Page 31 - BusinessWest October 3, 2022

for this agency, something that is obvi- ously taken seriously at a company that has been around this long, covets its independence, and wants things to stay that way.
For this issue and its focus on insur- ance, BusinessWest talked with Dowd about ... well, everything conveyed by those two photos in the conference room.
Cover Story
Dowd told BusinessWest that the phone calls come maybe once a week, or five or six times a month on average.
They’re from representatives of pri- vate-equity firms who want to know if Dowd Insurance might be for sale, and, if so, under what circumstances. He tells them ‘no,’ and in a polite way — at least the first time they inquire.
“They are relentless,” said Dowd of those on the other end of the phone. “I’ll usually have one conversation with them and let them know that we’re not interested in selling and are happy to stay the way we are. And then when they call the next month with the same question, my patience starts to wane, and I start to wonder about how obli- gated I am to answer every email and
“Sometimes you’ve got to stick your chin out there and, when opportunity knocks, take advantage of the opportunity.”
every phone call, especially when I’ve already talked to them and told them my plan.”
These days, there are even more people calling and asking about the agency, he noted, and that’s because of those acquisitions over the past few years and the scale they generate.
It’s a somewhat minor annoyance, and at the same time a reminder of the agency’s track record for success, he said, adding, again, that he is polite, but only to a point.
Dowd has other matters to occupy his time, he noted, adding that, overall, the firm is still trying to make its way all the way back to where it was before the start of the pandemic, especially with “behind-the-scenes” work, as he called it, when it comes to quality, effi- ciency, and serving clients.
“We have a quality team that evalu- ates what we do and how we do it,” he explained. “They would get sugges- tions every month from anyone on the staff — ‘here’s an area that I think we can look at and get better at’ — and the quality team would research and come to us with suggestions for developing
a plan. That’s an example of an area where we lost some momentum.”
Some momentum was also lost
when it came to connecting with potential new customers, he went on, adding that this put far greater empha- sis on growth through acquisition, which is exactly what the company did.
“From a revenue standpoint, we were flatlining — if we held onto every- thing,” he explained. “And we didn’t hang onto everything because busi- nesses were closing. It was a scary time because there was so much uncertain- ty. But then came the M&A opportu- nity, and we looked at it and said, ‘this is not a great time to be taking on some debt, but we think this is prudent.”
Elaborating, he said the agencies that came into consideration were
good fits, culturally and otherwise, and under normal circumstances, they would be consider logical acquisitions. The circumstances weren’t normal, but the times dictated some aggressive action.
“Sometimes you’ve got to stick your chin out there and, when opportunity knocks, take advantage of the oppor- tunity,” he said, adding that this is just what the firm has done.
In doing so, it has put itself in and new different position — an inde- pendent agency of considerable size — and it is determined to sell both of those qualities.
“We’re a good-sized agency, certain-
ly in Western Mass., and the only one of our size that is still independently owned — not owned by one of the big guys,” he said. “We like that distinction, and we use it to our advantage. We’re totally local — not only do we live and participate in our community here, we’re also locally owned, and profits
go right back here in to Western Mass., and not Chicago or anywhere else.”
But with that independent status comes the challenge to compete with those often much larger concerns, Dowd explained, adding that this chal- lenge, as in banking and other sectors,
Dowd
Continued on page 33
Insurance You Understand.
A Relationship You Can Trust.
Bob Borawski David Malek President Vice-President
(413) 586-5011 | www.Borawskiinsurance.com
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OCTOBER 3, 2022 31