CBJ's Largest Privately Held Companies 2018

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TrueNorth Companies 2 When TrueNorth Companies set about preparing its 2017 annual report, there was only one logical thing to title it: Evolve. In what CEO Duane Smith called “a year of transformation and evolution,” TrueNorth announced a transition in leadership, 60 new team members, four new acquisitions and a new talent development program designed to help employees grow both personally and professionally. That’s without even mentioning its $813 million in revenue, a figure that ranks the Cedar Rapids-based insurer and financial services provider as the second-largest privately held company in the Corridor, and puts it well on its way to reaching a goal of $1 billion in sales by 2020 and $2 billion by 2025. “We’re right on track to hit that $2 billion in 2025,” said Mr. Smith, adding that True- North’s growth has been split about 70-30 between organic growth and acquisitions over the past two years. “It’s a good thing,” he DUANE SMITH CEO joked of the rapid change. “But be careful what you ask for, you just might get it.” Since 2015, four new firms have begun operating under the TrueNorth umbrella, including Community State Bank Insurance of Ankeny, Edwards-Brandt and Associates of Mason City, Weinman Insurance of Indianola and Nimble Insurance of Chicago. Thanks to consolidation in the industry, competition is fierce, and Mr. Smith said TrueNorth looks at about 20 acquisition targets for every deal that gets completed. “Private equity groups have found that the reoccurring revenue our industry generates is attractive to them,” he said, adding that TrueNorth’s unique ownership structure has given it an advantage others can’t match. Since the company was established in 2001, it has grown from six owners to 60 – and counting. “It’s because we give entrepreneurs the ability to have a say in their own business and their own specialty, subject to our owners manual, and to own part of their future growth, income and ability to grow equity in their respective profit center,” Mr. Smith explained. “They’re making their own decisions about their businesses everyday versus just being employees of a larger firm and I think that resonates in the partnerships we build with our clients.” The company’s organic growth has largely been driven by its insurance products and industry-specific services for construction, medical, transportation and other fields. Over the next 10 years, the company hopes to add another 400-500 employees, ideally half through its acquisition strategy and half from within. “We’ve been building out our level of expertise so we can focus on really specific industries,” Mr. Smith said. “We’re active within their associations, we really get to understand what problems they are facing. In a perfect partnership with our clients, we’re only spending 25-30 percent placing insurance products and spending the other 70 percent helping solve other business issues … many of our competitors don’t focus that deep.” The company earlier this year made good on its long-held succession plan, with Mr. Smith’s son, Jason, set to take over as CEO in 2020. Jason Smith, who now serves as president, has taken over business development and growth initiatives, his father said, “and has done a great job of really building out a structured focus on organic growth.” Planning for a new generation of leadership is perhaps the biggest challenge the company faces going into the future – and on a personal level, Mr. Smith said, the toughest evolution. THE TEAM EXECUTIVE TEAM Duane Smith, CEO Jason Smith, President Bill Teubel, CFO Dru Bridges, COO BOARD OF DIRECTORS Loren Coppock, Chair Duane Smith Jason Smith Bill Teubel Dru Bridges Randy Rings Trent Tillman Max Smith Josh Budke Devin Pipkin Dave Verhille Pete Layden Jim Swift (board observer) SUPPORT TEAM Bankers Trust BankIowa Bohr, Dahm, Greif & Associates Cedar Rapids Bank & Trust Rings Law PLC “At 62, I now have about two and a half years and counting,” he said. “What that does is require you to really develop a plan and what we call an ‘owners manual’ to hand off to the younger generation. One of the key components of building a successful company is really the ability to hand it off and have it prosper beyond the hand-off … building an enterprise that will stand the test of time.” -Katharine Carlon 8 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018
Gary Watts President & CEO Building a Better Tomorrow Leading the industry in better homes, businesses, and communities. With over 40 years of experience, we are proud to have been called the “one-stop shop” for all things real estate. Brian Watts Director of Business Development WATTSGROUP.COM 425 E. OAKDALE BLVD., SUITE 101, CORALVILLE (319) 338-4100 Grow Your People. Grow Your Business. Grow Your Future. DEVELOP PEOPLE CREATE ACCOUNTABILITY ENGAGE TEAMS DELIVER RESULTS People and organizational development. Engaging. Proven results. Award winning programs. Karen Schumacher, Owner (319) 431-4148 Sales@CrescendoLD.com www.CrescendoLeadershipDevelopment.com Crescendo Leadership Development “Turn your learning into action.” CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 9
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