deny claims for “nation-state” attacks like NotPetya, citing “act of war” exclusions. Ask your broker about gaps related to ransomware, cloud outages, and regulatory fines.✅ 5. Choose a Carrier Who Shows Up Fast The best insurance isn’t just about reimbursement—it’s about real-time help. Look for 24–48 hour response times, breach response coordinators, and a vetted incident response panel.👉 Bonus: Proactively reduce risk by offering vCISO services, enforcing MFA, and requiring client-side security hygiene.📌 Final Thought: The best MSPs aren't just tech experts—they’re risk managers. If you’re not reviewing your insurance language annually, you’re leaving your firm exposed.💬 Curious how others in the space are structuring their MSAs or choosing carriers? Let’s start a conversation.Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisors and our amazing content at www.excendio.comwww.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInWhat does a Best-in-Class MSP look like? To find out the answer to this question and many more, I have on my show today the man himself, Peter Kujawa, EVP and GM at Service Leadership and IT Nation. Founded in 2001 by Paul Dippell and acquired by ConnectWise in 2020, Service Leadership does some of the most comprehensive benchmarking work in the IT services space including around MSPs. If you like data based decisioning around MSPs, this is your stop. Listen in!    Here are some of the key topics and questions discussed on this podcastWhat is Service Leadership and How is it Helping the MSP Community?What Does SL Use to Benchmark MSPs?Does Size Matter to be a Best-in-Class MSP?What Does Best-in-Class Look Like for Topline GrowthGross MarginEBITDAWhat Does it Mean to be Operationally Mature at SL? Does Location Matter to be Best-in-Class?What Advice does Peter Have for MSPs?Should You Run Your Business As if You Were Getting Ready to Exit?What Are Some Key Risks and Opportunities You Should Be Thinking About as an MSP Founder?   Reach to Madhur at [email protected] or 212.731.4230 Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisors and our amazing content at www.excendio.comReach out to Peter Kujawa on his LinkedIn at (32) Peter Kujawa | LinkedIn www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn🎙 Podcast Title: "How MSPs Can Thrive in Healthcare — with Nelson Gomes"Guest: Nelson Gomes, Founder & CEO, The Portalia Group Host: Madhur Duggar, Chapman AssociatesDescription: In this episode, Nelson Gomes shares a masterclass on what it takes to be a high-performing MSP in the healthcare vertical. From EMR optimization and patient engagement to AI adoption and M&A strategy, Nelson breaks down how MSPs can move beyond maintenance to become true transformation partners for their healthcare clients.Whether you're looking to grow, specialize, or position your MSP for a successful exit, Nelson offers real-world insights drawn from decades of leadership in healthcare IT.💬 Questions & Responses:Q: From an MSP standpoint, what makes healthcare different in terms of the skill set required? 🗣 Understanding the business of healthcare is critical — it's not just fixing EMRs, it's optimizing them and knowing the clinical workflows.Q: How do specialist MSPs create more value than generalists? 🗣 Specialists speak the same language as providers and win trust faster — 9 out of 10 times, they win the deal.Q: What are healthcare organizations really looking for when selecting an MSP? 🗣 Experience, expertise in healthcare systems, and a sense of security that their MSP “gets it.”Q: What kind of background should MSPs build to succeed in healthcare? 🗣 A strong healthcare foundation — either through EMR experience or supporting medical administration systems.Q: Can you explain Gartner’s “Run, Grow, Transform” model? 🗣 Most MSPs focus on “Run” — daily maintenance — but true value is created through “Grow” and “Transform” initiatives.Q: What’s a real-world example of transformation in action? 🗣 Helping practices adopt patient engagement apps — moving beyond IT support into strategic consulting.Q: What role should MSPs play in M&A due diligence for healthcare? 🗣 IT due diligence is often overlooked. Nelson helped create a 6-part framework to standardize and simplify this critical process.Q: Should MSPs trying to enter healthcare build or buy? 🗣 Buy. Acquiring a healthcare-focused MSP gives you immediate credibility, clients, and expertise.Q: Where is AI playing the biggest role in healthcare today? 🗣 Diagnostic imaging, like mammography. AI is powerful, but needs clinical oversight and thoughtful adoption.Q: What healthcare tech events should MSPs attend? 🗣 HIMSS, ViVE — critical for staying ahead of tech trends and industry expectations.Q: What advice do you have for MSPs expanding into healthcare? 🗣 Have a clear, well-thought-out strategy and the right people to execute it.Q: How should smaller MSPs think about scale and specialization? 🗣 If you’re not ready to scale, consider exiting at a good multiple to a larger player and learn from the experience.Q: Grow solo or partner up? 🗣 Joining a platform can accelerate growth — faster path to value creation than going it alone.Q: Final takeaway for MSPs? 🗣 Understand your value, define your personal goals, and have an advisor to guide you through transitions.Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisorswww.