Smart50 rank: 44
Revenue: $4,064,805
Growth: 42.17%
Founders: Daniel Johnson, 39; Darren Hutton, 42
Based: New South Wales
Employees: 30
Industry: Finance and insurance
Website: www.apexinsurancebrokers.com.au
Daniel Johnson, 39 started his career in general insurance broking, but quickly honed more specialised niche skills, thus paving the way for the launch of his own company - APEX Insurance Brokers.
APEX are responsible for reviewing a client's businesses with a view to identifying their main and peripheral risks.
From there they design an insurance program, which involves preparing tender documents for insurance companies, reviewing responses, negotiating pricing and presenting the different options and helping clients then tailor their final program. "We also manage any changes through the year and work with them to smooth out any claims that may occur."
One of the main obstacles Johnson encountered though with starting his own business was establishing contacts.
"Building the network of contacts was difficult - a zero base gives zero referrals. You have to build that network as quickly and as effectively as you can to start 'the machine'. Once business referrals started, then staffing became a major challenge."
And even today, the industry is not without its ongoing problems.
"Regulation continues to hammer us. As we are in the ‘financial services' arena we often get lumped into those businesses that have been under scrutiny," says Johnson. "This results in excessive regulation from government authorities trying to be seen to be doing the right thing. Some times it's good and practical, sometimes it's for sake of appearances."
Johnson's most valuable lesson?
"Hire slow and fire fast. I learnt this very early on and tell everyone that will listen. An employee that doesn't fit into the organisation will do more damage than you could believe. Identify problems early and either fix or fire. Sounds harsh, but it's better for the business and the employee."
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