Bill Johnson Of The Liberty Company Insurance Brokers On Why Corporate Culture Matters in Business

Corporate culture plays a crucial role in driving the bottom line of a business, such as an insurance brokerage like here at The Liberty Company, focused on enhancing employee engagement and retention, improving client satisfaction and loyalty, fostering innovation and adaptability, strengthening brand reputation and market positioning, and promoting risk management services that differentiates us from our competitors. Through a commitment to cultivating a positive and values-driven culture, we are achieving industry leading sustainable growth and profitability.

Every company has a corporate culture. This culture can foster innovation and a fresh exchange of ideas or it can promote selfishness and backbiting which will damage the bottom line of any business. Sensitivity to the culture of a business goes beyond mere awareness; it’s about actively adapting and responding to create the culture that you want to represent your brand. This is crucial for building successful, respectful, and inclusive working environments and for creating products and services that resonate with a diverse customer base. As part of this series, we had the pleasure of interviewing Bill Johnson, CEO, Chairman & Founder, The Liberty Company Insurance Brokers.

Bill Johnson is a native of Chicago who was a two-time All-American tennis player at California State University, Northridge and later attended film courses at the University of Southern California. Johnson founded The Liberty Company in 1987 with a desk and phone and the company quickly became successful under his leadership until 2003, when he decided to step back from day-to-day management of Liberty to pursue his other passion of producing films. ​

During the next 14 years, Johnson made over 30 films and worked with stars Brad Pitt, Tom Hanks, Keanu Reeves, Duane “The Rock” Johnson, Johnny Depp, Nicole Kidman, Margot Robbie, and many others. Johnson raised approximately $800 million dollars to fund these films and worked with most of the major film studios including Warner Brothers, Disney, Sony, Universal, Netflix and Lionsgate.

After taking a year off to travel the world with his family, Johnson returned to his home in Los Angeles in the summer of 2018 and decided to place his personal energy back into leading The Liberty Company — with a particular focus on servant leadership and striving to create a special Culture at the company. This includes inspiring an environment that helps Liberty’s employees be healthier and happier while pursuing their entrepreneurial dreams within Liberty’s unique platform. Since returning to lead Liberty, the company has grown top line revenues by over 15X during this five-year period. ​

Johnson has enjoyed a 30-year yoga and meditation practice, which has played a major role in shaping him as a person. He founded a charity called The Enlightenment Network, whose mission is supporting youth educational programs and is also a board member of artists Alex and Allyson Grey’s organization CoSM, whose mission is to build an enduring sanctuary of visionary art to inspire a global community. Johnson currently resides in Los Angeles, California with his wife Leah, and he has three children, Skyler, Jett, and Jade.

Thank you so much for joining us in this interview series. Before we dive into our discussion about Why Corporate Culture Matters in Business, our readers would love to “get to know you” a bit better. Can you share with us the backstory about what brought you to your specific career path?

I was born into a lower middle-class family and so coming out of college, I was really just looking for the most reliable way to make money and build a better life for myself. I studied Computer Science in college but didn’t see myself sitting in front of a computer all day — of course, we all do that now! As I looked around at successful people that I knew, it seemed that real estate and insurance kept coming up as reliable ways to make money. When looking at those two sectors, the recurring revenue concept of insurance made a lot of sense to me, so I headed down that path.

Can you share the most interesting story that happened to you since you started your career?

When I was making the transition of my personal focus from the insurance business to the film business, I was struggling because I had one foot in each business and couldn’t give proper attention to either as a result. So, I decided I should sell the insurance business so I could give all my attention to the film business. I hired a broker who found a buyer and I signed the papers, but before I announced the deal to my employees and actually handed over the keys to the business, I decided to take a weekend away by myself to really contemplate this decision — “am I really ready to sell this business?” After a couple of days of walking on the beach alone and pondering this question, I decided the answer was “no, I’m not ready to sell.” So, I came into the office on Monday and called the buyer and said, “hey, I’m really sorry but I’ve put a lot of thought into it and I’m not ready to sell this business.” In my naivety, I thought he would understand but instead, he cursed at me and told me he would sue! I then called my lawyer who advised I would lose the case and the business and a lot of the money in legal fees if I didn’t go through with the sale — so, I was forced to go forward.