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode, host Madhur Duggar welcomes Dave from Courser to discuss the company’s M&A strategy, integration approach, and growth plans for 2025. Dave shares insights into Courser’s acquisition philosophy, emphasizing a strong focus on culture, leadership retention, and operational integration.M&A Activity and Strategy Courser, a PE-backed platform, has completed 16 acquisitions in the past two and a half years, including nine in 2024. The company aims to maintain or exceed that pace in 2025. Their acquisition targets range from $1M to $15M in revenue, with an average size of $7M-$7.5M. Courser is sector-focused, primarily acquiring MSPs and occasionally considering MSSPs with strong cybersecurity capabilities.Integration Approach Courser differentiates itself through its deep integration model. While externally the acquired company’s branding and leadership remain intact, internally, Courser standardizes back-office functions, finances, HR, and operations. They migrate all businesses onto a unified ConnectWise instance, creating a single-pane-of-glass view for management. This structured approach enables efficiency and scalability while ensuring a smooth transition for employees and customers.Deal Structure Courser typically structures its deals with a mix of cash and rollover equity (30-40%). Earn-outs are rare and used primarily in tuck-in acquisitions where revenue stability needs validation. They prioritize clear, seller-friendly structures that align incentives for long-term growth.Challenges and Risks in M&A Dave highlights common M&A risks, including leadership transitions, cultural misalignment, and integration challenges. He emphasizes the importance of talent and customer retention, especially as the industry undergoes significant consolidation. Courser mitigates these risks by focusing on culture, selecting growth-minded leaders, and ensuring operational stability post-acquisition.Future Outlook Looking ahead, Courser aims to continue its disciplined acquisition strategy, focusing on quality MSPs with strong leadership and recurring revenue. They also acknowledge the growing role of AI and automation in IT services and plan to enhance efficiencies through technological adoption.The discussion concludes with reflections on broader industry trends, including the eventual exits of PE-backed MSP platforms and how integration strategies will play a key role in their long-term success.Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisors and our amazing content at www.excendio.comwww.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInWelcome to the next episode of my podcast M&A Insights titled “Cyber Insurance Uncovered: Learn How Doug Kreitzberg at SeedPod is Working With MSPs to Protect Small Businesses from Digital Threats”. Small businesses are increasingly the target of cyber threats, yet most remain dangerously underinsured. Only 10% have cyber insurance, and even fewer have the right coverage to survive a serious attack. So, how can Managed Service Providers (MSPs) step in to help?To answer that question, I’m joined by Doug Kreitzberg, Founder and CEO of SeedPod Cyber. At SeedPod, Doug has developed an innovative program that help businesses proactively manage cyber risks. His team works closely with MSPs to ensure small businesses get the protection they need—before disaster strikes.In today’s discussion, we’ll uncover the biggest misconceptions about cyber insurance, why small businesses struggle to get the right coverage, and how MSPs can play a pivotal role in bridging the gap. Doug will also share insights into SeedPod’s risk assessment process, the evolving landscape of cyber insurance pricing, and practical steps businesses can take to improve their cybersecurity posture.If you’re an MSP looking to add value for your clients—or a business owner trying to navigate the complex world of cyber risk—this episode is for you.Topics discussed on this podcast include:Key Topics Discussed:✅ Cyber Insurance Landscape for Small Businesses:Are small businesses adequately insured against cyber risks today?What are the risks of relying on general liability policies for cyber coverage?What happens to small businesses that suffer multiple cyberattacks?✅ Understanding Cybersecurity Risks:Where does most cyber risk come from—bad software or bad deployment?Who should own the deployment risk—software providers, businesses, or MSPs?✅ Challenges in Cyber Insurance Adoption:Are small businesses qualified to purchase cyber insurance on their own?Why do many brokers lack the expertise to properly guide businesses on cyber policies?✅ The Role of MSPs in Cyber Insurance:How does SeedPod Cyber work with Managed Service Providers (MSPs)?What role do MSPs play in educating small businesses about cyber risks?How does SeedPod validate MSPs through security assessments?✅ Key Components of a Comprehensive Cyber Insurance Policy:Liability coverage: What does it protect against?First-party costs: What expenses are covered after a cyber incident?Loss of income coverage: How does it help businesses recover financially?E-fraud coverage: How does it protect against social engineering scams?✅ Cyber Insurance Pricing & Risk Assessment:How are insurance companies currently pricing cyber risks?What are the challenges in developing actuarial models for cyber insurance?How does SeedPod’s risk assessment process work, and what does it evaluate?✅ Regulatory & Security Best Practices:Can regulations improve the cybersecurity landscape?How should regulations hold software developers and MSPs accountable?What are the basic steps businesses should take to improve cybersecurity?Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisors and our amawww.