Author: tegan

Prepare Your Business to Weather a Catastrophe

June is the right time to evaluate your company’s catastrophe plan as well as the business insurance that can help you to recover.

Every organization needs to have a protocol on how they will respond to catastrophic weather events. Who are the essential personnel that will be required to come to work, regardless of their personal circumstances? You need to choose those who will best contribute to recovery and the teamwork required. Do you have the personal contact numbers and related information for all employees, both in your business and home in updated electronic and print formats? You can plan your actions and recovery, but you cannot plan when a catastrophe might occur and what it will entail. Here is a checklist of materials you should have available in your business premises as we begin the 2017 hurricane season:

Flashlights in each department.

Batteries-all types required in your business and personal equipment.

Bottled Water-one gallon per person per day.

Non-perishable Foods

Generator of a sufficient size to power essential equipment and fans.

Deep Woods Off

Sunblock

Gloves

Extension Cords

Band Aids

Basic First Aid Kit

Allergy Medications

Basic Tool Box

Hand Held Radios

Gas or Diesel fuel in quantities for generator to operate 5-7 days.

LTE or Satellite WiFi hot spot.

Emergency Service Providers Contact Information.

With these basic items, you can receive public updates, address emergency needs and begin to restore your own company’s temporary operating status. The ability to evaluate early will set your business ahead of the recover curve; which will benefit your bottom lines, your customer service, and your employees’ natural mindset of depending on you. You should also have a public relations plan with PR contacts so you can announce your recovery status to interested media, customers, at-home employees, stockholders, and the public.

When the weather is completely out of control, we do have influence over how to mitigate the weather’s impact on our businesses. Transferring risks the weather can have on our business over to insurance or derivative contracts can help eliminate the financial fallout from Mother Nature’s worst. Flooding, wild fires, drought, hurricanes, tornadoes, hail, or excessively hot or cold weather, are all insurable risks that businesses should review every year. Most businesses have basic coverages, but often forget to consider loss of income reimbursement available through business interruption coverage or off premises dependent power supply. Flood insurance is probably the number one catastrophe not covered at the time of a loss. Many believe flooding will not occur where they are located, but the truth is flooding can occur anywhere and basically everyone is in a flood zone.

Businesses that are impacted by non-catastrophic weather issues can also consider weather derivative contracts. A good example would be a water park that loses sales when it rains, or an energy company that loses revenue when temperatures are moderate. These derivative contracts can pay businesses based on temperature, accumulated rainfall, rain fall duration, ice storms, etc. The coverage can be for a single day, several days, an entire season or annually.  This flexibility allows organization to mitigate potential revenue losses from specific weather considerations. This may sound complex so I would suggest talking with a qualified independent agent if your business is subject to volatility based on weather conditions.

Have a plan and review your plan with your staff so everyone knows the plan. Keep copies of the plan with keys and resources readily available should a weather event arise.

Richard “Gordy” Bunch is the 2015 EY Entrepreneur of the Year for the Gulf Coast for Products and Services. Submit suggested topics for future business columns to gordy@twfg.com

400 TWFG Convention Attendees Will Double Prior Years’ Records

The Woodlands, TX, May 25, 2017 – More than 400 TWFG branch managers, insurance carrier representatives, and headquarters staff will make The Woodlands the center of the Texas insurance industry from June 22-24 during The Woodlands Financial Groups’ million-dollar annual national convention here. TWFG President and CEO Gordy Bunch announced that the keynote speaker will be well-known Houston area business man and personality, Mattress Mack.

With double the attendance over the 2016 conference, augmented with 37 sponsors and exhibitors, TWFG staff has planned both business meetings and family fun. The afternoon of Thursday, June 22, the group will be welcomed at The Woodlands Waterway Marriott Hotel. Mattress Mack will take the podium with his motivational talk on “How to be a successful entrepreneur whether you are just starting out or in your 30^th year of business.” It will be noted that TWFG President Gordy Bunch was named Gulf Coast Entrepreneur of the Year for Products and Services in 2015.

The Woodlands hospitality industry will see a business uptick as the 400 managers and guests are hosted for Thursday night dine-arounds in a variety of community restaurants. The next morning, breakfast will be served as the hall of exhibitors opens with displays of products and services for insurance agents. The remainder of the day has been planned to serve individual business specialties through breakout sessions in the Marriott’s meeting rooms.

