Minding Your Business

How to Create & Reward Exceptional Agency Leaders

It’s always difficult to admit not being good at something — especially when you are the agency owner and leader of an insurance agency. But knowing a person’s weaknesses is extremely important. Leaders who understand their own weaknesses can find …

10 Ways to Be a Competitive Buyer in a Seller’s Market

Many agency owners would like to acquire another firm that is compatible with theirs. Agency owners today want to be buyers of agencies with books that might be a great fit with the same type of business the agency already …

Gifting Agency Stock & Grantor Retained Annuity Trusts

Paul Simon wrote that there are “50 Ways to Leave Your Lover.” For business owners, there are a few less options, however, there are many more permutations of those options. For family businesses, the key is to understand everyone’s needs …

Agency Performance Enhancement with the Power of Habit

Imagine the effect on owners, managers, producers and staff if they knew how to improve anything they did by having a good understanding of how specifically the brain enforces great new habits. Managers can assist employees in learning from each …

How to Attract and Retain Great Employees

Today, successful high-performing businesses are developing creative programs to guide employees to focus on improving business performance and rewarding them for their contributions. The long-term winners will be companies that provide a flexible and challenging work environment, along with employee …

8 Industry Trends to Exploit for 2016

It is time to put on the thinking cap and roll up the sleeves to determine what needs to be done to put the firm in a great position for growth and profit in 2016. Those that like to be …

How to Perpetuate the Family Agency

In the past year, we have completed or are still in the middle of at least six business valuation and perpetuation cases involving family members or key employees (one party as buyer and one as seller). These cases and the …

Is Taking a Vacation a Good Way to Increase Agency Value?

Summer is over and the kids are back in school. Many of us spent a week or two away from our business. It is not easy for business owners to walk away from running their business for any length of …

Dressing Up for the Wedding: Book of Business, Part 2

You can’t take it with you. Every business owner will eventually “sell” his or her business. It can either be on terms the owner defines, or it can be based on whatever happens at the end. So, if an owner …

Dressing Up for the Wedding: Agency Operations, Part 1

Business owners have a lot to consider when running a successful business. Unfortunately, many do not consider an exit strategy, especially in the early years of the business. Agency owners without an exit strategy will sometimes make decisions based on …

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