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode of M&A Insights, I sit down with Arlin Sorensen at IT Nation ConnectWise to explore the evolution of IT Nation, discuss the biggest challenges facing MSPs today, and how Arlin thinks MSP owners should approach their inevitable transition be it through sale, transfer to a family member or to an ESOP.Arlin shares invaluable insights from his decades of leadership experience, making this a must-listen for MSP owners, IT leaders, and anyone thinking about the future of their business.In this podcast we discuss the following questions: ✅ IT Nation’s Role in the MSP Ecosystem – its mission, vision, and impact on MSPs ✅Leadership – Advice for MSP owners looking to develop their leadership skills  ✅ Acquisition and Growth– Insights for MSPs looking to grow inorganically ✅ Industry challenges – Tackling cybersecurity threats and IT talent shortages ✅ Post-exit challenges – Challenges MSP owners face in transitioning to retirement including lack of financial planning and a loss of identity post-retirement ✅ Future of IT Nation – Upcoming innovations at IT Nation and the establishment of a global footprint✅ Personal Insights – Leadership philosophy, the upside-down triangle and Arlin’s legacy✅ Key Risks facing MSPs– The importance of thinking about your mental and physical health Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisors and our amazing content at www.excendio.com#Podcast #ITLeadership #MSP #ITNation #MergersAndAcquisitions #Cybersecurity #Leadership #TechCommunitywww.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInGuest: Sean Maguire, Founder & President of SynivateEpisode Summary: In this episode of M&A Insights, I sit down with Sean Maguire, president and founder of Synivate, to explore the journey of building and scaling a successful MSP. Sean shares his insights on standardizing service delivery, cybersecurity best practices, and the role of M&A in strategic growth. Whether you're an MSP owner looking to improve operational efficiency or an investor exploring opportunities in the space, this conversation offers valuable takeaways.Topics Discussed & Key Questions: ✅The Evolution of Synivate: How did Sean transition from voice and data cabling to a full-fledged MSP? ✅ Challenges in Scaling an MSP: What were the biggest obstacles in growing the business, and how were they overcome? ✅ Standardization & Operational Maturity: Why is having a structured, repeatable process critical for MSPs? ✅ Cybersecurity & Compliance: How does Synivate ensure its clients meet evolving security standards and regulations? ✅ Cyber Insurance & Liability: What should MSPs be thinking about in terms of coverage and legal protections?✅ Growth from Referrals: What are Centers of Influence and why do they make for the best referrals? ✅ M&A Strategy: What role does M&A play in Synivate’s growth plan, and what challenges come with acquiring other MSPs? ✅ Supply Chain Security is a Key Risk: What are the biggest threats MSPs should be preparing for in the next few years?✅ The Future of IT & AI: How is AI impacting the MSP landscape, and what does Sean see as the next big shift? 🎧 Tune in to gain actionable insights on growing and scaling your MSP the right way!#MSP #Cybersecurity #MergersAndAcquisitions #BusinessGrowth #Podcast #ITServices Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisors and our amazing content at www.excendio.comwww.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode, we dive into the inspiring journey of Ethan Farlow, COO at Comtech Network Solutions. From his early days assembling computers and a stint as a professional bullfighter to leading operations at his family-run IT services firm, Ethan shares how he’s cracking the whip to drive operating profitability. Learn how ComTech leverages data, automation, and client-centric strategies to streamline operations, negotiate with vendors, and scale sustainably. Packed with actionable insights on standardization, hiring best practices, and the future role of AI in MSPs, this conversation is a must-listen for anyone looking to optimize their business for growth and efficiency. Topics discussed include:Ethan Farlow and Comtech Solutions: A Family LegacyDriving Efficiency Through StandardizationLeveraging Data for Vendor Negotiations - It's All About Confidence  Key Performance Indicators That Matter - Time per Endpoint per Month!Data-Driven Automation - Using Videos to Automate Workflows  Best Practices for Hiring - How to Attract the Right People  Offshoring: Current Views and Future Plans - Keeping All Options OpenCross-Selling and Upselling Through Data Analysis - Keep a Client Matrix Navigating the Future with AI - Mastering Unstructured DataAdvice for MSP Leaders - Know Your Cost to Push PriceMadhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisors and our amazing content at www.excendio.comwww.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn🎙️ Podcast Alert: Why Now is the Perfect Time to Sell Your MSP!Are you an MSP owner in the $2M-$5M revenue range? Discover why 2025 might be your golden window to exit. In this episode, Madhur Duggar shares 4 key reasons to consider selling now:1️⃣ Peak Market Conditions: Public and private market valuations are at all-time highs and good news is bad news.2️⃣ Slowing Post-COVID Growth: Peak growth has occurred. IT demand is stabilizing, with increased competition on the horizon. The ratio of SMBs to MSPs is going to decrease.3️⃣ The AI Revolution will favor larger MSPs with Industry Expertise: Clients need advice on how to use to AI to grow. Do you have industry expertise in their sector? 