My daughter will be getting married on Friday. Every father looks forward to walking his daughter down the aisle. It is a symbolic gesture where you are passing on a member of your family to allow her to establish her own family. I have been reflecting on this event and how I will feel at that moment. I have been thinking of how you raise a child for all those years and then one day you have to trust someone to value her as you did. You hope that she marries someone who will help her to continue to grow as a person and hopefully as a mother.
I could not help but see the correlation between raising a child and starting a business from scratch. For most people this comparison might seem silly. I have been helping people sell their businesses for a long time and it is interesting to see the comparisons. Similar to being a parent, you make sure that you do everything in your power to make your business succeed. Those actions include having the business values that allow everyone associated with your business to succeed.
Selling your insurance agency is similar to finding a spouse. In the end, you just want to make sure that you have done your due diligence, met with all the right people and make sure that you have found the right partner. That is what I told my daughter when she told me that she was going to get married. It is the same thing that I tell all of my clients before they decide to sell their agency.
The one difference between marriage and selling your insurance agency is that you can only sell your business once. That is why when someone hires us to represent them we take it so seriously. We know that our clients only do this once and we hope the same is true for our children.
What is the Value of Your Insurance Agency?
As financial advisors who represent insurance brokers in business transactions, we are commonly asked one question “How much is my agency worth?” It is the one topic that each and every agency owner wants to discuss. It would be nice if we had one simple answer; unfortunately, there is no simple answer. Click below to download our comprehensive whitepaper which details “The 9 Factors That Indicate Value”.
