E73: Innovation22 Speaker Highlight - Jacob Neighbors

In this episode, James talks with Jacob Neighbors, President of The Simmons Insurance Group. To learn more about The Simmons Insurance Group, visit https://www.simmons-insurance.com/. Visit our website to join our email list, get the scoop on our LIVE coaching calls and never miss an episode: https://www.agencyfreedom.com Connect with Agency Freedom Podcast on Facebook at the Agency Freedom Podcast group: https://www.facebook.com/groups/agencyfreedom Email us at podcast@agencyfreedom.com with ideas, questions, complaints or your favorite grilling recipe. Episode Highlights: Jacob shares his backstory and what he is doing now at The Simmons Insurance Group. (2:31) Jacob talks about his relationships with his father-in-law and how he and his brother-in-law came to take over the family business. (6:32) Jacob explains that it took them several approaches, including organic production, partner networks, and agency acquisitions, to grow the business from $3 million to $10 million. (10:47) Jacob believes that it is important for the agency owner to be the production leader in the first $2 million of revenue but after that, the owner should move out of selling to allow for more growth, (16:43) Jacob explains that certain things happen along a business's lifecycle that empowers its growth. (22:24) Jacob elaborates on how to maximize the value of your business by bringing something special to the table, like market segments. (27:30) Jacob explains that your finances are the score that is kept on your performance, which is what people recruit for. (34:18) Jacob shares that he is passionate about family businesses and that more content and supports for family businesses in the insurance industry especially. (35:58) Jacob mentions what he has planned for his keynote for Innovation22. (40:25) Jacob explains that valuing the business that you're going to acquire correctly and understanding the drivers that other people may be looking at is an important step toward acquiring a business. (43:40) Key Quotes