4️⃣ Buyer-Seller Imbalance: Too many sellers, too few buyers. Get out before the MSP exit tsunami gets here.💡 Packed with insights, data, and real-world examples, this is a must-listen for MSP founders ready to make a strategic move.Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT ServicesReach out to Madhur at [email protected] or 212.731.4230  Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggarCheck out Excendio Advisors and our amazing content at www.excendio.comwww.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode of M&A Insights, we dive deep into the transformative power of automation for Managed Service Providers (MSPs) with the team behind MSP Builder. Discover how their innovative solutions help MSPs save time, reduce costs, and streamline operations. From tackling alert fatigue to boosting ROI through intelligent automation, we explore how MSP Builder is redefining success for MSPs of all sizes. Whether you're a seasoned professional or new to the MSP landscape, this episode is packed with actionable insights and forward-thinking strategies.Questions Covered in the Episode:What inspired the creation of MSP Builder, and how did it all begin?What makes MSP Builder unique in the crowded MSP tools market?How does MSP Builder tackle common challenges like alert overload and patch management?What role does MSP Builder play in simplifying RMM migrations?How does MSP Builder deliver a measurable ROI for MSPs?What trends and advancements in automation are shaping the MSP industry’s future?What advice would you give to MSPs implementing RMM platforms today?What risks or challenges do you think the MSP sector is underestimating for the future?Learn more about MSP Builder by going to their website: https://www.mspbuilder.comLearn more about Excendio Advisors and who they help MSPs by going to Excendio Advisors - https://excendio.com/If you are an MSP or belong to the MSP community and would like to be on the show to get your message out, get in touch with me. I can be reached at:[email protected]@gmail.com212.731.4230www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode of M&A Insights, host Madhur Duggar engages with Kyle Eichenbaum, VP of Corporate Development at VC3, a North American MSP leader. Kyle provides an in-depth look at VC3’s strategic approach to mergers and acquisitions, with insights drawn from their 14 acquisitions across the U.S. and Canada in the past three years.The discussion begins with VC3’s history, highlighting its focus on local governments and municipalities as a key vertical and how this strategy shapes its acquisition and integration efforts. Kyle explains what sets VC3 apart from other MSP platforms, emphasizing its commitment to operational maturity, recurring revenue, and employee retention.Key questions addressed in the podcast include:What distinguishes VC3’s acquisition strategy?How does VC3 evaluate MSPs for potential acquisition, particularly regarding customer concentration and recurring revenue?What are the challenges of integration post-acquisition, and how does VC3 manage them?How does VC3 balance acquiring stable but flat-growth businesses versus high-growth but lower-margin businesses?What advice does Kyle offer to smaller MSPs aiming for bolt-on acquisitions or preparing for an exit?How is AI transforming the MSP landscape, and what opportunities does it present?Kyle also shares actionable advice for MSPs navigating the competitive M&A landscape, emphasizing the importance of new logo acquisition, understanding buyer expectations, and aligning operational processes with market demands. He concludes with reflections on the future of the MSP industry, touching on AI's role and the potential for increased regulation.Tune in for a candid and insightful conversation about scaling success through strategic acquisitions and operational excellence.www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInAre IT Leaders Ready for 2025?The IT landscape is evolving faster than ever, and new challenges are reshaping the way we work and lead. From market volatility to AI's rapid advancements, staying ahead is no longer optional—it's critical.Here are 5 key risks every IT leader must navigate in 2025:1️⃣ Overvalued markets and economic volatility.2️⃣ Getting cybersecurity regulations wrong.3️⃣ Post-election stress and its impact on communication.4️⃣ Accelerating AI advancements—it's just the tip of the iceberg.5️⃣ Modeling the irrational—how AI may decode our emotional decisions.💡 Don’t just react—be proactive. Explore these risks and strategies to turn challenges into opportunities in our latest podcast#ITLeadership #EmergingRisks #AI #Cybersecurity #InnovationLet me know if this works for you!www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInFolks, welcome to yet another episode of M&A Insights. I am your host Madhur Duggar, and I am so excited to introduce my guest Sydney Hockett VP of M&A at Evergreen. Evergreen has been engaging in one of the most active MSP global roll-up strategies having completed almost 90 MSP acquisitions over the past 7-8 years. What are they looking for in their acquisitions? what makes their acquisition strategy so unique? How can you as an MSP owner make yourself invaluable to your clients? To find out the answer to all these questions and many mor, listen in! Here are some questions we get into:Evergreen Background and Acquisition Strategy1.      Can you give us a quick background on Evergreen’s platform strategy and what role you play in that? 2.      How many acquisitions have you made to date? How many did you make in 2024? How many do you plan to make in 2025?3.      