October 20, 2023 • 19 mins
Ever been sucker-punched by life? Our expert coach, Christian Wright, equates losing a million-dollar account to a punch in the gut. But, like a seasoned boxer, this knockdown was not a knockout. Christian's tale is one of resilience, of picking himself up and dusting off. Despite losing an account he had painstakingly grown over years, he managed not only to recover but to thrive. He replaced the business he lost and learned some hard-earned lessons along the way.
Our second segment brings Christian together with our other expert coaches, Rick and Paul, to dissect the lessons learned from weathering storms and persevering. We discuss the importance of resilience and hard work in business and how even our darkest moments can be transformed into opportunities for growth and learning. It's a raw, honest, and motivating conversation that'll inspire you to embrace your setbacks and make your comebacks even stronger. Get ready to be challenged, to be inspired, and to see losses in a whole new light. Tune in!
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Are you a commercial insurance producer struggling to stand out from the competition? Do you find it challenging to grow your book of business and create a fulfilling career?
Then welcome to The Preeminent Producer Podcast! Each week, we'll be tackling important topics, sharing proven strategies and insights from successful producers that are in the trenches and have traveled the journey to becoming a Preeminent Producer.
You'll discover what it really takes to become Preeminent & build your book of business, in a way that isn’t being taught anywhere else. Our hosts are experts in the field and have built thriving businesses by becoming the most trusted adviser to their clients. Welcome to your journey to becoming a Preeminent Producer.
Let’s dive in!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome everybody to another episode of the
Preeminent Producer Podcast.
This is part two of a two-partseries where last week I asked
the coaches to share a timeabout a difficult time, an
obstacle that they faced ontheir journey of preeminence.
And last week we heard fromRick Greixin and today we are
going to be hearing fromChristian Wright, who's going to
be sharing what we're callingthe gut punch story, and we're
(00:22):
also going to be hearing fromour other coach, matt Starchy.
So let's dive in and hear whatthey have to say.
Speaker 2 (00:28):
Are you a commercial insurance producer struggling to
stand out from the competition?
Do you find it challenging togrow your book of business and
create a fulfilling career?
If so, then welcome to thePreeminent Producer Podcast.
Each week, we'll be tacklingimportant topics, sharing proven
strategies and insights fromsuccessful producers that are in
the trenches and have traveledthe journey to becoming a
(00:49):
preeminent producer.
You'll discover what it reallytakes to become preeminent and
build your book of business in away that isn't being taught
anywhere else.
Our hosts are experts in thefield and have built thriving
businesses by becoming the mosttrusted advisor to their clients
.
Welcome to your journey tobecoming a preeminent producer.
Let's dive in.
Speaker 3 (01:11):
So the story I have was probably the most difficult
learning experience I've had inthis journey to becoming
preeminent.
Years and years ago I wrote anaccount that happened to be a
home builder and I rememberwriting the premium.
I actually remember going in tosee the account I was nervous
(01:32):
as heck.
There were probably 10 peoplein the office and I wrote the
insurance at the time.
I think the total premium waslike 20 grand, so it was a nice
size account when I firststarted.
But over the years the accountgrew and grew and grew to become
one of the largest homebuilders on the East Coast.
I actually learned a lot ingoing through the metamorphosis
(01:57):
up with the company and I think,looking back on it, because I
learned so much and had gonethrough such learning experience
with the client as they grew, Ireally took ownership of that
account to a point that I didn'ttake it for granted but I just
(02:18):
felt like it was almost one ofmy children.
I really just felt verystrongly about this account.
Then what happened was at somepoint the client brought in a
new finance person which I hadnot gone through that experience
and typically when there's achange in management they bring
(02:39):
in their team that maybe workedwith them in their past life.
So I should have seen thatcoming, but nonetheless, that's
what happened and the account.
At the time that I'm gettingready to tell you of what
happened, I think the accountwas probably paying about a
million in that long-termpremium, which is a pretty
(03:00):
substantial account for us atthe time.
And so I get the call, theaccount renewed in late fall.
