Employee benefits specialist Dominic Morrone joins Michael Pallozzi to discuss how he went from working in a casino to selling his insurance business. He recounts his entrepreneurial story and shares lessons he’s learned about hiring great employees, reasons you might want to sell your company, and the mental challenge of selling your company.
Tune in until the end to learn:
● What you have to do to establish a name for yourself in your industry.
● How to retain the best talent in your company.
● What to look out for when you sell your business.
[00:40] Who is Angelo Alberto?
[04:25] Why he left the casino business to start working in the insurance industry (employee benefits).
[07:48] Why leaving his business partnership was perfect for both partners.
[10:02] Changing the focus of his business from sales to service.
[11:46] Why he doesn’t have voicemail in his company.
[13:09] How you can keep your best staff members.
[14:04] How the company grew (a story about how Dominic had to hustle).
[16:01] He never thought he would sell his business but…
[20:00] The challenge he had adapting technology with his aging employees. OR Why he felt he was going to be left behind if he didn’t sell his business.
[21:14] How he had to change the direction of his business to adapt to technological developments.
[21:57] Advice for anyone looking to sell their business (what to look out for).
[23:27] Dominic’s plans for retirement (and his fear of retirement).
[25:28] The mental challenge of selling your company.
3 Key Highlights
Building a business where stellar service comes before an aggressive strategy can give you a competitive edge. You build a great reputation. People know that when they come to you, they will get the help they need.
Not every staff member you hire will be a good fit in your company. However, excellent employees do show up, and when they do you have to work hard to retain them. One way to do that is to share company profits with them. There are different ways you can arrange that.
Technology can be a huge force in determining how you hire your staff. Nowadays it is crucial to hire staff who are comfortable with technology because a large part of doing business depends on it.