The Beginning
Jim Ricker, co-founder of JT Bates Group, knows insurance. Since he began working in the business 40 years ago, he’s been an active part of a generation or two of trends and changes in the industry.
Years ago, he noticed a gap in the insurance coverage options available for heavy equipment rental dealerships. In 2009, his daughter Jayme Bates, also in the insurance industry, was considering different options to give her more flexibility in her work schedule. Together, they decided to pursue the concept of a damage waiver that dealerships could offer to their rental customers. The two of them put together their first policy of Rental Equipment Protection (REP). A year later, in 2010, JT Bates Group officially began.
In the last 15 years, JT Bates Group has added more solutions to its suite of products and services. They now offer liability insurance, a document management program, and insurance consultation.
Jim’s Business Philosophy
For Jim Ricker, JT Bates Group has been one of his proudest professional achievements, in part because so many people told him the business wouldn’t work. It clearly has, and has grown into a multi-million dollar company.
It wasn’t long before the company caught the attention of others. As Jim says, “When you are successful, others want a piece of the pie.” You have to expect competition, he notes, but that’s what business is all about.
His tenacity has been crucial to the company’s success. His favorite business advice has been to go with his heart and never take no for an answer. From the beginning, he believed the company’s REP program was not only a good product for JT Bates Group but valuable for the equipment industry as a whole. And he’s been proven right.
He cites several strategies that have contributed to the success of the company. He credits the hard work of both Jayme, the business’ co-founder, and Brad Bates, the CIO. Another key element is keeping God at the center of everything the company does. No company is perfect, and there are always ways to improve. But without those three components, he believes the company wouldn’t have achieved the success it has thus far.
So, what keeps Jim motivated? He loves new ideas, new products, and watching JT Bates Group grow from a company of two employees to “infinity.”
His Thoughts on Leadership and the Future
In 2018, the company named Jayme Bates as CEO. As one of the company’s co-founders, Jim has sometimes struggled to know when to step back and encourage others to step into new roles. Recently, he’s found it necessary to pass some of his responsibilities on to others. However, he still remains actively involved in the company.
He speaks proudly of the company and especially of the people that make up JT Bates Group. He says, “I see the effort they put forth and without great employees, our company would not be where it is today.”
As Jim looks forward to the future of the company, he’s excited to see the innovative products that JT Bates Group will develop. He has no doubts that the new solutions will benefit the company, the employees, and its clients.
Interested in learning more about JT Bates Group and its products? Contact us here.
