Skip Ribbon Commands
Skip to main content

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

 

‭(Hidden)‬ Catalog-Item Reuse

What Arnie Palmer Taught Us About Appreciating Small Businesses

This week marks the passing of one of sports’ most iconic and likable figures: Arnold Palmer, a successful athlete and supporter of "the local pro."
Sponsored by
what-arnie-palmer-taught-us-about-appreciating-small-businesses

This week marks the passing of one of sports’ most iconic and likable figures: Arnold Palmer.

While younger generations may not recognize the phrase “Arnie’s Army,” they may know Arnie based on his many successful business ventures or his namesake drink. Certainly, he was one of golf’s greatest, winning seven major tournaments and 62 professional titles. Although plenty of other elite golfers have impressive resumes, Arnie was unique because he connected with people, particularly the “common man.”

Before Arnie, people considered golf a game for the wealthy. Arnie was introduced to golf as a young boy because his father was the greens keeper at Latrobe Country Club in rural Western Pennsylvania. As a youngster, Arnie was able to play the course with caddies and other workers during off hours.

Arnie’s style of play thrilled fans—he was aggressive and didn’t play it safe. In fact, he asked that his tombstone read, “He went for the Green.” His swing wasn’t perfect, but it was athletic and ferocious. He connected with fans his entire life and was well known for spending time signing autographs and showing politeness and courtesy to fans who interrupted his dinner to say hello.

Aside from his charisma, good looks, intense ability and aggressive approach to golf, Arnie had another side to him—the business side. He was one of the first professional athletes to use his athletic success to create a business empire, ranging from golf course construction to product licensing. His beverage company churned out 31,000 gallons per production cycle, in addition to other merchandise like clothes and umbrellas. Unbeknownst to many, Arnie was a key investor and co-founder of businessman Joe Gibbs’ launch of the Golf Channel.

One of Arnie’s best business decisions was selecting Mack McCormack—who later became the founder of powerhouse sports agency IMG—as his agent. The two became a powerful tandem, combining their talents to grow an empire that earned Arnie an estimated $30-40 million annually.

How does Arnie’s success translate to independent insurance agents? Most important, his actual persona matched his reputation. Gibbs once told an anecdote about when he and Arnie went to country club during a southern hunting trip. Gibbs noticed Arnie went into the dining room to thank all the staff working at the club. When he was finished, he came back with an armful of hunting gear from the pro shop—gear he really didn’t need. When Gibbs asked why he bought so much, Arnie replied, “Because you need to support the local pro.”

Just like independent insurance agents, Arnie recognized the value of promoting the local business person. Even when he didn’t need to expend time, effort and money on his business interests, he didn’t become complacent. He still took risks and remained enthusiastic about the opportunity to continue to grow his business interests, creating jobs in the process.

Thinking about Arnie thanking the staff at the country club, it’s easy to assume that his sense of connecting with others probably came from his father, who made his living serving other people. Arnie probably distinguished between the people who were kind to his dad and those who took him for granted.

No doubt that lesson was never lost on him. It shouldn’t be lost on us, either.

Dave Evans is a certified financial planner and an IA contributor.

13330
Tuesday, June 2, 2020
Agency Operations & Best Practices