Author: tegan

TWFG Celebrates 15 Years in The Woodlands and The Nation

THE WOODLANDS, TX, August 15, 2016 – How do you count success? For Gordy Bunch and The Woodlands Financial Group it means moving up from the bottom of the 38,000 independent insurance agencies in the nation into the Top 30 of the Top 100, while also ranking as number one in Texas. As TWFG celebrates its 15^th anniversary, since its founding in The Woodlands with $10,000 in 2001, Bunch looks back on the past 15 years with both satisfaction and amazement. “In 2015 we recorded more than four-hundred million dollars in premiums written. We grew rapidly from just one employee and me to 334 branches in 17 states. I am happy to say she is still with the company. TWFG-managed insurance products are now protecting more than a quarter-million policyholders in 26 states, serviced by 2,029 active General Agents. We are number one in Texas for Personal Lines (homeowner and auto) insurance,”

“Just days before the tragedy of September 11, 2001 paralyzed the nation, I launched an independent financial and insurance agency as The Woodlands Financial Group,” Bunch recalls the worst possible market conditions. “Everyone was concerned about national and worldwide threats during those troubled times, so they were not yet ready to apply those concerns to their personal risks. But I knew I had developed a unique product which was not the one-size-fits-all insurance offered by the ‘big boys.’ Agents who work for the giant brand name insurance companies are what the industry calls ‘captive agents.’ These agents are restricted to offering only their own company’s insurance products. TWFG turned the industry on its ear by providing ‘the best of the Bunch’ to each customer, fitting the policy that offers the most applicable coverage and cost to every individual, family, and business. We deal with more than 200 insurance companies so we give every one of our local and national agents the freedom to offer multiple options to our diverse group of customers.”

“We began TWFG with another unique dimension to our winning strategies and that is to serve our policyholders with professionalism and integrity. We proudly boast that ‘Our Policy is Caring^©. We expect to improve even on that service pledge as we move into the next stage of our corporate life with a physical expansion, more agents in more cities, new products that are being demanded by the marketplace, and taking another giant step towards our original goal of reaching one billion dollars before our 25^th anniversary.”

Know Your Customer to Know Your Business

By Gordy Bunch

August 2016

Aspiring entrepreneurs often ask me for my opinion on their creative ideas, and there have been a few instances where I have been very impressed with the ingenuity and originality behind them. Too often is the case, however, when asked the following five questions, the aspiring entrepreneur is not prepared to answer the real rubber-meets-the-road questions about their business model, strategies and their target audience; the customer.

1. Who will be the customers that will use and buy this service or product? It is imperative to know who your target market is, or that a market even exists for your proposed idea. This can be tested through talking initially with trusted friends, family, and professional peers, and further tested through market research and focus groups.

2. Who are the competitors of similar services or products? You need to know your competition; otherwise, you will be blindly entering into a business with insufficient knowledge of competitive threats. Your competition will certainly know you, and will take advantage of your lack of in-depth knowledge.

3. Companies who market successfully have a strongly crafted and clearly communicated Unique Selling Proposition (USP). What differentiates your service or products from the competition? If you are unable to distinguish yourself with ease of use, pricing, quality, service, or design, it is unlikely you will stand out in the marketplace and gain market share.

4. If your idea is a new concept, service, or product, who would use it? Is there demonstrable demand for this unproven idea? Why hasn’t someone else already launched this business? Are there regulatory, licensing, environmental or other barriers to entry, or are you like Steve Jobs and just know what people want before they do? If you have that kind of money behind you, go for it, otherwise further market research and focus groups may be in order for proof of concept and viability.

5. What does the service or product cost to produce? What will profit margins look like and what volume will it take to produce a profit?

Many entrepreneurs launch their businesses without having solid answers to these questions, and believe the creativity behind their ideas will be enough to see them through. Keep asking yourself these questions from the inception of your idea, and then again, year-after-year, to ensure your business doesn’t become obsolete. Where would ATT be today if the leadership wasn’t willing to re-evaluate their business model and continued to offer only landline phone service? Blockbuster Video failed to ask these questions, relying entirely on past success all the way to bankruptcy. They ignored emerging innovators like NetFlix, RedBox, and Apple TV, and are now a mere footnote in business history.

