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is the restatement of their earnings and net income being LOWER than it was last year.
What will be interesting to see, if this goes through, is how much fat they trim from the various USI offices – there\’s lots of it!
It will be the usual drill. The buyout boys will come in wanting to trim expenses to pay the interest on the acquisition note. All the drones that the previous writer refers to will take the buy out boys to the local restaurants and strip joints and while there identify \”those darn producers\” as expendable to save their own meaningless jobs. They will wrap themselves in the new coroprate flag and sow seeds of doubt regarding producer loyalty and probity. The producers will be fired, customer service will go down the drain, and USI will start circling the drain. Then the buyout boys will fire the worthless managers and try sell the place to a gullible public or to another similar insurance organization.
Hey, and I\’ll pick up some really angry USI accounts. Cool! Bring it on!
Producers of the world, unite!
This has been a long time coming. Their stock offering really didn\’t go anywhere. Their performance has been…let\’s see…what\’s the best word – boring? Pathetic? Impotent? Yeah…that works.
USI has some good producers and some good support staff, but they have a lot of blubber too. Their acquisition spree over the past few years hasn\’t produced the results it seems they were hoping for (like, that was a big surprise).
As to the \”drones\” taking the buy-out boys out and telling \’em who to get rid of and who to keep, dunno about that. USI\’s reputation is well known, and whoever purchases them will probably be smart enough to make their own decisions.
I\’ll have to give a couple of he \”drones\” I know a call to see if they\’re worried…they should be
If the buy out team is on their game they will realize that USI\’s problem is not the great employees that produce the revenue, but the poor quality of senior management that USI is saddled with. It is unfortunate that USI management has caused the departure of so many excellent producers and support staff while creating massive litigation against the company. In California alone there is more then $100 Million dollars in claims against USI for breach of contract, underpayment of overtime and wages, Fraud and labor violations. Not to mention the $20-30 million dollar judgement against them for copyright infringemnet. Essentially USI\’s business model is a Ponzi scheme as they try to shovel new revenue in the front door through acquisitions faster than it goes oy the back door through bad management and litigation costs. This is very obvious by their performance in Southern California where they have lost upwards of 80% of the employees that they obtained in acquisitions over the past 3 years. Of course, they majority of the revenie those employees produced goes with them on about a 2 year lag time. USI management blames the loss on Workers Compensation premium reductions to cover their failures. The buy out team will see through these deceptions and act accordinly. Give them a chance!
I am a USI Employee in Southern California and I resent the nasty comments made by the 10/25 & 26 ex USI and Neighbor of USI people. Yes we have our issues but we are no better than other brokerage houses these days. I can tell you we probably have much more fun then they do too. We have a great group of people that work hard every day. Anyone who is no longer with us were the ones pulling us down. So watch out you ney sayers, what goes around comes around as someday you may \”again\” be part of our family.
I too am proud to be be an Employee of USI. Every company has their problems, there is no utobia! We have a great group of people working here, and our upper management tries their best to do the right thing for their employees. We work hard and play hard, and are always appreciated for our efforts. Shame on those who left with bad feelings and they need to stop dwelling on the past.
In my dictionary your comments are called \”ENVY\”. Sorry if you are eating your heart out.
This is nothing new to USI when the last guy came, but it\’s the same everywhere.
Thare stinky producer and management in every big brokerage, remember the little people are the ones that make it fun not the management team.
There never has been any good management at USI It\’s always been about the $$$