Sukay & Associates recently acted as the financial advisor for Pfister Insurance, Inc. in its sale. Pfister Insurance provides Business, Auto & Home Insurance in Dover, Wilmington, Lewes, Rehoboth Beach and throughout the states of Delaware, Pennsylvania, Maryland and DC.
John Biasiello sat down recently with agency Vice President & Commercial Lines Producer Scott Foltz, CPCU for a Q&A. Here are some of the highlights from that interview.
You were the most skeptical of all of the partners at Pfister about hiring an advisor Why?
You’re right- I was skeptical at the onset of our discussions. Honestly, my skepticism had nothing to do with you. I just felt like we could just quietly mention to a couple of local larger agency owners we might sell Pfister and we would have to fight them off with a stick. It would be like those stories you here where homebuyers compete with each other to pay more than the listing price. It would be that easy. “Boy was I wrong…”
What made you decide to hire Sukay & Associates?
I was A-OK with retaining Sukay & Associates based primarily on your successful transaction with Kevin Nemith and CNC. I have a lot of respect for Kevin and his family. His vote of confidence in Sukay was the deal clincher for me. At that time, I did not contemplate we would do the transaction with Hilb Group and teaming up with Kevin – “That was a nice bonus”
What was the most difficult part of the process and what surprised you the most about the process?
Three things come quickly to mind.
1. Any discussion that involved human resources. We were fully invested in our entire staff and the inevitable possibility that anyone would not be retained in a transaction due to redundancy or outsourcing was difficult to contemplate.
2. The speed and volume of the materials needed in the final run-up to settlement, post due diligence was simply remarkable.
If we did not have Richard Satin, Esquire handling the document review and you kicking our butts to get it all done and answering our questions- 24/7, not sure how we could have made the June 1, 2019 closing, but “We did it”
3. The final transaction proved to be the most surprising. First off it was more complicated, more challenging, more mentally demanding then I expected. I knew we had a valuable commodity in Pfister- likened it to selling a red 1957 Convertible Corvette. How difficult could that be?
We sold our “beloved 57 Corvette” and based on the final numbers, terms and hard work, no sellers remorse that’s for sure!
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 free insurance agency valuations for those who qualify. Click below to apply.
