Phelan Insurance Agency in Versailles, Ohio is a tale of success for attracting and developing young talent in a small, rural town. In a small town like Versailles, sourcing and retaining young talent at a local business is a challenge, but Phelan Insurance has figured out its own secret formula.
About ten years ago, the agency faced a pivotal moment: a number of legacy producers were winding down their careers, and the business needed to figure out how they would continue to grow. These tenured producers had plateaued and were in a mindset of maintaining rather than growing. As they planned for the future, third-generation owners and brothers, Brent and Todd Phelan, developed a strategic growth plan.
So, how did they figure out how to hire in a town of 2,600 people? Experienced insurance industry people cannot be hired “off the rack” in a town of this size. Instead, they honed in on what characteristics their new hires must possess in order to succeed in meeting their agency’s growth goals.
The Phelan Hiring Formula
Work Ethic – Hard work is valued in rural Ohio.
The work culture is intense, yet enjoyable at Phelan Insurance. New hires needed to be hardworking and be perceived as such by their peers to fit into their environment. They found their recipe for success was a 50-hour work week for the first 3 years. They had never had a new producer fail when following these work hours, so they implemented this as the “gold standard.”
Culture Fit – New hires needed to fit in with the existing, successful employees.
Culture is one of the most important, yet yard to define, pieces of agency success. New hires and existing staff members need to mesh to create that intangible sense of unity and shared purpose that keeps Phelan’s culture strong.
“Old School” Coaching Style – Proven since 1949.
Since its founding in 1949, Phelan Insurance’s “old school” management approach has always worked. Their business is well-established, and they are not likely to change their ways. Not everyone is going to be happy and successful in this mold. They look at this aspect similarly to coaching style – some people need comfort, whereas others need tough love. Phelan is more likely to provide the tough love style to their employees, and successful employees are more likely to be aligned with this leadership style.
Building a Talent Pipeline
Through a community foundation, they created a scholarship fund and an internship program. Each year, they hire 1-3 college students to intern in the summer between their junior and senior year of college. This allows Phelan to give each intern a 10-12 week interview. The sales team includes the interns in their weekly meetings, they shadow them on calls and visits, they meet with carriers, and they do projects that relate to what they would realistically be doing as a producer in the agency.
Through this program, existing staff can get a feel for who they are and their work ethic. If, at the end of the summer, the intern “checks all the boxes” that Phelan Insurance is looking for, the intern is offered a job. Brent commented, “A student who accepts a job 9 months before starting it, most likely wants it, whereas a student who is offered a job post-graduation is most likely going to take it because they need it. We want people to want it.”
An additional, and more nuanced, piece of their hiring strategy is that they often find success with college athletes. Whether they are a D2 golfer or a D1 baseball player, former college athletes often share key traits that align with the demands of a sales role: discipline, teamwork, and competitiveness. While collegiate athletic experience isn’t a requirement, it’s one factor they consider.
Since they started this program, they haven’t had a single producer be unsuccessful.
Quality Over Quantity
They’ve realized that they don’t need to hire 10 successful producers per year to continue to meet their growth goals; they just need 1-3. The internship program has allowed them a longer vetting period for new producers and allows them to skip some of the pain points of onboarding. It also allows their staff to invest more time in the hiring process, which they see displayed in informal mentorship that allows for even greater success among the younger producers.
Their efforts towards hiring and growth are very intentional. “We feel like we’ve caught lightning in a bottle,” said Brent. They have continually met and surpassed their growth goals for the past 10 years. They realize this may not last forever, which is why they strategically plan and analyze their hiring practices yearly.
Growth Mindset
They also recognize that success requires consistent evaluation. For the past six years, Phelan Insurance has partnered with IA Valuations to conduct an annual agency valuation, an exercise Brent describes as “invaluable” for strategic planning. The reports highlight strengths, pinpoint opportunities for improvement, and provide benchmarks that guide decision-making.
Beyond internal growth, Phelan actively encourages younger staff to engage in the broader industry. The agency brought 12 producers to OIA’s annual conference, IACON, and one of their producers, Amanda, serves as chair of OIA’s Next Generation Advisory Committee. They regularly support attendance at industry and carrier events for networking and professional development. “We want our young producers to see that this is an exciting industry full of opportunity,” Brent said.
Phelan Insurance Agency recognizes that successful businesses are successful because of the people. By intentionally developing, supporting, and investing in their people, they see the same dedication reflected back in the agency’s continued success.
By: The IA Valuations Team
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