While entrepreneurs love their work, everyone eventually has to retire, which is why it is crucial for business owners to find the right successors to ensure their years of hard work do not go to waste. On this episode of The Roadmap, host Lee Heisman is joined by Judd Igler, fellow entrepreneur and owner of corporate insurance firm Everest Solutions, to discuss his journey through leading a successful IT company and finding a qualified buyer.
In many ways, Igler was born to be an entrepreneur. “I always had kind of a hunger to want more,” he comments, noting he would do anything from pressure washing to painting to remodeling throughout his childhood. After reaching college, he obtained a skillset in IT, which gave him extensive insight into the tech industry. However, the more he learned, the more he realized that many businesses in the sector lacked cohesion and proper communication. “I just saw that there were a lot of areas that could be improved as far as the relationship between the client and tech on site,” Igler explains. This led him to create his own company with a revolutionary model that created less friction between technicians and businesses. Over time, his leadership and hard work grew the organization to more than 70 employees with an impressive portfolio of satisfied clients.
While some entrepreneurs plan their exit strategies years in advance, Igler’s decision to sell the company was made almost on impulse. In 2020, buyers began to approach him with offers for his business. Knowing that the company’s future and profitability were secure, he decided to take the jump and enter negotiations. However, finding the right people to sell his firm to took longer than expected. The buyer’s finances were a key concern, as he wished to put the company in good hands. Igler also wanted to ensure that the new owner would continue to uphold his business’s reputation as an industry-leading service provider. “We finally decided on one we felt like was a good financial decision and at the same time protected our employees,” Igler recalls. “You know, we didn’t want someone that just came in and gutted the company.”
Once selecting a candidate, he turned his attention toward the transition process. “We had a lot of conversations about how we ran the business,” notes Igler. “They loved that, and so they wanted to continue that. That, I think, got me more excited and assured me that, you know, everything was going to stay the same.” Igler prioritized his business’s long-term success so much that he and his fellow owner decided to wait several years before announcing the acquisition to ensure that their former clients did not notice any reduction in quality.
Igler’s dedication to his business, which continued even after his decision to sell, underscores an important aspect of exit strategies that many overlook. Entrepreneurs must always be thinking about their company’s second generation or G2; what their business will look like when new owners and managers take over leadership. By ensuring that their enterprises land in good hands, business owners can ensure that their vision for the company is treated with respect, solidifying their legacy as successful entrepreneurs.
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