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Editors and Contributors
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Andrea WellsAgency Compensation Playbook: 2013 Agency Salary Survey -
Andrew G. SimpsonHow Process Improvement Drives Agency Profitability -
Stephanie JonesThe Acquisition Cycle -
Don JerglerIndustry Predictions -
Chris BurandReasonable Compensation -
Andrea WellsPersonal Lines: How Technology is Changing the Way Agents Do Business
that lawyers are at 41%. You would think that agents know better than that. Bwhahahahaha
“agents know better than that”…now that’s funny (and an oxymoron)
Carriers might be very helpful but in the end they have to suggest what is best for them.
Lawyers can do the legal work but it has taken us 3 aquisitons to get ours tounderstand our buasiness.
I have found consultants very expensive.
Accountnats can help with the tax impliatgions and depending on how close they have been to your operation maybe some business planning. You have to rely on amixture plus other agents. It is a brave new wourld with many challenges and opportunities.
As an agency owner you should be seeking the smaller 1 man shops to purchase. These agencies require very little from a legal consultation aspect. Also, you can typically have the previous agent contact each customer individually. This makes for a nice transition.
Very large agencies are not a good target, at least not from my experience. If there’s not someone within the agency willing to take over, that’s very telling.
What is the big story? A bunch of old farts retiring, who knew nothing but sell price. Giving way to a bunch of young brat producers who know nothing but sell price.
The sad facts are that there are still too many agents fighting over the same scraps of bread. In our state (CT) there seems to be four or five agencies in the acquistion business, and the rest that might have an interest are stepped over. These larger agencies are like Crazy Eddie’s, they have to keep acquiring to stem the flow of attrition. GEICO commercials aside, it’s still a relationship business. My biggest pet peeve is that there are no new commercial CSRs coming into the business, and they move from shop to shop, each time asking for more and more. They’ve successfully driven the staff costs beyond what they can handle individually, but still think the principals have all this money to pay.
Does anyone remember the statistic on how many agents will be retiring in the next 5-10 years? This is more of an opportunity story for those of us still planning our rise.
What is the big story?