In the end, the buyer agreed to let me keep a small piece of the business so I ended up with a significant amount of cash, a smaller business that I could hand over to someone else to manage and grow and most importantly, my freedom to go with all my energy into the film business where, as a result, I quickly started to find success. Being forced to sell was the best thing that could have happened to me, and I learned that sometimes, the Universe needs to give you a little push because it knows what’s good for you more than you do yourself.

You are a successful individual. Which three-character traits do you think were most instrumental to your success? Can you please share a story or example for each?

The three-character traits include Integrity, Determination, and Caring.

Integrity has been a cornerstone of my approach to leadership and business dealings. When growing a company as quickly as we have, raising capital, and creating partnerships across the nation, there is always a consideration on the potential short-term financial gains versus effects on culture. I get to make decisions prioritizing our company’s values and commitment to maintaining the culture we’ve been nurturing for decades. However, maintaining integrity ultimately strengthens our reputation in the industry and solidified trust with our stakeholders.

Determination has been crucial in overcoming obstacles and driving forward progress, especially during challenging times within the company, socio-economically, and in addition to whatever personal challenges arise in our lives. I’ve found that one of my passions is being a strategic partner to creators on my team helping them realize their vision within Liberty and fulfilling their purpose. I support being on my team remain steadfast in executing their big vision, especially when they are feeling like it’s hard to see a path forward. As a result, we’ve not only weathered the storms in the past, but we’ve emerged stronger and more resilient than before, setting the stage for future success.

Caring for both employees and customers alike has been pivotal in fostering a positive work culture and nurturing long-lasting relationships. Promoting Peace of Mind with Great Care is our mission statement that drives us daily. We provide community mindfulness events like mediations that I lead and offer Talks with thought leaders in the health and wellness space that all our employees, clients and industry peers can join.

Ok, thank you for that. Let’s now jump to the primary focus of our interview. How do you define corporate culture in the context of your business, and why is it important for your company’s success?

When I decided to leave the film business after having a lot of success in that business and return my personal focus to the insurance business, many people were surprised by that decision and would ask me why I made that choice — the film business is sexy and exciting, whereas the insurance business is boring (which is what the perception was). For me, it came down to getting really clear on what makes me happy in life and that is two things — service and connection.

At The Liberty Company, we define corporate culture as a unique and ever-evolving blend of our values: teamwork, kindness, good feelings, fun, integrity, fairness, excellence, and caring. It’s reflected in how we interact with clients, how we collaborate internally, and how we approach challenges and opportunities in the insurance industry.

In essence, corporate culture at Liberty is the cornerstone of our success, guiding our actions, shaping our relationships, driving innovation, and empowering us to make a difference in the lives of our clients and communities. It’s not just a set of values on paper or surface-level ad copy on our marketing material; it’s the heartbeat of our organization, fueling our growth and propelling us toward a brighter future.

Can you share an experience where corporate culture impacted a business decision or client relationship (positive or negative)?

We offer ample opportunities for our employees to practice mindfulness, thereby affording them the ability to learn how to manage their energy levels, maintain a sense of calm and focus, and a general healthy lifestyle. As guardians of our clients’ health, homes, vehicles, and businesses, our culture affords our staff the tools and resources to provide the most tailored, thoughtful care. Ensuring that our clients feel protected, valued, and understood continues to lead to enhanced loyalty and the potential for future collaboration on additional insurance needs.

Our corporate culture plays a pivotal role in guiding our business decisions and shaping our client relationship positively. By prioritizing values such as health and wellness, innovation, and client-centricity, we were able to deliver tailored insurance solutions that exceeded the client’s expectations and reinforced our commitment to their success.

What strategies do you employ to monitor and enhance corporate culture within your team or organization?

