In this episode, we're joined by Pat Mullen and Kyle Rogers from Johnson Kendall & Johnson, Inc., one of our member agencies in Philadelphia. They're here to share their unique approach to perpetuation and maintaining their independence in the insurance industry. JKJ's success is built on a culture of shared ownership, mentorship, and a commitment to preparing the next generation of leaders. Kyle, who is also the CFO, explains how they've set up a framework for perpetuation, including a healthy financial operation, reasonable sellers, able buyers, and transfer mechanisms. They also discuss the importance of communicating this vision to new acquiring shareholders and how their partnership with the Tugboat Institute has been instrumental in fostering their independence. Tune in for valuable insights on sustaining long-term success in the insurance world.
00:34 – Meet Kyle Rogers and Pat Mullen from Johnson Kendall & Johnson, Inc.
01:46 – What agencies are doing to be able to stay independent when it comes to perpetuation, mergers, and acquisitions, discussion on JKJ, and their perpetuation model
04:43 – Agency investment strategy, their process, and the importance of training and mentoring.
07:19 – JKJ's culture, key strategies, coming up with a methodology, evolving, and shared ownership.
10:09 – Acquiring shareholders, trusting the process, generational notices, continuing to educate and communicate, and the difference in communicating with different generations.
12:17 – Advice for shareholders on perpetuation, their opinions, and the payoff of investment.
13:47 – Joining the Tugboat Institute and what it is.
15:25 – How often they work on culture, the time they have put into culture, and their thoughts on perpetuating this culture that they have created.
17:31 – Long-term approach for producers, JKJ’s development, and their 10-week internship program
20:29 – More on perpetuation, ESOP, and their final thoughts
Resources:
Tugboat Institute
Connect with Pat Mullen on LinkedIn
Connect with Kyle Rogers on LinkedIn
Learn more about RiskProNet
Want to learn more about JKJ? Check out their website
Connect with our host Chip!
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