(Newswire.net — February 24, 2021) —
Creating an effective work-life balance is rarely easy. It is even more challenging as a business owner or entrepreneur. Often, successes in one arena come at the expense of the remaining facets of existence. However, a few successful individuals seem to get it just right—and they are wildly successful in business and in life as a result. Co-Founder of Insurance Office of America and successful entrepreneur, John Ritenour, is one of those people.
Who is John Ritenour?
John Ritenour is perhaps most well-known as the Co-Founder of the Insurance Office of America (IOA). IOA is a full-service, international insurance agency that is based out of Longwood, Florida. It was founded in 1988 by John and Valli Ritenour, and started under the name “Insurance Office of Florida.” However, the name had to change several years later to address the expansion of the business far beyond the bounds of the state of Florida.
John Ritenour did not simply decide to create a successful insurance business out of the blue, however. As a young professional, he developed an unprecedented work ethic. After working in various industries impacted by many financial instabilities, young John Ritenour decided to pursue a career in the insurance sector. He entered the industry as a door-to-door salesman, and swiftly outperformed his colleagues.
Through hard work and dedication to perfecting his knowledge of the insurance sector, John Ritenour succeeded in this growing role. He spent a significant amount of time and effort working and learning in the field long before launching an agency of his own.
Finding the Right Professional Fit
John Ritenour previously described transitioning from a top insurance salesperson to full-fledged entrepreneur. He enjoyed going door-to-door and selling insurance, and he was good at it. He was the top performer in that company within six months of starting. However, when his son Heath was born, things immediately changed. John Ritenour let his boss know that his son was born the night before. He asked his boss to do a few collections for him so he could spend time with his newborn baby, and be present for his wife. His boss refused to cover for him, telling him to do his own job. In response, John said, “It’s now your job. I threw my book at him and quit.”
John noted that quitting that first insurance job was “a trying moment, but probably a good thing that happened.” Soon after, he moved into a different type of insurance role, where he was even more successful. Ultimately, this was one of the first moves that put John Ritenour on the road to establishing IOA.
This transformative experience encouraged John Ritenour to consider the importance of maintaining a positive work-life balance, treating company peers with respect and dignity, and building a corporate culture that encourages and fosters an entrepreneurial spirit.
Creating a Legacy
John has received several awards for his lifetime of work in his professional career, including the Eloise Trainor Award (Symetra Tour), Entrepreneur of the Year (Dynetech/Crummer), and Success Award for Business Achievement (Success Magazine). Insurance Journal has consistently ranked IOA at number 13 in its “Top 100 Property/Casualty Agencies” list for the past several years. It is also in the top 25 of Business Insurance’s “Top 100 Brokers of U.S. Business” list.
In 2018, experienced business owner John Ritenour stepped down as the Chairman of IOA—when the company was making $200 million in revenue. He passed his leadership role on to his son, Heath Ritenour. Heath’s transition makes sense, given his long history with IOA as well. Young Heath Ritenour started as an intern in the 1990s, and became the CEO in 2007.
Striking the Right Balance
John Ritenour started IOA with his wife, Valli. Together, they were able to create a business that ran smoothly without having to sacrifice meaningful family time. For example, John took great pride in coaching his son’s sports teams while also maintaining and growing the business. He coached basketball, baseball, and football. John explained, “I loved coaching. I wouldn’t miss a practice, and I wouldn’t miss a game. I wouldn’t miss any part of Heath’s life.”
John Ritenour has enjoyed giving back to various causes in his community and throughout the United States. The IOA Foundation uses collaboration with other organizations to further its primary goal of helping children—from birth to college. They have also provided charitable giving to projects that involve financial empowerment and literacy, mentoring, social services, animals, education, and health and wellness.
IOA has also had a special relationship with several sporting events. In 1995, IOA teamed up with Track Shack Events to organize a 5k. They expanded from affiliate to sponsor status in 2000. Today, the event has been dubbed the IOA Corporate 5k, with much of its proceeds going back to various charities. It has provided thousands of meals and raised funds for local charities, including the Second Harvest Food Bank of Central Florida, the Track Shack Youth Foundation, and the Christian Service Center.
IOA has also sponsored sporting events over the years. These include two golf tournaments, Diamond Resorts Tournament of Champions (debuted in 2019) and the Symetra Tour. They also sponsor the Jacksonville Jaguars and the Orlando City Soccer Club. John’s love and interest in sports helped him create an exclusive division of the company that focuses on providing insurance coverage for sports teams, IOA Sports Partners.
A Lifetime of Work to Create a Legacy for Years to Come
John’s family focus has allowed his son to grow and develop into a successful businessman himself. Health Ritenour came into IOA in 1996 as a young professional. John stated, “In the beginning, Heath observed and listened. Later, he started critiquing me, which made me pick up my game. Heath was always an overachiever and the hardest worker on his athletic teams growing up. So, I knew he had it in him to achieve excellence in business as well.” Over time, Heath’s leadership role grew, enabling him to transition into the role of CEO successfully.
John stated, “The thing that I’m most proud of, is my son. He’s done a great job stepping into my shoes.” Heath equally values his relationship with his father, stating, “My father is my most important mentor. He taught me more about life and business than anyone.”
The Orlando Business Journal added Heath Ritenour to its “CEOs of the Year” list in 2018, just as John Ritenour was stepping down. The award is provided to CEOs who have achieved not only financial success, but have created engaging workplaces and made central Florida an all-around better place to live. IOA was also named the National Underwriter’s “Agency of the Year” that same year as well.
Fostering the Desire for Success
Insurance Office of America’s structure is deliberately unique, as compared to other insurance agencies. IOA allows producers to fundamentally act as independent business owners, which allows them virtually limitless commission potential. Commission rates are also much higher compared to other companies as well.
Producers at IOA have autonomy in a way that they could only replicate if they were a stand-alone agency. The structure also allows producers to have a stake in the company, making them even more motivated for the entire company to succeed. In creating this type of corporate environment, John Ritenour touted, “They’re owners. They act like owners. That’s what makes IOA different.”
John wanted his team to know that when they work hard, they will see results. This mentality mirrors John’s own strong work ethic, which allowed him to grow IOA to the heights that the world sees today.
Insurance Office of America’s corporate leadership team is filled with people who are also active producers. Instead of sitting behind a desk and managing others, even the leadership team has their own active book of insurance clients. They stay connected to those people and others, just as if they were any other producer team member. Most companies that are similar in size to IOA have a leadership team that has never been agents or has not been in that role for years, so they do not know the ins and outs of selling or communicating directly with clients.
IOA’s success is also attributed to its use of technological advances. While hard work and focus will never go out of style, technology changes constantly. Embracing those changes and taking advantage of the many ways that it can help their producer team has helped IOA reach new heights. For example, IOA created RiskScore, a program that helps producers give more tools to businesses to take steps to decrease risk, so they can lower their insurance premium costs.
A Legacy to be Proud Of
After over 30 years of hard work and growing partnerships, John Ritenour can look back at what he has accomplished and be proud of not only the work he did, but the legacy he will leave. His work ethic and commitment to family have been very fruitful. John Ritenour has a hardworking and dedicated son, a financially successful company, a business that gives producers autonomy and helps them create thriving business and personal lives, and charitable contributions that have added real value to the community. John Ritenour’s legacy will live on through each of these things for years to come—and now John can spend some well-earned time enjoying the fruits of his labor.