142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to...

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Session 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N. Stern, FSA, MAAA Nazir Valani, FSA, FCIA, MAAA SOA Antitrust Disclaimer SOA Presentation Disclaimer

Transcript of 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to...

Page 1: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

  

 Session 142 PD, Starting a Business: From Graceful Exit to Successful Start Up 

 Moderator: 

Mark Andrew Sayre, FSA, CERA, MAAA  

Presenters: Larry N. Stern, FSA, MAAA 

Nazir Valani, FSA, FCIA, MAAA         

SOA Antitrust Disclaimer SOA Presentation Disclaimer 

Page 2: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

How I Got to Where I am Today(Where Will I be Tomorrow)

My Fifty-Plus Years as an Entrepreneur

SOA Annual Meeting Session 142Starting a Business: From Graceful Exit to Successful Start-up

October 26, 2016

Larry N Stern, FSA, MAAACanterbury Consulting, LLC

©CANTERBURY CONSULTING, LLC

Page 3: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary2

Entrepreneur – one who organizes, manages, and assumes the risks of a business or enterprise. Actuaries whether employed by large, medium, or small companies, or “hanging out their shingle” are entrepreneurs

Page 4: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Climbing the ladder to success

Early years– Afternoon paper route– Lawn care specialist (grass cutter)

Ode to be an Actuary– Good in math– Perceptive HS freshman counselor– Indianapolis – an Insurance Mecca

Education – Indiana University– School of Business – major in insurance and actuarial science, with

honors– School of Arts & Sciences – major in math– Two summers as actuarial trainee

Insurance Companies– State Life (6/1971 – 3/1981) – various but lastly manager of Actuarial

Department– Durham Life (3/1981 – 3/1983) – Associate Actuary– United Presidential (3/1983 – 3/1991) – Senior VP, Chief Actuary

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continued

Page 5: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Climbing the ladder to success

Global Actuarial & Management Consulting Firm– Tillinghast et al (now Willis Towers Watson) (3/1991 – 7/2000) –

Principal and Consulting Actuary, Practice Leader for Product Development

Global Reinsurer– Scottish Annuity & Life – Scottish Re (8/2000 – 9/2002) – Executive

VP and Group Head, Financial Reinsurance; Chief Actuary; President Scottish Solutions

Global Reinsurance Intermediary & Consulting Actuary– Canterbury Consulting, LLC (9/2002 - ???) – President and Founder– What’s in a name?

What Comes Next???– Exit strategy

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Page 6: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Words of wisdom

“Actuaries automatically have two strikes against them when they walk into a room with other company staff – especially with marketing. One, people assume you are better educated then they are as a result of your education (and exam process). Two, you are paid more than most people in the company because you are an actuary. Your objective is not to get the third strike. Otherwise you will lose all credibility and people will never want to work with YOU again.” (circa 1970’s but still true today)

“There is always as adversarial relationship between actuarial and marketing, lose the battles win the wars” (circa any time)

“If it isn’t any fun going to the same desk everyday, find a new desk.” (circa any time)

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Page 7: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Why my own business

Learned the ropes for 32 years– 20 yrs inside three insurance companies– 10 yrs inside global consulting firm– 2 yrs inside offshore reinsurance company

Network of contacts developed over career

Timing was right

Always wanted to do it

Supportive spouse who works with me

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Page 8: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Identifying the niche

Empathy with client– “been there, done that”

Face-to-face business– But technology permits detail to be handled efficiently

Access to sources

Network with other intermediaries– Split commissions better than no commissions

Repeat business

High degree of customer service

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Page 9: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Go alone or with partners

For the most part, alone– Limit liability; insurance not available– Consulting services are specialized– Willing to bundle services at a discount in fees– If large scale projections necessary, seek subcontractor with software

No opportunity too big or too small– Major multi-national, large insurance companies– Small/medium insurance companies – Global client base

• Europe, UK, Ireland, Isle of Mann, Malta• Bermuda, Barbados, Cayman• US• Australia, New Zealand• Japan

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Page 10: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Marketing Strategy – how to get new/retain clients

Industry meetings – network, network, network

Register with professional services organizations– Glerson Lehrman, Cogno, Zintro– They do the marketing– Respond to inquiry for expertise

When convenient will partner with another intermediary– Opens up global opportunities– Share expertise, access to clients and sources– Split commissions

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continued

Page 11: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Marketing Strategy – how to get new/retain clients

Government contracting– 25% Set-asides for small business; additional 5% for minority

(woman) owned– Market services to contractors for subcontract work

Exploring new niches – branching out- Expert witness – turning experience into $$$$- Mentoring/teaching – interaction with younger generation- Presenting LEARN to regulators – additional consulting work

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Page 12: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Need for financial support

Minimal expense to initiate business– Family lawyer provided template for legal documents– Personal savings provided start-up financing

Major expense is travel– Try to leverage by attending industry meetings

Compensation– Reinsurance: contingency based only if transaction completed; long

wait; payable long term– Consulting: hourly fee basis, pays bills in the interim

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Page 13: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Success??

14 years and counting

Long wait for contingency commissions– Big pay check– If renewal transaction, annual compensation continues

Consulting fees carry the day– Hold over projects while employed by global consulting firm– Especially if engagements come from professional services

organizations– Expert witness projects

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Page 14: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

What comes next??

Long career built on network of contacts– Aging, some near retirement– Need to cultivate new decision makers

New niches

How much longer?– Renewal compensation allows some degree of freedom and pull back– Aging, but not necessarily ready for retirement– Having too much fun

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Page 15: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Confidential and Proprietary

Thank You

Larry N Stern, FSA, MAAA

President

Canterbury Consulting

[email protected]

704 904 8204

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mailto:[email protected]
Page 16: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Nazir Valani, FSA, FCIA, MAAAKPMG LLPStarting a Business: From Graceful Exit to Successful Start UpOctober 26, 2016

Page 17: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Graceful Exit

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Page 18: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Starting a Company

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Page 19: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Road less travelled?

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Page 20: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

What does success look like?

5

First job as consultant

1. Register

2. Lawyer

3. Bank

4. Accountant

5. office

Hiring: When is a

good time?

Employee:

1. Salary

2. Bonus

3. Profit

4. Own

One man to 2nd largest

life actuarial practice in

Canada

Generating more

business

Page 21: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Graceful exit out of business

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Page 22: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Graceful Exit?

7

Life altering event5 offers

Accounting firm?

1st reaction: No thanks

Negotiations:

1. Culture

2. Fit

3. Price

4. Keep staff

Working in a large

company environment

Staff communication

Page 23: 142 PD, From Exit Start Up - Member | SOA 142 PD, Starting a Business: From Graceful Exit to Successful Start Up Moderator: Mark Andrew Sayre, FSA, CERA, MAAA Presenters: Larry N.

Continued success

8

3 months:Canadian Leader,

Life, Health & Pensions Actuarial

Start:Canadian Leader,

Life & Heath Actuarial

1 year:National Leader,

Actuarial Practice

(Life, Health, Pensions, P&C)

2 Years: North American

Leader, AXIS Implementation


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