The Fort

#344 - Rusty Reid - CEO @ Higginbotham - Building An Insurance Business That Has Compounded 20% YoY for 35+ years

Mar 26, 2024

Rusty Reid, CEO of Higginbotham, shares insights on building a successful insurance business, discussing topics like recruiting, company culture, acquiring companies, valuing an insurance business, integrating acquisitions, partnership with StonePoint, thoughts on AI, and philosophy of generosity.

01:35:42

Episode guests

Rusty Reid

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Recruit based on values and culture fit to drive significant growth opportunities.

Transition from defensive to offensive strategy, strategically acquiring companies while emphasizing culture.

Stability during economic challenges is ensured by maintaining focus on strategic investments.

Fostering a culture of generosity and community engagement leads to impactful giving back initiatives.

Deep dives

Building a Strong Enterprise

Control what you can control, focus on taking care of people, clients, and partners. Fort Capitol focuses on their mission of being a top real estate operator, utilizing technology for operational efficiency.

Introduction

2min

Unwavering Resilience and Infectious Energy

9min

The Evolution of Ownership: Implementing an ESOP

31min

Navigating ESOP Buyouts and Involving Capital Partners

7min

Strategic Growth and Acquisition Approach

28min

Discussion on Long-Term Partnership and Financial Support in Acquisitions

3min

The Philosophy of Long-Term Growth and Generosity in Business

10min

Building a Sustainable Community Fund for Employee-Driven Charitable Giving

5min

Rusty Reid was named president and CEO of Higginbotham in 1989 at the age of 27. At that time, he implemented the firm’s defining “single source” service model whereby customers can obtain all their insurance and financial services under one roof. He also had the foresight to establish Higginbotham’s employee ownership structure, aligning all employees’ interests in the success of the firm. Under Rusty’s leadership, Higginbotham has grown to become the nation’s 21st-largest independent insurance brokerage firm and Texas’s largest—one with full property/casualty, financial, and HR service capabilities through offices coast to coast.

We discuss: