Articles by Bill Schoeffler and William Schoeffler Jr.

Schoeffler Jr. is a financial analyst for Oak & Associates who specialize in financial and management consulting for independent insurance agencies, including valuations, mergers acquisitions, sales and marketing planning as well as perpetuation planning. Phone: 707-935-6565.

What Is Your Agency’s Sales Strategy?

Sales are the lifeblood of any business. So, one would think that each company will have a well-thought-out sales strategy. The reality is that most insurance agencies have, at best, a general outline of a sales strategy. More often than …

Why Agencies Should Ramp Up Value-Added Services

Let’s face it, insurance is a commodity. The insurance consumer will not see any significant value difference between insurance companies and insurance agencies. Products, price and service are roughly the same. Consumers have new options to access insurance through, as …

Pay for Performance

Why Agencies Should Rethink Compensation The single largest expense in an insurance agency is compensation. Salaries, commissions, payroll taxes and benefits usually total between 50 percent to 75 percent of revenue, with most firms having an expense ratio around 65 …

How to Conduct an E&O Self Audit

Mistakes happen. After all, we are human. That is why insurance agencies have agency errors and omissions (E&O) coverage. Even with the support of E&O coverage, an E&O claim can take its toll on the people involved and the agency. …

Industry Trends to Exploit for 2019

It is time to take out our crystal ball and plan for 2019 and how our insurance industry will be impacted by the trends around us. Those that consider these changes, and plan ahead, will usually be in a better …

Preparing to Sell the Agency

There seems to be an insatiable frenzy of agency acquisitions for many years now, with private equity firms and publicly traded brokers taking the lion’s share. These well-funded buyers are paying a premium well over what a local peer independent …

Time to Revisit Independent Contractor vs. Employed Producer Status

Insurance agencies across the country hire some or all producers as independent contractors instead of as employees. The mixed use of employees and independent contractors in insurance is common in other industries as well. The ramification of this hiring decision …

Why Profit Center Accounting Is Important

Is personal lines costing the agency money? How profitable is that new program business? What would happen to the bottom line if employee benefits sales increased by 25 percent? When is it time to hire a new employee for commercial …

Sam Walton’s 10 Rules to Run the Agency

Sam Walton built the world’s largest retail store in the world: Walmart. In his autobiography, Sam Walton: Made in America, he detailed some of the keys that helped him build Walmart into an enduring company that has held the number …

Impact of New Tax Law on Agency Profitability

With the passing of the Tax Cuts & Jobs Act of 2017 (TCJA), there is quite a lot of talk about how it will impact businesses, what businesses are doing with any additional monies, as well as what happens to …