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Episode Summary
In this episode of Homegrown Hustle, host Matt Eickman speaks with Joe Lofboom, CEO of Lofboom Insurance, about his journey from college athletics to the insurance industry. Joe shares insights on transitioning to independent insurance, the importance of building circles of influence, and understanding business insurance needs. They discuss the role of public adjusters, current trends in insurance rates, and the challenges faced in the insurance market. Joe also provides valuable advice on growing an insurance agency and the intricacies of acquiring an existing agency, all while emphasizing the importance of trust and education in the insurance process.
Key Takeaway
- The importance of local leaders in the business community.
- Transitioning from a corporate to an independent insurance model can be beneficial.
- Building circles of influence is crucial for business growth.
- Understanding your insurance needs is essential for business owners.
- Public adjusters can help navigate complex claims processes.
- Insurance rates are on the rise due to market conditions.
- Maintaining good relationships with clients is key to retention.
- Regular communication with your insurance agent can prevent costly mistakes.
- Researching before acquiring an agency is vital for success.
- The hustle in business often starts with hard work and determination.
Chapters
00:00 Welcome to Homegrown Hustle
01:12 Joe Lofboom’s Journey to Insurance
04:37 Transitioning to Independent Insurance
08:21 Building Circles of Influence
11:09 Understanding Business Insurance Needs
16:53 The Role of Public Adjusters
19:57 Current Trends in Insurance Rates
23:44 Challenges in the Insurance Market
28:02 Commercial Insurance Insights
34:44 Growing an Insurance Agency
40:24 Acquiring an Existing Agency
48:39 Future Goals and Sustainable Growth
Guest Resource
Facebook – https://www.facebook.com/BoomerInsurance
Linkedin – https://www.linkedin.com/in/joe-lofboom-4512b751/
Website – http://www.lofboominsurance.com
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