More Than Just Your Average 9 to 5

The nine to five grind has long-plagued the average worker. But the road forks at 5 p.m. Some say they hate 9 to 5 and mean they wish they could leave at 4 p.m. Others say they hate 9 to 5 and mean they long for something more profound to gauge whether they have been a success that day. Tom Ward, founder of Thomas Ward Insurance Group in Lincoln Park, belongs to the latter group.

He has built his company from the ground up, starting with no experience in the insurance industry, and today finds himself running a thriving business in its 11th successful year.

Ward began his trek towards success after graduating from college, where he quickly sidestepped his first 9 to 5 job in favor of behind the scenes work at the Board of Trade. “I worked even longer hours there, but it was an exciting environment. I wasn’t sitting at a desk;I was constantly moving around.” says Ward.

But nine years later, he found himself at another junction. He wanted more. “I wanted to work for myself. I wanted independence, to be able to control my own outcome.” And despite his lack of experience in the insurance industry, he quit his job at the Board of Trade in 1993 to become an insurance agent. A family friend who had at one time “beaten him over the head” about getting into insurance right out of college was no longer around, but the idea had taken root, and Ward took the initiative to call the home office of American Family Insurance.

By March of 1993, he had become an agent with American Family and was building his business from home with the help of Mike Rice, his brother-in-law who still works with him today.

Ward opened his first office in July of 1993, choosing Lincoln Park because of the potential client pool and the proximity to his home. “We’ve stayed here because of the visibility. We don’t get a lot of walk-ins, but we do get traffic that recognizes us.”

American Family only had five agents in Chicago at the time, and Ward soon became the top-producing agent. From 1994 to 1999, Ward was consistently in the top 50 producing agents company-wide (3200 agents). But in 1999, plans changed. “Their growth plans and mine were different. They wanted as many agents as possible in one area; they weren’t worried about my sales.”

Ward quickly realized he would never be able to reach his full potential this way, so he became an independent agent, now able to represent multiple carriers and products. But according to Ward, his biggest barrier was still his lack of experience in the industry as well as lack of experience on how to run a successful business. “That was one of the benefits to joining the Chamber and other networking groups.

I could share ideas and experiences with other business owners. There is a commonality there whether you are selling widgets or gadgets.”

Ward savored the experiences of his peers both inside and outside the insurance industry. “Someone told me the difference between my business and Microsoft is zeros. It’s the same money, just used in different fashions.” And he now passes on his mentors’ advice to others who are just beginning: “Don’t become complacent. It’s easy to get sidetracked. You need to be consistent in meeting new people, but also continue to care for your existing clients. Don’t forget where you came from.”

In the beginning, many business owners are drawn to entrepreneurship by the dream of being their own boss, but what they may not realize is that this often becomes a double-edged sword. “One of the biggest challenges is being the employer and the employee. You have to balance the responsibilities you have not only to your business but also to your employees.”

A good business owner needs to be willing to let go, to not do everything him/herself. And to do that, one needs good employees. But what constitutes a good employee? “Smart, personable, good work ethic and honest. Everything else we can work with.”

Ward has grown his business from working with one employee to having three full-time employees, and they are looking to add a fourth by the end of the year. “We are going to continue to expand, but cautiously. Having a bunch of employees is not necessarily the key to success because they can take away from what you are ultimately trying to do.”

According to Ward, the key to a successful business is having a very active owner. He has learned from mentors both inside and outside the “insurance arena,” and the consistency he found is that successful entrepreneurs “are very hard working. They weren’t just successful and stopped; they kept working.”

And Ward plans to do just that. Along with adding another employee this year, he is also constructing a new building at 707 W. Willlow to hold his expanded office. With that kind of growth and over 10 years of experience backing him up, new entrepreneurs should definitely heed his advice. “Treat [your business] as a career, not a job.” And when asked what the difference in terms is, Ward responds simply, “One is an employee and the other is an employer.”