Are you CRAZY, never give up your CAPTIVE "name recognition". State Farm, Farmers, etc... Keep the captive name and just open an INDEPENDENT AGENCY "ON THE SIDE". Let that captive sign, like STATE FARM get the clients in, then just write them within your Independent Agency. That's exactly what it appears many of the Florida "captive" State Farm Agents are doing. They have their wife, brother in law, another trusted employee, get licensed and open up an Independent Agency, in many caseS, just down the hall and in the same building that they hang their State Farm sign on. Corporate MUST CONDONE IT...Can't understand how corporate State Farm allow this, becasue... these agents can move that Auto Business right over to their Independent Agency at the first hint of pricing increases or underwriting gets tough or the Agent's Feild Officer starts to push for more LIFE or Financial production... Indeed, there is a BRIGHTER WAY to be a "captive" agent in Florida. Makes me wonder who the "captive" really is. A captive agent with an "Independent Agency" on the side makes the CARRIER subordinant to the agent! The CAPTIVE, becomes CAPTIVE to the agent with the "indepdent agency" ON THE SIDE... Furthermore, if the Florida "Captive Agents" can have the GREAT BENEFIT & LEVERAGE of having an "independent agency" on the side, why not OTHER CAPTIVE AGENT'S IN OTHER STATES. Why not every captive State Farm agent, even in ILLINOIS with an "Independent Agency" on the side? The "captive agents" in all states should have the same "bargaining power" that the Florida "captive agents" have, by virtue of the threat that their "independent agencies" could VERY EASILY roll captive Auto, Life, etc... with just a few exta "clicks" of the mouse. By the way, don't worry about retirement, after you receive your retirement payment and satsify your "non competitive" probationary period of generally 12 months, HANG ON TO THOSE XDATES and write them within your "indepdent agency" on the side. It's like having your Cake and Eating It Too... NEVER GIVE UP YOUR CAPTIVE, just GET AN INDEPENENT AGENCY ON THE SIDE!
Bon Appetit...
Farmers Insurance
Moderators: Josh, independent guy
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silverhair
- Insurance Journal Fan
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Re: Farmers Insurance
I agree with cromedome. If you like the agency business and you have learned enough at Farmers why not start your own independent agency? Do your due diligence as you have several options. You can attempt to go it on your own but company appointments with the best independent companies are difficult to obtain. Another option is to look at the SIAA model. Their business model has been successful since 1983 and they are the largest alliance of independent agents in the country. SIze does matter. You pay fees but these are paid for out of the bonus structure their members receive because of their size. There is also TWFG, a good network for some, but you do not own your own business in this model. Just be careful in your decison making but why depend on any one company for your financial future? Take your time and make the best decision for you and your family. Good luck ...........
Re: Farmers Insurance
The sky is falling... the sky is falling!! Reading the postings makes me want to run out and work at AM/PM as a cashier... except that I don't see the same stuff as everyone else here. Actually, I do see it, but only when I'm with the Negative Nellies, but I choose to ignore, or actually work through it all. I have been with Farmers as an agent for 34 years. I grew my book from scratch (without orphans) to it's current 3,400 pif. I was at a high of 3,700 a few years ago, but I can accept a little attrition during 'hard times', but reading all these posts makes me realize how lucky I am that I'm not a Negative Nellie. I have been here through very hard times, these aren't the worst in my tenure. In fact, "Turnaround 76" was much, MUCH tougher. How about the early 90's? Talk about rate increases, we took increases every six months to two years. I know that we just went through that again, but it has leveled off. I noticed no one is talking about the GREAT TIMES!! How about the 1980's? That's right, the whole decade was a great time of growth. The mid 90's were very good to me. The turn of the century has seen more lean times, but we grew like a banshee during the 2002-2007 years.
Now that we have hit harder times, we have contacted EVERY client we have to review... TWICE!! Have I lost good clients because of rates? Sure! But I've been able to 'hold' my agency income through these tough times. NOTE: I did this with one full time staff person and one 25 hour staff person; and then me working my butt off, meeting with all my clients (many by phone, but I met with every client during these times)
I've had five DM's during my 34 years; my first retired after about five years, but after a long career (about 25 years); my second was only around for a couple of years; my third for about 15 years; and now my fourth for about 12 years. All of them were good. They don't need to be great; they just have to be there when you need them. I'm sure YOUR CLIENTS say the same thing, you don't have to be a great agent, you just have to be there when they need you (and a large percentage of agents can't/don't get this down)
One more thing. I believe in this career so much that my son-in-law is now a Farmers agent (for the past ten years). He has built a successful agency too (and he has never been in my office, or given policies by me. I just give him a good example). Another note is that his office partner started about the same time as him, and is also successful; in fact, he has even grown to a little bit bigger than my son-in-law).