(Disclosure: I have long been an ATT stockholder.) Richard “Gordy” Bunch is the EY Entrepreneur of the Year® for the Gulf Coast for Products and Services. He is also the founder, president, and CEO of The Woodlands Financial Group based in The Woodlands, Texas. You may submit suggested topics for future business columns to him at gordy@twfg.com, or through the editor of this publication

TWFG Announces Expansive Local and National Growth

THE WOODLANDS, TX, July 21, 2016 – The “G” in TWFG will stand for “Growth” in the months ahead, according to Gordy Bunch, president and CEO of The Woodlands Financial Group. TWFG, which has its national headquarters in The Woodlands, is expanding extensively here, as well as at the national level, Bunch, who founded the insurance services company in The Woodlands in 2001, announced today.

Nationally, the TWFG agency and corporate headquarters are located on the second floor offices above The Woodlands Mall, where it has expanded steadily as its consortium of branch offices and affiliated agencies continues to grow. Today, TWFG operates with 334 branches in 17 states. Eighteen of those branches opened in 2016 and another three are in pre-opening stages for August openings. TWFG-managed insurance products have been provided to more than a quarter-million policyholders in 26 states, serviced by 2,029 active General Agents. Insurance Journal magazine, the industry’s leading publication, ranks TWFG in the Top 30 of the 38,000 insurance agencies in the nation and as number one in Texas for Personal Lines (homeowner and auto insurance).

Locally, Bunch is announcing a forty-percent major expansion of its corporate offices by expanding and renovating additional space above the Mall complex. The company’s executive team, along with accounting, commissions, underwriting, operations, customer service, and information technology services, plus the TWFG retail agency, now operate in 13,542 square feet. This will be expanded with another 8,212 square feet of offices, expanding TWFG into 21,754 square feet. Construction begins this week and is scheduled to be completed in October 2016.

For further MEDIA INFORMATION:

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

Are Your Employees Thriving or Surviving Under Your Leadership?

By Alex Bunch, July 2016

A paycheck, benefits and a few days off will do little to earn an employee’s respect, trust and lifelong loyalty.

Over the course of 23 years, I have had the distinct privilege of working for, and with, some of the world’s most extraordinary companies, their leaders and associates. Regardless of what country they were from, what company they worked for, or how many degrees they had, or didn’t have, there are two distinct traits that separated great visionary leaders from the rest.

These visionary men and women have a seemingly superhuman ability to let go of being “right” about every decision that needs to be made. You know, “I’m right, you’re wrong. End-of-discussion. Goodbye!” The belief that you and you alone hold the answers to all of your company’s challenges will kill productivity and creativity, and ensure you never get open and honest communication from those who work with you. They will do their best to survive you and your leadership until the next opportunity at another company comes along. And if they stay, it’s even worse, as you’ll amass an army of insufferable “yes” men and women.

The second seemingly superhuman trait these leaders all possess is the ability to see their company, their people, and every opportunity and challenge that arises from different points-of-view, while mitigating their idea of perfection.

We all have points-of-view, ideas of what constitutes perfection, and a set of opinions that have been slowly baking since we were children, influenced by life experiences, our families, our culture, friends, books, movies and so on. It’s inherently human, and we use those to guide ourselves through the gauntlet of life. The poison lies not in having a point-of-view, ideas of perfection or opinions, but in believing that yours are indeed the gospel, the law, or an indisputable truth. That there is one right way and it’s your way.

The greatest leaders inherently know that their point-of-view is one way of looking at a particular topic or challenge, and afford those who work for and with them, the opportunity they deserve to have their own as well. They are objective, open-minded and engage in a constructive debate if necessary. They are capable of putting their egos aside, and never take on the persona of the high and mighty judge, closing the case before hearing other points-of-view that could make valuable contributions to the topic at hand. And most importantly, they never look down on anyone. Ever. For any reason. Ever. No one, including yourself, can possibly live up to your expectations of perfection anyway, and it’s exhausting being the only perfect person in your life. Right?

The greatest leaders foster an environment of mutual respect and trust, one that opens the door to honest dialogue, collaboration and solidarity. Cultures that have people beating down the door to join them on their mission with the promise of a bright future, of being heard, and being valued for their contributions. Respected. At the end of the day, isn’t that what we all want?

Alex Bunch is the Chief Creative and Marketing officer of The Woodlands Financial Group (TWFG) based in The Woodlands, Texas. You may submit suggested topics for future business columns to him at alex@twfg.com or through the editor of this publication.

