In this episode of Power Producers Podcast, David Carothers sits down with Terren Moore, founder and owner of MFI Agency, to discuss the unique challenges of closing out the year in a hard market while balancing the distractions of the holiday season. With just a few weeks left in the year, many businesses start slowing down—while top producers are pushing harder than ever. David and Terren dive into what it takes to maintain momentum and close the year strong, while also reflecting on Terren’s journey from Texas Farm Bureau to launching his own agency in 2021.

Key Points:

Navigating the Hard Market & Holiday Slowdown

David and Terren discuss the difficulties of prospecting and closing deals as the year winds down. While many clients shift their focus to holiday planning, top producers stay aggressive, ensuring a strong pipeline going into the next quarter. Terren shares his experience of pushing through the seasonal slowdown and how discipline plays a key role in overcoming market challenges.

Building an Agency with a Long-Term Vision

Terren reflects on his decision to leave a stable salary at Farm Bureau to start MFI Agency in the middle of COVID-19. He highlights the importance of financial independence, learning from experienced agency owners, and making strategic moves to build a business that thrives despite industry challenges.

Farming, Business, and Lessons in Patience

A first-generation farmer, Terren shares how his passion for agriculture led him to create AgriStar, a nonprofit that helps young farmers get started in agriculture. He discusses how the discipline and patience required in farming—planting, nurturing, and waiting for a harvest—closely mirror the process of growing an insurance book of business.

The Power of Niching Down

With agriculture as a massive industry, Terren is working to refine his niche, focusing on farm insurance solutions that go beyond policy sales. He emphasizes the lack of agent education in farm insurance, particularly in areas like workers’ compensation and the H-2A visa program, where proper coverage is essential for compliance and financial security. By leveraging industry knowledge and relationships, he aims to offer real value beyond just price.

Creating a Competitive Edge in Farm Insurance

David and Terren discuss the challenges of underwriting agricultural risks, where many mainstream carriers struggle to provide competitive options. They explore how data, risk assessments, and industry-specific reporting can give farm owners better insights into cost-saving opportunities, making insurance about profitability and sustainability rather than just coverage.

The Power of Community in Business Growth

Terren shares how his involvement in FFA (Future Farmers of America) introduced him to farming and later helped him connect with agricultural clients. He recalls how word-of-mouth referrals have become a driving force in his business, with one client turning into multiple opportunities simply by showing up and offering value.

Final Thoughts: David and Terren wrap up the episode with insights on how discipline, strategic planning, and niche expertise can turn a challenging market into an opportunity. As 2025 approaches, the key to success lies in proactive prospecting, continuous learning, and positioning yourself as an industry authority.

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