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.
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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 literal ashes of the old family business to them on New Year's Eve 2020. His over 30 years of business operating experience and subsequent sale of his company, Endurance Technologies, taught him about distribution, transition, rebuilding, and crisis management. When not helping other businesses grow more successfully, Dave devotes his time to his wife, Jenni, and their four children.
11:00 - “All the chips, everyday, on the table.” – Dave Hoeffel
12:55 - “If I could pull all the things I learned in the last five years and apply that back, these were all the right things to do but nobody told us what to do. This was just me and my dad.” – Dave Hoeffel
13:49 - “My dad was always just getting the squeeze and in that business, if you lost a major line, your business was gone. There is no business.” – Dave Hoeffel
19:29 - “That hardened me a bit. Like, all these events go along, just harden you. All these people told me they cared, but they didn’t.” – Dave Hoeffel
22:59 - “Sometimes you don’t know where feelings come from because you bury stuff so deep.” – Dave Hoeffel
24:49 - “We’re supposedly making money and I’ve got no money.” – Dave Hoeffel
27:20 - “I just wasn’t well-educated. I did the books, but I didn’t understand book keeping.” – Dave Hoeffel
32:44 - “I did not have insurance to clean my facility – to clean up the mess. $700,000.” – Dave Hoeffel
36:23 - “It’s really an interesting thing. That corporate philosophy that we have is really important toward how we change going forward.” – Dave Hoeffel
53:30 - “We brought a huge value-add in custom formulating.” – Dave Hoeffel
54:30 - “We need to do things differently because this customer base isn’t good.” – Dave Hoeffel
63:13 - “My son-in-law just bought a business, and I said, ‘The first thing you need to do is put in a budget for traction.’” – Dave Hoeffel
63:25 - “If I said, ‘Ryan, I’ll buy your business’ and you were going to give it to me for free, but I could never run traction, I wouldn’t do it. I don’t know how to run a company anymore without it.” – Dave Hoeffel
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