Dave Larson received a pleasant surprise when he attended the Crop Management Input Seminar earlier this month.
Owner of Dave Larson Financial and Insurance Services Inc., Larson received the Ag Person of the Year award at the seminar, which is sponsored by University of Minnesota Extension and the Hutchinson Chamber of Commerce’s Agri-Business Committee.
The Agri-Business Committee has been a staple of the Hutchinson Chamber for 30-some years, and began this award, starting with Elmer Howe back in 2003. The award symbolizes knowledge but more importantly service to the ag community.
“It was a surprise,” Larson said of the recognition. “Not at the banquet, but beforehand.”
His business usually pays for tables at the banquet, so he would have been there anyway, he said.
“I appreciate the Chamber giving me this award,” Larson said. “It’s important to me. It makes me feel good.”
Larson has always been tied to agriculture. As a youth, he helped around his family’s farm near Amboy. By the time he was a senior in high school, he had 2,000 hogs of his own. His father could only help one son farm, though, and that internship went to Larson’s oldest brother. Luckily, Larson received a full-ride football scholarship to the University of Minnesota, which he accepted, playing football and getting a degree in business there.
Larson and his wife, Amy, moved to Hutchinson in 1988, and he began an eight-year career as an ag lender at Marquette Bank (now CorTrust Bank).
“When I came here, it was the middle of the ‘farm crisis,’” Larson sid. “I knew it would get better.
“All farms in the ’80s were selling for $500-$800 an acre around here,” he added with a chuckle, as ag land today is appraised at more than 10 times that.
Marquette Bank decided to discontinue ag business loans, so Larson left. At the same time, First Federal (now Mid Country) decided to go into ag lending and contacted Larson.
“They asked me what I could bring to them,” he said. “I said I would bring them $50 million — and I did my first year there.”
He signed 30 young farmers to the Rural Finance Authority Program. Arne Carlson, governor of Minnesota at the time, visited Hutchinson and presented Larson with a recognition crock for his assistance and support of so many young Minnesota farmers.
Larson was with First Federal for five years until it was sold to MidCountry, then spent another nine years there.
At age 55, Larson decided to go into business for himself. His inspiration was his grandpa, a farmer, buying land and building up his farm operation at the same age. Larson felt the time was right.
“I had a lot of relationships with farmers who I felt would buy (insurance) from me,” Larson said. “Nationwide (Mutual Insurance) was a more selective company than the broad range I was interested in dealing with. I got 400 names and personally drove down to the company offices in Iowa and showed them my potential clients. I dared them to take a risk with me.”
Nationwide signed with him right then. His first year with the company, the business took in $400,000. That won him a trip to London. Now Dave Larson Financial and Insurance Services has $15 million in premiums.
His business is just a couple buildings down the block from his old office at MidCountry Bank. Larson contacted Bonnie Westmiller, the owner at the time, about renting the property. It was originally the old First Federal Bank building. Larson rented from her for five years and then in 2014, he bought the building.
“When I was looking for a place for the business, I knew I needed $25,000 worth of fire- proof safes to house our files,” Larson said. “The bank came with a fireproof vault. I knew it was a perfect fit.”
“It’s conveniently close to the post office, too.” Larson adds.
When Larson started the business, it was basically just him. Now he has eight employees — one of whom is his son Matt.
“It’s fun working with Matt,” Larson said.
Five years ago, Larson bought another agency in St. Bonifacious. It is a Dave Larson property, but it still carries the original owner’s name — Dressel Agency. Matt Larson recently moved to Watertown and will be in charge of running those offices. The expansion is to gain more property and casualty clients from the metro area.
“Most people think we only do farm insurance,” Larson explained. “We can do any type of policy.”
Larson sees a change transpiring for himself. He recently turned 70 and is looking to work less. He is interested in spending more time with his wife, who retired more than a year ago, and their grandchildren. He proudly shared that another one is on the way.
“This is a relationship business,” Larson said. “I built customers one at a time. They’re not ‘cookie cutter.’ Every customer is different in tolerance, risk and debt. I think we’re good at figuring what’s right for the individual.
“We want all customers to be winners,” he added. “For them to be successful is a win-win for both of us.”
