In other industries, scaling, hiring middle managers and geographic expansion are obvious indicators of growth, Bickmore said, but MSP owners "don’t understand what growth looks like,” he said.

Patrick Heffernan, principal analyst at Technology Business Research, said in an email response to an IT Best of Breed question that a lack of business acumen in entrepreneurs runs across industries.

“I’m reminded of Ben and Jerry’s,” the Vermont-based ice cream manufacturer and retailer, TBR analyst John Caucis said in an email. “Several years ago, as their company continued to grow rapidly and reach a critical mass in terms of revenue, they were compelled to bring in a seasoned CEO to run the business. They definitely knew ice cream, but lacked the business acumen.”

Bickmore said SNAP differentiates itself because acquisitions have always been part of his company’s plan. Therefore, the management team has prepared for it since inception.

Initially, he said, SNAP understood what parts of its business drove profitability so management could better understand what acquisitions would create the best benefit.

“Very few MSPs truly understand their own business model and the inner workings of it; they don’t know how they truly drive profitability," he said. "I think that they really do a bad job evaluating potential acquisitions and realizing what the true opportunity is." SNAP also has lawyers on its payroll to evaluate potential deals, has brought in industry experts to assist in their acquisitions, and relied on long-standing relationships with a local bank to help bankroll acquisitions, Bickmore said.

Part of SNAP's due diligence process also examines an acquisition target's culture and the technology it uses to determine if they'll be good fits for the company, he added. 

“Most important up front, is the cultural match: Do we think that their employees and customers will like how we do business?" he said. "We have to believe that they do … - If we don’t have that, there is no point in going for it.”