Whether you currently own an insurance agency or are considering acquiring an existing agency, this is a great time to be involved in the industry. Several contributing factors, including beneficial legislation, macroeconomic conditions, and a hard market resulting in increased premiums, have been catalysts to a continued growth in the insurance industry for many agencies nationwide.
When considering the sale of their brokerage, most insurance agency owners focus on the valuation of the business and finding a qualified buyer for the transaction. Understandably, their primary objective is to pocket as much profit on the sale of…
In today’s marketplace, every small business runs on technology. Coffee shops use credit card readers that plug into iPads. Pest control companies schedule appointments through online calendar systems. And boutique marketing agencies leverage cloud-based project management tools and CRMs. Modern…
You’ve paid your dues as a broker and you’re ready to take your career to the next level by purchasing an independent insurance agency. Or maybe you’re an established agency owner and want to broaden your market reach by acquiring…
Browse any industry journal these days, and you’re bound to see reports of the booming market for independent insurance agencies. In fact, 2017 looks to be a record-setting year for M&A activity in the insurance arena, with reported transactions for…
If you’re thinking about selling your independent insurance agency, 2018 could be a great time to make it happen. Several economic factors have come together to create a “seller’s market,” but there’s no telling how long this window of opportunity…
The past 12 months saw robust mergers and acquisitions activity for insurance agencies. Across the country, agency owners in their 60s and 70s who are transitioning into retirement provided opportunities for savvy buyers to acquire existing agencies with a strong…
Without fail, the phones in our office ring seemingly non-stop during the last quarter of the year, as insurance agency owners call to ask about selling their agency before year-end. Arranging a successful sale—and ensuring that you get the full…
When it comes to leveraging new technologies in business, many insurance agency owners are still in the Industrial Age. Fewer than half of all independent insurance agents use e-newsletters, text messages, social networks or instant messaging, according to last year’s Insurance Digital Transformation Survey, which polled more than 4,300 independent insurance agents nationwide. The majority also admitted that their business lacked key technology tools, like client portals and claims download. Given that digital tools are practically ingrained in the DNA of Millennial clients and commonly used by Gen Xers, agency owners and brokers who omit these options could not only fall behind the competition, but flat out miss reaching a significant segment of the marketplace.
As an insurance agency owner, you aspire to someday reap the fruits of your labors from building your book of business. That may mean living off the earnings from the sale of your agency when you retire, or using the…