Any differences in the types of acquisitions you made in 2024 compared with previous years and what you are looking to do in the future?4.      What differentiates Evergreen’s MSP platform from that of other big buyers in the marketplace?5.      What differentiates Evergreen’s evaluation approach from that of other platforms that also do not fully integrate their targets?6.      You offer cash upfront, roll-up equity and earnouts. Can you shed some light on what shapes the amount of each a Seller can expect to receive depending on their business profile? 7.      What role does scalability play in your acquisition strategy? Do you have a minimum size threshold below which you likely will not go when acquiring?8.      What are some of the key financial metrics that drive multiples in an acquisition for Evergreen? Are these different from what others would look at?9.      How important is it that there be alignment between the acquired MSP's culture and Evergreen's corporate culture?10. What advice would you give to small MSPs that are looking to scale-up through mergers?11. How long does it take typically from CIM to Closing? 12. Can you walk me through your typical due diligence process when evaluating MSP acquisition targets? How much weight do you give to financial performance vs. non-financial factors (e.g., customer satisfaction, employee satisfaction)?13. How can sellers monetize their equity?Market and Competitive Landscape:14. How do you see the MSP market evolving, and how does that influence Evergreen's acquisition strategy? Are there emerging trends (e.g., cybersecurity, cloud migration, AI/automation) that you are particularly focused on when considering new acquisitions?15. What is a risk that is under-appreciated in this space?16. In the next couple of years, several PE-backed MSP platforms will be coming to market. What will you be looking for when that happens?www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInWelcome to another episode of M&A Insights, where we speak with Aaron Mahl and Greg Northrop at IT Valuation to dive deep into the strategies and approaches shaping the world of MSP Valuations. Today, we're tackling a game-changing topic for MSP owners and IT service providers: how to maximize your business valuation and structure your company for a successful exit. From IT Valuation’s 24-factor pricing model to legal setups like S-Corps versus C-Corps and emerging deal trends like rollover equity and earnouts, we’re unpacking the tools you need to make your business irresistible to buyers. Listen in!www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode of M&A Insights, Madhur Duggar engages with Terry Hedden, founder, and CEO of Marketopia, to explore strategies for Managed Service Providers (MSPs) aiming to scale and enhance profitability. The focus is on Marketing. Key insights from their discussion include:It is all about the ROI: Focusing on the profitability of a Lead Generation strategy and not just its cost.Taking bigger steps: Putting in motion a lead generation process that will have a noticeable impact on leads and sales rather than one which may cost less but has very marginal improvements.Learning who to trust: If you are looking to sell your MSP after scaling its topline several multiples, take the advice of those who have done just that. Deploy capital across all aspects of your business: Focusing on deploying capital to all aspects of your business and not just to product improvement. Even small increases in budgets for Marketing can increase lead generation by an order of magnitude.Delegation and Team Empowerment: Terry emphasizes the importance of delegating responsibilities and empowering team members to foster growth and innovation within the organization. Lead Generation Beyond Referrals: Relying solely on word-of-mouth referrals can limit growth. Terry advocates for proactive lead generation strategies, including digital marketing and tele marketing for appointment setting, to create a consistent pipeline of potential clients. Utilizing Proven Marketing Campaigns: Implementing effective marketing campaigns tailored to the IT industry can help MSPs stand out and attract new clients. Marketopia offers pre-built marketing campaigns and sales toolkits designed specifically for MSPs. These strategies provide MSPs with actionable steps to drive growth and achieve their business objectives. www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this special podcast with Thomas Fafinski at Virtus Law, we navigate the complex legal landscape involved in selling a Managed Service Provider (MSP). From the critical role of a well-structured data room for due diligence to the intricacies of indemnity escrows, and the nuances of non-compete and non-solicitation clauses, we provide a roadmap to secure, value-maximizing sales. Gain expert insights on balancing buyer protections with seller interests, structuring robust agreements, and navigating post-closing risks. If you’re preparing for a sale or looking to better understand MSP transactions, this episode will arm you with essential knowledge to ensure a seamless and strategic closing process.www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn In this episode, we explore the critical legal and structural strategies that MSP owners should consider when preparing for a sale. Joined by legal expert Thomas Fafinski from Virtus Law, we discuss how to enhance business value and streamline the sale process through strategic corporate structures, OpCo-HoldCo arrangements for