MSP Business School – Details, episodes & analysis

Show Website: https://mspbusinessschool.com/

Welcome to another engaging episode of MSP Business School, where your host Brian Doyle dives into the pressing issue of cyber insurance claims, which shockingly sees over 40% rejected, posing significant threats to businesses. In this fireside chat, Brian navigates through the core challenges MSPs face when dealing with cyber programs for their customers, urging them to build robust security and governance frameworks to minimize risks and ensure their claims are payable during security incidents.

In this episode, the transcript illuminates how MSPs can enhance their cybersecurity offerings by focusing on accurate application processes, comprehensive policies, and improved risk management strategies. By implementing frameworks like NIST CSF or CIS, MSPs can better serve clients, ensuring that gaps are identified, and risks mitigated effectively. Brian stresses the value of multifaceted cybersecurity programs, from human capital considerations to architecture, tools, and advisory services, offering insightful strategies to build resilient client partnerships and establish themselves as trusted advisors in the C-suite.

• Cyber insurance claims see a 40% rejection rate, often due to inaccuracies in insurance applications.

• Creating a culture of cybersecurity through detailed policies, user training, and risk assessment is crucial for businesses.

• MSPs are encouraged to adopt a governance layer, leveraging frameworks like NIST CSF, to facilitate comprehensive risk management profiles.

• Emphasizing the role of VCISO, MSPs should assist clients in developing strategic cyber programs addressing architecture, tools, training, and compliance.

• Ensuring robust incident management and cybersecurity defense programs can safeguard against both immediate threats and long-term reputational damage.

Host Brian Doyle: https://www.linkedin.com/in/briandoylevciotoolbox/

Sponsor vCIOToolbox: https://vciotoolbox.com

Show Website: https://mspbusinessschool.com/

Guest Name: Larry Meador LinkedIn page: https://www.linkedin.com/in/larrymeador/ 
Company: Cavelo Website: https://cavelo.com

Host Brian Doyle: https://www.linkedin.com/in/briandoylevciotoolbox/

In this episode of MSP Business School, host Brian Doyle engages in a vibrant conversation with Larry Meador from Cavelo. Brian touches on his past experiences and insights into the MSP space, setting a friendly and informative tone for the discussion. Meanwhile, Larry shares his rich career journey, shedding light on the lessons learned and transformations observed in the industry over the years. The episode explores Larry's transition through different roles and companies, concluding with his current position at Cavelo, where he is instrumental in their mission to redefine attack surface management. Larry Meador delves into Cavelo's core functionalities and the significance of its platform in addressing the complexities of modern MSP environments. He emphasizes the shift towards comprehensive data management, identity access management, and asset discovery as key elements in an MSP's cybersecurity framework. Larry highlights the growing importance of understanding the whereabouts of sensitive data and the increasing demands of cyber insurance protocols. This episode is packed with valuable insights into leveraging technology for compliance and security optimizations, sustaining a trusted adviser role in the MSP sphere.

Key Take Aways: :

• Larry's Career Path: With over 20 years in the MSP space, Larry Meador enriches the discussion with his extensive background and transitions through various roles leading up to Cavelo.
• Cavelo's Platform: Cavelo offers an attack surface management platform focusing on data discovery, asset discovery, identity access management, and vulnerability management for MSPs.
• Increased Compliance Needs: The conversation underscores how compliance and cyber insurance requirements are reshaping the responsibilities and capabilities of MSPs.
• MSP as Trusted Advisors: Larry points out the evolution of MSPs into roles similar to management consultants, emphasizing proactive data and security management.
• Industry Evolution: Addressing the broader industry shifts post-COVID, the discussion draws parallels with past trends, setting the stage for the future of MSP services.
  
  
  Sponsor vCIOToolbox: https://vciotoolbox.com

Show Website: https://mspbusinessschool.com/

Guest Name: Paul Daigle 
LinkedIn page: https://www.linkedin.com/in/pauldaigle100/
Company: BizAdvisoryBoard
Website: https://bizadvisoryboard.com/

Host Brian Doyle: https://www.linkedin.com/in/briandoylemetathinq/

Brian Doyle is joined by Paul Daigle from bizadvisoryboard.com to discuss navigating the MSP landscape. Paul shares insights on transitioning from a VAR to an MSP, growth through acquisitions, and the importance of specialization in markets. They delve into the challenges of scaling MSP businesses, focusing on moving through financial peer groups, and understanding business valuation. Paul introduces tools to help MSPs assess their business worth and provides guidance on accelerating growth. This episode is packed with practical advice for MSP owners aiming to enhance their strategic direction and value.

Sponsor vCIOToolbox: https://vciotoolbox.com

In this episode, our team talks about the tactics to accelerate revenue growth.  With many MSPs and MSSPs focused on the holy grail of recurring revenue, there may be some low-hanging fruit to boost your top line and expand your profits.

2:04: Tim opens the discussion by talking about a trend where MSPs feel the need to diminish hardware revenue.  He talks about tactics to work deal registration, discounts, and spiffs to dramatically grow your margin on NRC projects.

4:27: Robb talks about contract reviews and the mindset of not rocking the boat with MRR customers.  If you are not looking at increasing rates for your services within your contracts you will ultimately be losing money (think inflation).  Brian shares his thoughts about the deals that can haunt you if you don't correct them.

9:15: Brian suggests never discounting, but adjusting the scope to the right size on underwater contracts. Robb and Tim share their tactic of reducing the inflationary clause in exchange for time commitment driving a win/win for both parties.

