Q4 often turns into a deal sprint as buyers try to deploy capital and sellers weigh tax timing and clean year end cutovers. The team lays out a realistic path: most deals need ~90 days post-LOI. We offer a framework for deciding whether to close by Dec 31 or slip to January when tax, culture, or renegotiation dynamics make more sense.

Founders face three real paths: grow organically, buy growth via M&A, or grow to sell. We compare time-to-impact, leadership bandwidth, capital needs, and integration load, and show how each choice affects valuation levers like margin quality, recurring revenue, and concentration risk.

Lockboxes trade post-close true-ups for price certainty: you set a price as of a “lockbox date,” define permitted leakage, and close without a working-capital adjustment. That’s cleaner, but in a growing business, value after the lockbox date typically accrues to the buyer, so speed matters. We compare lockbox vs. cash-free/debt-free, translate excess working capital into headline price for apples-to-apples offers, and flag tax/escrow gotchas. Sellers get a simple checklist to protect upside and avoid leakage disputes.

EPISODE 231. The team demystifies EBITDA multiple arbitrage for IT services leaders! Talking what it is, why it works, and how to capture the upside without stepping on landmines. Mike lays out the math behind buying smaller, healthy firms at lower EBITDA multiples and selling a larger, integrated platform at a higher multiple. Matt explains why scale alone isn’t enough: the winners broaden capabilities, mature processes, and move up the value chain. The crew digs into the seller’s calculus on rolling equity (hello, second bite) versus cash at close, plus real risks around dilution, culture fit, and execution. Then they get practical: what great integration looks like, where synergy is real (not imagined), and why revenue and profit velocity command premiums. They close by weighing strategic buyers versus PE-backed platforms and the questions every seller should ask before “joining the roll-up.”

EPISODE 230. This Shoot the Moon episode defines the real-world differences between a boutique M&A advisor and a middle-market investment bank, specifically for IT services founders. The team explains where banks shine (IPOs, capital raises, complex financings) versus where operator-led advisors excel (industry specialization, targeted processes, hands-on counsel). They contrast deal sizes and focus, why advisors lead with strategic and cultural fit before price, and how staffing models differ (partner-led vs. analyst-heavy). You’ll also hear how “long-tail” sell-side readiness (months or even years before market) can materially improve value, and the practical questions to ask any firm before you sign a mandate. Pick the partner who maximizes certainty of close, cultural alignment, and net proceeds—not just the biggest logo

We’re diving into a topic we’ve preached for decades but is showing up big-time in recent calls: vertical market focus as a key value driver in M&A. It’s not just PE firms chasing verticalized platforms anymore — strategics are dialing in too. From healthcare IT and legal tech to construction-focused MSPs, we’re seeing how domain depth beats general breadth when it comes to valuation, buyer interest, and integration success.

Ryan, Matt and Mike from Revenue Rocket discussed with Kevin Lancaster, CEO of Kevin Lancaster the rapid advancements in AI technology and its significant impact on the managed service provider (MSP) industry. Kevin shared insights from his company's Channel Program platform, which provides MSPs with data-driven intelligence to optimize their technology stack and financial management. The conversation highlighted the challenges MSPs face in navigating the proliferation of tools and the need to adopt AI-powered solutions to drive operational efficiencies and business value for their customers.

EPISODE 227. This episode of Shoot the Moon explores the emotional and practical challenges sellers face during the M&A process. Matt Lockhart and Ryan Barnett discuss why sellers often experience “cold feet,” what triggers uncertainty, and how advisors can guide them through preparation, diligence, and negotiation. The conversation highlights the importance of clear expectations, advisor support, and maintaining confidence through every stage of a deal.

When one client makes (or breaks) your tech-services firm, is it a golden goose or a grenade? In this Shoot the Moon episode, Mike, Ryan, and Matt unpack the high-stakes world of customer-concentrated M&A: red-flag myths vs. revenue rocket fuel, how strategics turn “50% with five clients” into diversification wins, and the deal structures that keep everyone smiling if the anchor customer drifts. Tune in for smart war stories, valuation hacks, and playbooks that turn concentration risk into closing-day upside.

Mike Harvath and Ryan Barnett unpack the strategic, financial, and operational reasons IT services firms, and their PE sponsors, turn to buy-side M&A advisors to accelerate growth. They outline the prerequisites for a successful acquisition program, the risks of going it alone, what a credible advisor actually does, how long the process really takes, and typical fee models.