I get the call on my phone, Ianswer the call and let me tee
this up I'm actually backing outof my driveway with my family,
everything's packed to the hiltin our mini van, as we head out
(03:22):
for our vacation, our summervacation, our once-a-year
vacation.
My children were very, veryyoung.
Anyway, I answered the phoneand the client proceeded to tell
me that they had decided tomove their insurance.
It was not at expiration, itwas midterm, and I said I was
(03:42):
just taking it back.
I mean, I felt like someoneliterally punched me in the gut.
I could feel the color leave mybody and I said what did we do?
And his response was you didnothing.
This is a business decision.
I was so floored, I think Ijust sat there dumbfounded for
(04:05):
several what seemed like minutes, probably several seconds and I
finally said okay, hung up thephone.
That was all I could do.
I was so blindsided by this.
It wasn't a situation where wedidn't perform as an agency or
the carrier didn't perform froma claim standpoint or anything
like that.
And it was a difficult account.
I really really worked hard toplace the structure that they
(04:31):
had at the time, working with alot of different carriers.
We had towers of coverage, soforth and so on.
So needless to say that thateight hour drive was miserable.
It was supposed to be a happytime for me and my family.
It was miserable.
I would looking back on it mywife may say differently, but I
(04:52):
think probably for the firsthalf of the vacation I was just
in a terrible depressed state,angry, didn't know what to do,
and I'm here trying to have funwith my family get.
Someone just punched me in thegut.
So the lesson that I took fromthat, which really changed kind
(05:13):
of the trajectory of what I wasdoing, is that business is
business.
And that is so hard to swallowbecause as producers we take I
think everyone takes ownershipin their business.
I mean, you give it your alland unfortunately, business is
(05:33):
business.
It's really difficult for me toseparate that and when I used
to hear that I thought, no,you're crazy, it's not just
business.
Well, it is from the standpointthat there was nothing I could
have done differently, nothingmy agency could have done
differently or the insurancecarrier to change that decision,
so I had to accept it.
So the lesson of learningacceptance and realizing that
(05:59):
sometimes things happen out ofyour control and really
devastating things can happen isa lesson that you have to learn
at some point to becomepreeminent.
Now, on the backside of that, Iwas able, over the next couple
of years, to replace thatbusiness.
I happened to turn that badsituation into something that I
(06:22):
found some positivity in and I,just when I got back from
vacation, put my nose to thegrindstone and I just went crazy
with call on accounts, reallytrying to focus on what we were
good at, and I was able toreplace that business and
looking back on it now I can saythat account well, it was a
(06:42):
large account to us and one thatit took great pride in.
You know, it taught me a lot oflessons.
It taught me what I justmentioned about business is
business and you're going tolose as much as you win, that
you're going to lose, sometimesoutside of your control, to
accept that and give grace to it, but to also learn that you can
(07:04):
absolutely replace any businessand you're going to come out
the other end stronger.
It was a situation, as I say,where I wouldn't wish it on my
competitors or my worst enemies,but the reality is it's.
We're in a business where thereare winners and losers and the
(07:25):
deal is to be on the winningside more often than losing, but
sometimes you just happen toget a bum wrap or a bad flip of
the coin.
So if it ever happens to anyone, just know if I can get through
it.
You can, and you need to justturn that negative into a
positive, realize that ithappens to everyone and it
(07:48):
really isn't personal.
Speaker 4 (07:51):
Yeah, christian.
I'm reminded of a conversationI had with, again, a stockbroker
buddy of mine who was quitesuccessful, had a large
organization and he made a pointof saying I hire high level
athletes.
And I said, oh, men and womenwho have been at high level
sports, I'm an old jock and Ithought, well, I get it because
(08:12):
they're competitive and theywant to win, and all that.
He said no, no, they know howto lose and recover, which
you're just talking about.
One of the best things in ourindustry is that's it.
If you're a jock, you need tolearn.
You need to have a little bitof amnesia to, and you certainly
wanna learn from your mistakes,but you need to put it behind
(08:33):
you very quickly, never repeatit, and learn how to recover
from defeat, which you did.
