16th Annual Colorado Ethics in Business Alliance Awards: good business practices include community service.

Bring up ethics in a conversation about business, and it might stop at making the right decision, doing the "right thing." But as the four winners of the 16th annual Colorado Ethics in Business Alliance Awards exemplify, practicing good ethics also comes with a sense of obligation to your community.

Investment banker Walter Imhoff, winner of this year's Daniel L. Ritchie Award, easily could fill a couple of pages listing the nonprofit, educational and civic boards he's participated in over the years--a commitment to service he says was instilled in him through the Jesuit training he received as a student at Regis University, where he has served as a trustee for decades.

At IMA Financial Group, winner of an Ethics in Business Award, employees receive paid time off for volunteer activities, and the company matches their charitable contributions. Last year, IMA of Colorado donated more than $100,000 to charitable groups.

When Robin Paquette arrived at InsureMe, the chief operating officer aimed to give employees of the insurance referral company a greater sense of purpose, which includes giving 10 percent of the company's profits to charitable causes. The company also is a 2008 recipient of an Ethics in Business Award.

The Beacon Center, winner of this year's Samaritan Institute award, provides shelter, counseling and academic services to at-risk youth in the Denver area. Executive Director Anne Robinson oversees an organization that keeps administrative costs down to 15 percent of each dollar raised.

The Colorado Ethics in Business Award program was founded by the University of Denver, ColoradoBiz and the Samaritan Institute.

Winners are profiled on the following pages.

DANIEL L. RITCHIE AWARD

WALTER IMHOFF

You would think a man who is being championed by the Colorado Ethics in Business Alliance for setting a strong example in the community wouldn't think about consulting a dictionary to define "ethics."

Walter Imhoff did that before he arrived at the ColoradoBiz offices one recent morning so we could talk to him about being honored with the Daniel L. Ritchie Award.

After sitting down for an interview videotaped for ColoradoBiz TV, the recently retired investment banker offered a note he had copied by hand from "Webster's" that defined ethics as: "The principles of conduct governing an individual or group. The discipline dealing with what is good and bad and with moral duty and obligation."

It's the second part of the definition--obligation--that might be easy to forget: Practicing good ethics is more than making the right choice; it's making the choice to help others.

That's the kind of ethics Imhoff, 76, has practiced since landing his first job in the investment banking industry more than 50 years ago--five years before he co-founded the firm that would include his name under a few incarnations to this day In December, he retired as managing director of the Hanifen Imhoff Division of Stifel Nicholaus.

"We think that you should give back to the community. My wife (Georgia) and I have always had that philosophy," says Imhoff, whose lengthy list of past and president community board positions includes the Boy Scouts of America, the Denver Foundation and the Kempe Children's Foundation. "It's a very special feeling you get from giving back to the community. Plus you get to know a lot of community leaders on those boards who make a difference in people's lives."

For 27 years, Imhoff has served on the board of trustees of his alma mater, Regis University, including a seven-year stint as chairman. He considers his work over the years helping to raise funds for the university and direct its future as payback: A Regis professor helped him land his first job in the investment banking industry

"I feel like I have an obligation because I was one of those lucky people who graduated from college and found that my first job is my career," he said.

Over the past 53 years, Imhoff has managed a lot of money for a lot of people and institutions. To maintain trust with clients, he has always tried to make them understand the process.

"The challenge is keeping them advised of what you're doing. Share with them your philosophy of investing," he said. And keep it simple: "Too often people in our industry use terms unfamiliar with the general public. Relate a bond to a mortgage. Everyone has a mortgage, and they know what a mortgage is."

Imhoff believes the state of ethics in business has improved in recent years--but he's not happy about what prompted that evolution: regulation in the wake of the scandals involving Enron, Tyco and the like.

"Unfortunately, it's done by force through regulatory bodies enforcing regulations these people didn't follow. They didn't learn the ethical procedures I was taught in college and throughout my career," he said. "And unfortunately, they don't have the same obligations to the shareholders or even to their board of directors. I think the prison sentences imposed on these individuals have been a real eye opener to other people within the industry."

