EP237 - M&A Mastery – Part 1 – The Foundations with Ken Roulston & Ian Luckett
IT Experts Podcast with Ian Luckett
Release Date: 06/16/2025
IT Experts Podcast with Ian Luckett
Neil is not someone who talks theory without having walked the walk. With over 30 years in the IT industry, including seven and a half years running a highly successful MSP in the East Midlands, Neil has experienced the highs, the challenges, and the pivotal moments that make all the difference when scaling a business. His MSP grew to around 300 clients, a 35-strong team, and was turning over close to £5 million by the time he exited earlier this year. Now through MSP Clarity, Neil helps other MSP owners gain the direction and focus they need to grow and scale effectively. We dig...
info_outlineIT Experts Podcast with Ian Luckett
Neil is not someone who talks theory without having walked the walk. With over 30 years in the IT industry, including seven and a half years running a highly successful MSP in the East Midlands, Neil has experienced the highs, the challenges, and the pivotal moments that make all the difference when scaling a business. His MSP grew to around 300 clients, a 35-strong team, and was turning over close to £5 million by the time he exited earlier this year. Now through MSP Clarity, Neil helps other MSP owners gain the direction and focus they need to grow and scale effectively. We dig...
info_outlineIT Experts Podcast with Ian Luckett
Neil is not someone who talks theory without having walked the walk. With over 30 years in the IT industry, including seven and a half years running a highly successful MSP in the East Midlands, Neil has experienced the highs, the challenges, and the pivotal moments that make all the difference when scaling a business. His MSP grew to around 300 clients, a 35-strong team, and was turning over close to £5 million by the time he exited earlier this year. Now through MSP Clarity, Neil helps other MSP owners gain the direction and focus they need to grow and scale effectively. We dig...
info_outlineIT Experts Podcast with Ian Luckett
From the outset, we explored the pressures and mental blocks that many MSP owners face when trying to scale their business. Mark spoke openly about the fears that hold MSP leaders back, especially those “little voices” in our heads that tell us to stick with what we know. These ingrained habits often stem from childhood or past experiences and can sneak into the way we lead, even if they no longer serve us. Mark shared a great story about how, despite knowing it made little sense, he still puts his teacup away upside down because that’s the way his nan did it. This idea of unconscious...
info_outlineIT Experts Podcast with Ian Luckett
Helen Sanders brings over 25 years’ experience in recruitment, working closely with MSPs and tech businesses both in the UK and the US. Helen has built her reputation on helping owner-managed businesses move from frantic, last-minute hires to building confident, structured recruitment processes that allow owners to grow their teams with purpose and clarity. Her passion is helping business owners become great at hiring and creating environments where both owners and new recruits enjoy the process and stay for the long term. One of the biggest problems we see in the MSP world is the...
info_outlineIT Experts Podcast with Ian Luckett
Graham Stead knows a thing or two about MSPs. He ran his own for over 20 years before selling it in 2016, and since then he’s been leading sales and marketing teams and helping other MSP owners make better decisions, build stronger habits and get more sales. It was great to hear his story and experience, but more importantly, we unpacked the very specific actions MSPs can take to improve their sales performance by changing what they do every day. One of the first standout moments in our conversation was when I asked Graham the number one thing MSPs need to do to get more sales....
info_outlineIT Experts Podcast with Ian Luckett
Ali Stewart has worked with hundreds of businesses, including many MSPs, guiding individuals and teams to make leadership a way of life, not a job title. She explains that leadership is not something you do now and again. It is a consistent, ongoing commitment to developing people and helping them unlock their potential. This is especially important for MSPs, where many business owners are technical by background and find themselves needing to evolve into leaders as the business grows. You start as a doer, then become a manager, and before long, the success of your MSP depends on your ability...
info_outlineIT Experts Podcast with Ian Luckett
Scott Riley has worked with MSPs for over six years, helping them tighten up their security practices and take real control of their 365 tenancies. In this episode, be prepared for the shift in mindset that Scott encourages. The idea that you are too small or not interesting enough to be a target is no longer valid. The reality is that attackers are not selective. They cast a wide net. If your MSP gets breached, the damage can extend far beyond email. Your PSA, RMM, partner centre, licence platforms, password vaults, and all client environments are at risk. Scott Riley explains that...