In this “selling-in” installment of Shoot the Moon, Mike Harvath, Matt Lockhart, and Ryan Barnett tackle the question every founder eventually faces: “You sold your business—now what?” They break down the two common exit paths—sell-in (recap with a minority roll-over) versus sell-out (full exit)—and explain why the post-close experience and upside look very different in each case. Drawing on personal exits, recent client deals, and decades of advisory work, the trio explores how to: craft a realistic personal plan before the wire hits so idle time doesn’t turn into regret; assess cultural fit just as rigorously as financials to avoid post-close “dissonance”; treat earn-outs and equity rolls as risk-managed upside, not “funny money,” and stay engaged so they actually pay out; prepare emotionally for shifting relationships once you’re no longer “the boss” and channel your entrepreneurial energy into a new chapter. Throughout the conversation they emphasize that a clear roadmap—and the right advisor bench—turns a life-changing liquidity event into a springboard for the coveted “second bite at the apple.”

Mike Harvath, Matt Lockhart, and Ryan Barnett unpack how IT-services acquirers and sellers balance downside risk with upside reward. They argue that best-in-class firms stay acquisitive because acquisitions compound strategy, culture, and financial fit into “1 + 1 = 3-plus” value. That payoff, they say, hinges on a growth mindset—seeing risk as something to quantify, plan for, and then push through.

In this episode of the Shoot the Moon Podcast, Mike Harvath and Ryan Barnett dive deep into the often chaotic and critical final 30 days leading up to an M&A transaction close. Dubbed "herding cats," this phase involves juggling legal, financial, advisory, and communication challenges, all while maintaining momentum toward a successful deal closure. They walk through the key players, from lawyers and tax advisors to internal teams and buyers' funding sources, and provide candid advice on how sellers can stay focused and effective. Communication strategy, particularly with employees and customers, is emphasized as vital to a smooth transition. Listeners also get a detailed look at deal day mechanics, legal negotiations, working capital calculations, and integration planning. Whether you're approaching a sale or actively in diligence, this episode is packed with insights for making the last 30 days manageable—and successful.

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.

Matt Lockhart and Ryan Barnett discuss the importance of non-compete and non-solicitation clauses in M&A deals for tech services companies. Non-competes protect buyers' interests by preventing sellers from using their knowledge and relationships to compete. Duration can range from one to five years, with shareholder agreements often lasting five years. Scope should be specified to avoid overly broad restrictions. Enforceability varies by state. Non-solicitation clauses protect against employee poaching. Consideration for non-competes can include cash. Sellers should carefully review these clauses with legal counsel to ensure they are market-standard and not overly restrictive.

Ryan Barnett and Matt Lockhart discuss how IT services firm owners can assess their readiness to sell when approached by a potential buyer. They explore the importance of preparation as a competitive advantage, outline what a true M&A readiness plan entails, and weigh the pros and cons of one-off buyer conversations versus a structured process. Tune in to learn how to manage buyer interest while keeping your options open.

Vet the Buyer’s Financial Capacity Like a Pro! Mike Harvath, Matt Lockhart, and Ryan Barnett discuss the importance of verifying a buyer's financial credibility in IT services M&A deals. They emphasize understanding the buyer's type, whether a financial or strategic buyer, and their ability to secure funding. Mike explains the role of limited partners in private equity funds and the differences between independent sponsors and established private equity firms. They highlight the significance of commitment letters, proof of funds, and the importance of a balanced deal structure. The discussion underscores the need for transparency, early due diligence, and the role of advisors in qualifying buyers and ensuring a smooth transaction process.

Mike Harvath and Ryan Barnett discuss the emotional component of mergers and acquisitions in the IT services industry. They highlight the emotional challenges founders face when selling their businesses, including attachment to relationships and inflated business valuations. They emphasize the importance of maintaining objectivity and using advisors to navigate negotiations. Common signs of emotional clouding include inflated business valuations and overzealous buyer behavior. Preparation, alignment with advisors, and patience are crucial for a successful transaction. Emotions should be managed to enhance enthusiasm but not cloud judgment. Advisors act as mediators to ensure rational decision-making and improve transaction success rates.

Let’s talk owner salaries, bonus plans, and the fine line between smart and shady.

Financials don’t kill M&A deals — people do. On this week’s podcast, we talk through why sellers hesitate to share their numbers, and what buyers can do to earn the right to ask.