How does a farmer grow his crops? Does he wake up one morning to find his fields full of thriving product? The short answer is no. A farmer has to work hard to have a successful yield.
He works for months without seeing a single green shoot. He plows his fields, he plants seeds and he feeds his crop. None of this work is done at random. Every single step is planned to perfection. Crops are planted in the right soil, at the right time of year and fed the right amount of food. The farmer’s final product is the result of months of painstaking work and years of experience. None of it happens by chance.
Every Industry Relies on Planning
As an insurance agency owner, you know all about planning. Like the farmer planting his crops you talk to your clients, assess their risks and build a risk management strategy. The feeding of the crop is the implementation of the strategy and the product is a more successful client.
Your knowledge and expertise in risk is what makes you successful. The farmer’s agricultural knowledge makes him successful too. Knowledge and planning are an ideal combination in any industry.
Insurance Agency Sales
Which brings us to selling your agency. A successful sale does not happen by chance. It is the result of strong, long-term planning. In order to make the best deal for your agency, you need to make it attractive to buyers. The most attractive agencies are the ones that have been well run for years.
You don’t plant the seeds of a successful sale in the last year you own the business. You plant them at the beginning. By focusing on your long-term goals as well as short-term growth, you can prepare your agency and yourself for a successful career.
You should be planning for the future from the very beginning. You should also seek to absorb as much knowledge as you can. For years, farmers relied on shared information on weather trends and crop yields. You can gather vital information by talking to peers and financial advisors throughout your career. The more knowledge you have, the better your planning will be.
Just like farming, success in insurance is all down to preparation. You may have no plan to sell your agency. You might even feel like you have five or ten years left in the business. That doesn’t mean you shouldn’t start plowing or planting now.
When insurance agency owners decide perpetuate their business internally, there are usually three outcomes: the good, the okay and the disastrous. To read our free case study click here.