Even without the enforcement of the Securities and Exchange Commission, the investment banking industry practices strong ethical standards, Imhoff said. It's a requirement for staying in business.

"When you're dealing with people's money, you have to be extra cautious," he said. "You can stub your toe only once in our business, and your reputation and lifetime's work can be destroyed.--MIKE COTE

coloradobiz TV

WATCH OUR "EXECUTIVE EDGE" INTERVIEW WITH WALTER IMHOFF AT COBIZMAG.COM/VIDEOS.ASP

ETHICS IN BUSINESS AWARD

IMA FINANCIAL GROUP

One of the fastest-growing, debt-free insurance companies in the country is not a public corporation, nor is its wealth held in the hands of a few at the top. Instead, the employees of IMA Financial Group own the company--with each share capped at a 20 percent stake

"To own the company, the longer you're in it you really feel like you're a part of everything that happens," said Bob Reiter, president of IMA. "You're a business owner, and that has a profound impact not only on the way we operate but on how our clients feel."

Founded in 1974 in Kansas City, Mo., IMA is now the 17th largest privately owned insurance broker in the U.S. In 1988, the Colorado office opened with just three people; today the branch has grown to nearly 175 employees who are dedicated to the company's mission to "protect profits and make a difference"--even paying $3 into the company's volunteer fund for the privilege of wearing jeans on Friday.

Many insurance firms experience high turnover, Reiter said, but not IMA, where the yearly employee retention rate consistently ranges between 95 percent and 97 percent.

"There's a different vibe here, based on respect and trust for everyone." Reiter said. "We don't spend time worrying if our employees will leave to work for a competitor. We spend all of our time thinking about how we can make this place the best place possible."

Fred Jones, executive director of risk management for RE/MAX International, said that IMA doesn't just sell insurance and collect premiums. A client for nearly six years, Jones said IMA has helped RE/MAX with its often unique risk issues.

"From a technical perspective, IMA is one of the best in Denver," Jones said. 'They're very proactive and service-oriented; whenever we bring up something unusual they always say, 'Let's find a way to make it work.'"

Community service is a core value of IMA, and employees are empowered to give back, with paid time off for volunteer activities and contribution matching. In 2007, IMA of Colorado donated more than $100,000 to charitable organizations and many thousands of volunteer hours.

The company's Community Action Committee organizes involvement opportunities, activities and projects to improve their community.

In addition, the company also has created the IMA Foundation. Last year, the foundation donated $55,000 to the Friends of the Denver Fire Department for heart scans and workout machines after learning that heart attacks and strokes are responsible for killing 50 percent of firefighters who die while on duty.

Other Colorado charitable organizations that have received donated time or money from IMA include Bryant Webster Elementary School, Gateway Battered Women's Shelter, the Denver Dumb Friends League and the Bonfils Blood Center.

"That's what our mission stands for: to make a difference," Reiter said. "And it's multifaceted: We're making a difference not only in our clients' lives but in our employees' lives and the community."--REBECCA COLE

ETHICS IN BUSINESS AWARD

INSUREME

InsureMe was already profitable when Robin Paquette came aboard as chief operating officer in 2003, but he envisioned more for the Engle-wood-based insurance-referral service.

Founded by insurance agent Tim McTavish in 1993, InsureMe has been profitable every year of its existence. But when Paquette arrived he took steps to further elevate the firm and give employees a greater sense of purpose, a quest that continues to this day.

First, to define the company's motivation and intention of effort, he directed employees to vote on their mission and core values. Paquette also shared with employees his vision of a relationship-based culture characterized by the motto, "together we're better." And he espoused a corny-sounding but sincere company-wide core value of love, along with the values he believes emanate from it: integrity, leadership and innovation.

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These traits are evident on both the company's bottom line and what it gives back--53 consecutive profitable quarters, and a commitment to donate 10 percent of profits to charitable causes, including more than $100,000 to charities chosen by employees in 2007.

"Ethics should not be an anomaly," says Paquette, 48. "At InsureMe, we let our mission of 'do the right thing' guide us, not only at work, but all the time. It isn't ethics in business, it's just ethics."

