For sellers
What happens to your people, your clients, and your name
If your first questions are around your people, your clients, and your legacy, we're already on the same page. If you don't see your question here, ask it.
Straight answers
- What happens to my staff?
- Simple, they keep their jobs. I'll need their help to understand the ins and outs of your business and to continue providing great service to your clients. I've managed dozens of teams of different sizes, talents, and experience over the years, and I'd be thrilled to manage yours.
- Do my clients find out before closing?
- Nothing's announced until you're ready, and the timing of that conversation is yours. I understand emotion and logic are both a big part of this decision.
- Does the name change?
- No. Decades of local recognition is hard to build, and worth preserving — it's a real part of what makes your agency worth buying.
- Have you bought an agency before?
- No — this would be the first. What I've done is run a business of my own for years and also build teams in a variety of industries and domains. It'll take me a while to get the hang of the insurance world, but I have a track record of success in taking on new industries.
- Do I have to leave immediately?
- No, and I'd rather you didn't. How long you stay is a conversation worth having — some owners want out of the admin and want to keep producing, some want a year to hand things over properly, some want to be done. I'd be concerned if you want to walk out on day one, because your clients' relationship is with you. Successful retention should be a goal for both of us.
- How do you pay for it?
- I have a variety of financing options I am considering at the moment. Currently, I am working through pre-qualification and evaluating lenders. Your specific agency, book size, and your preferences will also help determine the particulars around the numbers.
- What if I am not ready?
- Then let's stay in touch. Deciding to leave something you've spent your career building isn't an easy move. I'd still love the opportunity to network, get to know you and your business, and just generally learn more about the industry I'm getting into.
- Are you a broker?
- No — I'm the buyer. A broker typically works for you, the seller, and brings buyers like me to your table.
How I'd start
Far from a plan, but this is how I'd think about the first year.
The first 30 days: introductions. The phones get answered the same way they were answered the day before, and I spend my time sitting with each of your people, learning how the work actually gets done.
The first three months: learn the book, sit in on renewals, meet every carrier contact and every one of your people. Somebody who has run an agency for decades knows things that were never written down anywhere, and these are the things to learn first before deciding what to 'do'.
The first year: retention, above everything — getting every client to their first renewal under my ownership. Rounding out accounts where a client could use more coverage than they have. And finding ways to streamline the staff's workflows, so more of their day goes to keeping clients happy.