25 Lessons Learned from Ed Ellsasser, CEO
Q: Can you believe it’s been 25 years?!
A: I really can’t the older I get the faster time goes! It is fun to look back on the past 25 years and see how far we have come. I still have the desire to grow faster though!
Q: Who has been your most influential mentor?
A: I have had many mentors over the years. It helps to have mentors inside and outside your industry. I am always trying to learn from people’s mistakes and their successes. PGI wouldn’t be where it is today without the help of many trusted advisors over the years!
Q: What would you tell your 25-year-old self?
A: Keep investing in top-quality people. Even when it seems like you can’t afford it, make the investment in top talent.
Q: How has the PGI company culture changed in the past 25 years?
A: PGI has always been about giving back to the communities where we do business. This is the PGI “why” and we will continue to focus on it.
Q: What advice do you have about failure?
A: Learn from it, brush it off, and get on to the next deal.
Q: What does the future look like for PGI?
A: PGI has seen incredible growth in the last few years. We are working hard to make sure we continue that growth. We continue to add quality staff and provide our clients with personalized service.
Q: What is one thing you would have done differently in the past 25 years?
A: I would have continued to add quality people. Ten years ago when we started doing acquisitions we stopped adding talent as we were investing in purchasing 5 agencies. I would have found a way to do both, acquire and add talent.
Q: If the company had a mascot, what would it be and why?
A: Our sales team gets Eagles if they hit 200% of the quota for the month so I will go with an Eagle because they represent our great country and “they soar”!
Q: What was the most effective team-building activity you’ve done?
A: Any event we do to help local charities has been the most effective team-building exercise. It is always great to volunteer together and then go have an adult beverage afterward!
Q: Why do you feel volunteering and giving back to the community is so important?
A: There are so many in our local communities that are not as fortunate as us. It is important to help wherever we can to make the communities where we do business a better place. If PGI does our part we know other local businesses will also help. It’s a ripple effect. The more PGI grows the more we can give back!
Q: What are your personal values that have guided your leadership?
A: I try to lead by example. I can tell someone you have to put in the time and grind but if I am not doing that myself it is just words. Actions speak louder than words.
Q: How do you manage the stress of being a CEO?
A: My favorite activities to manage stress are working out and fishing. It is also helpful having mentors, and a CEO group that I can bounce ideas off of or discuss issues with people going through similar things.
Q: What piece of advice can you share for aspiring leaders?
A: You have to put the time in. You can’t be successful starting out working from 8-5. You have to invest time in yourself reading books, industry articles, getting with successful coworkers, leaders in the industry, etc. If you are a clock watcher sprinting out the door at 5:01 you won’t be great. You can be good but not great.
Q: What is one accomplishment you’re proud of over the past 25 years?
A: Business-wise it would be growing PGI to the company it is today with 40 employees focused on our core values which include Employees, Clients, and Community. Personally, it would be raising 2 entrepreneur sons who have their own businesses and are getting out and hustling every day!
Q: What would your clients say about working with PGI?
A: PGI has a strong retention rate because we truly care about our clients. I believe we would say that PGI has a strong team that gives them personalized service.
Q: How do you handle tough decisions?
A: I work with the team to discuss things before we make any large decisions. Sometimes I wait a day or two to make tough decisions because I don’t want to get caught up in the heat of the moment and let emotions get the best of me and react when I am upset or frustrated.
Q: How do you see the insurance industry evolving?
A: The last few years have been challenging from a property insurance standpoint. With the recent legislative reforms I see a light at the end of the tunnel. I believe rates are going to stabilize over the next year as the many lawsuits work their way through the system.
Q: What is one thing on your bucket list that you’d like to complete soon?
A: Taking the PGI Team to Key West which happened in June!
Q: If you could describe the PGI company culture in one word, what would it be?
A: Family
Q: What advice you tell your sons when it comes to business and work ethic?
A: Take care of your clients. Be sure you are communicating and following up. It is hard to get new clients so be sure to take care of the ones you have. They will be your best referral source. They have the work ethic piece figured out. My older son Austin motivates me to work harder. He is up at 4:30am every day and gets after it until after dark. Both boys work most Saturdays and some Sundays as well. I am trying to keep up with them!
Q: Do you have a favorite quote?
A: The harder you work, the luckier you get.
Q: If you could relocate your office to anywhere in the world, where would it be?
A: Easy one-Key West! That’s my happy place!
Q: Everyone seems to think there are two of you since you are everywhere in the community – can you confirm or deny? 🙂
A: Confirm!