Speaker 3 (08:39):
Yeah, yeah, I really just made up my mind after that,
Rick, that we're gonna bebetter and stronger and that's
not trying.
I mean, I really sat down withmy team and said, okay, we just
lost a big account.
Of course, I saw the color comeout of their faces and were
drained from their faces and itwas like but we can get through
(08:59):
this and that's not BS If we'repreeminent, if we're gonna be
the best, we're gonna do thisand we're gonna be better.
We don't need them If they donot depend on us for what we do.
We need to find people that do.
And you're right, it's a hardthing to lose, but you can't win
without losing.
Speaker 5 (09:23):
Wow, christian, when you were telling that story and
I think you said it was likegetting punched in the gut or
whatever I could literally.
I'm sure, rick, I couldliterally feel that, because
I've been there and I hadsomething not quite as dramatic
happen to me once.
Ironically, on my first driveon a brief vacation also, I just
(09:43):
got a very distasteful phonecall from somebody, and it just
the first half of that first dayof my vacation just wasn't good
.
So I totally get that boy, thatbeing punched in the gut like
that.
One thing that occurred to me,though, is it sounds like if I
got it right, you did nothingwrong.
Okay, and in a way I guess it'seasier.
(10:07):
We've probably all been there.
I know I have.
I've lost an account here orthere where I knew I really
wasn't doing my best work orwhatever, hadn't kept in touch
with them, whatever.
That's almost easier to loseone like that, because you can
blame yourself, and correctlyblame yourself, but when you've
done nothing wrong, boy, that'sa tough lesson.
(10:29):
So it sounds like it wasn't amatter of that.
They BOR'd it away from you.
Speaker 3 (10:35):
They is that right, they secured it Well actually
what they did was they did BORit, and so this happened about
10 years ago.
To this day, they still havethe same program that I
developed for them the samecarriers, the same towers, maybe
some higher limits, but it wasas I said.
(10:55):
I learned a lot.
I learned a lot about dealingwith difficult accounts with
this account, but I know thatbecause I stay in touch with the
underwriter and I ask him yep,we still have it, still the same
structure.
So you know.
But you're right, sometimeslosing an account when you know,
unfortunately, you deserve tolose it, or they carry your mess
(11:19):
up, your team messed up, youmessed up I do find that easier
to swallow because then we canabsolutely regroup.
It's okay.
What was the mistake?
This was the mistake.
How do we prevent that fromhappening again?
And, as I said, come out betterwhen you lose, but just realize
, unfortunately it's a part ofthis game that I was not
(11:42):
prepared for at that particulartime.
Speaker 5 (11:45):
You know, paul, it's a really good question I had to
think a little bit about and I'mnot sure this was the worst
thing that ever happened to me,but I had to think a little bit
about what happened and what Icame up with was really the very
beginning of my agency, myfirst agency.
I was 30 years old.
I had two kids, a four year oldand a newborn.
(12:09):
I formed this agency with apartner 50-50 partnership.
We borrowed money from anotherindustry person, a preeminent
producer you know, who was 20years, our senior.
He lent us a couple hundredgrand.
My partner and I each took outseconds on our houses.
(12:31):
You know we both left good jobs.
My job was a at that point Iwas a surplus lines broker, had
a pretty good position, made adecent base salary plus
commission, and we got thiscrazy idea to start a retail
insurance agency, and so we didso.
(12:51):
Here I was in debt, had zeroaccounts you know, we didn't
have an account to start with oranything and 30 years old, two
kids left a good job.
But all excited and the first,the very first account that I
wrote and I picked up a depositcheck because I've been told
(13:11):
that's what you better do, etc.
Etc.
That check bounced.
They never were able to makegood on that.
The second account I wrote thisis all in that first 30 to 60
days or whatever.
It seems like it was in withinthe first month.
The second account that I wrote, you notice, I was all excited.
About a month went by and theywent chapter 11.
(13:34):
So at that point I'm thinkingexcuse the French, but what the
hell have I got myself in debt?
