https://completemarkets.com/Article/article-post/478/Preparation-Is-Key-To-Maximizing-The-Value-Of-Your-Agency/
...me statements, balance sheets, and tax returns. Buyers will look at top-line ...potential buyers.
THE BOTTOM LINE
Preparation is essential to maximizing the...
https://completemarkets.com/Article/article-post/2448/The-Esop-As-A-Vehicle-For-Selling-An-Interest-In-An-Insurance-Agency/
...OP), which incorporated a number of tax incentives to encourage its use.
The E...of principal and interest on the loan.
Tax changes in 1997 now allow ESOPs and other tax-exempt organizations to be sharehol...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1347/AUDIT-EXPLANATION-PREPARE-PREPARE/
... after expiration, a company auditor will come to your office, or you will receive a request in the mail for a self-audit. The purpose is to determine the actual exposure units' upon which your final premium will be based. The following are suggestions that should lessen the possibility of being overcharged for insurances. 1. Some premiums are based on annual sales or receipts. Be sure the sales tax that you remit separately is not included in the gross sales figure. Also remember that the intercompany sales (involving subsidiaries and parent companies) are excluded. 2. If your General Liability premium is based on payroll, it is possible that you may omit your truck drivers' wages. Discuss this with the auditor, or call us if you have any questions. 3. When auditing General ... Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Audit Explanation - Prepare, Prepare 4/30/2013 10:38:26 PM by CompleteMarkets Editor This content has not been rated yet. AUDIT EXPLANATION - PREPARE, PREPARE Dear (Customer Name), THERE'S SOMETHING YOU SHOULD KNOW ABOUT AUDITS . . . As you know, Workers Compensation and General Liability policies are subject to an annual audit by insurance companies. Within 60 days after expiration, a company ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2084/BE-PREPARED-WHEN-CHANGING-BANKING-PARTNERS/
... to you, the ability of a bank to provide such services should be discussed before you make any changes. The strongest banking relationships will encompass all of these services, as well as add a good business advisor to your network. HISTORICAL FINANCIAL INFORMATION Be prepared to present and explain the financial history of your agency. Prospective bankers will frequently request up to three years' historical financial statements and income tax returns, in addition to current-year interim financial statements. This information will summarize your agency's financial performance. You should also be ready to explain annual fluctuations in your revenues and expenses. Customer base, competitive insurance company rates, and changes within your sales staff may all affect your commissions revenue. Changes from agency-bill to direct-bill insurance contracts might affect your level of investment income. Similarly, your operating ... Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Be Prepared When Changing Banking Partners 4/30/2013 10:43:49 PM by CompleteMarkets Editor , Ron Overson This content has not been rated yet. BE PREPARED WHEN CHANGING BANKING PARTNERS by Ron Overson Business banking relationships tend to be personal and long-term; they rarely change. However, as your agency grows, its needs change, and you may be faced with the challenge-or opportunity-of finding a ...
https://completemarkets.com/Article/article-post/340/Agency-Perpetuation-Agents-Must-Go-Back-To-The-Drawing-Board/
...ow does Sr. sell to Jr. and save on taxes?' but rather: 'How best do we protec...use of techniques that help manage the taxes associated with an agency transfe...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2225/AGENCY-PERPETUATION-PLANNING-CHECKUP/
... than a year since you created your perpetuation plan, it's time for a checkup. Over the past year, the insurance industry has changed dramatically. Legislative changes now allow new players into the insurance agency business. This development increased the value of some agencies, but the value of others has declined. The new legal structures of some agencies have changed the value and consequences of selling them. New taxes are the most obvious changes that affect the agency perpetuation. Because so many things can change in the course of a year, you should review your perpetuation plan. Start by asking yourself: What parts of my plan need attention? People: Have the players in your agency changed? Do you have any promising young staff to consider? Can the individual(s ) you've chosen to develop ... first wave of acquisitions were sweetheart deals, but common sense will soon prevail, and banks will pay only what an agency is worth, regardless of their desire to enter the insurance industry. Funding: Many perpetuation plans pay attention to the details, but overlook funding for the buyout. Do your perpetuation documents include provisions for death? Disability? Retirement? The agency must provide Key Person insurance to prepare for such unexpected departures. Tax Considerations: Buyers and sellers have different tax considerations. What's good for the seller is seldom best for the buyer. Because of the new capital gains tax laws, most sellers prefer to sell their stock in the agency. Agency owners with C' corporations who are contemplating the sale of expirations should consider the current 60% tax rate on such transactions. The ...
https://completemarkets.com/Article/article-post/1347/AUDIT-EXPLANATION-PREPARE-PREPARE/
...ales or receipts. Be sure the sales tax that you remit separately is not incl...
https://completemarkets.com/Article/article-post/2250/LOSS-PORTFOLIO-TRANSFER/
... as administration, accounting, and taxes. SELLER'S ADVANTAGES: Elimin...der other factors, such as accelerated tax issues, the value of cash, and pay-...
https://completemarkets.com/Article/article-post/1529/LEGAL-OUTLINE-FOR-CALIFORNIA-AGENCIES-INTRODUCTION/
...elling the agency, the 1993 Clinton tax law changes make good will and expirat...wills or trusts that take advantage of tax saving opportunities in the death tax laws. Another device is to channel ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/tag/subsidiaries/
... believ.. All Articles by CompleteMarkets Editor Comments (0 ) Page This content has not been rated yet. CompleteMarkets Editor 4/30/2013 10:40:04 PM NONDISCLOSURE AND CONFIDENTIALITY AGREEMENT AGREEMENT made this __ day of ___, 20_, by and between THE SELLER INSURANCE AGENCY, INC., a Massachusetts corporation having its principal pl.. All Articles by CompleteMarkets Editor Comments (0 ) Tax Benefits For S Corporations This content has not been rated yet. Al Diamond , CompleteMarkets Editor 4/30/2013 12:00:00 AM TAX BENEFITS FOR S CORPORATIONS by Al Diamond Many insurance agencies have chartered themselves as sub-chapter S corporations over the years. The S Corp' was created so that companies co.. All Articles by Al Diamond Comments (0 ) x No Thanks Loading. ... IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All subsidiaries Articles tagged with subsidiaries Back Audit Explanation - Prepare, Prepare This content has not been rated yet. CompleteMarkets Editor 4/30/2013 10:38:26 PM AUDIT EXPLANATION - PREPARE, PREPARE Dear (Customer Name), THERE'S SOMETHING YOU SHOULD KNOW ABOUT AUDITS . . . As you know, Workers Compensation and General Liability policies are su.. All Articles by CompleteMarkets Editor Comments (0 ) Confidentiality Agreement For Consultants, Independent Contractors ...