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Many thanks to my client Darin Puryear from Arthur J. Gallagher for his kind words. I truly value our relationship!
© 2012 Dan Weedin. All Rights Reserved
Executive Breakfast
Our first Executive Breakfast was a huge success, thanks to the many great insurance leaders from around the Puget Sound. We had 13 industry leaders for a 90-minute breakfast to talk about how to effectively recruit, train, and retain talent in the insurance business.
Here is a summary of the event….
You are the recruited!
We as an industry, and you as an agency are the ones being recruited by talented individuals looking for a career. As an industry, we need to change the mindset of our “prospects.” They view us from the lens of television marketing, which often casts insurance in an unfair light. Create a new paradigm by using outcome-based language to express the value and personal reward they will realize by being a part of this industry and organization. Example – Instead of “We have a training program;” say “You will realize success more quickly.” Think in terms of the outcomes they receive; not the methodology you employ.
You have them…now what?
The cost to hire someone is 1 ½ times his or her salary. You need to protect that investment. Formal mentoring and coaching programs are key strategies to quick and effective “on-boarding” of new employees. Mentors should feel engaged and not burdened by their role as a mentor. This allows for healthier and more productive relationships. Training them to be effective communicators and mentors is advised. By promoting a formal program for bringing on new people, your organization reduces the chance of a bad morale, misunderstandings, and poor performance.
Poor performers are often the consequence of bad training. Areas that lead to poor performance can be mitigated if proper training is in place. We discussed the concept of accountability partners. Accountability partnerships, when done correctly, have a three-fold result for the organization. First, you get out of being the “accountability partner” for your entire team. Your time increases and stress level reduces! Second, a culture of “team” is proliferated. The lone wolf mentality dissipates into a more collaborative setting. Finally, there is a forum to change behavior and activity to reduce poor performance and help “bounce” gravitational pull. Gravitational pull is that calamitous condition where people sink back into bad habits and don’t reach their desired goals.
Talking ‘bout my generation
There are now four generations in the workplace. Understanding what motivates each one (knowing that people are still individuals) is key to recruiting and retaining. It’s more than just money!
Dan’s 4 Rules for Generational Bliss
- Don’t assume they are damaged. Thinking that the younger generation is entitled, lacks motivation, expects constant praise, and other such generalities leads to miscommunication, distrust, and bad morale.
- Just because it worked for you, doesn’t mean it’s right for them.
- Reach them where they live. Find out and be willing to communicate with them in their world. They appreciate your efforts.
- Be willing to learn from them. We may be able to learn more than we teach!
Note that it works both ways. You may be finding exceptional talent in people who are in their 40s and older. Your younger talent may be very helpful in mentoring to an “older” crowd!
Resources on Generations in the Workplace:
- Roberta Matuson – http://www.YourHRExperts.com
- Anna Liotta – http://www.AskAnnaLiotta.com
- Cheryl Cran – http://www.CherylCran.com
What they said…Biggest takeaways from the group
Accountability partners (6); Meeting young guns where they live; Don’t assume they are damaged; Creating a formal mentoring program; Changing the insurance paradigm; outcome-based language; continual learning; and the definition/difference of mentoring vs. coaching
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My Resources:
Web Site – http://www.DanWeedin.com
Blog – http://InsuringSuccessBlog.com
Twitter – @InsuringSuccess
Linked In – http://www.linkedin.com/in/danweedin
You Tube – http://www.youtube.com/user/InsuringSuccess
For more information on “insuring the success” of your organization and your team, please contact me. I work with all types of insurance professionals from agency owners, executives, producers, and consultants to accelerate their professional and personal growth and thrive in their careers.
© 2012 Dan Weedin. All Rights Reserved
Are You Ready to Sell?
I have a large project at home to complete. Over the 11 years that I’ve lived at my current house, “stuff” has accumulated. In that span of time, we’ve housed two children, four different dogs, my wife’s sister and her son, five Rotary exchange students, and now my 88 year old mother. Some of them have left and left “stuff” here! The garage and storage areas I have are filled with things I know I no longer need. I’ve allowed it to accumulate and I now have a BIG reason for looking to make changes.
At some point in the future, my wife Barb and I will want to move. The house was perfect for us when we bought it. We had two pre-teen kids, we had dogs, and we wanted space available for short and long-term “guests” if needed. Today, our kids are in their early 20′s and not living at home. I know that can change, but they both have jobs and seem to only need to come home to visit us. We still have two dogs, but they are the “in-house” variety, and my mother is 88 years old. At some point in the next 5-7 years, this 5-bedroom, 3000 square foot house with more lawn maintenance than we care to do will no longer fit our lifestyle. We are in full agreement – we are future condominium people!
That means two things. First, when we do decide to move, we can’t take all the “stuff” with us. In fact, we don’t even want the “stuff” now! And, more importantly, when an opportunity presents itself, the last thing we want to have to do is take an inordinate amount of time to clean and prepare to sell the house. What that means for us is it is NOW time to prepare the house to sell, even if that eventuality is years away. If we start preparing now, we won’t potentially miss a terrific opportunity because our house is not prepared and ready to sell.