What the hell have I got myselfinto here?
I left the other secure job,the salary I got these two kids.
Now I'm totally in debt.
You know I've got zero businessnow.
My first two accounts wenttotally sideways and I had no
(13:57):
choice, though at that point Ihad to forge ahead right, as did
my partner, and I'm sure he hadsomething similar to happen to
whatever account he wrote at thetime.
But boy, that was a tough time.
But you know, at that decade ofthe 30s, you know those are
going to be some real strongsales years, a lot of energy,
and looked a lot better than Ido now.
(14:19):
So I remember literally what Idid and what my partner did is
we each had the office spacethat we had we were sharing with
some other firm that I can'tremember the nature of them, but
they worked in the evening.
You know, everything was on ashoestring and we each had our
(14:42):
individual office.
My partner and I, we lockedourselves, so to speak, in our
office and made cold calls overthe phone for at least four
hours each day.
You know, we I'd like to saythat we instructed our staff not
to interrupt us, but we had nostaff we did, it was just my
(15:02):
partner and I.
We had the CSR, the book, hewould just the whole thing at
first.
You know, and I guess the Idon't know the lesson or
whatever I learned from that.
Maybe it's twofold ormulti-fold.
One, yeah, bad things are goingto happen and it was almost
better to have those bad thingsearly on in that in the career.
(15:24):
Maybe Number two is you got towork at it.
You know, we locked ourselvesin our offices, like I said, and
man, we just we just hit thephones and came up with a couple
of niche programs just byhappenstance, and that helped.
But yeah, we just worked ourbutts off.
And I'm not sure what the thirdlesson was.
(15:47):
Essentially, you got topersevere, you know.
You just, you just got to keep.
And now you know it's great tolook back at those times, be
able to laugh about it, but atthe time I got to tell you it
was sort of what's the phrase Iuse these days existential, I
mean.
It was.
It was that serious.
So, anyway, that's kind of ashort story, but you can't
(16:09):
almost have a have a worse startthan that.
But it ended up working outokay.
Speaker 3 (16:14):
You know, matt, that's a great story.
I think that how do I say thispolitely?
I don't know how to saypolitely, but to be preeminent
and look back on that you got tobe scrappy.
I mean, we're scrappy, scrappya lot of people.
You know you get beat up, yougot to got to push, push, push
(16:36):
and I think that you knowlooking back on it now and
laughing about it, man, I'm surethat really just helped you as
a person through not justinsurance but also just life in
general, and you know, nevergiving up and moving forward.
Speaker 4 (16:52):
Yeah, like I said before, this is a full contact
sport.
Business is a full contactsport.
You're going to get knockeddown.
It's going to be unfair, matt.
You're going to have peoplebounce checks and do crazy stuff
.
And you're right perseveranceyou've got to persevere.
Speaker 5 (17:10):
Yeah, they're so true .
There's that great speech byWinston Churchill that he gave
to some college member who saysnever give in, never give in,
never give in.
And and yeah, just, andsometimes, sometimes it's easier
said than done, but at othertimes, out of necessity, like
that situation for me, I had nochoice.
You know, I was in too deep, Ihad to just keep going forward,
(17:33):
yeah, yeah, and I will say onthe road to preeminence,
although, as I think we saidearlier, it's never easy, but it
can become easier.
And boy, you know I think I'vesaid this before man if I'd had
some coaches at that point, thatwould have helped get me
through that, maybe a little bitbetter, little bit quicker, you
(17:54):
know.
Speaker 1 (17:54):
All right.
Well, I'm sure those storiesresonated with many, and I'm
sure you also have your ownstories as well.
The main takeaway here is youknow, on this journey and on
this road to becoming apreeminent producer, there are
going to be obstacles, there'sgoing to be challenges.
It's part of the journey, it'spart of the process, and we have
to ensure that we are not theones that get discouraged, give
(18:16):
up and give up on our dreams inour careers.
We've got to make sure we pressthrough, push through and say
you know what?
