Thought Leadership

BroadStreet’s℠ Entrepreneurial Missionaries

At BroadStreet℠ we’ve always said that there’s a certain type of entrepreneur that fits the BroadStreet℠ model: it’s the agency owner who is not done yet—not done building and growing and leading.

I recently read a quote that described what Jeff Bezos, Founder of Amazon, looks for in an entrepreneur. It really resonated with me because it reminded me of the passion and energy that our agency partners bring to their businesses. Bezos said:

“I’m always trying to figure out one thing first and foremost. Is that person a missionary or a mercenary? The mercenaries try to flip their stock. The missionaries love their product, love their service, and love their customer, and they’re trying to build a great service.”

At BroadStreet℠, we partner with “missionaries”, and our co-ownership approach aligns perfectly with this philosophy.

As co-owners, our partners continue to maintain a meaningful equity stake in their agencies, and because of this, nobody ever ‘sells out’. The mercenary mentality simply doesn’t exist: our partners remain engaged in growing their agencies, they have the operational autonomy to decide what’s best for their business, their agency names don’t change, and their unique community legacy and corporate cultures remain intact. Practically, the only meaningful change is that they have the support of BroadStreet℠ as a stable, long-term financial partner to help them make investments and grow their agencies.

I thought it was also telling that Bezos went on to make the observation that:

 “…it’s usually the missionaries who make more money.”

We have certainly seen this at our partners as well. With BroadStreet’s℠ financial support, our partners are able to make tuck-in acquisitions and invest in producers, service and technology that build the value of their agencies. And since our partners remain co-owners, they enjoy the benefit of that financial upside.

For more information about the BroadStreet℠ approach, and to begin a dialogue about joining our exclusive group of entrepreneurial missionaries, please contact me.

Recent Posts

03 19

We Don’t Own a Cookie Cutter…Great Partners Come in All Forms

At BroadStreet℠, we’re accustomed to being prepared, adapting and staying flexible. Our partners are great risk management professionals, and they’re also entrepreneurs.  The form and structure of our partners have been historically varied, but our bias has always been to…
Continue Reading
02 19

I Worry About Short Term-ism in Our Business

At BroadStreet℠, we partner with outstanding insurance agency entrepreneurs and build businesses together.  Our role is to help our Core agency partners grow, and provide them with resources that they wouldn’t otherwise be able to access.  Our goal is to…
Continue Reading
12 18

11 Investments in the Fourth Quarter of 2018; 34 Investments for the Year

During the fourth quarter of 2018 BroadStreet℠ and its core partners completed 11 additional investments and added $65.1 million in annualized revenue.  These investments build on our presence in multiple geographies across the United States. For the full year 2018…
Continue Reading