Becoming the CEO of My Agency

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About Paradiso Insurance:

Paradiso Insurance is an independent insurance agency located in Connecticut with over 55 employees. Known for its client-first approach and strong community involvement, the agency consistently seeks innovative strategies to grow and expand its market presence while maintaining strong relationships and connections to its clients.

The Challenge:

Paradiso Insurance wanted to adjust its leadership and move from having the Agency Owner, Chris, shift his focus from working in the business to working on the business. This would allow more time and focus to be placed on strategic decision-making to support the agency’s goal of providing excellent customer experience and expanding the agency’s reach. The agency’s vision for scalability and growth included both an organic growth strategy, an external acquisition strategy, and a heavy focus on leveling up the agency’s internal structure.

Putting this vision into practice required a multi-faceted approach and the realization that wearing all of the hats was no longer an effective way to reach the agency’s lofty goals. The leadership team needed a comprehensive plan to align their operational health with growth ambitions. Multiple things would need to be taken off of the agency owner’s plate; streamlining strategic financial understanding, optimize the company culture to be primed for expansion, and evaluate acquisition opportunities.

The Solution:

To prepare for the shift in responsibility and expected growth, Paradiso Insurance hired several key professionals to assume some of the operational responsibilities and allow him to focus on developing the core business strategy to achieve the agency’s vision. This shift allowed him to get everyone aligned on the vision and empower his team to execute.

The first professional that he added to his team was a Fractional CFO from AgencyFocus with a focus on Acquisition Analysis, Compensation & Capacity analysis, Receivables Process Management, and Agency Benchmarking to keep a tight eye on the financial health of the business. Adding this team member allowed for:

• Strong Financial Understanding: Ensuring the internal books are in order and looked after by an expert in the field, identifying weaknesses in the current status of the company, and positioning the agency as a strong buyer.
• Acquisition Analysis: Evaluating acquisition opportunities, conducted without emotional attachment to the deal, thorough financial assessments, and identifying the highest synergy in potential targets.

Second, a President/HR internal hire whose main focus was the people of the agency. Optimizing the team to become a well-oiled machine that has a streamlined and repeatable approach to business and follow through when holding team members accountable.

• Creating Accountability: Implement the employee handbook’s outlined audit and accountability plan across the team. Hold team members accountable for behaviors outside of expectation, which will inspire them to do their best work when they know their neighbor is as well.
• Cultural Alignment: Get to know each team member personally and support their day to day by removing existing obstacles and supplying team members with the resources to do their job to the best of their ability.

He also focused on the continued implementation of the EOS structure to align the leadership team, the goals of the agency, and work through the shift in culture that comes with the growth strategies adopted by the agency.

The Results:

By expanding the expertise of the team through both the fractional role and an internal hire, there was more bandwidth to focus on strategy leading to the successful completion of three acquisitions and a successful internal management restructure.  These changes resulting in the agency exceeding its aggressive growth goals and attracting strong talent. The agency is now poised to handle more acquisition opportunities as they arise, and the team has reported that “the energy is amazing, positive, electrifying” in the office. Team members understand that accountability is followed through on, not only making them feel protected but pushing them to perform at their best, when they know their neighbor is as well.

The financial preparation and strategic groundwork laid by AgencyFocus and the COO allowed for smooth transactions and a further balanced client concentration going forward, expanding the agency’s reach, driving its valuation higher, and reducing its internal risk factors.

“Without the help of AgencyFocus, making this change in my agency would not have been possible”. -Chris Paradiso, Owner, Paradiso Insurance

Ready to grow your agency through strategic acquisitions? Contact Agency Focus today to learn how we can help you prepare, evaluate opportunities, and execute with confidence.