Change is one of life’s inevitabilities. No matter how much you might try to avoid it, things will change in your life. You will get older, get richer or poorer, and you will eventually perpetuate your insurance agency. We’re usually quite apprehensive when it comes to change. It can be an uncomfortable concept, particularly the big changes in our lives.
Selling an insurance agency is a change that a lot of owners dread. When you’ve spent the majority of your life as an insurance agency owner, it’s hard to imagine not being in that role. Selling your insurance agency will be a change, but this type of change can be a positive experience.
Things Will Change When You Sell Your Insurance Agency
Selling your insurance agency doesn’t have to mean immediate retirement. We have found that the value in most insurance agencies comes from the long-term relationships that have been built by the owners over many years. In our experience, buyers will want the selling agency owner to remain involved in the business for a minimum of three years after the sale. It’s also important to remember that you can sell your agency on your terms, so you need to be clear on how you want your day-to-day life to change after the sale.
Planning Puts You in Control of the Sale
Finding the right buyer to meet your needs is an important part of selling your insurance agency. Meeting those needs includes making the best plan for the transition of the business. When you decide to sell your insurance agency, you need to decide on how you want that change to happen. On what basis do you want to remain involved? What changes, if any, will occur in the day-to-day running of the business? Will there be an effect on the client book when you leave?
These are just some of the changes that can occur after the sale of an insurance agency. The thing to remember, as an owner, is that you are in control of your own sale. Effective planning will allow you to dictate who you sell to, how the sale breaks down and how your future looks after the sale. What changes after you sell your insurance agency? You can control the answer to that question if you plan both the financial and emotional factors of the sales process.
Complimentary Insurance Agency Valuations
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.
