Following up on CEO Arnie Bellini’s commitment to expand the ConnectWise ecosystem and help partners grow their businesses, ConnectWise announced today that it is now accepting applications for two new initiatives: the Pitch IT business expansion contest and the IT Nation Connect M&A Deal Crawl.
“One of our company’s core values is to obsess with partner success, and these two new initiatives reinforce this promise,” said Pete Sorensen, Vice President of The IT Nation, ConnectWise. “We are committed to supporting our partners’ business goals, whether this means expanding their current operations by adding new services or better equipping them to make decisions in today’s robust M&A marketplace.”
Pitch IT Competition
ConnectWise partners are invited to submit a business expansion idea through Pitch IT, a competition that will offer the first-place winner up to $100,000 to carry out its business plan. Second- and third-place winners will be awarded up to $50,000 and $25,000, respectively.
“After an outstanding response to our recent Tech Tank contest, which focused on inventive integration ideas, we decided the next competition would center on funding innovative business plans. The goal is to give an extra boost to ConnectWise partners who are truly committed to expanding their businesses, whether that is by adding new or enhanced products or services or by reinventing a team,” said Sorensen.
Entries must use the Pitch IT business plan template and be submitted no later than Sept. 30. Three finalists will then be invited to present their ideas at IT Nation Connect in November to a panel of industry experts who will choose a winner and two runners up. The submission template as well as all contest rules and additional information are available at Pitch IT page on the ConnectWise website.
M&A Deal Crawl and IT Nation Connect Sessions
Sorensen said another way that ConnectWise plans to help set up partners for success – whether they are looking to grow through acquisition or are planning an exit strategy – is through a new M&A Deal Crawl and a series of focused IT Nation Connect sessions that address the challenges of mergers and acquisitions. Both are taking place in November at IT Nation Connect, an annual ConnectWise conference for those in the IT services industry.
“Because we see too many M&A failures, we wanted to find a way to help our partners be better prepared for all that goes into these transactions,” he said. “The M&A marketplace is very active today, and the time is ripe for partners who want to take advantage of the opportunities. The M&A Deal Crawl and the M&A sessions are designed to do just that.”
The first-ever M&A Deal Crawl will provide an opportunity for a limited number of qualified buyers or sellers to meet in person during IT Nation Connect. To participate, interested parties must complete an application form and sign a non-disclosure agreement. Buyers and sellers will be evaluated by ConnectWise and matched based on timeline, size, profitability and more. Those who qualify will be invited to attend the private M&A Deal Crawl on Nov. 8 in Orlando where they will meet other participants.
“The idea here is to set the scene for an initial conversation. There is no fee to participate, and ConnectWise will not participate in any of the initial or follow-up conversations. Our goal is simply to spark a relationship that hopefully leads to a successful deal,” Sorensen said.
A link to the application and additional information is available on the M&A Deal Crawl page on the ConnectWise website.
To help all IT Nation Connect attendees interested in learning more about how to successfully approach an M&A strategy, ConnectWise also is offering eight M&A-focused sessions, including “Dream or Dilemma – What Buying a Business is Really Like,” “The Strategy of Growth and Legacy through M&A,” and more. Details are available on the M&A theme page.
In addition to the M&A content, IT Nation Connect 2018 will provide in-depth, practical business advice focused on the following break-out themes: Managed Security, Scalability & Growth, Sales and Marketing, and Attracting and Retaining Talent. Visit the IT Nation Connect 2018 page for more information about these themes, the Nov. 7-9 conference and registration.