In today’s post we discuss the highly sought after Masters’ green jacket and describe how your business can preserve its legacy after it is sold.
(We wrote this blog during the Masters. Congratulations to Jordan Spieth on his wire to wire victory.)
The 79th Masters Golf Tournament is well underway at the Augusta National Golf Club. This year was extra special as it marked the return of Tiger Woods, the four-time green jacket winner. It is poignant to see Rory McIlroy battling it out on the golf course against his childhood hero, which is illustrated in Nike’s recent commercial. It shows McIlroy, at different stages of his childhood being inspired by Woods and developing his golf skills with the support of his parents. Despite McIlroy being the Number 1 player in the world as well as the winner of the last two majors, he has yet to add the Masters green jacket to his many trophies. He is determined to win it this year but unfortunately for him, it looks like neither Woods nor McIlroy will be able to don the famous green jacket as 21-year-old Jordan Spieth, who is world no. 4, leads the masters.
It is interesting that all of these highly paid professional golfers are more invested in obtaining a clothing item than shiny trophies or prize money. The Masters green jacket-made by Hamilton Clothing Co. – is one of the most coveted prizes in the sports world, along with Olympic gold medals. Surprisingly, the winner does not even get to add the jacket to his collection of cherished prizes. The Augusta National Golf Club prohibits any golfer from keeping the green jacket a year after their win. They are instead kept in a cedar closet on the lower floor of the clubhouse. Only Gary Player, Henry Picard and Seve Ballesteros have managed to find a way to keep theirs. Admiration for the green jacket has stood the test of time. This was evident when the club sold Horton Smith’s green jacket for a massive $682,229 last year. He was the winner of the first Masters in 1934. I imagine that if any of the green jackets worn by Tiger Woods or Jack Nicklaus went on sale they could easily fetch close to a million.
Just like the Masters’ green jacket, your insurance agency can also leave a lasting legacy even after it is sold. Your traditions and name can live on under new ownership. Undoubtedly, a crucial part of an insurance agency’s legacy is the financial health of the business. Before putting your business on the market you must make sure that it is financially viable and that the person who is buying it agrees with your long-term strategic vision. Every insurance agency owner worries about protecting the business that they have built from the ground up. Nobody wants to see their company lose its identity a year or two after it is sold. The best way to ensure that the agency retains its identity is to remain with the Buyer for at least three years after the sale. The Masters has retained its identity after Bobby Jones, Arnold Palmer and now Ben Crenshaw.
Several years ago, I was playing a championship golf course and not having a particularly good day. At the end of the day, my host commented that he was impressed that in spite of my struggles, it appeared that I was having a great day. He told me, “Nobody will ever remember how you played, but they will remember how you acted.” I was invited back within a month and played great. The morale is that nobody will remember that you owned an insurance agency, they will remember how you treated your employees, clients and industry contacts. Once again, golf teaches us a life lesson.
