28. Learn to Love the Long Game of Networking with Mike Mathweg

About the Guest(s):

Mike Mathweg is a seasoned professional in the insurance industry, with significant expertise in consulting for insurance agencies. His company, Nextgen Consulting, offers strategic guidance to insurance agencies aiming to achieve eight-figure exits on their terms. Mike’s career trajectory includes an impressive stint at Northwestern Mutual, where he ranked in the top 100 of all interns. Additionally, he boasts experience in the banking sector before fully committing to the insurance domain. Mike’s successful journey includes buying and selling agencies leading to a substantial financial gain. He now dedicates his time to mentoring agencies on growing their business and preparing for lucrative exits.

Episode Summary:

In this episode of “well connected with Ricky and Fletch,” the hosts are joined by Mike Mathweg from Nextgen Consulting, a maestro in the insurance industry and an aficionado of networking. Mike shares his journey from working at Northwestern Mutual to becoming a key player in insurance consulting, emphasizing the importance of networking as a cornerstone of his professional success.

Mike discusses the nuances of building and scaling insurance agencies, shedding light on strategies for achieving a significant exit and the importance of giving back to the community for fostering referrals and expanding one’s network. He also touches on his personal development, evidencing his commitment to growth by embracing healthier lifestyle choices.

Key Takeaways:

• Networking is essential in the insurance industry, both online and in person, to form connections that can lead to future business opportunities.
• Providing value and helping others without immediate expectation can exponentially increase future business through referrals.
• Making strategic investments in networking activities, such as taking clients or potential referral partners to events or activities, can pay off significantly over time.
• Clear, honest communication with clients and potential partners builds trust and can lead to referrals even from those you haven’t directly done business with.
• Branching outside of direct business activities to engage in the community can introduce you to referral sources in unexpected places.

Notable Quotes:

• “Information should always be free. Implementation is what you pay for.”
• “If you’re an insurance business and you don’t like networking, probably not the best industry for you.”
• “It really just blows my mind is that this industry is all about keeping everything close to the chest. Like, it doesn’t need to be.”
• “You don’t need to be. And there’s enough business. How many people are turning 65 every single day now?”
• “If you get mad because somebody owns the market, that is on you because you did not put yourself out there and told everybody what you do.”

Resources:

No specific resources or references were provided in the transcript.

Encourage your audience to tune into the full episode to glean more insights from Mike Mathweg’s expertise in insurance agency consulting and networking strategies. Keep an eye out for subsequent episodes of “well connected with Ricky and Fletch” for more enriching discussions.