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.