The final day on Saturday, June 24, Carlton Woods will host “TWFG Family Fun Day” with its exceptional facilities. The day will also include teambuilding competitions. In the evening, 400 people are expected for a grand banquet and presentation of achievement awards. TWFG is enjoying expansive growth in its industry, ranking as number one in Texas for Personal Lines (home and auto) insurance and in the top 30 of 38,000 independent insurance service agencies in the United States.

For further information:

Gordy or Alex Bunch – 281-367-3424

Bunch Expands TWFG to The Northeast

CHRON.COM By Catherine Dominguez, cdominguez@hcnonline.com

For The Woodlands businessman Gordy Bunch, expanding his company to the Northeast was just the next step in his effort to continue his successful financial business, The Woodlands Financial Group.

“It was always our intention to be a fully national company,” Bunch said. “This helps us plug the largest remaining hole.”

Bunch, who also serves as chairman of The Woodlands Township Board of Directors, founded TWFG in 2001 with $10,000 and is on track to top a half-billion dollars in sales this year.

“Area growth has been fairly consistent over the last 16 years,” Bunch said. “We planned to get here and we plan to get farther. If you had asked me in 2001 that I would have a half-billion in sales, I would have said, ‘You’re crazy.'”

The expansion will include the Middle Atlantic and Northeast states of New York, Pennsylvania and New Jersey.

Leading that effort will be Vic Cordone, a 37-year Allstate veteran and a former principal of FMJ Agency Alliance, Bunch said. Bunch said Cordone’s insurance industry experience and contacts will enable him to immediately begin recruiting independent and captive agents to set up TWFG branches in the target states. Cordone is tasked with adding 100 to 150 agencies to the national TWFG family. TWFG lists more than 300 retail branches in 22 states and has 3,000 affiliations with independent agents in 38 states.

“I am excited to offer these new independent agency opportunities to my longtime friends and new associates in New York and the Mid-Atlantic states,” Cordone stated in a release. “TWFG provides a complete agency management system, access to personal and commercial carriers, training, and back office support.”

Cordone will be based in New Jersey and will personally handle brokering agents in the new wholesale and retail markets.

For more information about TWFG, visit www.twfg.com.

Cordone can be contacted at 732-513-7994 or vcordone@twfg.com.

The Woodlands Financial Group Expands Agency Recruiting and Branches into Northeast States

By The Woodlands Financial Group

| Published 05/18/2017

Vic Cordone will help TWFG expand reach to northeast states.

THE WOODLANDS, Texas — The Woodlands Financial Group (TWFG), which has grown to become one of the top national agencies from its base in Texas, is launching a strong effort to expand TWFG into the Middle Atlantic and Northeast states of New York, Pennsylvania, and New Jersey.

Vic Cordone, a 37-year Allstate veteran and a former principal of FMJ Agency Alliance, will lead the new business thrust, according to Gordy Bunch, president and CEO of The Woodlands Financial Group.

Bunch said Cordone’s insurance industry experience and contacts will enable him to immediately begin recruiting independent and captive agents to set up TWFG branches in the target states.

Cordone is tasked with adding 100 to 150 agencies to the national TWFG family. TWFG currently lists more than 300 retail branches in 22 states and has 3,000 affiliations with independent agents in 38 states.

Cordone said, “I am excited to offer these new independent agency opportunities to my long-time friends and new associates in New York and the Mid-Atlantic states. TWFG provides a complete agency management system, access to personal and commercial carriers, training, and back office support.”

Cordone will be based in New Jersey and will personally handle brokering agents in the new wholesale and retail markets.

He can be contacted at 732-513-7994 or vcordone@twfg.com.

For more information about TWFG, visit www.twfg.com

Related Links

TWFG – The Woodlands Financial Group Directory Page For more information about TWFG

Time to Graduate Your Own Insurance

It’s time for 1.85 million college students to don cap and gown for graduation ceremonies. As they make the transition from undergraduates to careers, pursuit of advanced degrees, or back into mom and dad’s nest, it’s critical that they understand how walking across that stage may have changed their insurance needs.

