Episode 218: Higher Profits in Your Business with Mike McDonough

Mike McDonough and I have more in common than just insurance. Mike shares his journey from working as a sous chef for Hilton and Marriott hotels to becoming a successful insurance agent. Despite having no prior knowledge of insurance, Mike took the opportunity and learned about auto, fire, and life insurance. Mike specializes in workers’ compensation insurance and even wrote a book to help employers understand and reduce the cost of workers’ comp claims. He emphasizes the importance of creating an operational plan for businesses to address various issues, building trust with employers, and expanding into other areas of insurance. Mike believes in the potential of the insurance market and advises listeners to focus on thriving areas of the industry. Mike encourages taking consistent action and learning from others. You don’t want to miss this valuable episode with Mike McDonough!

Highlights:

• Identifying the biggest pain point for businesses: workers comp. Going in reverse, addressing the biggest pain point first, then moving to other areas like auto and home.
• How his book helps employers and brokers navigate emotional workers comp claims to save costs.
• Mailing book to CFOs, receiving positive response, promoting services, advocating for better insurance system.
• The art of disqualification in business and finding ideal clients.
• Solving problems is seen as an opportunity for personal growth.
• Focus on what is working rather than what is failing. Start small and transition into different lines.
• Don’t stick to old strategies, diversify marketing, and focus on ROE, ROI, ROT.

About our Guest:

Mike McDonough is an entrepreneur and owner of McDonough Insurance Services.  Over the last 4 decades, Mike has owned his agency and sold several businesses.

Mike is a speaker, author and educator of insurance. He is known nationally in the Workers Comp Industry.

Mike is a problem solver and over the years has discovered a unique and affective way of helping his clients solve problems mitigating their workplace injuries.  Over the last couple decades, Mike’s clients have saved millions of dollars in overall costs combined. He enjoys helping businesses transform from chaos to certainty building business wealth and growing their bottom line. He recently received his designation as a Qualified Self Insurance Administrator, SIP in California. Having this technical knowledge helps him identifying potential issues that can arise, enabling Mike to review and resolve problems quickly for his clients.

Outside of workers comp, Mike has been married to his beautiful wife Nannette for over 3 decades. They have two children, their son Andrew and their daughter Marina. Mike has many passions including cooking which came from his many years of experience in the hospitality industry. As a sous-chef for major restaurant chains, hotels and as a previous restaurant owner.  Today he enjoys making homemade craft pizza pies for local friends and family. Mike has studied and practiced martial arts for almost 3 decades. If you don’t find Mike in the kitchen baking pizza pies or training in the dojo, you might find him on the local oceans riding his jet ski with his son Andrew. Mike enjoys anything outdoors and anything that has to do with water including bodyboarding, surfing, swimming, boating and fishing. He enjoys music, singing, dancing and live concerts.  He is a real foodie enjoying all different cuisines and types of food. He will always try something once.

Mike is one of 6 children and he enjoys spending time with family. He is loves animals especially his two dogs. If you follow him on social media, you might catch a glimpse of one of his dance videos. He enjoys most sports and traveling whenever possible. The last several years Mike has enjoyed travelling around the country to watch his daughter Marina compete as a college athlete in both women’s cross country and track and field.

His legacy is to make an impact with 10,000 businesses or more in 50 States in a decade or less.

Until next time, get out there and make a difference, be unstoppable, and leave no regrets!

Mike Stromsoe
The Unstoppable Profit Producer
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