At The Liberty Company, we employ several strategies to monitor and enhance corporate culture within our team and organization. These strategies are designed to foster a positive work environment, promote alignment with our values, and continuously strengthen our culture of high-performance, wellness, and innovation.

We are always striving to evolve our Learning and Development offerings at all levels of the company. Additionally, we’re always investing in advancing our training and development not only enhancing our employees’ hard and soft skills as it relates to their professional career path, but also lifestyle health coaching that supports them in all aspects of their life. This includes workshops, seminars, and online courses focused on topics such as leadership, diversity and inclusion, wellness, and personal growth. By investing in our team’s development, we empower them to embody our values and contribute to a positive work culture.

Given our passion for health and wellness, we prioritize initiatives that promote employee well-being both inside and outside the workplace. This includes offering wellness programs led by our Chief Wellness Officer, organizing team-building activities centered around physical activity, providing mental health resources, and promoting a healthy work-life balance. By prioritizing employee wellness, we create a supportive and caring work environment that contributes to a positive corporate culture.

By implementing these strategies, we strive to monitor and enhance our corporate culture at Liberty, ensuring that it remains a driving force behind our success, and a source of pride for our team members.

How do you handle situations where the executives may not be aware of corporate culture in mid-management?

Handling situations where executives may not be fully aware of the corporate culture within mid-management presents an opportunity for alignment and growth within the organization. Instead of getting upset or disappointed, I view these as opportunities for deeper coaching on progressing them as leaders. At The Liberty Company, we approach these situations with transparency, communication, and a commitment to fostering a strong and cohesive corporate culture throughout all levels of the organization. This must be embodied by the leaders at the top and cascades down throughout the company.

Through open dialogue, education, feedback mechanisms, leadership development, alignment of goals and values, and accountability, we create a culture that fosters unity, trust, and organizational success.

Based on your experience and research, can you please share “5 Reasons How Corporate Culture Helps the Bottom Line of a Business?”

Corporate culture plays a crucial role in driving the bottom line of a business, such as an insurance brokerage like here at The Liberty Company, focused on enhancing employee engagement and retention, improving client satisfaction and loyalty, fostering innovation and adaptability, strengthening brand reputation and market positioning, and promoting risk management services that differentiates us from our competitors. Through a commitment to cultivating a positive and values-driven culture, we are achieving industry leading sustainable growth and profitability.

As previously mentioned, we prioritize employee well-being and offer various initiatives to support work-life balance, such as flexible work schedules and industry leading wellness programs, where all those who participate witness remarkable results in their personal and professional life. As a result, our employee retention rates have improved, reducing recruitment, and training costs and contributing to overall profitability. We are noticing our employees getting healthier by, for example, getting off expensive medications, losing weight, and improving sleep.

An important metric I constantly look at is employee engagement and retention: A positive corporate culture fosters a sense of belonging and purpose among employees, leading to higher levels of engagement and lower turnover rates. Engaged employees are more committed to their work, resulting in increased productivity and performance, directly impacting the bottom line. What I’m learned from decades of nurturing this culture is that it doesn’t happen overnight, and you can’t throw money at it, you have to live it and model it out daily.

Additionally, the most priceless value that you can’t “make up” or a pay for is a positive brand reputation based on an organization’s culture. On this note, we have won numerous awards and recognitions for our record growth and workplace culture, and our leaders are positioned as thought leaders or subject matter experts, gaining more recognition amongst trade groups and business trade circles for their performance and excellence in the field. When employees embody the organization’s values and culture in their interactions with colleagues, clients, and the community, it enhances our brand’s visibility and clearly distinguishes us from competitors. This is the type of reputation that has helped us attract high-level talent, and great clients — in general, it’s a virtuous cycle that has to be lived out day by day by each and every creator in the company.

In what ways has focusing on Corporate Culture given your business a competitive edge?

Focusing on corporate culture has provided Liberty with a competitive advantage that cannot be replicated and has contributed to our success in ways that I could not have imagined but are paying off immensely. A lot of this happens as a natural byproduct of genuinely creating an environment where everyone’s best interest is at the forefront of decision making.

