Leo Goodwin, Sr.
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Leo Goodwin (1886-1971) is most noted for founding GEICO in 1936, with his wife Lillian Goodwin, while the Great Depression was still in full fury.
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[edit] Background and Family
Leo Goodwin Sr. was born in 1886 in Lowndes, Missouri, just south of St. Louis, the son of a country doctor who traveled by horse and buggy to treat his patients.
Educated as an accountant, Leo Goodwin Sr. entered the insurance business in San Antonio, Texas. In 1936 he founded GEICO. He retired in 1958. In the 1960s, the Goodwin family moved to Fort Lauderdale, Florida. Leo Goodwin Sr. added much to the intellectual and cultural life of his new community through significant charitable contributions. Nova Southeastern University, a young and innovative higher education institution, stirred Goodwin's creative instincts and became a major object of his philanthropy.
Although highly idealistic, Mr. Goodwin brought a steady, common sense approach to his business and personal life. He believed in simple virtues like honesty, responsibility in keeping a promise, and the necessity of constant self-improvement and hard work. Mr. Goodwin took much from life, and he always succeeded in giving a little more than he received. Leo Goodwin Sr. died in 1971 at the age of 84.
Leo was married to Lillian Goodwin. He has a son Leo Goodwin, Jr.[1]
[edit] Professional Career and GEICO
He hammered out the basic business plan during his early career days in Texas. In 1936, Goodwin established GEICO operations in Washington, D.C. By the end of 1936, there were 3,700 GEICO policies in force and a total staff of 12 people. He believed that if he lowered costs in the company by marketing directly to carefully targeted customer groups, he’d be able to pass along lower premiums and still earn a profit. With his wife, Lillian, Mr. Goodwin worked 12 hours a day for little or no salary for several years to implement his business dream. In 1940, after operating in the red for several years, the company realized its first profit. In 1948, GEICO became publicly owned and today has assets of nearly $7.3 billion. Leo Goodwin chose to retire in 1958. In 2001, Leo Goodwin was posthumously named to the Insurance Hall of Fame.[2][3]
[edit] Philanthropy
Leo Goodwin was a large donor to Nova Southeastern University and is considered one of the primary founders. The building that contains the university's law school, Shepard Broad Law Center, is housed in Leo Goodwin, Sr. Hall. In addition, the dorms are named the Leo Goodwin Sr. Residence Halls. Goodwin's contributions to the Nova Southeastern University Law communities continue through a foundation and an endowed scholarship fund.
The Goodwin Foundation carries on the community-minded attitude of Leo Goodwin, Sr. after his death. It continues to sponsor a scholarship at Broward Community College.
The Leo Goodwin Sr. Chair in Law was established at Shepard Broad Law Center with an initial gift from the late Leo Goodwin Sr. The Goodwin Chair allows the Law Center to invite distinguished legal scholars to spend time in residence, to team-teach a seminar with a member of the Law Center faculty, and to interact with the Law Center faculty, students, and alumni. The publication of a special Goodwin Chair Symposium issue of the Nova Law Review allows the Law Center to share the wisdom and insights of our distinguished visitors with a larger audience.
