Robert Gauvin- PrimericaI work for him

Anthony Wilga Nichols College MGMT 100-01

Primerica Financial Services

• Bob Gauvin owns his own business in Primerica. It is a Partnership with his wife. Bob chose this because he wanted to do a business where he and his wife can work together.

• Primerica teaches people how money works. They teach people how to make money, save money, and get out of debt

• The main focus for Primerica is selling Term Insurance and investing people’s money

• Working for 21 years

Background

• Primerica has been around since 1977, but anyone is able to own their own business in it once you meet the requirements.

• Bob got started into the business when his friend brought him the idea of making some extra money part time.

• Bob was $7,000 in credit card debt and figured some extra cash to his income could help. He was also living paycheck to paycheck and figured he needed to make a change in his life.

• The cost to start the business was $99 to take courses on how the business works and he had to become life licensed in order to sell the insurance.

Background

• After just 6 months of being in this business Bob paid off his credit card debt, moved into his first home, and paid for his wedding cash

• In 1994 Bob owned his own business in Primerica and hasn’t looked back since

• When Bob first started in Primerica he was making about $30,000 a year. Today Bob is making $100,000+ a year with the opportunity to making even more.

Success

• Bob was able to quit his job as a social worker and go into Primerica full-time thus becoming the owner.

• Bob won the top owner award after his 4th year owning the business and was on pace to earn the 100K ring

• Bob loves making his own hours because it allows him to go to all his children’s sporting events

• One of his favorite aspects of owning his Primerica business is being on the 1099 plan where he has multiple tax right offs for the company

Challenges

• Bob became sick in 2004 and couldn’t run his business for a full year and lost many clients and workers during this time which was a huge set back for him

• Some people don’t want to listen to what Bob has to offer and ignore his calls or turn him down for appointments

Competition

• Banks, Credit Unions, and Mortgage companies are the main competitors, but Primerica easily beats them

• Other insurance agencies who offer term insurance are often competitors

• Primerica does what is right for the customers all the time. The competition only looks to put money in their own pocket and not the customers pocket

• Primerica is constantly working with other investing companies that are offering great investing tools to customers.

Marketing/Staffing

• Primerica is rated A+ on the Better Business Bureau

• Primerica uses no advertising at all• Primerica uses word of mouth to help advertise

how well they do business• When considering new employees Bob is

looking for someone who wants to work hard and someone who wants to make a lot of money and who will work for it

The Future

• Bob loves what he is doing and plans to stay in Primerica until the day he dies. Once he feels his son or daughter is ready he is going to pass the business down to one of his children.

• Bob’s look on the future is he wants to be making over $150,000 within the next 5 years and it seems to look as if he will get there

Unique Questions

• What do you do to help people?• How do you get paid so well?• Why are you so happy you own a business in

Primerica?

Unique Questions• “I help people by looking at their current situation financially and

making it better. Most people don’t know their financial independent number and I teach them the steps they need to take in order to retire comfortably”

• “There are so many different ways to get paid. When I first started all we offered was strictly term insurance. Now we offer insurance, debt resolutions, debt settlement, and investing money in all different areas.”

• “95% of people today retire broke because they have no idea of what they need to do today in order to live comfortably down the road. I know my family is set if I die. It’s because I educated myself and I practiced what I preached and because of that I will retire and not worry about money.”

Summary

• “If you don’t want the next 5 years to look like the past 5 years you better make a change in what your doing.”

• Bob is currently looking to expand his business and is looking for some quality people who are looking for some part time income.

• I learned that there is a lot to know about finances, but school never teaches you about any of it. In order to understand how to win the game you have to know the rules. So how will I win the game of life if I don’t know the rules of investing and how to retire comfortably.

Primerica