financial transparency, and the powerful tax benefits of F-reorganizations. If you’re an MSP owner aiming to maximize your business’s appeal and value in the market, this conversation offers essential insights and practical steps to achieve your goals. Tune in to learn how to set your MSP up for a successful acquisition. www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn In this episode, we delve into the critical elements of a Master Service Agreement (MSA) that can elevate the value of an MSP during a sale while minimizing risks. Joined by legal expert Thomas Fafinski from Virtus Law, we explore how robust MSAs create stability, ensure smooth client transitions, and enhance profitability through key provisions such as assignment clauses, automatic price increases, termination fees, and more. Whether you’re preparing for an acquisition or refining your service agreements, this conversation offers invaluable insights to fortify your MSA strategy. Tune in now to gain practical advice and expertise for maximizing your MSP’s potential. www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn In this episode of M&A Insights, we sit down with Colin, the founder of Helpdesk.tech, to uncover how his innovative platform is transforming the way MSPs operate. Colin shares his inspiring journey from tech enthusiast to industry leader, highlighting the key challenges MSPs face today, including scaling efficiently and delivering round-the-clock support. We dive deep into the critical role of automation, AI, and cybersecurity in shaping the future of the MSP space and discuss how Helpdesk.tech is empowering MSPs to streamline operations, cut costs, and thrive in a rapidly evolving digital landscape. Tune in for an insightful conversation packed with valuable strategies and forward-thinking solutions for MSPs looking to stay ahead of the curve! www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode of M&A Insights, we sit down with Justin Neagle, Chief Storyteller at Spot Migration, to explore how his company has unlocked significant growth by focusing on a client vertical: the construction industry. Justin shares Spot Migration’s journey from being a broad IT service provider to honing in on the architecture, engineering, and construction (AEC) sector, where their unique approach to offering process-driven, all-inclusive IT solutions has resonated strongly with clients.Justin explains how Spot Migration’s deep understanding of the construction industry’s specific challenges—such as cash flow management and on-site IT needs—has allowed them to become a trusted ally for their clients. With a strong focus on process and operational maturity, Spot Migration’s tailored services help companies streamline operations and scale more effectively. Tune in to hear how verticalizing their business strategy has driven both client success and Spot Migration’s own growth.www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this episode of M&A Insights, Madhur Duggar dives into a crucial question for MSP (Managed Service Provider) owners: should you grow or should you go? The discussion centers around two big themes: scaling your business and breaking through the "sales and marketing moats" that can hold you back.If you’re an MSP looking to grow, the target is clear—hit that sweet spot of 6% to 8% annual growth. But what does it take to get there? Madhur explores the nitty-gritty of overcoming the biggest hurdles in sales and marketing, which, let’s be real, is where most MSPs stumble. From picking the right market to cracking the code on lead generation, this episode gives you the playbook to ramp up your marketing game and build a sales engine that converts.The conversation isn’t just about staying afloat—it’s about leveling up. Whether you’re gearing up to roll over some equity into a larger MSP, or pushing your pricing by specializing in high-growth sectors like healthcare or finance, Madhur breaks down how to boost your business without burning out. And if growth seems too tough, maybe it's time to ask if selling and cashing out is a smarter move.Tune in for insights that will help you crush your sales goals and decide whether to grow or make a graceful exit from the MSP game.www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn In this engaging podcast, Tim Conkle, Founder of The 20s, shares invaluable insights into the common challenges faced by MSP owners, particularly their struggle to let go of control, which often leads to stunted growth and missed financial opportunities. Conkle discusses how The 20s helps MSPs scale efficiently through resource-sharing, lead generation, and smart hiring, all while emphasizing the importance of transitioning from a "king" mindset to a "wealth-building" mindset. With fascinating anecdotes and forward-thinking perspectives on AI’s role in transforming the industry, this episode offers a must-listen roadmap for MSP owners aiming to grow and achieve lasting success. www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInWelcome to M&A Insights with your host, Madhur Duggar. Today, we’re taking a closer look at the complexities of bolt-on acquisitions in the MSP space. Joining me is Ben Greenberg, VP of Corporate Development at IT Solutions, an industry-leading MSP that’s acquired six companies over the past two years. Ben’s here to share valuable insights on how MSPs can navigate the challenges of bolt-ons and avoid common pitfalls. Whether you’re looking to grow through acquisition or just curious about the process, this episode is packed with actionable advice. Let’s dive