“This was always part of my plan,” said Daniel Stafford, 57, now the president and CEO of the new start up business Stafford Financial Consulting Group, LLC. “[I wanted] to move into a more individualized, customer-based business.”
After more than three decades in the insurance and consulting business, the former Virchow Krause exec has big plans for his new company at Arbor Gate.
This isn’t the first time Stafford launched a company. Back in 1982, Stafford started Stafford Waller and Company, an insurance and consulting firm which later merged with Virchow Krause [now Baker Tilly Virchow Krause, BTVK] in 1997. “It was the first Virchow Krause merger of the modern day company,” he said.
Back then, Stafford was part of a core group at Virchow Krause, an accounting and advisory firm on a postive growth projectory. In fact, during his tenure, Stafford said the insurance, pension, and asset protection group he oversaw ballooned to more than $10 million in revenue.
Stafford said his decision to leave BTVK was in part due to the company’s decision to “exit certain insurance strategies,” and after he left, BTVK sold him the the majority of its contract holders (about 500); primarily, Stafford believes, because of the long history he had developed with them. “As a founder, an owner, and partner for 11 years, it only made sense,” he said.
The new firm is therefore a culmination of 34 years of client relationships, and he sees it more as a spin-off rather than a start-up. While BTVK and Stafford have amicably parted ways, his previous employer remains a strategic non-equity partner and referral source [as, he said, are other professional accounting and law firms]. But Stafford is quick to explain that Stafford Financial Consulting Group is neither an accounting firm nor a law firm. It handles only the asset protection portion of the relationships.
As a company, the firm represents a business owner, individual, or institution in negotiations with insurance carriers. It advises them on the structure and strategies of their asset protection planning. It’s all about preparing, Stafford explained, about executing, and measuring goals and accomplishments. “You just can’t go out and run a marathon or climb a mountain,” he said, adding that all too often, that’s exactly what he thinks managers expect.
Stafford had that vision in mind when it came to developing a company logo and brand. The company decided on an illustration of the south slope of Mount Everest, because “everyone has their own Mt. Everest to climb, whether it’s building a business, or protecting or conserving assets. It’s all about a journey that takes enormous preparation, stamina, and flexibility.” They are there to guide the way, he said,”like a Sherpa.”
Stafford and business partner Ian Smith (also a former BTVK employee) will spend about $250,000 of their own money this year in start-up costs, which includes hiring local professionals to help with logo development, the build-out of the Arbor Gate office space, and the purchase of a new computer system that will track and update information on insurance carriers. However, they saved money by asking their spouses to handle office decor details. “They were reasonable, and it’s their money!” Stafford quipped. They also brought attorney Gretchen Petterle on board, and they have further plans to add contracted staff.
So why now, in this economy? “Because of all of the changes happening in the insurance industry,” Stafford said. “An independent consultant advisor is critical to an individual or business trying to protect their assets these days. The changes we’re seeing coming through on a weekly basis are incredible. People need to be kept up to date and well-advised.”
He added, “I’ve seen all different environments and worked with hundreds of businesses through the years. People now need more accurate information and strategies to implement their goals. It’s all about that journey, about getting through the difficult times, and then seeing the summit.”
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