Auto Insurance – A shiny new car, whether owned or leased, holds appeal for newly employed college grads. Auto insurance helps cope with the expenses of accidents, vandalism or theft. If a graduate who already owns a car is moving, where they keep and register the car, especially from one state to another, can impact coverage.

Homeowners or Renters Insurance – College grads starting out may rent an apartment or a house. To make sure possessions are protected renters insurance offers comprehensive coverage whether at home or traveling. When bringing a classmate home for a visit, their parents will ensure their welcome includes protection in their Homeowners policy for any accidental mishaps to guests in the home. No one wants to turn a friendship into a lawsuit.

Health Insurance – Apparently, under existing or proposed federal health care law, children can remain on their parent’s health insurance coverage until age 26. With unemployment and under-employment high among those in their early twenties, this can provide many recent grads with health insurance.

Disability Insurance – This is a vital but often-overlooked insurance coverage. It provides income when a person is injured or disabled, whether on the job or off. Life Insurance – New grads may find a job with an employer that offers group term life insurance coverage. However, those with children may find it worthwhile to buy additional term life insurance or permanent life insurance, which builds cash value over time.

For article ideas or to contact us, please email gordy@twfg.com

By TWFG – The Woodlands Financial Group – Visit Our Business Directory Listing

TWFG Expanding Agency Recruiting and Branches Into Northeast States

THE WOODLANDS, TX, May 10, 2017 – The Woodlands Financial Group (TWFG), which has grown to become one of the top national agencies from its base in Texas, is launching a strong effort to expand TWFG into the Middle Atlantic and Northeast states of New York, Pennsylvania, and New Jersey. Vic Cordone, a 37-year Allstate veteran and a former principal of FMJ Agency Alliance, will lead the new business thrust, according to Gordy Bunch, president and CEO of The Woodlands Financial Group.

Bunch said Cordone’s insurance industry experience and contacts will enable him to immediately begin recruiting independent and captive agents to set up TWFG branches in the target states. Cordone is tasked with adding 100 to 150 agencies to the national TWFG family. TWFG currently lists more than 300 retail branches in 22 states and has 3,000 affiliations with independent agents in 38 states.

Cordone said, “I am excited to offer these new independent agency opportunities to my long-time friends and new associates in New York and the Mid-Atlantic states. TWFG provides a complete agency management system, access to personal and commercial carriers, training, and back office support.” Cordone will be based in New Jersey and will personally handle brokering agents in the new wholesale and retail markets. He can be contacted at 732-513-7994 or vcordone@twfg.com.

Bunch, launched The Woodlands Financial Group in 2001, just north of Houston, with $10,000. He says this new expansion program will offer proven tools to new and veteran insurance professionals as they join TWFG’s family of high-producing independent agents. Bunch, credits motivated agents for propelling TWFG to a ranking as the number one privately-owned, independent insurance services provider for Personal Lines in Texas and in the Top 30 nationally of 38,000 independent agencies.

For further Information:

Vic Cordone 732-513-7994

Paul Lazzaro 281-728-5704

How to Decide on a Funding Source to Grow Your Company

All business owners need capital to launch, grow, acquire, and reinvest in their company. There are multiple sources of capital and each has its own pros and cons.

Small Business Administration lending is a good source for those with the stamina to go through the process. These loans are guaranteed by the government and there are banks that specialize in SBA lending. I recommend working with an SBA specialist since they can best navigate the process and will increase your odds of receiving a loan.

Traditional credit facilities will provide your company letters of credit to draw down funds as you need them. If you have positive EBITDA (Earnings Before Income Taxes Depreciation and Amortization), banks offer limits from one to three times your EBITDA at relatively reasonable terms. Today that’s around four to five percent interest with five to seven year amortization schedules.

Mezzanine debt is provided above the levels banks do and are considered more risky for the lender so the interest rates charged are substantially higher. Those rates can be eight to twelve percent, or higher, depending on how leveraged the company is. I don’t recommend this type of debt unless it’s tied to an acquisition with tremendous synergy and profitably to absorb the debt terms. This is also the note you will want to ensure has no pre-payment penalty and is targeted to be paid off first.