This is just part of theprocess and I'm not going to
give up.
I'm going to keep pushingforward Because this is not just
a job, this is my career.
So if you enjoyed this, if youwould like more information
about being coached by thecoaches that you have heard
today, visit us atthepreeminentproducercom.
(18:39):
And until next time, guys,we'll see you in the next
episode of the PreeminentProducer.
Speaker 2 (18:46):
Thanks so much for joining us on this episode of
the Preeminent Producer podcast.
If you're enjoying the show,please feel free to subscribe,
rate and leave a review whereveryou listen to your podcast.
That helps others find the showand we greatly appreciate it.
Once again, thanks for joiningus and we'll catch you in the
next episode of the PreeminentProducer podcast.
Not much to thank anyone thismorning.
Welcome everybody to another episode of the
Preeminent Producer Podcast.
This is part two of a two-partseries where last week I asked
the coaches to share a timeabout a difficult time, an
obstacle that they faced ontheir journey of preeminence.
And last week we heard fromRick Greixin and today we are
going to be hearing fromChristian Wright, who's going to
be sharing what we're callingthe gut punch story, and we're
(00:22):
also going to be hearing fromour other coach, matt Starchy.
So let's dive in and hear whatthey have to say.
Speaker 2 (00:28):
Are you a commercial insurance producer struggling to
stand out from the competition?
Do you find it challenging togrow your book of business and
create a fulfilling career?
If so, then welcome to thePreeminent Producer Podcast.
Each week, we'll be tacklingimportant topics, sharing proven
strategies and insights fromsuccessful producers that are in
the trenches and have traveledthe journey to becoming a
(00:49):
preeminent producer.
You'll discover what it reallytakes to become preeminent and
build your book of business in away that isn't being taught
anywhere else.
Our hosts are experts in thefield and have built thriving
businesses by becoming the mosttrusted advisor to their clients
.
Welcome to your journey tobecoming a preeminent producer.
Let's dive in.
Speaker 3 (01:11):
So the story I have was probably the most difficult
learning experience I've had inthis journey to becoming
preeminent.
Years and years ago I wrote anaccount that happened to be a
home builder and I rememberwriting the premium.
I actually remember going in tosee the account I was nervous
(01:32):
as heck.
There were probably 10 peoplein the office and I wrote the
insurance at the time.
I think the total premium waslike 20 grand, so it was a nice
size account when I firststarted.
But over the years the accountgrew and grew and grew to become
one of the largest homebuilders on the East Coast.
I actually learned a lot ingoing through the metamorphosis
(01:57):
up with the company and I think,looking back on it, because I
learned so much and had gonethrough such learning experience
with the client as they grew, Ireally took ownership of that
account to a point that I didn'ttake it for granted but I just
(02:18):
felt like it was almost one ofmy children.
I really just felt verystrongly about this account.
Then what happened was at somepoint the client brought in a
new finance person which I hadnot gone through that experience
and typically when there's achange in management they bring
(02:39):
in their team that maybe workedwith them in their past life.
So I should have seen thatcoming, but nonetheless, that's
what happened and the account.
At the time that I'm gettingready to tell you of what
happened, I think the accountwas probably paying about a
million in that long-termpremium, which is a pretty
(03:00):
substantial account for us atthe time.
And so I get the call, theaccount renewed in late fall.
I get the call on my phone, Ianswer the call and let me tee
this up I'm actually backing outof my driveway with my family,
everything's packed to the hiltin our mini van, as we head out
(03:22):
for our vacation, our summervacation, our once-a-year
vacation.
My children were very, veryyoung.
Anyway, I answered the phoneand the client proceeded to tell
me that they had decided tomove their insurance.
It was not at expiration, itwas midterm, and I said I was
(03:42):
just taking it back.
I mean, I felt like someoneliterally punched me in the gut.
I could feel the color leave mybody and I said what did we do?
And his response was you didnothing.
This is a business decision.
I was so floored, I think Ijust sat there dumbfounded for
(04:05):
several what seemed like minutes, probably several seconds and I
finally said okay, hung up thephone.
