Springtree Group has received multiple queries as to whether or not the current market is solid enough to begin the process of selling an insurance agency. Believe it or not, the market for selling your private agency is still promising even in the midst of the year that is 2020. In fact, recent buyer interest has been at least as high as it was in recent years.
Most buyers are used to conducting business remotely and have done so long before COVID-19 prompted a shutdown. Therefore, buyers aren’t resting on their laurels, waiting for the wider economy to resume activity before they acquire new agencies.
If anything, we’ve found buyer interest to be even more keen without the competing distractions of their usual routines. However, things are a bit different under current limitations, so it’s important to remain flexible and open to certain adaptations that may be necessary during the process of selling an insurance agency.
As we are all embarking on unfamiliar territory with all that the pandemic has brought with it, some steps of the transition process will take a little more time than usual, and new hurdles must be creatively navigated. With that being said, when you have Springtree’s experienced teams at your side, you can rest assured that the sale process will remain as smooth as possible.
While the overall economy is struggling, the insurance industry is still bustling with activity. Insurance is, now more than ever, a necessary purchase for all Americans. Because of the strain put on the economy by the pandemic, it is difficult to predict what things will look like in six months. To those agency owners who are considering selling within the next five years, we strongly advise taking advantage of today’s market environment.
Springtree Group connects fully-funded buyers with motivated sellers like you. We understand that you want your carefully-built business to continue to thrive even after its ownership has changed hands. Therefore, we look for a buyer who is truly invested in owning an independent agency.
We recommend that you stay focused on the health and success of your business even as you lean into the decision to list it for sale. Continue to grow your market share, make sure your best agents are trained and prepared for the transition, and ensure that documentation of all of your processes and systems are up to date. This is the most effective way to attract motivated buyers – the more robust and sustainable your agency remains, the more desirable it becomes.
Lastly, we know that the team you’ve grown has likely started to feel like family. Springtree Group always seeks to find more than just a “buyer” for your agency; the right person will be prepared to sustain, nurture and grow the business just as you have. Our intermediaries will create a customized transition strategy so that you can continue to attend to business and nurture your team while also looking for the right buyer.
If you reached retirement age this year, or if you are simply ready to move on to a new stage of life — call us today to find out how we can secure the best offer for the business you’ve put your heart and soul into.