Smaller agents (business owners) often times increase their lifestyle as business income starts to grow. That’s fine, and likely part of the reason you went into business for yourself…to control your own destiny. However, when it comes time to sell your business, many owners haven’t taken the opportunity to grow what is likely their biggest asset, the business. It’s possible to do both, let us show you how.
Read MoreAre you ready to acquire?
I’ve spoken with hundreds of insurance agents over the years about purchasing an agency. The size and backgrounds of these hopeful acquirers have ranged the gamut. Some of them have been large firms who have completed several purchases, others were well-established agencies who were looking to complete their first deal and the last group are industry veterans looking to break into the world of ownership by purchasing an established business. Buying another business always seem like the next thing to do, but make sure have you done the necessary preparation and homework to put yourself in the best position possible to succeed. No matter the size or experience level, there are several things you should be asking yourself before getting ready to take swing at buying an agency.
Read MoreThe most common question potential buyers ask during the initial marketing process is how long the seller is willing to stay on post-closing?
Read MoreMost agency owners have an accounting professional and financial planner they work with regularly but very few have an attorney who can assist with the sale of their business. You need an experienced M&A legal professional to handle the ins and outs of your transaction.
Read MoreAgency owners are often hesitant to discuss succession planning. Many are first-generation owners, uber-focused on building and running their business, and never slow down to plan how they will eventually transition their labor of love. Ideally, an owner should start planning 3-5 years prior to their desire to sell. Here are four questions to ponder as you think about transitioning your agency.
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