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.
Listeners can learn more about Mike Ritsema by connecting with him on LinkedIn or visiting i3bus.com.
