Architectural rendering of the new Brown & Brown corporate headquarters and campus
personally . More people will want to come , and this will have a positive impact on local businesses , schools , restaurants and the housing market . It will also widen your pool of potential teammates as the company grows .”
Brown & Brown is doing this in Daytona Beach , where Brown ’ s grandfather started the company in 1939 . They ’ re building a 10-story , $ 25 million corporate headquarters and campus downtown . It ’ s part of the company ’ s strategy to increase annual revenue to $ 2 billion , up from over $ 1.8 billion in 2017 and is a major investment in the community .
The company plans to create 600 jobs over the next five years , and to do this there needs to be a community with the amenities to attract future teammates to live there . There needs to be arts , culture , good schools , a low cost of living , and a good lifestyle . Brown & Brown is a part of the community and must not only be “ good corporate citizens ,” but also “ good citizens in our communities ,” Brown said .
LEARN FROM FAILURE Another key for long-term success is to understand that you are going to fail - probably often . Brown says , “ You must understand that failure will happen , but you mustn ’ t let that stop you . If you fall , get back up . To grow you must take risks , and each risk poses the possibility of failure .” However , Brown believes that as you take risks and learn from overcoming challenges you will be better prepared to know what it takes to be successful .
“ It ’ s not a question of if you ’ re going to hit a bump in the road ,” he said . “ It ’ s a question of how you get back up off the street when you hit the bump , and if you hit more than one then how do you get back up and get back up again , and again , and again .”
This attitude will better prepare you for the challenges of growing a business over time rather than worrying about each bump . It ’ s also helpful . According to Brown , “ The best way to learn is the hard way .”
He speaks from experience . When he became president of Brown & Brown in 2007 , it was the first year in the history of the company that it shrank . It did not grow organically , and that
continued for five years as the economy suffered . But looking back , Brown said it was something that he and the company had to go through . And the experience made him a better leader .
When business is down , he ’ s learned to press on and learn from mistakes . He has found the best way to push forward is to strive “ to execute better each and every day ,” and to make those tiny gains that will add up to a more significant win .
It ’ s a strategy made famous by Woody Hayes , another celebrated football coach . In his days at Ohio State , his conservative style of offense was often described as “ three yards and a cloud of dust .” Each time the ball is snapped , the strategy is to advance three yards and gradually the team will muscle forward to reach the goal line .
ANTICIPATE CHANGE
Brown ’ s sixth key to building his forever business is “ being able to see around that corner ” and “ to anticipate things that may or will occur in all kinds of situations .”
This is a vital trait , especially today , because every business must adapt to the constantly changing needs in the marketplace as the threat of disruptive technologies hit most , if not , all industries . But how can you see around the corner and how do you know if you are ready for tomorrow ?
Brown ’ s advice is “ Experience is the best way . Over the years , your team will hone its ability to anticipate what could happen ,” Brown said . “ It ’ s not easy to foresee challenges , but if you embrace failure and keep moving forward , your company will advance three yards and then another three .”
When growing your company , Brown believes another important question to ask is how do you handle failure ?
In sports , you win or you lose , but you can learn more from losing , Brown believes . When his four children lose a soccer game , he said they ’ re bummed . But he tells them that they can learn “ something more valuable ” than when they win . In business , more is at stake , of course . There is the risk of losing your savings . But you still have to take risks to grow — and you still have to face the challenges , the ups and downs , he said .
If you are disciplined and conduct business according to your principles , then you will advance over the long term . It may be hard , and there will be many voices saying do it another way , but you must believe in yourself and “ do it your way .”
This forever company strategy has worked for Brown & Brown . As the economy recovered , business improved and the company has done more acquisitions . Brown & Brown has grown revenues from just under $ 1 billion in 2010 to over $ 1.8 billion in 2017 – an 80 % increase .
How ? It takes “ a lot of hard work , a lot of discipline , a lot of hiring the right people ,” Brown said . That ’ s what he believes is at the core of building a forever company .
Howard Holley is President & CEO of The Holley Group . Holley is also editor and publisher of EVOLVE Business and Professional Magazine .
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