in!" www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this insightful podcast episode, we sit down with Chris Fulmino, a key figure at Dataprise, a leading Managed Service Provider (MSP) that has been making waves in the technology space. Chris shares the fascinating journey of Dataprise, from its origins as a founder-led company to its acquisition by Trinity Hunt Partners, and the rapid expansion that followed. We delve into the strategic advantages for medium-sized MSPs joining a larger platform, exploring how scale can unlock new opportunities in product offerings, sales and marketing, and operational efficiency.Chris provides a candid look at the challenges and benefits of integrating into a larger organization, with a particular focus on maintaining company culture, accessing capital for growth, and ensuring regulatory compliance. Whether you're a business owner, a tech enthusiast, or someone curious about the dynamics of MSPs, this episode offers valuable insights into the power of scaling and the transformative potential of strategic partnerships. Tune in to discover how Dataprise is shaping the future of managed services and what it means for the broader industry.www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn Ever wondered how offshoring can transform your MSP's operations and boost your margins? In our latest episode, I sit down with Thaddeus Susara from TechnoGlobal to uncover the secrets behind successful offshoring strategies that can save you money, streamline your operations, and even prepare your business for a lucrative exit. Whether you're looking to scale or considering M&A opportunities, this is the conversation you don't want to miss! www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInGet ready to meet Emil, the dynamic force behind ETECH 7 and AI Autopilot! Hailing from the bustling streets of Manhattan and with roots in Uzbekistan, Emil's journey from an economics student at Baruch College to a tech innovator is nothing short of inspiring. Join us as we dive into how he's revolutionizing ticketing automation for MSPs with cutting-edge AI technology and what is vision is for how AI’s role amongst MSPs is only going to grow. Folks you won't want to miss this, ABRA Ca DABRA - let the magic happen.My name is Madhur Duggar and I work in the M&A space for the Software and IT Service companies and this is my podcast series M&A Insights. If you are interested in having a conversation around the strategic direction of your firm, are looking to grow your book and want some marketing and business development help or are an investor looking to make an acquisition in this space, write to me at [email protected] or reach out to me on Linkedin at www.linkedin.com/in/madhur-duggar. www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInSelling a business will require preparation, effort and yes, time! Time that you need to be spending on running your business. You’ll need to work with an advisor who can guide you through the process and network with your peers to make sure you don’t lose focus. The good news is nearly everything you do in preparation for your sale will also make your business leaner, meaner and more profitable. Welcome to M&A Insights with Madhur Duggar. Today, we're talking about the steps you need to take before you are ready to sell your business. To talk about this important topic, I am thrilled to welcome Chris Vollmond Carstens, NTIVA’s Chief M&A Officer to my show. Chris and NTIVA have been incredibly active in the MSP M&A landscape. Since 2015, they've successfully completed 15 transactions, with their most recent being the acquisition of The Purple Guys.www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInIn this podcast Chris Vollmond-Carstens, NTIVA's Chief M&A officer, discusses with us Reverse Due Diligence, i.e. questions that sellers should be asking buyers. Chris and Ntiva have been incredibly active in the MSP M&A landscape. Since 2015, Ntiva has successfully completed 15 transactions, with their most recent one being the acquisition of the Purple Guys.Key questions cover the following topics Cultural Fit and ValuesQuestions to ask:What is the cultural fit between our organizations?How do you plan to integrate our employees?What opportunities for growth and development will be available for our team?Business Vision and StrategyQuestions to ask:What is your long-term vision for the combined business? How do you plan to grow and expand our business post-acquisition?What strategies do you have for enhancing our current offerings and capabilities?Client and Service ManagementQuestions to ask: How will the acquisition affect our existing clients?What enhancements or changes can our clients expect in terms of services and support?How do you plan to manage client relationships during and after the transition?Financial and Deal StructureQuestions to ask: What is the proposed financial structure of the deal (cash, rollover equity, earnouts)?How do you value our business, and what are the key valuation drivers?What are the potential financial benefits and risks associated with the proposed deal structure?What portion of the consideration will be in the form of rollover equity?How is the rollover equity structured, and what are the terms?What are the historical performance and future prospects of the buyer’s business?How are earnout targets defined, and what metrics are used?What is the timeframe for achieving earnout targets?What are the potential impacts of earnouts on business operations and integration?Post-Sale Career Paths and OpportunitiesQuestions