If you’re thinking of selling your insurance agency, there are a number of questions you need to ask yourself. Chief among those questions is, “am I doing the right thing?” To find the answer, you need to look at the reasons you’re selling your insurance agency.
Rather than planning for the future and selling at a set time, people will often just come to the conclusion that it’s time to sell. This decision to sell is usually motivated by a recent event. Something happens and you just decide it’s time to sell your insurance agency.
Planning is Vital When Selling Your Insurance Agency
These factors can be anything from approaching retirement years to the motivation you see in your agency’s staff. But it’s important that when you decide you’re selling your insurance agency, it’s not a snap decision.
Before selling your insurance agency, you should always discuss your goals with a financial advisor. With effective planning, you can set a framework for selling your insurance agency. And at the same time you may reassess the future of your agency.
An advisor should help you to look at the agency objectively. They will focus on your current goals and help you to identify an approach to reach out to the market. If they mention their fee in the first few discussions, find another advisor.
Selling Your Insurance Agency is a Huge Decision
It’s important that you don’t put off this discussion until you reach the snap decision to sell. Planning is always better when it’s done early. Have you ever heard anyone say that they planned too early? Selling your insurance agency will be the most important undertaking of your career. The earlier you plan, the more chance you have of making the right decision.
We take our responsibility to guide you through this process very seriously. We undergo a very extensive process to identify your goals before we contact any buyers. In fact, many times we conclude that they owner is not ready and we recommend that they wait. There is no such thing as an ideal time to sell or to wait. The best part is that you don’t commit to doing anything until you sign the closing papers and cash the check.
The Value of Your Agency
As a firm, we believe an accurate valuation is part of our responsibility and the foundation of a great working relationship – even if that is further in the future. Because of this we, unlike most firms, offer free insurance agency valuations for those who qualify. Click below to apply!
