The Art of Succession · 2025-04-15 · 57 min
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.
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