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

 

Why going through the Arkona Intentional Growth™ Boot Camp and knowing what he wanted from the business allowed Dave to quickly vet the out-of-the-blue offer and decide to sell

How a banana led Dave to realize he needed a better handle on his chaos

Making money isn’t a linear trip

How, despite losing money, Dave had a positive normalized EBITDA

The true value of long-term, dedicated and loyal employees, even as they approach orpass retirement age

How a different management structure spurred fresh growth in his business

When not to follow your metrics to the T

How solving problems for the long-term and holding people accountable creates wealth

The dramatic value EOS© (Traction) brought to Dave’s business and how it transformedhis team

How to shift your perspective so you can imagine, and therefore build, a better life

What not identifying and monitoring your top KPIs costs you

When you should start the hiring process—whether or not you have the capital ready

Why business owners take out loans for personal items like boats instead of using cashthey have saved up

The best reasons to join a peer group and what you can expect to achieve after

How to measure talent to help you decide on succession plans for employees

Why it’s crucial that you and those you get advice from understand working capital

When and why you need to be open to self-improvement and change in order to achieveyour goals

 

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 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