TIn part one of a two-part series, we dive into the growth challenges early entrepreneurs face, including the mindset we have to be prepared to have to be successful. Today’s guest knows all about adapting his mindset to meet his needs. Dave Hoeffel is a local Twin-Cities entrepreneur and founder of Endurance Technologies who sold his company to a private equity firm on New Year’s Eve 2020 for millions of dollars. Dave’s got such an incredible story to share, from surviving a number of crises like the dot-com crash and 9/11 to his company’s building burning down and being on the line for some of the recovery costs. We’ll also touch on the emotional challenges we all experience owning a business we’re trying to grow, while concurrently making progress for the long-term and remaining true to ourselves. This is directly tied to why people get so emotional when they start thinking about exiting their business. Regardless of where you are in the entrepreneurial journey, Dave’s got some fantastic insights to share with you. 

 

What You Will Learn In Today's Podcast Interview

When you should sell to a private equity firm and how to coordinate the sale

How an early realization of the freedom that comes with entrepreneurship shaped Dave’s outlook for the future

Why it’s crucial to diversify, especially in distribution

How his family business survived 9/11, even after his banker pulled out

What was different in his second partnership that allowed it to continue to this day

Dave’s wife’s reaction to finding out she was on the hook if things went wrong in the business

What he’s learned from crisis that applies to business

How Dave grew his company from $3.5 million in sales to $5 million to $7 million . . . and why he never made any money

How understanding financials can help entrepreneurs navigate challenges and their growth need to be more informed about finances if they want to be successful

The value of pulling money from the business to support the team

How Dave’s business managed to survive the building burning down in a huge fire and the $700,000 fee he suffered because he didn’t have cleaning insurance

Why Dave called his competitors to help save his business and what that says about his networks

The best deal isn’t always the lowest cost to you

When to change your company’s image and focus, and how quickly it can be done

 

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?

Do you know what you want from your business long term and why?

Do you know what your company is worth?

Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?

Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

 

About the Guest:

Dave Hoeffel is a founder, a father and a family business man. Dave is presently doing business development for the Polytek Development Corporation, after having sold the business he founded out of the