As the M&A frenzy continues, buyers keep pushing the envelope when it comes to agency value. The private equity firms were initially paying top dollar to their first acquisition of a large, well-run firm platform acquisition. But now, many of …
The workforce is faced with a generation gap. Baby boomers are retiring at the rate of 10,000 per day. Generation X and millennials each have a smaller pool of people than baby boomers. Generation Z is now the largest percentage …
There is no end in sight. How can our insurance industry keep the incredible pace of high-valued acquisitions happening? It feels like the tide needs to change, but yet the M&A national and regional brokerage firms and private equity money …
Typically, financial management is learned on the job rather than through formal training. Agency owners frequently start off as producers, so selling is their strength, not dealing with credits and debits. It is not unusual for some business owners to …
When it comes to business management, there are “best practices, “bad practices” and then there is “what works for the business at the time.” Every business has its unique characteristics due to size, location, products and services, clients, and especially …
In May, one of our agency clients, Milestone Risk Management & Insurance Services in Irvine, Calif., (Ron & John Hoefer) sponsored an incredible Leadership Summit at the Hyatt in Huntington Beach, Calif. We attended the event along with 564 insurance …
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 …
Employees should have continual training. They should be trained in “conflict resolution, hospitality and emotional intelligence,” according to Richard Branson of Virgin Cos. Employees need to truly understand the customer’s perspective to resolve issues and not push the problems or …
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 …
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. …
