Take 10: Reducing risk is Murray and MacDonald’s mission
Thirty-five years later, MacDonald has twice bought the business -- once from Murray and his son, Steven, the other from
"I wanted to do something different, and I wanted to be able to differentiate myself from what other agencies are doing," he said. "Some other organizations train everyone to look at price; my focus was on risk identification and mitigation."
MacDonald was made a principal in the insurance firm in 1987, then bought out
By that point, the bank had Murray and MacDonald's marketing and customer database integrated into its systems, complicating the firm's transition back to an independent company.
"A lot of people didn't think I'd be able to overcome that," he said.
But he did -- and like the Murrays before him, MacDonald made the business a family affair. Two of his children, Peter and Sara, have since joined the firm in leadership role.
What is the most important thing your business does? Helping clients reduce risk, and we help put people's lives back together. In general, the insurance industry, if you think about it, is responsible for facilitating commerce in America. Banks wouldn't lend money if they couldn't have their assets protected.
How long have you been in business? The agency was formed in 1971; I joined the firm in 1983 and purchased it in 1997.
What did you do before? I worked at
How big is your staff? Twenty-two employees and two locations.
How has the market changed since your business started? In
What are your plans for your business' future? I created a stockholder's agreement to create the opportunity for people who are young who want to buy into the business to come in and have the opportunity to have their own business on
What's your most memorable moment with this business? In the 1990s,
What advice do you have for someone starting out in business? Get good advice; get involved with a coaching program to help you identify best practices in your niche. Have a very positive, can-do attitude. Avoid listening to naysayers. Focus on results as opposed to the busyness of activities. Write your goals down, and review them every day and remind yourself why you are doing what you're doing.
What's the biggest challenge about having a business on
What's the best thing about having a business on
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