There was a major global sports story that most of us probably missed. Soccer rarely penetrates the news cycle here for a good reason, most of us find the sport incredibly boring. There was a big story internationally that received only a mention in the US. This week saw the end of the 26-year career of the Manchester United coach Alex Ferguson. While you may not know much about him, anyone with a passing interest in soccer will be aware of Manchester United. The reporting of the news in the European press has been unified on one key factor; this is the end of an era. The greatest coach the sport (soccer’s equivalent to Vince Lombardi) has ever seen has decided to call it a day.
The other talking point is Ferguson’s successor. The media over there agree; it’s an impossible job. Which got me thinking about insurance agency perpetuation. When you have to replace the person who built an agency, it can feel like an impossible job. There are a few key challenges in replacing a great agency owner that line up with the challenges facing Manchester United’s next coach.
Winning Over The Locker Room
The employees of an agency are the key components of its success. If everyone is pulling in the same direction, you will be successful. If there are discontented members of staff, it can really hinder your progress. The first challenge will be to ensure your employees believe in you as the new owner.
There is always potential for jealousy or disappointment in employees who thought there was a better candidate. You need to talk to your people, give them your vision for the future and re-iterate the reasons you took over. Make sure you listen to all concerns but have the strength and belief in your own ideas to get on with the job in the way you intended. If your people can see you believe in your new role, they’ll believe in you.
Winning Over The Fans
This may be easier than dealing with former colleagues who thought they were next in line. That doesn’t mean that every client and every carrier will be pleased with your appointment. The ones that know you should find the transition smooth, the others may need a little more attention. Make sure you let them know what changes have occurred and why. The biggest danger here is surprise, your clients and partners can adapt when they have the relevant information. If they feel deceived or misinformed, they may begin to doubt the new direction for the agency.
Become Number One
When you take over, you may be in total alignment with the agency’s existing strategy. There may be few changes to make. It’s sensible to keep things going as they are, particularly if the agency is successful. Sooner or later however, you will have to put your own stamp on the job. Many new owners are reluctant to make big changes, even if they feel the agency needs change, because they don’t want to upset the applecart. This can be a dangerous practice as it can lead to stagnation. Once you become the owner, it’s your business, like all great leaders you need to follow your instincts and make decisions you believe in.
Replacing the person who made your agency what it is can seem like an impossible task. The best way to replace the irreplaceable is to not try to replace them. Become your own owner instead. Change is inevitable, if you believe you’re the right person for that impossible job, do it your way.
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