That was all I could do.
I was so blindsided by this.
It wasn't a situation where wedidn't perform as an agency or
the carrier didn't perform froma claim standpoint or anything
like that.
And it was a difficult account.
I really really worked hard toplace the structure that they
(04:31):
had at the time, working with alot of different carriers.
We had towers of coverage, soforth and so on.
So needless to say that thateight hour drive was miserable.
It was supposed to be a happytime for me and my family.
It was miserable.
I would looking back on it mywife may say differently, but I
(04:52):
think probably for the firsthalf of the vacation I was just
in a terrible depressed state,angry, didn't know what to do,
and I'm here trying to have funwith my family get.
Someone just punched me in thegut.
So the lesson that I took fromthat, which really changed kind
(05:13):
of the trajectory of what I wasdoing, is that business is
business.
And that is so hard to swallowbecause as producers we take I
think everyone takes ownershipin their business.
I mean, you give it your alland unfortunately, business is
(05:33):
business.
It's really difficult for me toseparate that and when I used
to hear that I thought, no,you're crazy, it's not just
business.
Well, it is from the standpointthat there was nothing I could
have done differently, nothingmy agency could have done
differently or the insurancecarrier to change that decision,
so I had to accept it.
So the lesson of learningacceptance and realizing that
(05:59):
sometimes things happen out ofyour control and really
devastating things can happen isa lesson that you have to learn
at some point to becomepreeminent.
Now, on the backside of that, Iwas able, over the next couple
of years, to replace thatbusiness.
I happened to turn that badsituation into something that I
(06:22):
found some positivity in and I,just when I got back from
vacation, put my nose to thegrindstone and I just went crazy
with call on accounts, reallytrying to focus on what we were
good at, and I was able toreplace that business and
looking back on it now I can saythat account well, it was a
(06:42):
large account to us and one thatit took great pride in.
You know, it taught me a lot oflessons.
It taught me what I justmentioned about business is
business and you're going tolose as much as you win, that
you're going to lose, sometimesoutside of your control, to
accept that and give grace to it, but to also learn that you can
(07:04):
absolutely replace any businessand you're going to come out
the other end stronger.
It was a situation, as I say,where I wouldn't wish it on my
competitors or my worst enemies,but the reality is it's.
We're in a business where thereare winners and losers and the
(07:25):
deal is to be on the winningside more often than losing, but
sometimes you just happen toget a bum wrap or a bad flip of
the coin.
So if it ever happens to anyone, just know if I can get through
it.
You can, and you need to justturn that negative into a
positive, realize that ithappens to everyone and it
(07:48):
really isn't personal.
Speaker 4 (07:51):
Yeah, christian.
I'm reminded of a conversationI had with, again, a stockbroker
buddy of mine who was quitesuccessful, had a large
organization and he made a pointof saying I hire high level
athletes.
And I said, oh, men and womenwho have been at high level
sports, I'm an old jock and Ithought, well, I get it because
(08:12):
they're competitive and theywant to win, and all that.
He said no, no, they know howto lose and recover, which
you're just talking about.
One of the best things in ourindustry is that's it.
If you're a jock, you need tolearn.
You need to have a little bitof amnesia to, and you certainly
wanna learn from your mistakes,but you need to put it behind
(08:33):
you very quickly, never repeatit, and learn how to recover
from defeat, which you did.
Speaker 3 (08:39):
Yeah, yeah, I really just made up my mind after that,
Rick, that we're gonna bebetter and stronger and that's
not trying.
I mean, I really sat down withmy team and said, okay, we just
lost a big account.
Of course, I saw the color comeout of their faces and were
drained from their faces and itwas like but we can get through
(08:59):
this and that's not BS If we'repreeminent, if we're gonna be
the best, we're gonna do thisand we're gonna be better.
We don't need them If they donot depend on us for what we do.
We need to find people that do.
And you're right, it's a hardthing to lose, but you can't win
without losing.
Speaker 5 (09:23):
Wow, christian, when you were telling that story and
I think you said it was likegetting punched in the gut or
whatever I could literally.
