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...ge of your agency’s commitment to civic responsibility is to provide college ...en house by inviting key business and civic leaders. For example, if your age...

... important for buyers to realize that offers are sometimes rejected, not because of the buyer's greed, but because of the gap between need and fair market value. However, sellers often fail to calculate the reduction in living costs associated with the cessation of a career. Even though you might spend more time traveling or in leisure activities, the personal expenses of a business owner related to business-related social or civic activities are often substantial and diminish quickly on retirement. The seller then has more disposable income (or will need less) for the same lifestyle. Whether you're buying or selling an agency, if you step into "the other person's shoes" when considering an offer or a selling price, you'll find that the transaction can be accomplished in a less stressful manner. Sellers can calculate their financial ... your customers for a long time. Many owners actually resent the cash flow method of agency acquisition because they feel that the acquirer is purchasing their agency with their money (the continued revenue flow of the business) . What they fail to recognize is that the buyers assume the responsibility for retaining and managing that business (for which the owner has received his paycheck before retiring) and take the risk associated with the business continuation. If the business falters, the buyers are still expected to meet their financial obligations. Although "need" and "value" are different concepts, they can be easy to confuse when an owner wants to retire and begins to calculate the cost of maintaining their standard of living. If you need $250,000 per year to sustain your normal lifestyle and you're ...

...ted to business-related social or civic activities are often substantial and ...

... specialist or human resources administrator. These changes affect their insurance program needs. Maintaining strong interpersonal relationships is at the core of creating trust. People want to do business with people who care about them and are active in their world. Frequent client contact by your entire service team demonstrates commitment and professionalism. Stay visible by sending articles of interest, newsletters, and note cards or by attending business, civic, and community functions. If you don't have these fundamental elements in place, a client may lose faith in your ability to do the job. Create Vertical Client Relationships. Account retention is higher when an agency writes more lines of business. The same principal holds true when more people in your client's organization have connections with the people in your agency. In other words, involve the agency ... Most questions aren't new to you. List the ones you hear the most, along with succinct responses. Include questions about coverage, carriers, payment and billing, and so on. When you can't help a client, refer them to resources who can. Know which accountants, attorneys, and bankers can answer questions and offer assistance when needed. Learn which trade journals, Web sites, and associations can help your clients. Make yourself invaluable to your clients by forming bonds of trust, maintaining vertical client relationships, and bringing solutions to them. Your clients won't need to go anywhere else. Emily Huling, CIC, CMC, is president of Selling Strategies, Inc., which helps the insurance industry increase sales, improve customer service, and improve the bottom line. She can be ...

...te cards or by attending business, civic, and community functions. If you don...ch trade journals, Web sites, and associations can help your clients. Make...

...ersonnel are available to speak at civic clubs, union meetings, and trade asso...

...hers by encouraging involvement in civic, charitable, educational, and politic...

...re decision process Stress civic responsibility to all employees: ...y luncheon monthly stay active in civic club Be visible in community ...

...ives for general public relations: CIVIC MEMBERSHIPS. Most agency owners view ...e usually aren't organizations or associations you can join. However, some of the associations catering to niche markets have ...

... on coolers, and then offer them to a local convenience store to give out to their clients. This is a classic win-win-win: The customers enjoy the coolers, the convenience store gains goodwill with these customers — and your agency's logo is branded all over the community. Idea # 5: Offer college scholarships to local high school students. A great way to take advantage of your agency's commitment to civic responsibility is to provide college scholarships to local high schools. Most high schools schedule award days at the end of each school year. These scholarships are often for $1 ,000 — which means that even smaller agencies can introduce their name to a significant number of families in their community. Not only does every parent hear the name of your agency at the awards ceremony, but the families ... award. Everyone enjoys recognition and appreciation. Publicizing the accomplishments of your Commercial clients offers an excellent way of boosting your agency recognition. To create a "Business Person of the Year" award, begin by determining standards for the award and how you will determine each year's winner. All you have to do is contact the winner with your congratulations. Make sure you get the full benefit from your association with this successful business owner by featuring the award and announcement on your Web site and sending a press release to local newspapers. Idea # 10: Write press releases for the entire community. Press releases are a highly effective marketing tool that costs absolutely nothing. You can use them to promote an endless number of benefits for doing business with your agency. Potential topics for a press release include ...