Transferring Company Ownership to Employees: Creating a Culture of Ownership

What It Takes To Lead

Get a behind the scenes look at the long talked about succession plan for Coverica. Today you’ll hear firsthand why Mike chose to transfer 30% of his company to its employees and how this move aligns with his core values, avoiding nepotism and boosting staff engagement. Mike’s thoughtful approach to succession planning and legacy building offers invaluable insights for any business owner contemplating their company's future.
Succession planning isn't just about handing over the reins; it's about nurturing future leaders and ensuring business continuity. With insights from Rhonda Cox (Acting CEO of Coverica) and John Sutter (Senior VP of Risk Management), we explore Coverica's unique culture and the strategic implementation of a stock-based compensation model. This approach not only invigorates mature producers but also aligns with the company's long-term vision of fostering an ownership mentality among staff.

Shares:

John: IRMI’s Energy Risk and Insurance Specialist curriculum

Leif: The Social Network, “Measure What Matters” by John Doerr

Rhonda: “The Dream Manager” by Matthew Kelly

Mike: Human Zoos, Israel’s Place in the World

About the Show

What It Takes to Lead is a podcast about Mike Sterlacci’s faith, family, friendships, and business lessons learned over 40-plus years of selling insurance and building a rapid-growth multi-million dollar insurance agency in the Dallas-Fort Worth region.

Mike began his insurance career in 1979 as a captive agent at a major carrier. As CEO of CoVerica, Mike directed the company’s long-term vision. His focus on constant improvement has fueled the agency’s profit and revenue growth. Mike is passionate about making a difference and helping employees find fulfillment through their careers. As a mentor, he helps up-and-coming agents discover and apply their strengths to add real value to CoVerica and society at-large.

New episodes drop every-other-Thursday. Please drop us a line if you have a question or suggestion; you can reach us at [e-mail] or via Twitter/X at @wittlpod. Finally, if you like the podcast, we encourage you to subscribe and leave us a review.