#250: From a Burnt Down Building to a Multi-Million Dollar Sale to Private Equity [Part 2: The Exit Story]

May 26, 2021 01:11:20
#250: From a Burnt Down Building to a Multi-Million Dollar Sale to Private Equity [Part 2: The Exit Story]
Intentional Growth
#250: From a Burnt Down Building to a Multi-Million Dollar Sale to Private Equity [Part 2: The Exit Story]
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Show Notes

In part two of our two-part series, Dave Hoeffel shares the mental and emotional impact of business ownership and what it took for him to get out of a vicious cycle to achieve the vision he had for his business and life… and why he decided to sell to private equity at the end of 2020.
 
We dive into the value of having proper knowledge of how entrepreneurship works, the benefits of a mentor, KPIs, the repercussions of not understanding your financials (normalized EBITDA, working capital, and more), and how to create a relationship with your business that can change your life and create a better future. More importantly, we’re going to address a topic not often discussed by business owners: anxiety and how to deal with it.

What You Will Learn In Today's Podcast Interview

 

 

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About the Guest:

Dave Hoeffel is part of the Polytek Development Corporation and the founder and former owner of Endurance Technologies.

 

Quotes:

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

 

Links and Resources:

Dave Hoeffel’s official website

Email: [email protected]

Epoxical Fire video

Mastering Your Cash Flow Digital Course

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

 

You can also reach out to me via email at [email protected], or on my LinkedIn.

Episode Transcript

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