In this episode, the team at Revenue Rocket walks through the successful sale of a managed services provider (MSP), codenamed Project Neptune. Hosts Mike Harvath, Matt Lockhart, and Ryan Barnett discuss how the West Coast-based MSP, achieved 30% year-over-year growth and over 30% adjusted EBITDA margins, making them an ideal sell-side client. Project Neptune wasn’t about exiting. It was about “selling in," finding a strategic partner to help scale further while staying active in the business. The Revenue Rocket team shares insight into how they ran a full-market process, engaged nearly 180 potential buyers, and secured a favorable outcome that included cash at close and equity participation in the acquiring company. The episode offers key advice for MSP founders contemplating an M&A journey, with an emphasis on realistic valuation expectations, the power of a well-structured deal, and the importance of staying focused on the business throughout the transaction.
Intro to Project Neptune – A high-growth, high-margin MSP built by a husband-and-wife team.
Why Sell? – The founders sought scale, not an exit. They wanted to join a larger platform.
The Process – Revenue Rocket led packaging, marketing, and diligence with 180+ buyer targets and 12+ indications of interest.
Deal Structure – Final deal included cash at close, equity roll, and a minor earnout.
Valuation Expectations – Reality vs. wishful thinking and how credible advisors help bridge the gap.
Lessons Learned – Managing bumps in the road (e.g., buyer-side delays), and keeping the seller focused on growth.
Not every sale is a full exit—“selling in” can unlock long-term growth.
A structured process with a wide buyer pool yields better results than reacting to unsolicited offers.
Great deals require great preparation: clean financials, clear strategy, and trusted advisors.
Flexibility in deal structure is key—enterprise value is only part of the picture.
The right advisor will do the heavy lifting so founders can keep running the business.