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Dave Hoeffel is part of the Polytek Development Corporation and the founder and former owner of Endurance Technologies.
04:48 - “I knew I needed to replace her, but I didn’t want her knowledge to go to somebody else who could leave me. That’s your biggest fear as a business owner.” – Dave Hoeffel
06:32 - “Sometimes traction is run so pure that she doesn’t belong because she isn’t a decision-maker.” – Dave Hoeffel
08:30 - “Life could actually be better than this. How would that be possible?” – Dave Hoeffel
13:23 - “When we solve a problem, we want to solve it forever.” – Dave Hoeffel
15:08 - “Hey, I had a panic attack about this. Is it okay?” – Dave Hoeffel
19:08 - “EOS doesn’t find sales.” – Dave Hoeffel
20:07 - “I started to recognize we were going to be making money. That’s when my mindset changed.” – Dave Hoeffel
23:44 - “Without the capacity to produce the product, we couldn’t keep up.” – Dave Hoeffel
25: 55 - “My perspective early in business—maybe a bad one-was if I reach out to someone else, it shows weakness in my ability to run the company.” – Dave Hoeffel
26:46 - “Insecure business owners are the most successful, if they fix it.” – Dave Hoeffel
31:05 - “Family businesses, I believe really strongly in them. I believe less strongly in them now than I did 10 years ago.” – Dave Hoeffel
34:21 - “In those early years, my EBITDA was all depreciation, amortization, all those things I can’t spend and are just getting sucked out.” – Dave Hoeffel
43:39 - “Success comes from hard work and suffering and that’s what I believe. I mean, that’s how I got everything.” – Dave Hoeffel
47:54 - “We as entrepreneurs always believe that making a million dollars today is better than getting a million dollars in our checking account because I can do this for 10 years and still sell it.” – Dave Hoeffel
56:00 - “With the numbers they were talking about, my family was good. It put all of it onto who I was as a human being and how I was going to treat others. And that’s what reflection did to me.” – Dave Hoeffel
57:52 - “It came with pain.” – Dave Hoeffel
62:02 - “If you don’t buy me now, I’m not for sale for six months and my number will be bigger and I’m going to take it to auction.” – Dave Hoeffel
65:00 - “What I’ve learned is that you can do it smooth. You can [sell your company] with care for the company and care for the employees.” – Dave Hoeffel
68:15 - “With the end in mind, the next business I buy, I’m going to know if we’re going to sell it or keep it or how [to] transition it to whoever my partners are.” – Dave Hoeffel
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Liam is a serial entrepreneur who runs Time Doctor and Staff.com (one of the most popular time tracking and productivity software platforms in use by top brands today). He shares his insights from hundreds of thousands of users, and what trends are accelerating at lighting speed. What You Will Learn in Today’s Podcast Interview: What the future of work and business will look like post COVID vaccine The crucial difference between “remote working” and “work from home” Why managing remote working is like “printing money” Why 22% of Liam’s clients have already cancelled their commercial leases What 50% of Liam’s clients are thinking about as it relates to the future of their office How to free up one of the largest expenses on the P&L Ways to build a company culture “on purpose” vs by accident Why high performers are using the remote flexibility to get 2 more hours of sleep a day How one entrepreneur is buying traditional business and taking them remote to grow a portfolio of extremely valuable companies How their data shows that efficiency, instead of more time, leads to greater success How Time Doctor allows companies to evaluate performance both within the organization and among other similar companies What the hierarchy of communication is, and why less communication can facilitate your work flow Why the days of the $500k Google developer are gone How to analyze and optimize productivity for each position in a company Why Liam sees this time as a restructuring of our economy Podcast Interview Summary: Today’s guest is Liam Martin, the co-founder of Time Doctor (time tracking tool) and an advocate of remote work. With hundreds of thousands of users and clients like Verizon and Keller Willams, Liam has insights into how big and small companies are planning on managing ...
Whether you want to acquire, grow or exit your business, this episode is a must listen because it is packed full of information on about the state of lower M&A market, how to find companies to buy, creative deal structures, valuations, things to do before you sell and more. What You Will Learn in Today’s Podcast Interview: Why deals in the $1-5 million value range are mostly about psychology and relationships Creative ways to structure the purchase of a company without putting any money down Why the age of a business owner can impact the value of the business Where and how to find companies to buy The limitations of using an SBA to fund a deal Why most business owners don’t decouple themselves from the day to day operations of their business The difference between being and owner operator and an investor in a business What holds most business owners back from scaling their businesses Why the number one “exit strategy” for business owners in the US is to shut their doors The biggest barriers owners face when it’s time to exit their business Why it is necessary for owners to have a plan for themselves after the sale Carl’s top 4 pieces of advice for buyers and sellers after doing 340+ deals Podcast Interview Summary: In today’s episode, Carl gives us a look into the depth of his expertise on buying and selling businesses, educating and advising owners, and best practices for conducting deals. After working on Wall Street in the beginning of his career, Carl worked as the Director of M&A for Hewlett-Packard. In this role, Carl went around buying companies for HP, which included his largest deal of 13.9 billion dollars. Twelve years ago, he made the decision to retire at the age of 37 after his ...
An Entrepreneur’s Journey to a Sale Have you ever wondered what the entrepreneurship journey looks like? There are a lot of components! Today we’re going to be talking to Kelly Caldwell. Kelly is a successful entrepreneur who started with a wildlife science degree and working in a zoo and ended up growing her business to $25 million in revenue and then sold it to a public company. She’s got a great story, and you won’t want to miss it! In this episode, you’ll learn: The first decision that Kelly made in order to jump into entrepreneurship with both feet. Information about Kelly’s early career experience that led to her starting her own business. Some of the challenges and milestones that Kelly met shortly after starting her business, including how she handled the cash cycle. The direction that Kelly wanted to go in as the business grew, as well as how she shifted from growth mode to big-business mode. Some of the considerations that Kelly had to keep in mind as she looked forward to selling, as well as what she thought the probable outcome would be once she sold. How Kelly kept her employees in mind as she considered interested buyers. What Kelly wanted in terms of both price and terms from a sale and how it turned out. The emotions that Kelly went through when she went through the sale and integrating with the new company. One thing that Kelly might have done differently on her entrepreneurial journey. What Kelly is doing now in her life after business. The entrepreneurial process is different for each of us, this ...