Category: news-article
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.
Posted in image-preview, news-articleThe 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
Posted in image-preview, news-articleTime 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
Posted in image-preview, news-articleTWFG 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
Posted in news-articleHow 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
Posted in news-articleYour 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.
Posted in news-articleYour 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
Posted in news-articleTWFG 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 – 5th Year
Anthony Voiron, Metairie, LA – 5th Year
Rick Rogers, Metairie, LA – 5th Year
Jenny Xu, Houston, TX – 5th Year
Stephen Lovecchio, New Orleans, LA – 5th Year
Carlton Kon, Sugar Land, TX – 5th Year
Mark Bartlett, Fremont, CA – 4th Year
Holland Brothers, Tomball, TX – 3rd Year
Buffy Doiron Hooper, Port Arthur, TX – 3rd Year
John Sparks, Huffman, TX – 3rd Year
Russell Knapp, Spring, TX – 3rd Year
Darren Monteith, Ft. Lauderdale, FL – 3rd Year
Betty Loick, The Woodlands, TX – 3rd Year
Marilyn Randazzo, Pflugerville, TX – 3rd Year
Carlos Cantu, Dallas, TX – 3rd Year
Bobby Counts, Beaumont, TX – 3rd Year
Brandon Richey, Beaumont, TX – 2nd Year
Kerry Landry, Gretna, LA – 2nd 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
Posted in news-articleIs Your Company Leveraging Emerging Technology To Remain Relevant And Competitive?
Bunch on Business
By Gordy Bunch
Today’s business environment has become increasingly more complex and competitive. The speed of change has never been faster, and I don’t expect it will ever slow down. In 1955 Fortune magazine listed the 500 largest companies, and 60 plus years later, only 71 of those companies still exist.
In the past, I recommend annual reviews of your industry for emerging trends, technology and changes in customer expectations. Going forward, I believe you should make this a monthly or quarterly review depending on the speed of technological change in your industry. Staying ahead of the curve is a strong business strategy while playing catch-up constantly invites fatigue and frustration. Every business has the potential of becoming obsolete if ownership and management don’t pay attention to new technologies, competition, or change in customer expectations. It is those companies that first execute transformative change that will become the future leaders of their industries.
A classic example is Blockbuster, which stuck to a storefront-only business model while Redbox, Netflix, DVR and other on-demand service innovators emerged. As the leader of the movie rental industry Blockbuster had multiple opportunities to invest or even acquire NetFlix, along with their inventive new distribution models and technologies. They failed to recognize the impact of these burgeoning competitors and the consequence was Blockbuster declared bankruptcy in 2010.
Leveraging emerging technology can be as simple as an incorporating smartphone application that connects your customers to your services in a meaningful way. Uber created an on demand, efficient taxi service at a lower cost without ever having to buy a car. Genius. I remember the days visiting New York City waving like a fool for a taxi. Last week I used an app, and the car came to me. The service, and most importantly the experience, is significantly better. Uber is another example of new technology, new competition, and new consumer expectations all in one.
Domino’s pizza has rolled out a new app making it easier for me to order and reorder pizza. They may not have the best pizza, but they certainly get 90% of my business because they make it easier for me. Blackberry is still alive but they went from more than 50% market share of mobile phones to a decimal point because they insisted their systems would prevail. However, on June 29, 2007, the iPhone was released.
How is your company levering emerging technologies to further your growth and connection to your customers? Are you ahead of the curve or scrambling to catch up? When was the last time you reviewed the expectations of your customers, the advanced products and services your competitors are providing, and what new technologies and practices you can implement to stay a step ahead?
Richard “Gordy” Bunch is the 2015 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. Submit suggested topics for future business columns to gordy@twfg.com, or through the editor of this publication.
Posted in news-articleThe Woodlands Financial Group Ranked Best Locally and Nationally
By Paul Lazzaro
Published 03/15/2017
THE WOODLANDS, Texas — Founded in 2001 by Gordy Bunch, The Woodlands Financial Group continues to earn recognition locally, in the state of Texas and in national insurance rankings.
The company was named winner of the 2017 “people’s award” as Best Insurance Agency or Agent as thousands of community portal users voted on Woodlands Online. This is a “four-peat” for TWFG, which won the award in 2013, 15, 16, and now 2017. Last year, the company’s employees added Best Employer to its community-leading recognition.
Earlier this year, Insurance Journal Magazine’s Top 100 and Top 50 rankings were released to reveal that TWFG is in the top 30 of 38,000 independent agencies in America, and the number one Personal Lines (Homeowners and Auto) insurance agency in the state of Texas. Texas is also the center of TWFG’s national focus with more than 100 affiliated TWFG agencies ranging from Houston to Amarillo serving more than 250,000 customers.
TWFG’s Twico insurance carrier has been authorized to accept transfers up to $62M in the Texas Windstorm depopulation program to provide coastal policyholders with alternative private options for wind and hail insurance.
Insurance Business America magazine selected TWFG as one of America’s “Elite Agencies” in its December 2016 cover story. The magazine says their “Elite” list includes independent commercial retail agencies that range from a single office to large corporations with a global presence. “They are leaders in their communities and the industry in terms of revenue, best practices, and community involvement.”
According to founder, president, and CEO Gordy Bunch, 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.
For more information about The Woodlands Financial Group, visit www.twfg.com.
Related Links
TWFG – The Woodlands Financial Group Directory Page
Posted in news-article