An agency owner reached out several weeks ago and asked me to meet with him and the owner of an agency in his town that he was looking to purchase. They had been talking for several years. They had a handshake agreement that someday he will buy the agency when the time is right.
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Any banker who’s lived through a few business cycles will tell you it’s nearly impossible to predict interest rate movements. According to data from the Federal Reserve Bank of St. Louis, the prime rate has changed 348 times since 1955. Over that 67-year period, the prime rate has dipped as low as 3.25% and risen as high as 21.5%
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In part one of this article, we discussed how analyzing your alignment with an agency is a great way to begin considering an agency acquisition’s potential. Now we’ll look at additional factors, including how well the culture of your agency fits with the potential acquisition and some indicators of future success.
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The best place to start in evaluating a potential acquisition is with you and your own agency. If you are clear on what you are looking for in an acquisition the process of evaluating opportunities becomes much more efficient and effective.
READ MOREHiring the Next Generation of Independent Insurance Agents. The pandemic has driven major shifts in the way employees experience their workplaces and what they expect from their employers. At the same, Gen Z’s presence in the workforce continues to grow.
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Workplace politics can be a delicate subject. Workplace politics is the manifestation of power dynamics amongst employees.
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Knowing when and if to sell your insurance agency is a difficult decision. As an insurance agency owner, often times your agency is a big part of who you are.
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GETTING INVOLVED IN THE INDUSTRY YOU work in can be difficult. The last two or so years have made it even more difficult than ever. A lot of people are now working either remotely or in some type of hybrid environment.
READ MOREThe “Silver Tsunami” is a term for the aging workforce in America today. Demographic research states that 10,000 baby boomers will reach retirement age every day from 2011 until 2030.
READ MOREProfessional liability policies for insurance professionals are typically written on either a claims-made or a claims-made and reported basis. These policies provide coverage for long-tail lines of insurance because a negligent act or omission may take place today, but harm arising from that act or omission may not be discovered or a claim made against the insured for a considerable period of time thereafter.
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In the midst of the most active M&A marketplace that our industry has ever experienced, often times there is still a cloud of secrecy that exists inside an agency about the agency’s future.
READ MOREThe professional liability marketplace is ever-changing—carriers entering and exiting the marketplace, changing rates, and fluctuating underwriting positions. Typically, the longer a carrier has been in the professional liability marketplace, the more stable it is when it comes to making changes.
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Keeping and retaining talent has been on the minds of agency owners from the day I entered this industry. It has remained in the top 5 concerns of agency owners in literally every survey I have ever read.
READ MOREFinancial ratings give insight into a carrier’s ability to pay claims, which, along with the potential of financial loss, are ultimately the reasons businesses purchase insurance. However, insurance companies can only pay claims if they have the funds to do so. It is not uncommon for an insurance carrier to become insolvent, leaving it unable to pay claims.
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The price that your agency commands depend on several factors, including what is most important to both the buyer and the seller, the synergies that exist between agencies owned by a potential buyer and seller agency, and the risk level that both parties are willing to assume in the agency sale.
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