Our strong corporate culture, which prioritizes employee well-being, professional development, and a positive work environment, has helped us attract top talent in the industry. From support staff to partners, the talent pool of high-achieving and conscious professionals has been abundant, and we’re honored to be cocreating with many of the best right now. Potential candidates are drawn to our brokerage not only for the quality of our services, but also for our reputation as a great place to work.

Back when we determined what our core values would be, I guided everyone through that process because it is our backbone, and the energetics of our values connects us to something much deeper — a unifying “Why” we all do this. Our commitment to integrity, transparency, and ethical business practices has earned us the trust and confidence of our clients and stakeholders. By consistently adhering to our values and delivering on our promises, we have built a reputation for reliability and credibility in the industry. This trust serves as a competitive advantage, as clients are more likely to choose us over competitors they perceive as less trustworthy.

Our unique corporate culture, which emphasizes health and wellness, innovation, and client-centricity, sets us apart from other brokerages in the market. By aligning our culture with our brand identity and value proposition, we differentiate ourselves from competitors and attract employees and clients who share our values and priorities. This differentiation allows us to carve out a niche in the market.

Overall, focusing on corporate culture has provided Liberty with a competitive edge by attracting and retaining top talent, building trust and credibility, differentiating us in the market, enhancing employee engagement and productivity, and fostering adaptability and innovation. Our strong culture not only drives our success, but also positions us as a leader in the insurance brokerage industry, and we’re still just at the beginning of this amazing journey we’re all on together — I feel more rejuvenated and excited with each passing day I see our combined vision becoming a reality.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

I’ve always seen The Liberty Company as a platform to unify all aspects of my creative life and bring the same opportunity for others to make a big level of positive impact for others — so, I would say, I’m part of a much larger movement that sees their responsibility to do good business in the world.

This movement would aim to empower people to prioritize their physical, mental, and emotional well-being, while also fostering a sense of interconnectedness with others and the environment. It would encompass various initiatives and activities geared towards promoting healthy lifestyles, mental wellness, environmental sustainability, and community engagement. In addition, it would call business leaders forward for all to do their J.O.B. (Joy Of Being) every day. I believe only by being present will we see the gift that right now is, and we have every present moment to make life a masterpiece.

How can our readers further follow you online?

They can follow me via LinkedIn: https://www.linkedin.com/in/bill-johnson-374975138/

Thank you for the time you spent sharing these fantastic insights. We wish you only continued success in your great work!

About The Interviewer: Vanessa Ogle is an entrepreneur, inventor, writer, and singer/songwriter. She is best known as the founder of Enseo which she and her team grew into one of the largest out-of-home media and connected networks in the world, serving more than 100,000,000 people annually. Vanessa’s talent in building world-class leadership teams focused on diversity, a culture of service, and innovation through inclusion resulted in amazing partnerships and customer relationships. She collaborated with the world’s leading technology and content companies such as Netflix, Amazon, HBO, and Dish Networks to bring innovative solutions to the hospitality industry. Enseo has also held an exclusive contract to provide movies to the entire U.S. armed forces for almost 15 years. Vanessa and her team’s relentless innovation resulted in120+ U.S. Patents. Her favorite product is the MadeSafe solution for hotel workers as well as students and children in their K-12 classrooms. Accolades include: #15 on FAST 100, 50 Fastest Growing Women-Owned 2018–2020, Entrepreneur 360 Best Companies 2018–2020, not to mention the Inc. 500 and then another six times on the Inc. 5000. Vanessa was personally honored with Inc. 100 Female Founder’s Award, Ernst and Young’s Entrepreneur of the Year Award, and Enterprising Women of the Year. Vanessa now spends her time enjoying her children, sharing stories to inspire and give hope through articles and speaking engagements. entrepreneurs-to-be with her articles including her LinkedIN newsletter Unplugged. In her spare time she writes music with her husband Paul as the band HigherHill, teaches surfing clinics, and trains dogs.

Please connect with Vanessa here on linkedin and subscribe to her newsletter Unplugged as well as follow her on Substack.