‘Great People Trump Everything’

BY KAYLA PRASEK

Nick Killoran started Great North Insurance Services in 2010 with zero clients. Since then, Great North Insurance has grown to 10 employees and was named Small Business of the Year at The Chamber of Fargo-Moorhead-West Fargo’s 2016 ChamberChoice Awards. Killoran was also one of the three finalists for Entrepreneur of the Year.

Tell us about the history of Great North Insurance.

The idea to form Great North Insurance was born after working many years at a Fortune 500 financial institution. There were many times we tried to get loans approved for people and couldn’t get the necessary information from insurance agencies or agents in a timely manner. Our goal wasn’t to reinvent the wheel in regards to taking care of our clients. We just wanted to do it better and quicker. We continue to add additional products and now offer personal and business property and casualty coverage, life insurance, health insurance and disability insurance. Our team consists of 10 people and is well prepared for future growth in our business.

What have you learned from building an insurance business from the ground up?

What haven’t we learned along the way? Business ownership is fun, scary and exhilarating all at the same time. The most important thing I have a greater appreciation for is that great people trump everything. We have the best teammates in our office and they have created a phenomenal culture for the office. I saw my dad and mom build a business from scratch so I knew it would be stressful, but I never imagined how scary it would be to ensure that every associate is given the opportunity to grow a career and succeed financially. It is still the greatest motivator that drives me each day.

Why is Fargo a great place to start a business?

The Fargo-Moorhead area is full of individuals that want to see our community thrive. We have a great housing market and support from all levels of government that want businesses to succeed. Small business is the key to low unemployment and a strong local economy. We continue to get amazing support from our community and that has only solidified our choice to start a business in Fargo.

How have you managed a work-life balance while owning a business and being a husband and father? How important is it to find that balance?

I am not sure I have successfully managed work-life balance, but it is not for a lack of trying. My wife and I both are career-minded people that believe in giving back and like most parents, are extremely busy. For us, a busy schedule has actually helped us be better parents. The time we get with our kids is cherished and we believe in taking one or two family trips together each year. The balance that we continue to work toward is vital in our lives. I go to work each day in hopes of providing my family and team a better future and retirement.

What challenges have you faced, and is there anything you would do differently?

We have faced plenty of adversity while getting Great North Insurance off the ground. We are one of the few insurance agencies that started without a single policy on the books. We actually started the business from my basement. Needless to say, I set a lot of our initial meetings at local coffee shops. Luckily, we were able to explain our business plan and a few people took a chance on us right away. Honestly, I wouldn’t do much differently. I am sure there are a number of things I could have done better or more efficiently, but that’s life. You just try to make the best decision you can with the information you have in that moment. PB

Kayla Prasek Staff Writer, Prairie Business 701.780.1187

kprasek@prairiebusinessmagazine.com