In celebration of Parents' Day, Seguros y Finanzas spoke with Agustín, Franco and Manuel Font about their time in the industry, the complexities and advantages of running a family business, the lessons they have learned and how they look to the future for Font Insurance.
San Juan, Puerto Rico - Font Insurance has been headed by Manuel and Franco Font for 15 years; however, the Font family's history in the insurance industry goes back much further and has its origins in the family patriarch, Agustín Font.
Much has changed since that first insurance company founded by Don Agustin 41 years ago. Nevertheless, the foundations anchored in honesty, empathy, service attitude, loyalty and discipline, among many other values, that don Agustín established, have remained intact throughout time. And they continue to be, today, the basis of the success that this Puerto Rican family business has enjoyed over the past four decades.
Agustín Font entered the insurance industry in 1973 after graduating from the University of Puerto Rico Mayagüez College.
"I was going to study law, but I started working in insurance and I liked it so much that I never looked back," said Don Agustín.
His passion and dedication and being a born salesman, as described by his son Franco, led him to climb the ranks quickly and earn recognition in the industry, until he finally founded his own company.
In celebration of Parents' Day, Seguros y Finanzas spoke with Agustín, Franco and Manuel Font about their time in the industry, the complexities and advantages of running a family business, the lessons they have learned and the future outlook for Font Insurance.
The integration of Franco and Manuel into the family business came as a surprise to no one. Although Don Agustin and his wife Ivonne Oronoz gave their children the freedom to choose what to study and where to work, it was always clear to the elder Font that his sons would end up in the industry.
That gave way to the fact that 15 years ago, when Don Agustin decided it was time to "take things a little easier", Franco and Manuel decided to buy his father's client portfolio and turn the company into what it is today, Font Insurance.
Working together has had its challenges, but also its rewards.
"At first it was 'challenging'. We are very similar, but very different at the same time. We complement each other. When we started, the times when there were differences, we looked for a middle ground to reach agreements. Then we realized that the differences were not bad and that it was okay for each of us to do things in our own style, if the result was positive in the end," said Manuel.
Franco added: "We have been doing this for 15 years. The key has been to identify where each one of us is more efficient and to divide the work and accept when we have to ask for a substitution".
Both brothers highlight the lessons learned from their father and recognize the values instilled as a fundamental part of their personal and professional success. For Franco, discipline and work ethic were key, while Manuel emphasized honesty and motivation.
"He has been a motivator. He has always liked to help others so that they can better themselves and that for me is always the north," said Manuel.
Under Franco and Manuel's leadership, Font Insurance has tripled the premium handled by the company when they acquired it.
"Our goal is to become the leading broker in Puerto Rico, maintaining the same attention to detail that we offer to all of our clients," Manuel emphasized.
Franco identified agility and teamwork as two of the key elements in the company's success.
Part of success is the agility with which we can make changes. We are not consumed by bureaucracy. And we listen to our employees and take them into account," said the eldest of the brothers.
Don Agustín hopes to leave a legacy marked by honesty and dedication to the customer.
"I would like them to remember us as honest people who work for the benefit of our policyholders and for the insurance companies as well. If the client is well, the company will be well and therefore we will be well," said Mr. Agustín, who despite no longer being active in the company still continues to meet with clients when they request it, especially those who have had a relationship with the Font family for decades.
Parents' Day
To preserve harmony in family life, the Font family maintains a strict rule of not talking about business at family gatherings. According to Franco, in the event that a work issue arises, as is to be expected, they take it for granted and it is established that it will be attended to, but they do not mix family and work.
As for Father's Day, they said that they normally celebrate it with a family reunion at don Agustín's house in San Sebastián, surrounded by sons, daughters-in-law and grandchildren.
Any special message you would like to share with don Agustín for Father's Day?
"That we are super grateful for the support. Not only in the industry, he has always supported us 100% in everything we have wanted to do. He has let us fight our elbows off, but he has always been there for us. That he knows that I love him and that truly if it wasn't for him, we wouldn't be what we are now," Franco said.
"Thank you for instilling these values in us and pushing us to be better people every day, both in the workplace and as human beings. Thank you for always supporting me and instilling in me the belief that nothing is impossible if we dedicate the time.
He always believed in us and supported us and gave us all the resources he could to get us this far," said Manuel.
Do you have anything to tell your children?
"That I am proud of them. I always told them that we set our own limitations. That the sky is the limit as long as we believe in ourselves. I knew they would go far because I taught them to think big. That there is no success without sacrifice and that if you fall down, get up and don't make excuses," said Don Agustin.
Font Insurance is one of the leading insurance producer firms in Puerto Rico with vast experience in the practice and management of insurance risks.