Agency succession can essentially take one of two paths: internal or external perpetuation. Internally, you can pass on ownership to key employees, friends or family members through sale or inheritance. Externally, you can sell to another agency or merge with another firm.
Chances are you have at least once received a gift and your first thought was: “Thanks?”. That question mark means you either don’t know what you’ll do with the gift or you didn’t want it in the first place. Both are not great reactions. Unfortunately, this is how some people feel when it comes to insurance agency perpetuation.
Stop putting off agency perpetuation planning! Access these resources to help your agency transition.
It’s never too early to prepare for your insurance agency perpetuation. Get tips on how to use your agency management system to record agency value.
SIS recently conducted a perpetuation survey to investigate the process and practices of buying and selling agencies. The results of this survey provided insights on independent insurance agency perpetuation, including: Average perpetuation timeline Most popular...
Planning for your exit from the independent insurance agency you helped build, whether passing it on to family or not, is rarely an easy task. However, succession planning is a necessary part of running a successful business, and it’s important to start the process...
As we delve into our second post focused on succession planning, we look towards addressing when to start planning and where to go given the multiple tracks for exiting your independent insurance agency. When to Start Planning As with most big decisions, it is never...
Planning for the next generation of leadership at an agency can be a combination of excitement, uncertainty and lots of critical conversations. In our next series of blogs, we’ll look at the who, what, where, when, why and how of succession planning. We start off with...
For many independent insurance agencies, keeping it “all in the family” is more than just an expression, it’s a way of business. As family owned businesses, these agencies have strong values and a sense of community with clients and employees. However, when it comes...
As we mentioned in our last post, many independent insurance agencies are family run businesses, with ownership passed from one generation to the next. When the generational pass happens, many new owners are faced with a conundrum: how to gain new customers without...