It's difficult to imagine a time when insurance wasn't an integral part of managing risk for both individuals and businesses alike. But insurance has evolved over the millennia from something we would barely recognize to the products of today. To [...]
Agency due diligence means that you've taken the necessary steps to understand what you're acquiring in an agency acquisition. Any time you purchase an existing business, you're not only acquiring the good: Goodwill Lines of Business Revenues Talent Technology You're [...]
So, you're thinking about the possibilities of owning an insurance agency. Before you make the final decision gather as much information on the prospective purchase and leave nothing to chance. Take advantage of due diligence and hire a professional - [...]
Internal and external economic factors contribute to the health of most organizations. Other elements playing a major role in the insurance market include commerce risks. When you consider all of the possible components affecting the well-being of an insurance agency [...]
Mergers are business tools used for joining resources to develop a larger share of the market by offering consolidated services or expansions into new territories. Given that the insurance industry has several types of products, it’s normal for an independent [...]
Whether you’re just starting out or looking to expand an existing insurance agency – you need to talk with an industry professional. Aside from having the desire, drive and passion, you need to understand the risks, financial obligations and the [...]
Managing debt for any business is an essential part of growing it. Creating a thriving business with sufficient cash flow that becomes an asset is critical to controlling the company’s debt. The biggest challenge for most owners is managing the [...]
Annual revenues generated in the insurance industry are over 100 billion dollars annually. The expected growth from now to 2023 is approximately three percent each year. The key indicators confirm a healthy economy, making it a good time to expand [...]
What is the most critical stage of when buying an insurance agency? Is it obtaining financing? Is it finding the right agency to buy? Is it making sure your own books are in order? While there are indeed many important [...]
When agency revenues start to fall year-over-year, there is usually a reason. Sometimes the trend can be reversed, such as if it is tied to an economic cycle, but quite often the downward trend is unstoppable. In our experience, a steady decline in the business is typically an indicator that one or more of the agency principals are spending less time running the business. The enthusiasm and competitiveness that perhaps once drove growth in the business has waned.