Private Equity is beginning to expand its reach downward into smaller organizations previously deemed unattractive based on size. Many PE firms will now look at smaller organizations to diversify their portfolios or to merge into larger established businesses. Depending on your industry these folks might be your best bet as many firms have connections that can benefit your business. Think about Shark Tank and how the sharks’ connections can help accelerate small company growth. If a PE firm is focused on your industry it can provide substantial lift through its connections, the capital it provides, and through the advice it can offer.

Take the company public with your own IPO. This is usually a difficult hurdle for most small companies to execute. The regulatory expenses and knowledge needed will dilute current earnings and ability to focus on the business. Don’t go down this path unless you can achieve substantially better growth, margins, and valuation from an IPO. Also consider going through a pre-IPO workshop to make sure you know what you are getting into.

Start with the least intrusive, lowest interest rates and highest probability of executable capital if your company is at an inflection point needing additional capital to expand. These are impactful decisions to make and none should be taken lightly, so choose what will work best for your company.

Richard “Gordy” Bunch is the 2015 EY Entrepreneur of the Year for the Gulf Coast for Products and Services. Submit suggested topics for future business columns to gordy@twfg.com

Your Business Needs a Smart Plan

One of the reasons TWFG is a successful company is because we operate with a SMART Plan.

Here are the ingredients for your SMART plan.

Simple – Is the objective easy enough to clearly understand? The target goal needs to be understood by everyone involved. Don’t use vague ranges for goals like growth of 20-30% – use specifics like 10% minimum growth in gross revenue.

Measurable – Can success be measured? Use achievable goals or other specific objectives as the tools needed to measure success. For example, a tangible sales goal is easy to measure. No matter what the objective is, you need to make sure you can accurately identify success by advance planning the criteria to measure it.

Attainable – Are the goals and objectives realistic and attainable? Some folk’s egos have themselves setting goals that cannot be met. Bad managers use this as a way to underpay team members and that truly demoralizes a team. If individual contributors are part of the goal-setting process, make sure their targets are realistic before blindly accepting their projections. Management should work as a team to develop goals and measures that are attainable before adopting the SMART plan.

Reasonable – Is the objective or goal realistic and compatible with the tools, talent and business you operate? What else may be needed to make sure the goals and objectives can be met? Does the company need new team members, equipment, marketing, vendors, technology or anything else required to counter excuses claiming that the measured goal or objective were not reasonable?

Time-Bound – Whatever is integral to your SMART plan should include the dates when teams will be measured and held accountable for their results. Interim measurements allow for recalibrating plans and avoid surprises that should have been addressed at an earlier date. Are definitive deliverable dates or measuring points clearly identified? It is best to measure results throughout the year and include review dates within your plan. When measurable progress is identified, it also serves as a motivator to continue the good works or provides a call to action to correct non-producing activity.

I choose to meet with my executive team monthly to review their division’s goals and results so that we can swiftly address any needed changes or impacts to the company. Each division meets with their respective team weekly and direct supervisors interact with their downline staff daily. Like any successful company we are always recalibrating our plans and looking for ways to improve. I hope this article was helpful and wish you and your business great success.

Richard “Gordy” Bunch is the 2015 EY Entrepreneur of the Year for the Gulf Coast for Products and Services and Chairman of The Woodlands Township. Submit suggested topics for future business columns to gordy@twfg.com.

Your Business Needs a SMART Plan

One of the reasons why TWFG is a successful company is because we operate with a SMART Plan. Here are the ingredients for your SMART plan.

Simple – Is the objective easy enough to clearly understand? The target goal needs to be understood by everyone involved. Don’t use vague ranges for goals like growth of 20-30% – use specifics like 10% minimum growth in gross revenue.

Measurable – Can success be measured? Use achievable goals or other specific objectives as the tools needed to measure success. For example, a tangible sales goal is easy to measure. No matter what the objective is, you need to make sure you can accurately identify success by advance planning the criteria to measure it.

Attainable – Are the goals and objectives realistic and attainable? Some folk’s egos have themselves setting goals that cannot be met. Bad managers use this as a way to underpay team members and that truly demoralizes a team. If individual contributors are part of the goal-setting process, make sure their targets are realistic before blindly accepting their projections. Management should work as a team to develop goals and measures that are attainable before adopting the SMART plan.

