Back in October, Sukay & Associates announced that the firm acted as the financial advisor for CNC Insurance Associates, Inc. in its sale to The Hilb Group LLC. Founded in 1978, CNC has annual revenues of approximately $1.3 million. Local operations will continue under the leadership of CNC President Kevin Nemith.
Once the dust had settled on their deal, John Biasiello sat down with Kevin for a Q&A. Here are some of the highlights from that interview.
Biasiello:
What was the most challenging part of making the decision to sell your agency?
Nemith:
Getting to the mental state that, giving up your business independence for the greater good , was the most challenging part of the decision. The greater good is, succession, giving clients more products and services, offering employees a better benefits and growth opportunities, technology costs and changes in the technology service model, and finally, access to resources and capital to grow.
Though I felt confident that I could solve many of the “greater good” challenges, I also knew that as I approached my 60’s these would be more difficult. So the decision to merge now was the right one.
Biasiello:
What was the most difficult part of the Process and what surprised you most about the process?
Nemith:
The most difficult part of the process was going through the reporting and inner look of your agency metrics and financials, at the same time you have to run your agency and continue to write business. The time commitment was brutal. Many weekends and late nights occurred in order to get everything done.
What surprised me the most was the closing process. I was thinking that since a lot of the work was done during the review and due diligence process, that getting to the closing would not be as much work. Unfortunately, this was not the case. There was as much work getting to the closing “table” as the prior workload during the year. Now, with that said, there were many times that if it was not for you and Tom [Sukay] helping out, I could not have gotten the work done
It was worth it, however !!
Biasiello:
What were you looking for in a Financial Advisor? What made you select Sukay & Associates?
Nemith:
I always see working with you and Tom as a Godsend.
The day you came in the office from the LinkedIn lead, I saw right away your experience level and knowledge of the merger process. The most important thing I wanted was exactly what you brought to the table, experience and knowledge of the merger process and the contacts to the buyers. In addition, the personalization that Sukay & Associates bring to the process, is that intangible service that the larger merger consultants would struggle to match.
As a firm, we believe answering the question “How much is my agency worth?” 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 insurance agency valuations for those who qualify. Click below to apply.