TWFG Agent Wins National Customer Service Award

THE WOODLANDS, TX, June 30, 2016 – Shea Jones, a licensed Customer Service Representative agent with the TWFG Agency in The Woodlands, Texas was selected from among more than 1,000 CSR agents nationally for TWFG’s first “Excellence in Customer Service” award. Two semi-finalist CSRs, Erin O’Connor from TWFG Louisiana and Brittany Traylor of TWFG California, were also recognized for the prestigious award during the TWFG national convention held in The Woodlands. All three were lauded for their customer skills in demonstrating TWFG’s slogan “Our Policy is Caring.”

For further information:

Alex Bunch, alex@twfg.com, 281-466-1169

TWFG Top Producers Awarded at National Convention

THE WOODLANDS, TX, June 20, 2016 – Successful insurance agents from throughout the nation received official recognition during TWFG’s million-dollar convention here last week. President and CEO Gordy Bunch inducted 20 new members into the Million Dollar Club and welcomed three new members into the exclusive TWFG President’s Club, now with only q total membership of twenty. Individual awards were presented for Rookie of the Year, Personal Lines Growth, and Commercial Lines Growth.  Agents of the Year trophies were awarded for Health, Life, and Annuity producers.

Insurance executives from 38 of the country’s major insurance carriers joined more than 300 TWFG Branch Owners and TWFG headquarters’ staff for the company’s annual national convention at The Westin-The Woodlands hotel. Bunch, who founded The Woodlands Financial Group here in 2001, challenged agents to reach new heights in service and growth through  implementation of the company’s slogan, “Our Policy is Caring.” He announced to all the Branch Owners, “Our goal is to introduce new innovations and business strategies that will uniquely positon you for success in an ever-changing world.” He reported that TWFG has grown to be in the top 30 of the 38,000 insurance agencies in the United States and is ranked as number one in providing “Personal Lines” (homeowners and auto insurance) in Texas.”

2016 TWFG Award Winners

President’s Club (Total Club Number 20):

New Members 2016 (3):

Brandon Richey, Beaumont TX

Kerry Landry, Gretna LA

Roger Larson, Walnut Creek CA

Million Dollar Club (68 Total Members):

2016 New Members (20):

Michael A. Crafts, Magnolia TX

Jerome A. Offner & Linda F. Rogers, Houston TX

Daniel Chang, Los Angeles CA

Monika Mir, Dallas TX

Shannon Hartgrove, Houston TX

Quynh Lam, Houston TX

Don Oh & Jeanie Kim, Lewisville TX

Alla Mokritsky, Houston TX

Derek Benavides, Brownsville TX

Thomas Phan, Houston TX

Monica Pedraza, Houston TX

Lea Ann Leslie, Flower Mound TX

Jerry Peter Amin, Columbia MD

Betsy Henslee, Beaumont TX

Jimmy Goodwin, LaGrange GA

Jane Wang, Houston TX

John Robnett, Dallas TX

Jason Schmitz, The Woodlands TX

Samantha Thomas, McKinney TX

Melanie Head, Rockport TX

Rookie of the Year:

Jerry Offner, Houston TX

Personal Lines Growth Agents of the Year:

East-Lisa Knight, Lafayette LA 94%

TX-Brandon Richey, Beaumont TX 91%

West-Roger Larson, Walnut Creek CA 36%

Commercial Lines Growth Agents of the Year:

East-Kerry Landry, Gretna LA 124%

TX-Carlos Cantu, Dallas TX 79%

West-Daniel Chang, Los Angeles CA 253%

Health Agent of the Year:

Don Oh & Jeanie Kim, Lewisville TX

Life Agent of the Year:

Steven Wu, Milpitas CA

Annuity Agent of the Year:

Debi Moore, Quincy IL

For further MEDIA INFORMATION:

Gordy Bunch, gordy@twfg.com, 713-416-078

Alex Bunch, alex@twfg.com, 281-466-1169

Million Dollar Convention Brings Innovative Insurance Leaders to The Woodlands

The Westin-The Woodlands Hotel

 THE WOODLANDS, TX, June 6, 2016 – Insurance executives from 38 of the country’s major insurance carriers will join more than 200 TWFG branch managers and headquarters staff here for TWFG’s national agent convention, June 9 to 12, at the new The Westin-The Woodlands hotel.

The Woodlands Financial Group president and CEO Gordy Bunch estimates that the combined expenditures of sponsors and participants will exceed more than one million dollars as he brings owners and operators of TWFG branches from across the country and their spouses to the company’s national headquarters community. Bunch says “Our goal is to have our managers and agents discover new product innovations and introduce them to new strategies that will uniquely positon them for success in an ever-changing world.”