13:04: New customer acquisition strategies and ensuring you are market-pricing are critical.  Leverage peer groups, trade shows, and market demographics to build pricing models.  Robb also mentioned asking for contracts "to ensure apples-to-apples comparisons to get market pricing.  They had an 80% success rate in looking at contracts.

 16:04: We close by looking at how to goal yourself on customer acquisition.  Robb hits the fact...you need to prospect, prospect and prospect.

Vince Tinnirello joins us today on MSP Business School. Vince leads the Business Development team for Anchor Network Solutions and today we talk about the steps he has taken to help grow the business 2x in three years.

2:01 –  Vince kicks off his backstory by sharing the career path that ultimately sent him towards a career in IT.  Coming from a hospitality background, Vince saw that the standard IT companies they worked with didn't deliver with a customer service focus and that became his mission

7:26  – Brian shares his experience in the hospitality sector and Vince responds by sharing about a presentation he has given in the past about "Customer Service the Marriott Way" and shares how problems and questions in the hospitality industry translates to the issues we face in IT.

11:41  – Robb kicks off a discussion on how Anchor got past the $2.5M barrier that many MSPs get stuck at and grew to $6M+ in just 3 years. Vince shared how he helped the team get past that and the steps taken by his management team to drive upward success.

15:03  - The conversation shifts to client assessments/raters that allow you to measure the relationships with your customers.  Tim brings up criteria for firing a client and the team expands on this concept.

22:26 - We close out the conversation of how Vince came to understand how culture is real and plays a part if generating client success.

In this episode, our Brian and Tim talk about Risk Based Selling an how it can drive a more consultative discussion where customers can make a more informed decision about projects and services.

We discuss that the biggest reason that customers do not want to engage in meetings like QBR's is often because it is treated like a sales call by the MSP vs. an opportunity to learn and grow a relationship. Risk based selling can change the narrative.

When leveraging risk based selling process you need to first understand how the customer views risk in their business and then match your discussion to their viewpoint.

We need to help them understand the risk factor and what the cost to be to their business if that risk is realized. This will arm them with the proof points they need make a decision they feel confident about when choosing technology initiatives to move forward.

George Smith joins us today on MSP Business School and we discuss how important it is for MSP's to manage and monitor their clients cloud services and if they do not, someone else will.

2:01 –  George shares his backstory that begins in Northern Ireland, with a stop in London, before settling in his home of Canada.  He talks about his start in tech originating in web development, finally landing at Augmentt

5:25  – George share the history of Augmentt and how the idea for the product came to be. With the support world moving to the cloud MSP's need a tool to manage it.

9:25  – George shares how SaaS management can go beyond risk and help as well with productivity. The conversation shifts to shadow IT and how to manage that problem facing our clients.

13:48 – The conversation pivots to Microsoft 365 management and how to go beyond the Secure Score to drive new opportunity.  Augmentt can support that process and add other security information to help the customer better understand where the total gaps reside.

15:50  - Tim addresses the sales opportunity behind SaaS Management and George shares how MSP's can generate new revenue through security scans as part of the prospecting process.

19:00 - The conversation shifts to user education.  To reduce security issues companies need to build policy to support acceptable applications and users need to know the risk of not following the guidelines to security for the organization.  It starts with a proactive view vs. a reactive approach.

22:22 - We close the episode with a discussion of how to engage with Augmentt and a secret approach to how to get to know Augmentt better (hint Top Golf).

Garret Peaslee joins us and tells the story of a person that has seen it all in the IT services space. Starting in 1986 before the internet, Garret has show the ability to adapt to change and grow a business and expand.

1:17 –  Robb, Tim, and Brian recount their trip to CompTIA ChannelCon and share a story about the "Ducky Derby".

2:47 – Garret starts the conversation sharing his background which starts with him starting operations in 1986, pre-internet, pre-networking, as a desktop publishing service provider.  This launched a career of adjusting and adapting to meet the evolving technologies.

7:38 – Garret shares how as the internet began to explode he and his team invested $5M and built a data center.  This opportunity drove Garret into the world of MRR.  He and Brian share war stories from the data center.

13:03 – The call shifts to his sale of his company.  Once they hit $18-$20M in revenue they enlisted a broker to support the sale.  It was a successful exit and it keep the majority of the team remaining employed post-transaction. A big concern of him and his partners was to find them a safe landing.

16:56 – Tim starts a discussion of how not only was Garret the CEO of Secant, but he also led the sales team. A rare occurrence in the Managed Services industry for a mature MSP.  Garret then shares how it was a passion of his and that is why he kept the controls.

20:09 - They close the episode with a deep dive into the selection process for and M&A broker.  This includes the consulting that broker provided to help drive the sale, the handling of the legal process with a high-end attorney, and leading the marketing process.

In this episode, our team talks about the Whitespace opportunity.  Existing customers offer a huge opportunity to grow revenues and every MSP shares in this chance to expand their relationship with clients.

The Whitespace opportunity starts with an assessment of where each client stands against your tech stack and your standards. When you identify the gaps, you can identify potenitial.

Brian, Robb and Tim engage in a discussion that outlines tips that MSP's and MSSP's can use to to grow their revenue within each customer through cross-selling and upselling opportunities.  Join us as we share how you can grow sales immediately through a whitespace analysis of each client's environment and download our worksheet to do so at our sales development application site Sales MaturIT.