Diane Goldman, mother and sales executive with New Agency Partners, shares her insight on insurance and business

As told by Butterfly Co-Founder Bradi Nathan

The life of a stay-at –home mom is more priceless than I ever imagined. It wasn’t until my husband and I sat down with our financial advisor that I learned the true value of my role in the family. My assumption was that since I no longer worked, in a traditional corporate sense, I no longer contributed monetary worth. I was so pleased to learn that very night that I was wrong. Our family needed to have insurance on mommy. We now know that there is a tremendous “human value” to those with the title, MOM. Let’s say I was to go missing. Funds would have to be allotted for a: chauffeur, cook, cleaning lady, sitter, therapist and at times a personal assistant!

Enter Diane Goldman. Diane knows more about the price of “human value” than most because she is a mother herself. And, she just happens to be a successful sales executive with New Agency Partners, LLC, an independent insurance agency that provides Commercial Property and Casualty, Employee Benefits, Personal, Home and Auto, Life Disability and Long Term Care Coverage. In an Exclusive interview with Butterfly, Diane shares her insight on insurance and business:

BN: What did you do before your son was born?

DG: I have always worked full time. Right out of college I worked for KPMG as a CPA. I went from audit to tax and then got an offer I couldn’t refuse from a client. I worked there for three years and realized I’d never be more than a worker bee in someone else’s business. I received an offer from Calvin Klein to be his personal financial advisor and two days later got a call from my dad. He was buying back a division of his business and wanted me to join him. I went the family business route and operated the family manufacturing business for 15 years until I sold it. I then went back into financial services using my business experience as an owner and public accounting experience as an advisor.

BN: How did your role as a mother and business women evolve?

DG: I never had the opportunity to stop working when my son was born. At the time I was the owner and CEO of the family business. What I learned to do was be a good juggler and be an expert at finding good, reliable, trusted help. As my son has gotten older and more aware of my participation in school and other activities, I have tried to maintain the flexibility in my work so I can be present as much as possible. It is still not enough, but the best I can do to be there for him yet still succeed in my work.

BN: What emotions do you wrestle with in trying to do it all?

DG: Probably the greatest emotion is “guilt”. I feel guilty that I don’t give my son enough of my time. I feel guilty that I’m not at school or other activities as often as other mom’s or as often as I’d like. I feel guilty that even when with my son I am often distracted by all the other obligations and responsibilities running around in my head.

BN: Are there any secrets to success that you can share with other moms?

DG: I think it is “success” to demonstrate the work ethic to our children. Although I feel like I’m often not doing enough or present enough, my son is learning about the value of hard work. In addition, he has a great role model for women in the workplace that will hopefully bode well for his future relationships.

BN: How have you and your family benefited by your career?

DG: As a single mom I don’t have the choice of whether to work or not. I think it’s great for my son to see and learn about a work ethic. When he asks me why I “have to work” I explain how the rewards of my work are what puts food on the table, clothes on his body and provides toys and games for his leisure. As I said previously, although he may have difficulty understanding that his mom works full time, he also is learning so many other things.

BN: What job or profession have you enjoyed the most since your son was born and why?

DG: Both operating a business and being an insurance and financial advisor provide the rewards of hard work while providing me flexibility with my time. That allows me to participate in my son’s activities as I choose without having to take allotted time off.

BN: How do you juggle work and family? Any tips you can offer?

DG: That’s a tough one. It is really hard to balance the work and family, especially as a single mom that needs the income. There is constant stress and distraction. If possible, when home, I put the blackberry away while with the family. If necessary, I come back to it after they have gone to sleep. I try to make evening plans with my loved ones and stick to the plans. I also try to step away completely on weekends and make that quality time with my son and other loved ones. The gym is also important in my life. Although it is often difficult to make the time to get there, I find it is what keeps the stress down and keeps me sane. Also, when possible, a massage to decompress always provides great relaxation.

BN: Why is it important for families to obtain insurance when they are young?

DG: Insurance is important protection throughout life. Insurance is designed to protect assets and income from unexpected or catastrophic losses. The unexpected can occur at any time, although the young often feel they are “too young” for it to happen to them. The truth is, disabilities occur all the time as a result of accidents. Statistics indicate a disabling injury occurs every three to four seconds. Individuals find themselves with death threatening diseases or lifetime debilitating diseases. Unexpected or catastrophic events are not age discriminatory. If not protected, one unexpected event can bankrupt a family. No one should risk that result, especially young families. Life, disability and long term care insurance are significantly less expensive when you are young and healthy. Men and women should carry insurance on their lives and their livelihoods. Start small and add as family incomes and net worth grow.

BN: How can business owners benefit from life insurance?

DG: Life insurance and disability insurance are often used in business for several purposes. Keyman life insurance is purchased and owned by the company on key executives or owners. In the event a key executive dies prematurely, the company is the beneficiary of this keyman policy. The proceeds can then be used to fund an executive search for a replacement and the salary of such person’s replacement or to replace lost income as a result of the key executive’s premature death. Keyman disability can be used similarly. Life and disability insurance are also often used to fund buy/sell agreements in business partnerships. The proceeds of the life insurance or disability insurance are used to fund the buyout of the disabled or deceased partner’s interest.


BN: Why is disability insurance so vital?

DG: Disability occurs much more frequently than premature death, yet most people feel it will never happen to them. The result of a disability can be devastating and most often the cause for personal bankruptcy. Most families don’t have enough savings to fund the loss of income for an extended period of time. Without appropriate short and long disability insurance the family economic vitality is at risk. Families should ask themselves if they could afford a loss of income or if they would be willing to accommodate through a change in lifestyle. If the answer is “no”, the household earners should seriously consider disability insurance.


BN: From a business standpoint, what advice do you have for entrepreneurs on how to secure financing, contracts or grants?

DG: In order to secure financing the first thing a bank or other lender will look for is the obvious source of repayment. If there is no business history, no contracts or committed sales for a new business, an entrepreneur can expect to personally guarantee any loan or credit facility. Also, lenders love to see the business owner’s commitment to the business idea via their own personal investment. Any lender will want to see a well laid out business plan including a written description of the business in addition to pro forma (projected) financials for a three to five year period. Businessowners should be able to fully articulate the business plan with conviction and passion.

When trying to obtain contracts or grants I’d always advise business owners to get to know the contracting or grant officer as well as possible. They should know who you are so when the bid comes in you are not another piece of paper.


BN: How might a new business owner prepare for budgeting and payroll?

DG:You can only prepare a good budget if you understand your business operations and market well. Learn as much as you can about your operations, your market, your competition and product or service costs.

In my opinion, no new business should prepare their payroll internally. The risks of filing errors and late payments are too great and the penalties associated with such very costly. Hire an outside payroll company and let them take care of all the payroll responsibilities. There are all size payroll companies and many that cater to the smaller business owner.

BN: Additional advice/thoughts??

DG: Surround yourself with good advisors and other successful entrepreneurs.
Identify your strengths and weaknesses and hire people that compliment your strengths and fill your weaknesses. Don’t let fear get in the way!

BN: Diane can be contacted for advice related to:
• business planning and projections
• finding advisors and other professional resources
• accounting systems
• insurance needs related to the business- commercial insurance, health benefits, life, disability

Diane Goldman dgoldman@newagencypartners.com

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