By Jennifer McDaniel
jim newhouse
Keeping the wheels rolling for over five decades
J im Newhouse smiles as he runs his hand over the smooth curves forming the fender of his Model A Ford . As he brushes away a thin coat of dust , his reflection is revealed in the glossy black finish .
The automobile is one of three acquired over the years , along with a Model T he picked up along the way . In the tranquility of a Saturday morning , Newhouse stands in the garage in the rear of his Wichita insurance agency , M & M Insurance Associates , admiring the vehicle .
Originally built in 1930 for a Studebaker dealership , the building has been the agency ’ s home since Oct . 2 , 1999 – the day Newhouse closed on the property . For much of his life , Newhouse has had a love affair with the American automobile , and so it was only fitting his insurance agency would be firmly rooted in a building with a rich auto history .
The early days
When Newhouse decided to venture into business for himself 50 years ago , he had little money .
A few bills and some change was all the young man had when he was suddenly faced with a proposal that would change his life forever .
Once the business was up and running , his friend told his insurance associates about Newhouse ’ s services . In no time , he had eight new clients . However , one day , one of those agents called , and asked if the two could meet . Newhouse would learn his associate was bankrupt , and was in desperate need of money . Broke and scared , the man asked the young entrepreneur to buy his insurance agency so he could pay his bills .
“ I told him I didn ’ t know anything about the insurance business ,” Newhouse said . “ But he told told me that if I hired him as an employee , he would show me what to do and teach me the business .”
So in 1966 , Newhouse formed M & M Insurance . At first , the agency focused on auto and homeowner insurance , but when his son , Jimmy , joined the business in 1982 , the business expanded to handle commercial accounts . Today , the fullservice agency has grown to 32 full-time and three part-time employees and offers life , health , personal and commercial insurance .
For the next decade , Newhouse continued financing insurance premiums in addition to selling insurance . Eventually , he called it quits .
A recent widower and single father of two , Newhouse struggled to find a way to support his young children and get back on his feet . The offer couldn ’ t have come at a better time .
“ I think I had $ 200 , truthfully , to my name ,” he said . “ And so I told my parents how my friend wanted me to start a finance company to finance insurance premiums .”
Newhouse ’ s parents agreed to give him the seed capital to start the business , and on Dec . 8 , 1965 , M & M Finance Co . was born . At that time , he said , there were few , if any , companies solely backing insurance premiums . However , Newhouse ’ s friend – an insurance agent – sold a number of policies and wanted a finance company to fund the premiums instead of relying on a bank .
Jim Newhouse stands next to a Model A Ford – one of three he ’ s collected during the years . Newhouse not only drives the car around Wichita , but also incorporates the antique cars , including a vintage Model T , into window displays on the second floor of his agency , M & M Insurance Associates .
| January-February 2016 | KANSAS INSURANCE AGENT & BROKER
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