Dean Branson was one of The Alexander Groups' first clients when our firm started in 2007. Dean was a partner at his independent insurance agency, Midwest Agency. At the time, Dean didn't necessarily realize he needed a business coach, but he did know he needed help because he had a big problem. 

An Agency in Crisis 

Seventeen years ago, Dean focused on sales, while his business partner handled most of the administrative duties of the agency. However, his partner had a sudden and severe heart issue requiring surgery followed by a lengthy recovery period, leaving Dean with the responsibility of running the business side of the agency, too. 

Thrust into his new role as business manager, he was shocked to discover the business was in serious financial trouble. Accounting and tax issues were so serious that the future of the entire agency was in doubt. 

As Dean looks back, he is grateful that he connected with Cornell Meyer, founder of The Alexander Group. 

First, they applied some forensic accounting to examine whether any fraud occurred. After working with a CPA, Dean and Cornell concluded that Dean's partner had mismanaged the finances. Cornell worked with Dean over the next few years to unwind the partnership and get each party what they needed. Ultimately, they ended the partnership with little disruption to employees and customers. In 2011, the partnership officially concluded, and Dean was ready to take Midwest Agency to new heights. 

The Next Chapter, Improving Financials 

Next, Cornell and Dean focused on improving financials. It was one thing for Dean to unwind the business from financial troubles and another to build it bigger, better, and more robust. After a dire banking crisis, that year marked a challenging period for small businesses. Many banks were hesitant to give small businesses loans, especially small businesses in the professional services sector, like insurance. Nevertheless, with TAG and Cornell's help, Dean and his team worked to restructure debt, hire new people, improve sales and marketing, and streamline HR. 

Considering An Exit 

Throughout the next ten years, Dean began to think more deeply about what an exit plan could look like and how to shape the company's future. Initially, the plan was that his daughter Bailey would take over the company. While both felt good about that succession plan, they were still open to other opportunities. 

In 2021, Dean researched industry mergers and acquisitions and put word out that he was open to offers leading to a potential deal with a private equity (PE) firm out of Chicago. The process of vetting the offer helped Dean learn his priorities while exposing some improvements his business could make. He and Cornell uncovered an internal opportunity to renegotiate legacy contracts and ultimately realize an additional $100M in agency profit. 

Dean declined the offer from the PE firm when he concluded it was too low and the risk too high for his employees, who would have been left vulnerable to layoffs. However, the process of vetting the PE offer with Cornell made a stronger and better Midwest Agency.