Approximately 90% of third-generation businesses fail, and that statistic has been a strong motivator for Nick Starr, the third generation to lead his family’s insurance business, The Starr Group. The pressure of leading a company founded by his grandfather and later run successfully by his parents pushes Starr to continually grow and learn, he said.
“The growth mindset builds confidence, self-belief and a passion for learning, all of which are key components of what I associate with a good leader,” Starr said. “This mindset pays dividends as it becomes contagious to the teams around you, contributing to a healthy organizational culture.”
The Starr Group’s business values can be traced back to its founder, Robert Starr. Those values are transparency, building relationships and educating people about their insurance policies. Robert Starr’s grandson, Nick Starr, said those core values continue to guide the company.
Nick Starr grew up around the family’s insurance business, and he was motivated to make sure that if the time came for him to take it over, he would be ready. He worked at West Bend Mutual Insurance Company, which allowed him to see the from a different perspective. He got his start with The Starr Group in sales, exceeding his annual production goals for seven consecutive years. In 2018, he was named director of agency advancement, and in 2021 he moved into the role of president.
“Although my primary focus and passion continue to be sales, I am extremely excited about my vision and the direction we are headed as an agency,” Starr said.
“My vision for the next five years of the Starr Group is to continue to grow the agency while maintaining the same level of service for which we are known. The goal is never to be a generalist, but to focus on what we do bestprovide excellent service and form a partnership as consultants with our clients.”
The Starr Group has received more than two dozen local and national honors, including being named a Circle of Excellence Agency, Best and Brightest Companies to Work for in the Nation, Healthiest Employers Hall of Fame and the Wisconsin BBB Torch Award for Ethics.
Starr views philanthropy as an important pillar of the business, which supports the Special Olympics, the American Heart Association, Toys for Tots, Make-A-Wish Foundation, the Humane Society and other local organizations.
“The accomplishment which I am most proud of is not falling victim to the third generational statistic in which 90% of businesses fail,” Starr said. “We have built a sustainable infrastructure with significant long-term support. I am also very proud that I can continue both my grandfather’s and parents’ legacy in keeping The Starr Group a family run business.”
