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Why New Charter

Stronghold Data has a proven track record of success. Founded over 30 years ago, the team continues to grow and innovate to meet the clients’ and market’s evolving needs. James Richards, one of the founders of Stronghold Data, was not interested in selling his company – although approached by numerous different M&A opportunities over the course of the years. Several years back James joined the HTG Peer Groups and was introduced to Scott Putnam, the founder of Apex Technology. Scott Putnam joined New Charter in 2020 and presented James with the opportunity he was going to take for his company.

Scott explained why he joined New Charter and why this opportunity is unlike anything else in the M&A space. New Charter is not looking for companies that want to sell but rather, seeking companies that want to continue to run their business with a financial partner for further investment, and a team to join in leading the industry through the next round. “My CPA and attorney both told me this is one of the best opportunities they’ve ever seen in the M&A space. That spoke volumes because they are some of my most trusted advisors”, explains James.

Joining New Charter as the eighth company has allowed the team to gain invaluable opportunities such as the ability to spread out risk, provide a growth and exit strategy, peer collaboration, broader capabilities and resources, and more. However, one of the biggest takeaways and advice James has for companies in a similar position is, “Don’t wait. As the value of New Charter raises, your multiple of what you think you are going to be able to build on your own will not keep pace with New Charter’s growth.”

About Stronghold Data

Stronghold Data is located in Joplin, Missouri, and provides dedicated IT support and complete IT solutions for small to medium-sized businesses in various vertical markets. The team is committed to fostering a positive environment, building long-lasting client relationships, and providing high-quality IT solutions no matter what.

My CPA and attorney both told me this is one of the best opportunities they’ve ever seen in the M&A space. That spoke volumes because they are some of my most trusted advisors.

James Richards, Stronghold Data LLC

It will become more and more difficult for a standalone managed service provider to provide high level services across the client’s needs, whether it’s telecommunications, digital security, etc. They’re not going to be able to do it as well as a group of people that have a greater focus on it together.

~James Richards, Stronghold Data LLC

BROADER CAPABILITIES & SERVICE OFFERINGS

Understanding and responding to the Market’s needs.

The industry is evolving at an accelerated pace. MSP owners are being challenged to offer a broader array of new technologies to meet the growing demands. James comments, “It will become more and more difficult for a standalone managed service provider to provide high level services across the client’s needs, whether it’s telecommunications, digital security, etc. They’re not going to be able to do it as well as a group of people that have a greater focus on it together.”

Having a team of diverse MSPs allows each company to bring their unique skill set to the table for others to leverage and build upon. Since coming on board, Stronghold has explored new security and phone servicing options. This model allows clients to have a larger array of services to select from – all kept within the New Charter banner. In turn, competition is minimized and the focus on working together to support, build, and provide a service is enhanced.

PRESERVATION OF BRAND & CUTLURE

Stronghold has a very tight-knit culture and James was committed to preserving this – along with the company’s values, mission & vision, and brand. The biggest factor for James that pushed him to moving forward with New Charter was knowing the values of the founding partners. “We are a people-based business, and you can’t disrupt that. We have to work together with people who have a similar growth mindset. I was not joining an unknown culture. I have spent time with this group and truly trust that we align on our vision and goals.” Additionally, companies that come on board with New Charter maintain their identity – they are part of a larger picture with their own unique puzzle piece. Stronghold has fully tapped into the New Charter Partnership and is looking forward to a successful, collaborative, and exciting future.