Higginbotham

In 1948, Paul C. Higginbotham founded a small personal insurance agency in Fort Worth, Texas. For the first four decades, the firm operated as a family-run business, with Higginbotham's nephew, William "Bill" Stroud, taking the helm in 1962. A pivotal moment arrived in 1989 when Stroud decided to sell the company. Instead of seeking an outside buyer, he transferred ownership to the employees through an employee stock ownership plan (ESOP). That same year, Rusty Reid, who had joined the firm just three years prior, was named CEO at the age of 27. Reid immediately championed the employee ownership model, believing that everyone who contributes to success should share in the rewards. He also implemented a "single source" service platform, expanding the firm's offerings beyond personal insurance to include business insurance, employee benefits, and financial services, creating a one-stop-shop for clients. A significant shift in strategy occurred in the late 2000s. Facing offers to sell, Reid chose to grow instead. This marked the beginning of an aggressive acquisition strategy, with the company acquiring dozens of firms across the country. In 2009, private equity firm Stone Point Capital acquired a minority stake, providing capital to fuel further expansion. More recently, Blackstone also purchased a minority stake, and the company is now estimated to be worth over $4 billion, though an IPO is considered unlikely.