Building, Growing & Selling a Power Solutions Firm with Special Guest, Spencer Wiggins

In this episode of Bundy Group Insights, Managing Director Clint Bundy speaks with longtime client and friend Spencer Wiggins, former majority owner and President of Industrial Electric Machinery (IEM). Spencer shares how he turned a small family business into a regional power solutions leader through modernization, acquisitions, and customer-driven growth. He also opens up about leading his firm through the Pacific Consortium—a strategic collaboration among IEM, A+ Electric Motors, and Reed Electric—that created a stronger market presence and led to an exceptional sale outcome. The conversation provides rare, firsthand insights into how business owners can create value, align with the right partners, and position for a premium outcome when it's time to sell.

Spencer's story highlights leadership, resilience, and value creation across the power solutions and broader industrial sectors. The episode provides lessons learned, including how the consortium model provided a competitive advantage and initiatives owners should be taking to best build value in their firm and prepare for a sale.

Key Takeaways:

How one owner transformed a regional electric motor repair business into a diversified power solutions firm through modernization, process improvement, and strategic acquisitions.

Why adapting to evolving customer and industry needs is essential to building a durable, high-value business in the power solutions sector.

How the consortium model—combining IEM, Reed Electric, and A+ Electric Motors—helped enhance market reach and drive a premium valuation in the sale to Integrated Power Services (IPS).

What business owners should consider early when preparing for a sale—from aligning financials and systems to building management depth and credibility with buyers.

The personal and professional lessons Spencer Wiggins gained from growing, leading, and ultimately selling his company—offering practical guidance for other owners planning their own exit.

Learn more about Bundy Group by visiting https://bundygroup.com.

Additional Links:

Bundy Group Advises Three Energy & Power Services Firms in a Consolidated Sale

Consortium Sale: Strategy for Business Owners to Increase Value