I'm sure, rick, I couldliterally feel that, because
I've been there and I hadsomething not quite as dramatic
happen to me once.
Ironically, on my first driveon a brief vacation also, I just
(09:43):
got a very distasteful phonecall from somebody, and it just
the first half of that first dayof my vacation just wasn't good
.
So I totally get that boy, thatbeing punched in the gut like
that.
One thing that occurred to me,though, is it sounds like if I
got it right, you did nothingwrong.
Okay, and in a way I guess it'seasier.
(10:07):
We've probably all been there.
I know I have.
I've lost an account here orthere where I knew I really
wasn't doing my best work orwhatever, hadn't kept in touch
with them, whatever.
That's almost easier to loseone like that, because you can
blame yourself, and correctlyblame yourself, but when you've
done nothing wrong, boy, that'sa tough lesson.
(10:29):
So it sounds like it wasn't amatter of that.
They BOR'd it away from you.
Speaker 3 (10:35):
They is that right, they secured it Well actually
what they did was they did BORit, and so this happened about
10 years ago.
To this day, they still havethe same program that I
developed for them the samecarriers, the same towers, maybe
some higher limits, but it wasas I said.
(10:55):
I learned a lot.
I learned a lot about dealingwith difficult accounts with
this account, but I know thatbecause I stay in touch with the
underwriter and I ask him yep,we still have it, still the same
structure.
So you know.
But you're right, sometimeslosing an account when you know,
unfortunately, you deserve tolose it, or they carry your mess
(11:19):
up, your team messed up, youmessed up I do find that easier
to swallow because then we canabsolutely regroup.
It's okay.
What was the mistake?
This was the mistake.
How do we prevent that fromhappening again?
And, as I said, come out betterwhen you lose, but just realize
, unfortunately it's a part ofthis game that I was not
(11:42):
prepared for at that particulartime.
Speaker 5 (11:45):
You know, paul, it's a really good question I had to
think a little bit about and I'mnot sure this was the worst
thing that ever happened to me,but I had to think a little bit
about what happened and what Icame up with was really the very
beginning of my agency, myfirst agency.
I was 30 years old.
I had two kids, a four year oldand a newborn.
(12:09):
I formed this agency with apartner 50-50 partnership.
We borrowed money from anotherindustry person, a preeminent
producer you know, who was 20years, our senior.
He lent us a couple hundredgrand.
My partner and I each took outseconds on our houses.
(12:31):
You know we both left good jobs.
My job was a at that point Iwas a surplus lines broker, had
a pretty good position, made adecent base salary plus
commission, and we got thiscrazy idea to start a retail
insurance agency, and so we didso.
(12:51):
Here I was in debt, had zeroaccounts you know, we didn't
have an account to start with oranything and 30 years old, two
kids left a good job.
But all excited and the first,the very first account that I
wrote and I picked up a depositcheck because I've been told
(13:11):
that's what you better do, etc.
Etc.
That check bounced.
They never were able to makegood on that.
The second account I wrote thisis all in that first 30 to 60
days or whatever.
It seems like it was in withinthe first month.
The second account that I wrote, you notice, I was all excited.
About a month went by and theywent chapter 11.
(13:34):
So at that point I'm thinkingexcuse the French, but what the
hell have I got myself in debt?
What the hell have I got myselfinto here?
I left the other secure job,the salary I got these two kids.
Now I'm totally in debt.
You know I've got zero businessnow.
My first two accounts wenttotally sideways and I had no
(13:57):
choice, though at that point Ihad to forge ahead right, as did
my partner, and I'm sure he hadsomething similar to happen to
whatever account he wrote at thetime.
But boy, that was a tough time.
But you know, at that decade ofthe 30s, you know those are
going to be some real strongsales years, a lot of energy,
and looked a lot better than Ido now.
(14:19):
So I remember literally what Idid and what my partner did is
we each had the office spacethat we had we were sharing with
some other firm that I can'tremember the nature of them, but
they worked in the evening.