to ask: What options are available for founders and key employees post-sale?Can we choose different career paths within your organization?What support will you provide for transitioning into new roles or responsibilities?Synergies and Value CreationQuestions to ask: What synergies do you anticipate from the acquisition? How do you plan to achieve cost savings, revenue enhancements, and operational efficiencies?How will we benefit from these synergies, and what incentives are in place?Integration Plan and TimelineQuestions to ask: What is your integration plan for merging our businesses? What is the timeline for key integration milestones and activities?How will you ensure a smooth transition for our employees and clients?ConclusionThorough due diligence and asking the right questions are crucial for MSP sellers considering an M&A transaction. By seeking advice from experienced professionals and ensuring alignment with their goals and values, sellers can achieve a successful and mutually beneficial outcome.www.linkedin.com/in/madhur-duggar

Nagesh Nama, CEO of XLM is a serial entrepreneur who is leading the charge on applying one of the most exciting developments in AI Technology – Large Action Models to help clinical trials in the Healthcare industry run more efficiently. The clinical trial industry in the US is estimated at a ~$25bn and Nagesh and XLM are right in there with them. Nagesh has grown XLM from scratch to $4MN in revenue in 2024 and he is just getting started. Nagesh explains how he applies LAM technology to automate the validation of clinical trials, and why he thinks the application will ultimately extend to several huge sectors like Life Sciences, Manufacturing and Finance. Nagesh's journey is inspirational. This is a journey that will resonate with every person who has landed on the shores of the United States with huge courage, big dreams and no money or plan for how to go about getting there. He does that on the way. He fights. He figures it out. He keeps the faith.  Jump in to learn about LAM, XLM and Nagesh. www.linkedin.com/in/madhur-duggarWrite to me at [email protected] or reach out to me over Linkedin at www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInThis podcast provides 12 tips that sellers should follow when selling their business. If you wish to learn more about the middle market M&A world or listen to my other podcasts please connect with me over linked-in or email me at [email protected] and I’d be happy to share with you the URL for my other podcasts. 1.     Understand Why You Are Selling – Get an assessment done beforehand.2.     Keep the Sale of Your Company to Yourself – Avoid business disruption.3.     Retain an Expert to Help with the Sale – Your advisor is your face to the market.4.     List Your Company on an Exclusive Basis – Incentivize your advisor to work for you.5.     Be Transparent Upfront to Avoid Bad Surprises – Bad surprises derail deals.6.     Create a Market for Your Company – A competitive bidding process is necessary for value discovery.7.     Be Realistic – Do not overprice your company, it will drive away buyers. 8.     Stay Focused on Your Business – Do what you do best.9.     Screen Buyers Carefully – Know who you just talked to.10.  Consider the First Offer Very Carefully – All offers are welcome.11.  Remain Flexible – Negotiate higher values through deal structure. 12.  Trust Your Gut – It must feel right to you.www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInThe consolidation of smaller sized managed service providers (MSPs) by platform MSPs started in the immediate aftermath of Covid and will accelerate even after rates have normalized because of key secular trends in the MSP industry. While the first phase of MSP consolidation is being driven by the need for acquirors to grow their platforms, the second phase of consolidation will be driven by smaller MSPs looking to exit an increasingly competitive environment with greater regulatory scrutiny. In this second phase, operational size, the strength and diversity of client relationships and attractiveness of geographic locations will be key competitive differentiators amongst target MSPs. As MSP platforms become larger, the revenue threshold below which MSPs will be too small to “move the needle” will likely rise over time. Owners of smaller MSPs, looking to exit, may find their buyer pool has shrunk, especially if their businesses are in slower growing towns. They should bake this potential outcome into their current thinking process.www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedInThe first document any Seller signs when starting their relationship with a potential advisor is typically a Seller Confidentiality Agreement. This podcast discusses some of the key aspects of this document that Sellers should expect. www.linkedin.com/in/madhur-duggar

[email protected] | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn In this episode, Madhur Duggar, M&A Advisor at Excendio Advisors, explores why private firms in the lower middle market should consider boutique advisory firms over large banks or DIY approaches when selling their business. Madhur outlines four key reasons: the importance of running a thorough buyer search to unlock true value, leveraging subject matter expertise to establish credibility, utilizing the seniority and gravitas of experienced advisors, and ensuring a confidential sale process. Tune in to discover how boutique firms like Excendio can maximize valuations while safeguarding your business's reputation. www.linkedin.com/in/madhur-duggar