25 Years of IT Transformation: Thriving Through the DotCom Bust, Recession, and Pandemic

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The Art of Succession

Barrett Young | GWCPA

35 episodes

1 week ago

Stepping into the role of business owner is one of the most challenging endeavors you'll undertake. Buying that business from someone you already know amplifies the risk of mistakes. On The Art of Succession Podcast, you'll hear from entrepreneurs who've successfully transitioned from employee to owner by acquiring businesses from parents, former bosses, or co-founders. Together, we'll explore how they navigated the complex blend of emotions and strategic decisions required to honor the past while forging a new and vibrant future. Your host, Barrett Young, a fellow traveler in the succession story of a 75+ year CPA firm himself, invites his guests to reflect on the mindset shifts, challenges, and triumphs that have empowered them to build on their established foundations. Whether you're just starting out or already envisioning your own succession plan, you will find insights and actionable advice to guide your journey.

All content for The Art of Succession is the property of Barrett Young | GWCPA and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Entrepreneurship

Business,

Management

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25 Years of IT Transformation: Thriving Through the DotCom Bust, Recession, and Pandemic

The Art of Succession

57 minutes

7 months ago

25 Years of IT Transformation: Thriving Through the DotCom Bust, Recession, and Pandemic

In this episode of The Art of Succession podcast, host Barrett Young interviews Mike Ritsema, CEO of i3 Business Solutions in Grand Rapids, Michigan. Listeners gain valuable insights into business acquisition, strategic pivots, and leadership succession planning.

Surviving Economic Turbulence

Mike purchased 21st Century Computer Specialists in January 2001, just before the dot-com bust and 9/11 economic crisis. After mortgaging his house and depleting resources, the company nearly failed until two large orders in October 2001 saved the business. This experience taught Mike valuable lessons about entrepreneurial resilience.

Business Model Transformation

During the 2007-2008 recession, Mike pivoted from IBM hardware and consulting to a managed services provider (MSP) model with recurring revenue. This transformation positioned i3 to become the IT department for over 100 small businesses in West Michigan. The company later shifted focus from cloud services to cybersecurity, adapting to evolving industry trends.

Growth and Leadership Evolution

Strategic acquisitions fueled i3's growth to 44 employees today. As the company expanded, Mike faced the challenge of transitioning from hands-on owner to strategic leader. Working with an EOS coach, he's navigating the difficult process of "letting go" while developing a management layer. Mike candidly discusses working with his son in the business, taking a measured approach to succession planning.

The Power of Peer Networks

Throughout his journey, Mike emphasizes the importance of finding mentors and joining peer groups. His participation in industry-specific technology peer groups for over 15 years provided valuable benchmarking and strategies that guided his company through multiple economic cycles.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-mike-ritsema

✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105

I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback

The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.

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Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!