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Growing up in the insurance business with a father that started his own company in the basement of the house, Anthea Mumby was able to see the vision for the opportunity of what the business could be like. A few years out of university, she purchased the brokerage from her parents and continued to build it to the success it is today. Listen as Anthea and I discuss the importance of having a vision for your business and the strategies behind making it come true.
Highlights:
- Utilizing your vision in all aspects of your business from training to hiring
- Creating the buy in within the team to help support and achieve
- Maintaining high levels of client retention through proactive client communication, having the right fit client and winning awards
- Solidifying their targeted niche, architects, through books and conferences
- Doing research to get to know your clients will assist you in finding the best way to market to them
- The importance of looking at the vision and contemplating it for the future in order to stay focused and keeping the mindset to accomplish it
- Transitioning to her next achievement, Dream Team Consulting to help others clearly define their own vision
About Our Guest:
My Story – Anthea Mumby
I grew up in a family insurance brokerage. My Dad left his corporate job and started the business in the basement of our home. My Mom was raising 3 children; I am the oldest and have two younger brothers. She also helped my Dad with bookkeeping.
When I learned to type in grade 9, I started to work in the business, doing the typing tasks and eventually taking on more responsibility. I told my Dad “you are sitting on a gold mine of opportunity, let’s grow this business!” He agreed, and we were off to the races!
I took my professional licensing as an insurance broker concurrently with my education at the University of Waterloo and successfully passed the examination as well as achieving my honours Bachelor of Arts (English).
With my insurance license achieved, I was now able to start to service clients, and grow the business by selling to new clients. We moved the business out of my parents’ home to leased premises, and started adding staff.
I got married, and three years later had my daughter. I was back to work within a few weeks of having my daughter, set up a nursery in the office and hired a lady to help me take care of my daughter while I continued to work.
A few years later, my husband joined the insurance brokerage, with his focus being life insurance and group benefits while I focussed on general insurance (cars, houses, businesses).
My parents were ready to retire and so I purchased the brokerage from them at fair market value.
Working with family members was incredibly challenging, and I had additional pressures to deal with such as disgruntled staff who attempted to bully me online, demanding suppliers, and the need to provide superior service for our roster of professional clients (we specialized in architects and other design professionals).
Despite these challenges, the business was doing well, especially with respect to our client retention which was well above industry norms.
With my husbands’ input, I created a 3 year Vision for the company, and used it as a powerful tool to achieve the outcomes included in the vision. In doing so, I was aware that things were rapidly shifting in the insurance brokerage world in Canada and that now was the best time to sell the business for the best valuation with best possible terms.
Through extensive personal development, masterminding, coaching, and commitment to my own Vitality, I now work on my own terms, making my health and family my biggest priority, continue to expand my personal growth, build meaningful relationships, and share my expertise with others.
I am thrilled to have started Dream Team Consulting as a consulting firm specializing in family-owned businesses.
I have a deep level of passion for family-owned businesses; you might say I am addicted to their success! As a natural motivator, I help them by sharing my wisdom, resiliency, and leveraging the over $100k I have invested in my own development and business training.
Links:
Mumby Insurance Brokers Inc: https://mumby.com/
Dream Team Consulting: https://www.dreamteamconsulting.ca/
Until next time, get out there and make a difference, be unstoppable, and leave no regrets!
Mike Stromsoe
The Unstoppable Profit Producer
Call 800-770-9984
Email [email protected]