Reasonable– Is the objective or goal realistic and compatible with the tools, talent and business you operate? What else may be needed to make sure the goals and objectives can be met? Does the company need new team members, equipment, marketing, vendors, technology or anything else required to counter excuses claiming that the measured goal or objective were not reasonable?

Time-Bound– Whatever is integral to your SMART plan should include the dates when teams will be measured and held accountable for their results. Interim measurements allow for recalibrating plans and avoid surprises that should have been addressed at an earlier date. Are definitive deliverable dates or measuring points clearly identified? It is best to measure results throughout the year and include review dates within your plan. When measurable progress is identified, it also serves as a motivator to continue the good works or provides a call to action to correct non-producing activity.

I choose to meet with my executive team monthly to review their division’s goals and results so that we can swiftly address any needed changes or impacts to the company. Each division meets with their respective team weekly and direct supervisors interact with their downline staff daily. Like any successful company we are always recalibrating our plans and looking for ways to improve. I hope this article was helpful and wish you and your business great success.

Gordy Bunch – gordy@twfg.com

TWFG President’s Club Member to Meet at Exclusive Mexico Resort

THE WOODLANDS, TX, April 10, 2017 –More than 20 members of the elite TWFG President’s Club and their guests will be hosted at the Dream Resorts Los Cabos Suites Golf Resort and Spa from April 19-23, according to The Woodlands Financial Group’s President and CEO Gordy Bunch. Bunch said the event brings with it the opportunity to celebrate, as well as create new strategies leveraging the best practices of these highly-successful members. Your A team responds with “how can I help,” even when the needs are outside of their departments. The A team are the folks who put in the overtime, help other departments out, work weekends and always commit to doing whatever is needed to help the company and their peers. This same group is more engaged in company community events, office events, and takes ownership of their respective roles.

I welcome the new A team players we discovered; I continue to hope for the B team folks to join them. I want members of the B team to know who they are and encourage them to step up and join the A team. During difficult times your A team will grow as new folks choose to step up their level of commitment and engagement.

Top performing branch owners and agents invited to the trip have achieved recognition as new and repeating members of the TWFG President’s Club.

John Keefer, Houston, TX – New Member

Michael A. Crafts, Magnolia, TX – New Member

Denise Davis, Tomball, TX – New Member

Melissa Khan, Houston, TX – New Member

Brian Johnson, Humble, TX – 5^th Year

Anthony Voiron, Metairie, LA – 5^th Year

Rick Rogers, Metairie, LA – 5^th Year

Jenny Xu, Houston, TX – 5^th Year

Stephen Lovecchio, New Orleans, LA – 5^th Year

Carlton Kon, Sugar Land, TX – 5^th Year

Mark Bartlett, Fremont, CA – 4^th Year

Holland Brothers, Tomball, TX – 3^rd Year

Buffy Doiron Hooper, Port Arthur, TX – 3^rd Year

John Sparks, Huffman, TX – 3^rd Year

Russell Knapp, Spring, TX – 3^rd Year

Darren Monteith, Ft. Lauderdale, FL – 3^rd Year

Betty Loick, The Woodlands, TX – 3^rd Year

Marilyn Randazzo, Pflugerville, TX – 3^rd Year

Carlos Cantu, Dallas, TX – 3^rd Year

Bobby Counts, Beaumont, TX – 3^rd Year

Brandon Richey, Beaumont, TX – 2^nd Year

Kerry Landry, Gretna, LA – 2^nd Year

The special member invitation describes Dreams Los Cabos as an all-inclusive resort framed by architectural arches to welcome TWFG guests to an exclusive world of “unlimited luxury” on the sparkling Sea of Cortez. Every accommodation is a spacious suite with a private terrace or balcony overlooking the sea.

According to founder, president, and CEO Gordy Bunch, who launched the company with $10,000 here in 2001, TWFG has now grown to become a national agency with more than 300 retail branches in 22 states and 3,000 affiliations with independent agents in 38 states. He credits the high-producing President’s Club members to be instrumental in propelling TWFG to a ranking as the number one privately-owned, independent insurance services provider for Personal Lines in Texas and in the Top 30 nationally of 38,000 agencies.

For further MEDIA Information:

Gordy Bunch, 713-416-0789, gordy@twfg.com