Consider your insurance agency a house…
You may be an agency owner in your early 50′s and not thinking about selling for another 10-15 years. Sales are good, your people are happy, and you’re as busy as ever. You have kids going into college and the last thing you’re thinking about is selling your business in the future. Memo to you…you’re accumulating your own “stuff!”
What does your perpetuation plan look like? Do you have someone in your agency who want or plans to buy from you? Are your kids interested in taking over the family business? Are you considering selling or merging with a competitor?
In my experience, most principals of small to medium sized agencies are too busy to really put a lot of time into this thinking, and it’s a mistake. Very few offspring want to get into the insurance business. They have their own things to do. The only employees usually capable of taking over a business are the rock star producers, and they would rather keep selling than start managing people. Large national brokers are always an option, but if you don’t have your ducks in a row, they may not be interested.
Regardless of where you are in your agency ownership, developing an exit strategy is just plain smart. Start with the end in mind and ask yourself these questions…
- At what age do I want to “retire” (knowing that it may just mean going to a new and more fun career)
- Who would be a viable buyer and why would they want to buy?
- If an opportunity presented itself out of the blue, what would be the ideal state of the agency? What does that look like?
- What do I need to do to get to that position?
- How do I keep from getting in the way?
You need to clean out your own garage. You need to throw some things out, re-arrange others, and be ready to move swiftly if an unbelievable opportunity is staring you square in the face. And that starts today.
Final thought – unlike cleaning your garage, you should employ some help. There are trained consultants in the field of exit strategy and buying/selling a business. Invest in doing it right from the start and talk with them about your exit strategy.
Bottom line – I challenge you to come along for the ride in my project. As I clean out my house for the eventuality of selling it somewhere in the future, start cleaning out your”stuff” to eventually sell your agency for the very best deal you can get.
© 2012 Dan Weedin. All Rights Reserved
Extra Points – Entrepreneurship and the Curse of Methodology
Entrepreneurship and the Curse of Methodology.
Last Thursday was a terrific day. Not only was it my anniversary, but the second edition of Libby & Dan was taking place in Seattle. Barb took the day off to accompany me and help out at the event. Two of our participants are pals of Libby. They are brothers who play Irish, Hip Hop music. I’m not sure I have properly described the sound, but let’s just say they are awesome. In fact, Libby was so kind as to ask them to sing a special song for Barb and me for our anniversary. We loved it!
These two very talented musicians didn’t really attend just to sing for us. They definitely weren’t there to become better musicians. They attended to improve their entrepreneurship skills. Like most artists (and many consultants), they are brilliant at what they do (methodology), and want to expand their business chops.
Consultants, coaches, speakers, and certain professions like doctors, can easily fall in love with their methodology. The stark business truth is that if you’re not very good at the business and marketing end of things, no one will know you exist. That’s bad for them and for you.
You’re in the marketing business, regardless of what your methodology is or what you do well. You have to become good at marketing, business, and communication. You can certainly delegate things away that you don’t like to do, or aren’t good at (i.e. bookkeeping), but you must be proficient at promoting your business and acquiring new clients. You don’t get a chance to exhibit your skills otherwise.
You may be the greatest band of all time, but if nobody comes to see you, you’re nowhere. You may be the greatest (fill in your blank) of all time, but if you don’t know how to find clients, you’ll soon be working for someone else.
Time to play some music!
P.S. Size 2 Shoes are really, really great. They hail from Ireland and now make New York City their home. Here is some horn tooting for them by me. Check out their web site and music here!
This week’s quote – “A failure is a man who has blundered, but is not able to cash in on the experience.” ~ Elbert Hubbard
Extra Points – Conviction
Conviction.
Fathers Day for me is spent watching the final round of United Stated Open golf championship. As an avid golfer, I just love the U.S. Open and my kids love watching with me, and my wife is kind enough to tolerate it. As I was watching another dramatic finish, one of the commentators made a statement as a golfer was attempting an important short putt. He said, “He just needs to hit it with conviction.” The golfer did and the ball disappeared in the hole.
The champion of the tournament, Webb Simpson won because he played the round with the best conviction. Some players faltered down the stretch and allowed Simpson to be victorious by only one stroke. Here are the business and life lessons for you…
First, play life with conviction. Confidence, fearlessness, and passion win out more often than not. Being scared, cautious, and displaying lack of trust in yourself will leave you looking up at the “champion.” Second, you can win by the slimmest of margins and still be a champion. One stroke, a nose, an inch, a millisecond – all those are the margins that mean the difference between life altering success and anonymity. You don’t have to blow away the competition, you merely need to win by a stroke.
Be bold. Play hard. Do your best every day. Have conviction….
This week’s quote – “I never rooted against an opponent, but I never rooted for him, either.” ~ Arnold Palmer
© 2012 Dan Weedin. All Rights Reserved
Creating a Crisis Response Plan
© 2012 Dan Weedin. All Rights Reserved
Drug Testing in your Business
Video # 3
Creating a Wellness Program
Video # 2 from Bogota Conference
