In my last post, I discussed three common mistakes that buyers make when acquiring an agency: (1) letting emotions cloud your judgment, (2) getting misled with incomplete information and (3) being influenced by transaction advisors. All three deal with collecting [...]
Everyone in the industry has heard stories of buyers succeeding in rolling up agencies and selling for huge multiples. I bet everyone has also heard the war stories of failed acquisitions – employees and producers jumping ship, carriers terminating contracts, [...]
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 - [...]
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 [...]
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 [...]
The goal of any organization is to grow. When you've done everything you can do to grow your business internally, sometimes, it's time to look for opportunities outside of your own organization. In the insurance industry, acquisitions can be quite [...]
