New Milford insurance agent gives half of profits to charity
Updated 9:04 am, Tuesday, September 29, 2015
NEW MILFORD — While most businesses give back to the communities they serve, the owners of the Goodworks Insurance company located on Bridge Street donate at least half of their profits annually to charitable causes.
In the past year alone, employees with Goodworks have provided more than $250,000 in contributions to nonprofit organizations throughout the state.
Providing such a strong return to the community gives people more of an incentive to do business with Goodworks, said company Chairman Chad Yonker.
“People who do business with us not only benefit from our extensive network of insurance carriers and the savings that we can also provide, but because we are also making significant contributions to their own community,” he said.
The concept, he said, has been quickly catching on. The company started in 2006 with one office in Massachusetts and has expanded, through organic growth and acquisitions, to five locations in the region with at least two more on the way. The company began operating in New Milford three years ago after acquiring the New Milford Insurance Agency on Bank Street.
“We are always looking for new opportunities and existing independent agents who would like to partner with us,” Yonker said.
Jim Kick, former owner of New Milford Insurance, became a senior vice president at Goodworks and continues to manage the New Milford location.
“My team and I are proud to be part of this business model,” Kick said. “Giving to local charities is very important to us. We always have contributed where and when we could.”
Organizations that provide regional hospice care are among the charities Kick feels strongly about supporting, he said.
Yonker said they are able to donate such a large percentage of profits because the decision to do so was done when the company was first formed.
“For many companies, giving at this level is impossible,” he said. “When owners and shareholders get used to getting 100 percent of the profits, it’s very difficult to change that. We have no such legacy to worry about. It’s also been great for our business. We’ve grown much faster than we would otherwise. Our business continues to accelerate, which means we are able to consistently do more with our charitable giving each year.”