This post is part of a series sponsored by InsurBanc. Independent agency principals seek loans for a variety of reasons, such as: Perpetuation or acquisition. Partner buyout. Producer development. Technology or equipment. Agency expansion. Working capital. Purchase real estate for …
This post is part of a series sponsored by InsurBanc. Many independent agency owners know that perpetuation is an often-used strategy to transfer agency ownership to an upcoming generation of family, producers or staff. What they might not know is: …
This post is part of a series sponsored by InsurBanc. Independent agency owners — who for generations have provided competitive insurance solutions for consumers and businesses — have seen the complexity of their own financing and perpetuation situations change over …
This post is part of a series sponsored by InsurBanc. When it comes to purchasing an insurance agency, onboarding the entire book of business is extremely important. Otherwise, the sale price may not reflect the agency’s true value to you. …
This post is part of a series sponsored by InsurBanc. Born between 1980 and 1994, millennials are now ages 29 to 43, making them prime candidates for agency ownership. And their younger peers, Gen Z (born 1995–2010), aren’t far behind. …
This post is part of a series sponsored by InsurBanc. The insurance industry has one of the economy’s lowest unemployment rates, at 1.6% as of April 2023 according to the Bureau of Labor Statistics (BLS). Within the industry, the BLS …
This post is part of a series sponsored by InsurBanc. Applying for an agency loan can be stalled by poor financial reporting practices. Here’s what lenders expect. I was recently reviewing a loan application from an independent insurance agency when …
This post is part of a series sponsored by InsurBanc. I reflected on a statement from a recent article on the impact of rising interest rates on agency merger and acquisition activity, particularly with private equity-backed brokers. I stated, “You …
This post is part of a series sponsored by InsurBanc. When we first addressed last year’s economic unrest, the Federal Reserve was just beginning to raise rates that had hovered just above zero. Today, the economy is still unpredictable, and …
This post is part of a series sponsored by InsurBanc. Producers who want to step up to agency ownership have an option they might not have considered: purchasing a book of business from the agency’s owner. The book of business …
