"It's pretty unique in our business," he said. "We have 21 owners today and they are all active in the day-to-day operations of the business. That ability to give ownership in a company that's almost 100 years old, with a great reputation and an incredibly strong balance sheet, is what has allowed us to attract and retain the best talent in our industry. That has been a huge factor in our success."

The ability to attract and retain talent is best seen in the firm's strategy to sell not just insurance, but a philosophy of exceeding the customer's expectations in managing their overall cost of risk.

"As long as you deliver more than is expected, you will always be employable," said Mr. Hering. "And we found this to be true--that if you do more than the other party expected, in any relationship, you will always be in demand."

Embracing this philosophy goes deep, down to the granite paperweights every employee has on their desk, with the inscription, "Deliver More Than Expected."

Barney & Barney, as a privately owned firm, does not need to worry about the whims of public investors, he noted. Such an ownership structure gives the agency the luxury of listening and paying attention to clients, responding to their concerns, and designing a risk and insurance program to meet whatever challenges they face.

"We try to keep it pretty simple," said Jack Galloway, director of the firm's commercial department. "The focus is on the client, but it's also about having great people with great attitudes and helping them develop to the next level, wherever their skill sets are."

Mr. Hering said former CEO Shea was "instrumental in building this culture that is so committed to private ownership and rewarding people who do the right job."

Among Mr. Shea's accomplishments was making Barney & Barney an Assurex Global partner in the early 1980s. Mr. Shea was even a chairman of the Columbus, Ohio-based global brokerage consortium. Mr. Hering, following in Mr. Shea's footsteps, is today chairman of Assurex.

"Assurex has been a great vehicle to exchange ideas and allow us to compete with the publicly-owned national brokers through a network of talent around the world," said Mr. Hering. "It has been especially beneficial for our clients with risks outside of our geographic area. It has been a great network to be a part of."

One point Mr. Hering emphasized is recognizing employees who have taken the company's motto to heart--delivering more than expected not only to customers, but also within the organization.

"Our people are very good about saying someone just did an outstanding job for me, and here is what they did," he explained. "Word gets out, and that become contagious. People like recognition and acknowledgment, and it builds momentum that way."

He said it is equally important employees not be totally consumed by work at Barney & Barney, and that they find the firm a fun place to be when they are on the job.

"This is a challenging business," noted Mr. Hering. "You can come in and make a lot of money, but it is also about relationships and liking the people you work with. We care greatly about our people. You need to get the job done and be focused, but it is also important to make sure you have a great life outside of Barney & Barney."

He added that "there is an expectation that long hours and lots of time in the office makes you successful. That is not our culture or mine. People need to recharge their batteries. Life is like the blades on a propeller--if they are out of whack, they don't work properly."

It is also an organization with no fear of taking risks or doing something that may not be beneficial in the short term--such as setting up a captive program to self-insure a particularly challenging exposure.

"As a private company, we can focus on the needs of the client," Mr. Hering observed. "We can make decisions that are not good for the bottom line today, but are good for the client, and will benefit us later."

Perpetuation remains important to the firm. To accomplish this, Barney & Barney actively goes to college campuses to recruit graduates into the business.

"There are other jobs that may be seen as glamour professions, but we show that there are great opportunities in this industry," said Mr. Hering. "You can have fun and opportunity to grow and have ownership. When we hire people, we expect them to stay here forever and sit at the ownership table. That is what we are thinking when we hire folks to join our company."