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The firm has extended new partnerships to two young agents, John Eddleman and Jay Haldeman, who join 12 other partners as owners of the 78-year-old firm. Overall, Senn Dunn has added a new office in the Triangle area and 12 new employees this year, for a total headcount of 93. Five of the new hires came in the month of May alone. The two new partnerships echo Senn Dunn's aggressive ownership expansion of 2003, when the firm's seven senior partners offered five younger colleagues the chance to buy into the company. “We tell them, there's no guarantee of ownership when they come in,” said T. Gray McCaskill, Senn Dunn's president. “It's an all-commission deal, not many guarantees at all. They're sitting out there taking the risk, and our intent is, if they do what they need to do, they will be owners.” The expanding ownership strategy does more than reward worthy producers, Senn Dunn officials believe. It also strengthens the overall business by attracting aggressive agents who see a better chance to move up than they might at a larger firm, and it affirms to clients and others that Senn Dunn does not intend to sell itself to the highest bidder. Douglas Yoh, president of insurance industry consulting firm Marsh, Berry & Co. in Cleveland, OH, said Senn Dunn is doing what needs to be done by an agency that wants to remain independent in an era of industry consolidation. (His firm, though not Yoh himself, has consulted with Senn Dunn in the past, Yoh said.) It's a smart move, Yoh believes, because building a stable of committed stake-holding partners is likely to result in a stronger financial foundation for the company, which increases value no matter what happens. “In the long run it's going to be worth more even if they were to decide to look externally to sell,” Yoh said. Knowing that consolidation generally means fewer seats at the head table to go around, though, new Senn Dunn partner John Eddleman, an employee benefits consultant, is excited to own a share of Senn Dunn at the relatively tender age of 35. “It matters because for most of us in this business, we have aspirations to be business owners,” Eddleman said. “One thing Senn Dunn has made clear is that it's going to help younger agents and associates as we come in to become owners of this agency.” Fellow new partner Jay Haldeman, 34 and a commercial account executive, said he sees his firm's moves to affirm its independence as a competitive advantage. “Our current ownership team continues to invest in people foremost, and that strengthens our value proposition,” Haldeman said. “We can make decisions immediately, and the independent agency still has a very vital role to play with our carrier partners.” Reach Matt Evans at (336) 370-2916 or mlevans@bizjournals.com . |