In a unique convention offering, participants received an “app” that allows them to create a personalized schedule of the events and classes that are most relevant to their market and agency. SAFECO is the major sponsor of the convention with participation by 38 insurance carrier sponsors including Progressive, American Risk Insurance, and Lighthouse Insurance Company. The convention program promises attendees a keynote speech by “esteemed insurance consultant and motivational speaker, Troy Korsgaden, who understands the most critical components of building successful insurance companies.”

Bunch founded TWFG in The Woodlands in 2001. He will tell his agents that, “We have grown to be in the top 30 of the 38,000 insurance agencies in the United States and are ranked as number one in providing “Personal Lines” (homeowners and auto insurance) in Texas.”

Educational breakout sessions and an exhibit hall of insurance carriers and related information will be augmented with a private concert by Grammy and CMA award country music singer and songwriter, Paul Overstreet.

Note: This will be a closed convention not open to the public or media.

For further MEDIA INFORMATION:

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

New Overtime Rules You Need to Know Now!

June 2016

New overtime rules can materially affect your employee costs and your bottom line. The U.S. Department of Labor (DOL) announced a new and final rule on May 18, 2016 regarding overtime wage payments. The DOL has materially revised and increased salary qualifications for what we know as “white collar exemptions” under the Fair Labor Standards Act (FLSA). These changes are expected to impact 13,100,000 employees across every business sector.

This final rule will be effective on seemingly short notice to America’s businesses on December 1, 2016. It increases the salary an employee must be paid in order to qualify for a “white collar exemption.” The required salary level for the exemption will be increased to $47,476 per year and automatically updated every three years. However, the new rule will allow non-discretionary bonuses, commissions, and other incentive pay to satisfy up to 10% of the required minimum if those payments are made at least quarterly.

The final rule does not modify the duties test employees must meet to qualify for a white-collar exemption.

Using the overtime exemption requires employers to meet the salary basis, salary level, and employee duties tests. All three tests must be met for individual employees or no overtime exemptions are allowed.

The salary basis test ensures that wages are fixed and not subjectively able to be reduced. The salary level test requires the employee to be compensated at the minimum salary to be considered for exempt status. The current level has been set at an annual minimum of $23,660, but that will basically be doubled to the new $47,476 level effective December 1, 2016.

The duties test requires evaluating an employee’s responsibilities to demonstrate that their regular work engages them in executive, administrative, outside sales, professional services, and information technology, or be highly compensated. Some of these job duties can be subjective so I would encourage you to consult with legal counsel or a professional HR consultant to make sure you have interpreted the duties classifications correctly.

Highly compensated salary requirements are also being increased from the current $100,000 to $134,004 effective December 1, 2016. Employers may also include non-discretionary bonuses, commissions and other incentive payments so long as the employee receives a fixed minimum salary equal to the new $47,476.

Failing to review and comply with the new rules can cause employers to face employee litigation, government injunctions, and civil fines up to $1,100 per violation as well as criminal charges for willful violations. Penalties up to $10,000, imprisonment up to six months, or both may be imposed.

These changes impact every business owner which is why I can’t stress enough that today is the time to review your employees’ status and compliance with current and tomorrow’s labor laws.

Richard “Gordy” Bunch is the EY Entrepreneur of the Year® for the Gulf Coast for Products and Services. He is also the founder, president, and CEO of The Woodlands Financial Group based in The Woodlands, Texas. You may submit suggested topics for future business columns to him at gordy@twfg.com or through the editor of this publication.

TWFG Gran Fondo Texas TMCO Bike Ride Reaches $75,000 Record Donations

The TWFG Gran Fondo Texas TMCO charity bike ride made its largest-ever donations to the Texas Medical Center Orchestra and the National Multiple Sclerosis Society.  At TWFG offices in The Woodlands on Thursday, May 26, 2016, members of the event’s Steering Committee presented checks to the two charities totaling $75,000.  “These are very generous donations,” stated Alan Fritsche, orchestra board member, accepting on behalf of the orchestra.  “These funds will allow the orchestra to continue providing first class concert music at minimal cost to those who attend their concerts.”  The TMCO plays in concert halls, such as the Hobby Centers, Zilka Hall and the Wortham Center in Houston, as well as hospitals, including the Methodist Hospital Houston.  Smaller ensembles play at nursing homes, medical facilities and other hospital settings throughout the Houston area.

Receiving the donation on behalf of the National Multiple Sclerosis Society were Kelli Dreiling, Vice President of Development, and Cyronica Upshaw, Corporate Development Manager.  Ms. Dreiling stated that “This donation makes it possible for the Society to continue our programs towards stopping disease progression, restoring what’s been lost and ending MS forever”. Since its founding by Sylvia Lawry in March of 1946, the Society has invested more than $924 million to advance MS research, and is recognized as the catalyst for all major advancements in MS.

