Mitzi Like is the president and chief executive of LBW Insurance and Financial Services, a family-owned independent agency. Like has been a resident of the Santa Clarita Valley since 1980 and moved the business there in 2004. She is a member of Provisors, Vistage, the National Alliance for Insurance Education and the Independent Insurance Agents and Brokers of California and sits on the board of the Henry Mayo Newhall Hospital, as well as its foundation, and the Santa Clarita Valley Economic Development Corporation.
Who has inspired you throughout your business journey, and what is the most important thing you’ve learned from them?
That would be my dad, who was my original business partner and mentor. He is 90 years old and still working every day. He has always been a role model in his commitment to doing for others what we would do for ourselves.
What made you decide to go into the industry you’re in now? What have you learned about it?
I had family in the business, so I gave it a try. I started in the claims department at St. Paul Fire and Marine Insurance Company. It didn’t take me long to decide that I wanted to work for myself. So, I joined forces with my dad, who was already in the financial services industry, and we never looked back.
Has Covid-19 left any noticeable impacts on how you or your company operate?
We were one of those companies that had only a portion of our workforce able to work remote when the pandemic hit. Thankfully, we had a lot of things in place and were able to pivot very quickly so that everyone had remote capability within a matter of days. One of the long-term benefits of the remote work situation was our ability to retain some employees who eventually needed to move out of the area.
We’ve also been able to acquire some top talent we previously wouldn’t have considered hiring based on geography.
We’re also more prepared now if an emergency like a wildfire or earthquake should prevent our staff from getting to the office. I think the pandemic also taught us a lot about checking in with each other and being more mindful of our team members’ mental well-being.
What steps do you take to build community and a positive work culture within your business?
LBW pays 100% of its employees’ medical, dental, life, long-term care, and long-term disability. We also do a 401(k) match and profit-sharing. Our staff consistently mentions the benefits package in surveys, and they comment that LBW cares about their health and well-being. We also do a lot of onsite celebrations and parties, and we do online games and happy hours so that our team gets together to have fun and socialize.
The other program that resonates well with our team is our recognition program – where employees, as well as customers, can nominate staffers for excellence in service and for being an outstanding team member.
What aspects of operating your business do you find the most challenging? Conversely, which aspects have been the most rewarding?
The most rewarding part of this journey is seeing my staff take over a client and get everything in order.
Has being a woman in your industry provided you with a different or unique perspective over the years?
In the 1980’s there were very few successful female producers in the insurance industry, much less female agency owners and executives. Being female and standing only 5 feet, 2 inches tall, I didn’t fit the stereotype of the typical power player in my field. My dad, who was my business partner, remembers the first days of our firm when I was still young and didn’t have a ton of experience, but had huge drive and confidence.
Dad handled the life insurance side of the business, while I handled the property and casualty division.
We would go on appointments, and he would just sit there. He wouldn’t say a word. I would lead the meeting and collect the check. Then we would get up to leave and the men would ask Dad, “So wait, why are you here?”, and he would tell them,
“Well, look at her, you wouldn’t give someone that young a check that size. But don’t worry, you won’t see me anymore. You’re in good hands.”
We used to call those “credibility appointments”.