info_outlineIT Experts Podcast with Ian Luckett
We begin with a simple truth. If you want to attract and retain A players in your MSP, you need to lead like one. Many business owners want highly engaged, proactive team members who take ownership and drive the business forward. Yet when that energy is missing, the first step is not to blame the team but to reflect on your own leadership. Julie and I explore how your team’s performance is often a direct reflection of the environment you’ve created. A Players don’t arrive fully formed. They grow in the right conditions. Julie introduces a practical framework that breaks down...
info_outlineIT Experts Podcast with Ian Luckett
This particular intensive was all about amplifying capacity, a key pillar of the Scale with Confidence model. Our focus this time centred around team performance – the challenges, the frameworks, and the mindset shifts needed to build a business that works for you, not because of you. What made this event stand out wasn’t just the content or the planning, but the incredible maturity and vulnerability in the room. Stuart and I both reflected on how far our clients have come. These are no longer just MSPs doing the work but these are serious business leaders taking deliberate steps to lead...
info_outlineTo help guide us through it all, I’m joined by someone who’s been there, done it, and got the multiple to prove it, the brilliant Ken Roulston.
Now, if you haven’t come across Ken before, he’s a bit of a legend in the IT channel. He started his MSP from scratch in 2009 and grew it through six strategic acquisitions before selling it in 2023. What I love about Ken is he doesn’t just talk about theory, he’s lived the journey – from finding the right businesses to buy, navigating the risks, right through to a successful exit. And in this first episode, we’re going right back to the beginning and laying the foundations for M&A success.
Ken shares openly about how he got started, including the bold decision to buy his first MSP right in the middle of the 2009 financial crisis. He explains why he chose acquisition over building from the ground up, how he structured the deal, and the mindset he used to keep pushing forward. For anyone who thinks M&A is only for massive corporates or private equity firms, Ken’s story is a real eye-opener.
We explore the idea that, like it or not, every MSP will exit one day. Whether it’s a full sale, a team takeover or an acquisition, at some point you’ll need a plan. Ken talks about the importance of working backwards from your personal goals, being clear on what you want, and starting early to put your business in the right shape. This episode is full of reminders that waiting too long or not preparing properly can seriously limit your options, and your valuation.
We then shift the conversation to the key metrics MSP owners need to focus on if they want to be seen as a valuable business in the M&A world. Ken Roulston highlights two that are non-negotiable. First, at least 70 percent of your revenue needs to come from recurring income. And second, at least 50 percent of that should be labour-based services like support. It’s not enough to be shifting licences. Buyers want to see strong service contracts and retained relationships.
We also talk about profitability. To be taken seriously in M&A, you should be aiming for at least 15 percent EBITDA. Anything under 10 percent means your business probably needs tightening up. Once you hit that 250k profit mark, that’s when you start to attract attention from mid-market buyers. Ken breaks this down beautifully and explains how multiples work, what they mean, and how you can use them to your advantage through something called EBITDA arbitrage which is buying smaller MSPs at a lower multiple and rolling them into a more valuable group.
What stood out to me most in this conversation was Ken’s reminder that integration is the hard bit. Buying is easy. But unless you integrate the new business properly, especially around people and culture, you can lose momentum fast. This is why so many M&A deals fall down after the initial excitement fades. Culture, values and leadership all matter just as much as systems and numbers.
Finally, we introduce the new MSP M&A platform that Ken Roulston has created with Mark Copeman. It’s packed full of tools, training and resources to help MSP owners confidently navigate their M&A journey, whether they’re buying or selling. It’s aligned with everything we believe in at The Growth Hub, clear structure, expert guidance and real-world support.
So, if M&A has been on your mind or even if you just want to get your MSP into a stronger, more scalable position, this episode is the perfect place to start. And make sure you stay tuned for the next two parts in this M&A Mastery series. Next week we’ll be diving into the selling process, then wrapping up in part three with how to approach buying successfully.
Connect with Ken Roulston on his LinkedIn HERE and learn more about his MSP M&A through their website HERE.
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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Until next time, look after yourself and I’ll catch up with you soon!