Gordy Bunch, CEO and President of The Woodlands Financial Group Insurance Services, sponsors the TWFG Gran Fondo Texas TMCO and hosted the check presentation event.  “We are delighted to be a part of such a dynamic service organization” said Bunch.  “The Woodland Financial Group focuses its public service support on active participation events that enhance healthy lifestyles for everyone in the community.”  Bunch recognized TWFG Gran Fondo Texas TMCO as an event that touches those throughout the Houston area.  “Our title sponsorship is another way for our company to show appreciation for the rapid growth our company has achieved since its founding here in 2001,” said Bunch.

Eric Powell, chairman of the Steering Committee, commented that this year’s ride was one of the most successful in the event’s history, not only because of the record donation to charities, but also because of the positive move to the new venue at Montgomery School District’s Sports Facility.   “This year’s ride featured a scenic route through the Sam Houston National Forest and some great roads in Montgomery and Grimes counties.  We extend our thanks to the communities of Montgomery, Anderson and Richards and to local agencies who supported the ride and we look forward to continued success in future years at our new home.”

The TWFG Gran Fondo Texas TMCO charity bike ride was founded in 2011 and this year’s event was held in Montgomery, with over 1,200 riders participating.  Over the past six years, it has had over 7,600 riders making it one of the largest rides recommended by the National MS Society as a lead-up ride to the BP MS 150 Houston-to-Austin ride.  Since inception, the ride has donated over $275,000 to the two charities.  Both the TMCO and the National MS Society are qualified charities under section 501c3 of the IRS code.  More information about the event can be found at www.granfondotexastmco.com.

For further MEDIA Information:

Eric Powell

2016 Chair, Steering Committee

TWFG Gran Fondo Texas TMCO

www.granfondotexastmco.com

For TWFG:

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

Paul Lazzaro, plazzaro@comcast.net, 281-728-5704

SBA Loans are Available to Help Grow Your Business

Jonathan Foster
Bunch

SBA loans are available to help grow your business

Bunch

April 29, 2016 4:21 pm

SBA loans are available to help grow your business

Being undercapitalized is one of the main reasons that small businesses have high failure rates. Under-capitalization also can hinder the growth of your business. SBA loan programs are available that can help you launch or expand your business. If you are faced with this impediment to growth, look into U.S. Small Business Administration loan programs for financial help through an SBA-approved lender. SBA 7(a) Loans offer up to $5 million to expand, renovate, construct facilities, and refinance loans or for working capital needs. This program offers long-term financing options that can benefit near-term cash flows. The SBA also has a 7(A) Small loan program for loans below $350,000 with similar terms.

SBA Express Loans range up to $350,000 with maximum seven-year maturities. Rates will be higher than loans under the regular 7(a) program, but the process is streamlined to be faster and offer easier access to lines of credit.

The SBA Veterans Advantage program is available to businesses that are at least 51 percent owned by veterans, their spouses or widowed spouses of those who died during active duty or through a service-related disability. This program is designed to help those who protected and served our country. Loan proceeds and values are the same as the 7(a) program with SBA guarantee fees waived for 7(a) loans and reduced by 50 percent for SBA Express loans.

SBA Cap Lines programs offer up to $5 million toward working capital, contract financing, seasonal cash flow and construction for commercial or residential builders. Loans are available up to 10 years for non-builders and up to five years for builders.

These SBA loan programs are among the most commonly available through the SBA; however, there are several more you can review that support international trade, export working capital, 504 development and non 7(a) micro loans programs.

You will need to put together a business plan, financial pro forma, credit references and make sure your business type is SBA approved. For veterans, you will need your DD 214 to verify your service eligibility if using the SBA Veterans Advantage program. All businesses that choose to apply must be able to demonstrate good credit, management skills and ability to repay.

If you are interested in more detailed information you can visit www.sba.gov or submit questions via e-mail to questions@sba.gov. I would also encourage you to meet with your local banking relationship to see if they are approved lenders and which SBA programs they support. They can also be helpful in assisting with the application process.

Richard “Gordy” Bunch is the EY Entrepreneur of the Year® for the Gulf Coast for Products and Services. He is also the founder, president, and CEO of The Woodlands Financial Group based in The Woodlands, Texas. You may submit suggested topics for future business columns to him at gordy@twfg.com.