Are you ready to learn how to build a business empire? Today, we dive into the insights of entrepreneur, investor and coach Adam Coffey with over two decades of experience. Adam Coffey has led three national private equity-backed companies and is known for creating high-performance cultures that drive exponential growth. The host of The Deep Wealth Podcast and post-exit entrepreneur Jeffrey Feldberg speaks with Adam about little-known success strategies that get results.
Adam Coffey’s journey began when he served in the U.S. Army. He learned valuable lessons about teamwork, discipline, and leadership. After his military service, Adam moved on to a career in engineering, followed by a significant stint at GE during a period of rapid growth under Jack Welch’s leadership. He then spent many years as a CEO, successfully buying and selling companies. Adam emphasized the importance of having a clear end goal in mind and planning meticulously, stating, “Pilots don’t take off unless we know where we’re going.”
Adam Coffey has filled various roles in his career, from start-ups to being a CEO for over 20 years. “All entrepreneurs, our stories, our lives, they’re an assembling of our experiences,” says Adam. He started in the U.S. military, which taught him about teamwork and discipline. Later, he worked at GE during its golden years, learning to run businesses under Jack Welch’s leadership. But his career really took off when he decided to leave the Fortune 500 world and lead a private equity-backed company. Adam remembers his mentor’s advice: “Once a president, always a president.” He took a chance that paid off.
Building High-Performance Cultures
Adam Coffey believes that to build an empire, you need people—lots of them. And to attract and retain talent, you must have a healthy company culture. He cautions against toxic cultures and emphasizes the necessity of valuing every employee’s contribution. “I only buy good companies run by good people,” says Adam. A strong culture not only supports growth but also makes businesses more attractive in the marketplace.
A key lesson Adam learned is the importance of company culture. “You can no longer have a toxic culture and be successful,” he explains. Toxic cultures don’t attract or retain talent. For Adam, taking care of people and expecting high standards go hand in hand. In his businesses, people are the most valuable product. He emphasizes that a strong culture naturally leads to business success. “Revenue rains from the sky” when you have an engaged workforce, says Adam.
Viewing Exits as Opportunities
Most entrepreneurs see exits as the end of a business journey, but Adam Coffey advises against this view. Instead, “An exit is just a rest stop on the wealth creation highway.” He encourages entrepreneurs to see it as an opportunity to continue growing by staying involved as minority shareholders. This approach allows them to remain part of the company’s future while taking some profits off the table and reinvesting.
Even successful people face challenges. Adam describes the failure of his first marriage as an important lesson about maintaining balance between work and personal life. At work, he was fired from a company he built because it wasn’t growing as the investors hoped. But within a short period, he found success at another company: “In 27 months, I got that private equity firm a 4X multiple of invested capital.” These experiences taught him it’s essential to move on and find new challenges.
Avoiding Common Pitfalls
Adam warns entrepreneurs to avoid becoming enamored with “shiny penny syndrome.” He recommends focusing on acquiring good companies rather than fixer-uppers. For Adam, it’s crucial to pay fair market value for companies with a strong culture and solid reputation. He advises, “I’d rather not buy a company I should have than buy one I shouldn’t have.”
Adam’s approach to acquisitions is straightforward: Buy good companies run by good people. He warns against buying a fixer-upper because fixing it often takes more effort than it’s worth. “I only buy good companies run by good people, that have a good, strong culture,” Adam insists. He believes in paying fair market value and enjoying the benefits of scaling successfully, as he did with 23 HVAC companies he acquired.
When selling to or partnering with private equity, due diligence is crucial. Adam advises entrepreneurs to conduct thorough research on potential partners, ensuring they understand who they are dealing with. “Not all PE firms are created equal,” he notes, highlighting the importance of partnering with firms that align with your values and goals.
Transforming Challenges into Success
Adam shares insights on personal and professional challenges, emphasizing the need to maintain focus on what’s truly important—family and balance. He reflects on the failure of his first marriage due to being too engrossed in climbing the corporate ladder. Professionally, he learned from being let go from a company he led for over 13 years. “We need to reinvigorate ourselves,” he says, stressing the importance of embracing new challenges.
Many entrepreneurs treat the idea of an exit as the end of their journey. But Adam disagrees. “An exit is just a rest stop on the wealth creation highway,” he notes. He advises entrepreneurs to continue with the business, even as a minority shareholder, after an exit. Minority stakes can still lead to great success. “You can be a minority shareholder and keep going,” Adam says, pointing out the example of Elon Musk and Jeff Bezos.
Adam Coffey’s message to entrepreneurs is simple: be a doer, not just a dreamer. He encourages business owners to get off their couches and engage in the work necessary for success. “Why not you?” he asks, urging entrepreneurs to believe in their potential and strive for their dreams.
When asked about a hypothetical chance to revisit his younger self, Adam shares that life lessons shaped him, so he wouldn’t change much. But he does wish he’d left the CEO seat slightly earlier to explore even more entrepreneurial pursuits. His message to everyone is clear: “Don’t be a dreamer, be a doer.” Why not you? Why can’t you be successful?
Conclusion
Adam Coffey’s experiences and insights provide a wealth of practical advice for entrepreneurs looking to grow their businesses. By focusing on strong culture, strategic exits, and diligent partnerships, business owners can increase their chances of building successful empires. Remember, as Adam says, “Success starts when you look in the mirror and see yourself standing there and say, why not me?”
Embark on your journey to success today by applying these lessons from Adam Coffey. Stay committed, stay passionate, and always keep learning.
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