https://completemarkets.com/Article/article-post/1006/FUTURE-SHOCK-THE-NEED-FOR-AGENCY-PERPETUATION/
...r. So, after six long years of commercial soft market conditions and an econo... motivate employees while addressing ownership transfer within the agency. ...
https://completemarkets.com/Article/article-post/68/Salvaging-Your-Investment-After-The-Earthquake/
...s equity. In the current depressed real estate market, this increased debt ser...investigation can enable the owner to realize value from an investment that se...
https://completemarkets.com/Article/article-post/639/Marketing-Opening-New-Territories/
... agency sells Auto, Homeowners, Commercial Lines or Life/Health products, you ...tors, retailers, professional offices, and so forth) as a specialist in their type of business — and watch your referrals, and sales, grow.
https://completemarkets.com/Article/article-post/2163/THE-ORIGINS-OF-DIMINISHED-AGENCY-VALUE/
... the years have an intangible, but real, value in goodwill. Conversely, a sic...loss ratio? Roy Phillips, CPIA, CIC and Dan R. King, CPIA, CIC can be reach...
https://completemarkets.com/Article/article-post/2220/PERPETUATION-IN-FAMILY-OWNED-AGENCIES-PROBLEMS-AND-OPPORTUNITIES/
...s it represents. There are no real hidden secrets to good training. It is...ved as long as you feel physically fit and have the desire.
https://completemarkets.com/Article/article-post/677/Boot-Camp-For-Insurance-Agencies/
...re everywhere: banks, restaurants, real estate offices, dentist offices. These...investments you'll ever make. Sit back and collect your dividends!
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2022/HOW-TO-BUY-SELL-MERGE-OR-PERPETUATE-AN-AGENCY-INTRODUCTION-%E2%80%93-PART-III/
... , wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and social media efforts. Ability to attach leads and clients to your specific market searches, with e-mail alerts for all the market, articles, blogs and people ... to the seller. The successors should make an extra effort to respect the person selling. We're dealing with people here – not machines. They have expectations, dreams, and fears. Some of these are rational, others are not; but all are real. If you don't recognize and address the seller's "felt needs", you're probably wasting everyone's time. This is why we recommend that you address the people issues first. The parties need to clarify what matters the most to each of them. Don't assume ... Jacobson A Comprehensive Look at the Best Ways to Handle the Biggest Events in the Life of Your Agency Editor's note: This article is one of a series that covers buy/sell arrangements for agency valuation and tax issues, shareholder internal buy/sell agreements, related estate planning, employment contracts, and non-competes. It's part of a unique pre-publication book by the authors that gives you practical street-level understanding of one of the most significant financial events in the life of your agency. The first two parts of this chapter covered big-picture issues ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1006/FUTURE-SHOCK-THE-NEED-FOR-AGENCY-PERPETUATION/
... in the seventies and eighties. Whereas they may have bolstered unprofitable branches by buying another book of business in the past, they are now closing down the offices in re-organizations such as the one recently announced by Alexander & Alexander. So, after six long years of commercial soft market conditions and an economic slump that is wreaking havoc with fee income, the larger brokers are no longer as interested in acquiring general retail property-casualty agencies. To be a target, you must have something very special that one of these buyers is anxious to ... look for new owners has been within the employee group, among the company ranks, or in other agencies. These are still good places to start, but it might pay to broaden your horizons. One possibility is to seek out people in other industries such as real estate or banking who want to enter the insurance business and who may also have some money to invest as a result of their prior activities. Third, a good perpetuation plan needs sufficient funding, whether it comes from within the agency or partially from outside sources ... Insurance companies can be a good source of funds. It is not as easy to get money from them as it was five years ago but many still seem to be receptive to planning with agents and to provide financial assistance if the proposed buyers are acceptable. The negative aspect of receiving help from companies is that there are volume commitments, collateral strings, and a big brother' attitude that may have to be endured. On the positive side, it can strengthen the relationship between the agency and the company and help provide management ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/677/Boot-Camp-For-Insurance-Agencies/
... , wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and social media efforts. Ability to attach leads and clients to your specific market searches, with e-mail alerts for all the market, articles, blogs and people ... investing in a boot camp program for your agency, make sure you find the right recruits. Where do you start? To recruit the right way, look for persons who exhibit excellent service and/or sales skills. They are everywhere: banks, restaurants, real estate offices, dentist offices. These and other businesses have much more in common with insurance agencies than you would think. In recruiting, test all candidates before committing to an investment. Abstract reasoning skills and a moderate to strong ego are crucial to some positions ... Your best candidates show the potential to grow within your organization. For example, a customer service representative (CSR) recruit should have some sales savvy, and both CSRs and producers in training should show leadership potential. Remember that you are providing a career to inexperienced individuals. Because they will be trained specifically for your agency, their loyalty factor should be superior to that of a person who moves from job to job. Involving Your Staff in Implementing the Boot Camp Your next challenge involves the present staff. This project means more ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/349/Public-Relations-An-Investigation/
... , but few take the time to examine the actual concept of public relations and the agency's or company's role within that context. First, let's divide PR into three very distinct categories: the general public (your Personal Lines markets), the business public (your Commercial Lines markets) and the trade public (your peers) . IMMS Silver Membership predominantly deals with Commercial Lines, so it's too bad that a public relations campaign for the business public is the most difficult to develop and nurture. (Trade relations are generally the ... . Start with your daily newspapers, expanding to local radio and television stations (and don't forget cable TV operators) . Then expand the list to include weekly newspapers, local or regional magazines, even newsletters put out by area merchants. (For instance, many real estate companies publish monthly newsletters of general interest.) Be sure to separate this list from your trade media listings. 2. As with the trade media, contact each of these sources to begin developing a relationship and positioning yourself as an expert to whom they ... look for help. Again, pencil in your calendar a year's worth of follow-up calls and at least one personal visit. A side benefit: Each of these contacts can also be a Commercial and Personal business prospect, too! The smaller the town, the easier this is to accomplish. Many smaller markets have only one newspaper, one radio station, and maybe one TV station. The larger the population base, the more difficult it is to get a foot in the door with the various news media and develop relationships-but it's ...