Dave Reid is one of my favourite podcast guests, because he's interesting and strategic but also because he happens to play in my universe of "IT stuff". He has interesting perspectives on how businesses need to change over time, and how a customer base must change accordingly, as well as the way he quite intentionally positioned EPIC Information Solutions for an acquisition by MTS by moving into competition with them.
Evolution, I think, is such a critical part of business. If you just keep doing what you’re doing, eventually you’ll just become a dinosaur.
My experience has been that regardless of who the customer is, there’s moments when you say “This is my best customer I’ve ever had,” and then sometime in the future, they’re no longer your customer for sometimes a variety of reasons. [...] One of the realizations there is, that as soon as a customer represents 20% of your business or more, you better start planning the day that they’re not going to be.
When you’ve identified strategic buyers of your business, they may or may not realize it themselves but your best attack is to start building a relationship with them. Now, that could be a partnering relationship, or it could be a competitive relationship.
Listen to a complete interview with him here.