And this is why I don't trust anything cloudy... it may have borkage in it...
Sure, on paper it looks great - no physical server or hardware to worry about, no email admin to pay, no licence fees to worry about...
...until cloud services bork horribly, and you cannot send/receive any emails...
...and lose a multimilliondollar contract.
Now suddenly a dedicated server with email software and a dedicated email admin looks cheaper compared to the money you've lost...
Face it, you don't need somebody to be present 24x7x365 at the email server. The server itself can sit on your premises, but you can contract somebody to come and check its health once every week or so. Same with the hardware, there are many options out there. Purchasing a server outright may not be in your best interest, you can perhaps lease a server (and get a new server every 2 years this way).
But if your business aren't reliant on emails (small home office etc) then cloud is the best bet, although keep in mind it will be wibbly and wobbly.