On July 9, 1996, Iván Herrera arrived in the United States with seven family members, a dog, and not the two dollars he had when he left Cuba. Nearly three decades later, he stands as the CEO of Univista Insurance, one of the largest Hispanic insurance agencies in the nation.
The entrepreneur revealed that his company has been valued at 712 million dollars. He shared the compelling story of building his business on the fourth episode of $how me the mon€y, a podcast for Cuban entrepreneurs on CiberCuba, hosted by Katia Sánchez.
Building Credit from a Debt
The family made their way out of Cuba with the assistance of the Catholic Conference, each member arriving with a debt to the organization. Unexpectedly, repaying this debt established Herrera's creditworthiness, which he discovered when purchasing his first car.
From the moment he set foot in the U.S., Herrera was committed to working hard, even venturing into unfamiliar fields like construction.
Learning the Hard Way
As a newcomer, Herrera was offered a job at a welding company in the Northwest. Despite having no welding experience, he accepted, confident in his ability to learn quickly. He refused to wear the protective gear and spent the day welding in a striped Cuban sweater.
When he returned home, his wife jokingly asked if he had been to the beach. "When I took off my sweater, my skin peeled off with the white stripe," he recalls. The job didn't last, as his lack of welding skills was soon discovered.
A Variety of Odd Jobs
Herrera’s employment history includes a myriad of roles:
- Mechanic's assistant in the evenings and weekends.
- Delivery driver in Downtown Miami.
- Simultaneous jobs at two banks: printing statements overnight at one and operating computers at another.
- Employee at Coral Gables Hospital, hoping to apply his biology degree from Cuba.
- Night shifts at Miami-Dade County, delivering reports to prisons.
All while studying English at night at the English Center and later, Miami Dade College.
The Turning Point: Car Dealership
Herrera's life took a significant turn at a car dealership, where he became the top salesperson for four years. Here, he discovered insurance; every car sold needed to be insured. His sales success formula was simple: offer a good product, maintain honesty, and follow up with clients.
After obtaining a real estate license and establishing a firm with over 100 employees, insurance remained an unfulfilled dream. He studied, got licensed, and his first client was himself and his family.
Starting Univista Insurance
Herrera purchased the name Univista for $40,000 from three brothers planning to study medicine. He liked the name because it worked in both English and Spanish.
Initially, his wife spearheaded the project from an office in a not-so-safe neighborhood, where visitors had to ring a bell to enter. The agency initially incurred losses, requiring Herrera to keep his other jobs before joining full-time almost a year later.
Investing heavily in technology and personnel, they eventually resorted to using two credit cards to meet payroll. "All genuine businesses start this way," Herrera asserts.
Expansion and Diversification
Today, Univista Insurance boasts over 350 locations, operates in various states, and offers health insurance nationwide. The group has diversified into residential construction, Univida medical centers, and Univista TV, where his interview was taped.
Herrera credits much of the growth to his team: "You can teach someone a profession, but you can't teach a bad person to be good."
His advice for those beginning from scratch is to study, prepare, and above all, be consistent; for him, discipline outweighs talent. "I believe when you act this way, money follows naturally."
Catch the full episode of $how me the mon€y on CiberCuba. The podcast, hosted by Katia Sánchez and sponsored by Dolphy School, showcases Cuban entrepreneurs. Watch all the episodes available.
Insights into Univista Insurance's Success
How did Iván Herrera build his credit in the U.S.?
By repaying the debt incurred upon arrival from Cuba, which helped establish his creditworthiness.
What was Iván Herrera's initial experience in the U.S. job market?
He worked a variety of jobs, including mechanic's assistant, delivery driver, and bank operator, while studying English.
What was the breakthrough moment in Iván Herrera's career?
His tenure as the top car salesperson at a dealership, where he discovered the importance of insurance.