You know, everything was on ashoestring and we each had our
(14:42):
individual office.
My partner and I, we lockedourselves, so to speak, in our
office and made cold calls overthe phone for at least four
hours each day.
You know, we I'd like to saythat we instructed our staff not
to interrupt us, but we had nostaff we did, it was just my
(15:02):
partner and I.
We had the CSR, the book, hewould just the whole thing at
first.
You know, and I guess the Idon't know the lesson or
whatever I learned from that.
Maybe it's twofold ormulti-fold.
One, yeah, bad things are goingto happen and it was almost
better to have those bad thingsearly on in that in the career.
(15:24):
Maybe Number two is you got towork at it.
You know, we locked ourselvesin our offices, like I said, and
man, we just we just hit thephones and came up with a couple
of niche programs just byhappenstance, and that helped.
But yeah, we just worked ourbutts off.
And I'm not sure what the thirdlesson was.
(15:47):
Essentially, you got topersevere, you know.
You just, you just got to keep.
And now you know it's great tolook back at those times, be
able to laugh about it, but atthe time I got to tell you it
was sort of what's the phrase Iuse these days existential, I
mean.
It was.
It was that serious.
So, anyway, that's kind of ashort story, but you can't
(16:09):
almost have a have a worse startthan that.
But it ended up working outokay.
Speaker 3 (16:14):
You know, matt, that's a great story.
I think that how do I say thispolitely?
I don't know how to saypolitely, but to be preeminent
and look back on that you got tobe scrappy.
I mean, we're scrappy, scrappya lot of people.
You know you get beat up, yougot to got to push, push, push
(16:36):
and I think that you knowlooking back on it now and
laughing about it, man, I'm surethat really just helped you as
a person through not justinsurance but also just life in
general, and you know, nevergiving up and moving forward.
Speaker 4 (16:52):
Yeah, like I said before, this is a full contact
sport.
Business is a full contactsport.
You're going to get knockeddown.
It's going to be unfair, matt.
You're going to have peoplebounce checks and do crazy stuff
.
And you're right perseveranceyou've got to persevere.
Speaker 5 (17:10):
Yeah, they're so true .
There's that great speech byWinston Churchill that he gave
to some college member who saysnever give in, never give in,
never give in.
And and yeah, just, andsometimes, sometimes it's easier
said than done, but at othertimes, out of necessity, like
that situation for me, I had nochoice.
You know, I was in too deep, Ihad to just keep going forward,
(17:33):
yeah, yeah, and I will say onthe road to preeminence,
although, as I think we saidearlier, it's never easy, but it
can become easier.
And boy, you know I think I'vesaid this before man if I'd had
some coaches at that point, thatwould have helped get me
through that, maybe a little bitbetter, little bit quicker, you
(17:54):
know.
Speaker 1 (17:54):
All right.
Well, I'm sure those storiesresonated with many, and I'm
sure you also have your ownstories as well.
The main takeaway here is youknow, on this journey and on
this road to becoming apreeminent producer, there are
going to be obstacles, there'sgoing to be challenges.
It's part of the journey, it'spart of the process, and we have
to ensure that we are not theones that get discouraged, give
(18:16):
up and give up on our dreams inour careers.
We've got to make sure we pressthrough, push through and say
you know what?
This is just part of theprocess and I'm not going to
give up.
I'm going to keep pushingforward Because this is not just
a job, this is my career.
So if you enjoyed this, if youwould like more information
about being coached by thecoaches that you have heard
today, visit us atthepreeminentproducercom.
(18:39):
And until next time, guys,we'll see you in the next
episode of the PreeminentProducer.
Speaker 2 (18:46):
Thanks so much for joining us on this episode of
the Preeminent Producer podcast.
If you're enjoying the show,please feel free to subscribe,
rate and leave a review whereveryou listen to your podcast.
That helps others find the showand we greatly appreciate it.
Once again, thanks for joiningus and we'll catch you in the
next episode of the PreeminentProducer podcast.
Not much to thank anyone thismorning.
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