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 or
  pass 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 transformed
  his 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 cash
  they 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 achieve
  your 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