To encourage environmental responsibility, InsureMe reimburses employees who use public transit to get to work. Employees also are eligible to participate in ownership by buying shares in the company, and they share in a portion of company profits each quarter.

Paquette is a 2008 Colorado Business Ethics winner for helping to make InsureMe a purposeful as well as profitable workplace. He's seen businesses that use fear as a motivator and has instead sought to promote a culture of teamwork and accountability.

Along with 68 actual employees, InsureMe relies on about 7,000 affiliates who receive commissions for driving business--those looking for insurance--to the company website, www.insureme.com. The company also works with about 5,000 insurance agents who subscribe to the company's service of providing insurance leads. Consumers benefit by obtaining multiple quotes for their insurance needs by filling out just one application on InsureMe's website.

McTavish, the CEO, started the company out of his condo with a fax machine; now it operates strictly on the Internet and does business in all 50 states. Along with broadening business opportunities, the Internet has also given InsureMe a chance to demonstrate its ethics. The company refuses to use pop-up ads, spam or other misleading forms of communication.

"Implementing strong ethics in a business environment is part of the joy of working," says Paquette, who came to InsureMe from Harland Financial Services, which had acquired a company that Paquette owned.

Lori Reed, director of marketing for InsureMe, says that before Paquette came aboard, he and McTavish would meet regularly to discuss the challenge of growing a business. From those meetings it became evident that Paquette could help InsureMe blossom further.

"He (McTavish) thought they could be doing better at growing people as well as growing a business," Reed says. "He and Robin were personal friends and so they met regularly and talked. The more they talked the more it was clear that they were a great complement to each other and that Robin could bring great things to the company."--MIKE TAYLOR

SAMARITAN INSTITUTE AWARD

BEACON CENTER

For more than 37 years, Beacon Center has provided shelter, counseling and academic services to thousands of at-risk youth in the Denver area.

Founded in 1967 by Judge Marvin Foote as Court Center Inc., the organization was originally created as an alternative to jail or detention centers where youth offenders were often placed with adults, a detriment to their successful rehabilitation.

"I think the innovative part was that the judge brought together all of Arapahoe County, from education to service clubs and churches," said Anne Robinson, executive director of Beacon Center. "They all came together and made it happen."

Today, Beacon Center operates three residential homes with 54 beds and offers individualized attention to adolescents who need support and therapeutic services in early parenthood and independent living.

Licensed through the state of Colorado Division of Child Welfare, the Division of Youth Corrections, the Alcohol and Drug Abuse Division, and the Department of Education, Beacon House is subject to stringent standards and requirements. The centers internal controls and health-care best-practices have allowed it to not only exceed these requirements but to keep administrative costs down to 15 percent of each dollar raised.

Robinson, who has held her position for more than three decades, said her passion for the job has her excited every day.

"We have the opportunity to give these kids the chance to make some changes and, ideally, return home." Robinson said. "It's clearly about the kids."

The center's mission is to help at-risk clients achieve their highest potential and the best quality of life possible. Approximately 70 employees and 12 volunteers work together at Beacon Center to help the organization meet that mission.

"When anyone comes in, whether it's a volunteer or a new employee, one of the first things they are told is that all of our decisions stem from what is in the best interest for the kids," Robinson said.

Beacon Center offers many of the same therapeutic programs to children and families in the community, meeting regularly to provide treatment for the same issues challenging the residential children--drug and alcohol abuse, neglect and physical abuse, and grief.

In addition, the Beacon Center residential facilities act as a fully licensed school, offering educational services and GED programs.

In 1993, Beacon Center, in association with Annabel Bowlen and the Denver Broncos, created the annual "Cherish the Children" gala, now one of Denver's premier social and fundraising events. The gala, which this year will be held on Saturday, May 17, at the Hyatt Regency Tech Center, raised $500,000 last year and was sold out for the 5th year in a row. The event includes dinner, a silent and live auction, and musical entertainment.

Robinson credits the center's staff and actively involved board of directors for helping Beacon Center evolve and improve.

"The board, our guild membership, volunteers and the community bring a lot to the table," she said. "That very honestly helps us to be successful."--REBECCA COLE