I just wonder if this shows that being around good, positive people; and thinking good positive thoughts; and staying away from the Negative Nellies; is the way to grow almost any business!!
I just had to put my two cents in.
Good luck and God bless.
Phoenix Agent
Now that we have hit harder times, we have contacted EVERY client we have to review... TWICE!! Have I lost good clients because of rates? Sure! But I've been able to 'hold' my agency income through these tough times. NOTE: I did this with one full time staff person and one 25 hour staff person; and then me working my butt off, meeting with all my clients (many by phone, but I met with every client during these times)
I've had five DM's during my 34 years; my first retired after about five years, but after a long career (about 25 years); my second was only around for a couple of years; my third for about 15 years; and now my fourth for about 12 years. All of them were good. They don't need to be great; they just have to be there when you need them. I'm sure YOUR CLIENTS say the same thing, you don't have to be a great agent, you just have to be there when they need you (and a large percentage of agents can't/don't get this down)
One more thing. I believe in this career so much that my son-in-law is now a Farmers agent (for the past ten years). He has built a successful agency too (and he has never been in my office, or given policies by me. I just give him a good example). Another note is that his office partner started about the same time as him, and is also successful; in fact, he has even grown to a little bit bigger than my son-in-law).
I just wonder if this shows that being around good, positive people; and thinking good positive thoughts; and staying away from the Negative Nellies; is the way to grow almost any business!!
I just had to put my two cents in.
Good luck and God bless.
Phoenix Agent
Re: Farmers Insurance
I don't mean to rain on your parade but you only have 3400 pif after 34 years and you are still positive. That is only growing by 100 pif a year. Dude, if anyone should be negative it should be you. I don't know mabe that is good for Farmers. How many policies do you have to write a year to grow a 100?
Always Be Closing!
Re: Farmers Insurance
My former office partner is a die hard Farmers Guy in and out. It only takes him 3-4 hours (yes, hours) to run a mortgage change. He has no idea on how a computer system is supposed to work.
I spent 18 years with Farmers and seen the CEO only one time. He was no where near approachable. His message was that we need to prove to the stock holders that we are necessary. Guess we did not.
I have been to the Pekin Home office two times for meetings. Their CEO was in the meeting rooms start to finish. Hung around for Lunch and Dinner and drinks. Now, I have been invited to a Round Table meeting with him.
After being gone from Farmers a little over a year, I have almost all my volume back as the doors opened to competitive rates. I run mostly commercial and was shocked to hear so many underwrites say yes. Now, I submitt 10 and get 5 approvals instead of hoping for one from Farmers. I spun their wheels getting formal declines so many times.
Now instead of one part time employee, I have 3 licensed producers and 2 clerical staff members.
What a difference!!!!!
I spent 18 years with Farmers and seen the CEO only one time. He was no where near approachable. His message was that we need to prove to the stock holders that we are necessary. Guess we did not.
I have been to the Pekin Home office two times for meetings. Their CEO was in the meeting rooms start to finish. Hung around for Lunch and Dinner and drinks. Now, I have been invited to a Round Table meeting with him.
After being gone from Farmers a little over a year, I have almost all my volume back as the doors opened to competitive rates. I run mostly commercial and was shocked to hear so many underwrites say yes. Now, I submitt 10 and get 5 approvals instead of hoping for one from Farmers. I spun their wheels getting formal declines so many times.
Now instead of one part time employee, I have 3 licensed producers and 2 clerical staff members.
What a difference!!!!!
Re: Farmers Insurance
In regards to Omnisure about opening an IA. I totally agree. However, there can be problems with this. I was with a captive company for many years and when they found out my wife had obtained her license and was appointed with other companies they threw a fit and cut my contract. According to the "Company" I was going to be transferring business over to the IA and thus, "stealing" from them. Captive companies look down upon this greatly but they know it is being done. My contract was cut when my book started to lose some business and they blamed my wife totally for it and then cut my contract. One day I had an office which was running well and doing the right thing and then it was all gone. What the company did not realize was the majority of the business was leaving due to the premium increase. In fact now, the company I represented forbids any agent from referring business, even if they can't write it, to another agency or company. I have known 3 agents who lost their contract because of this and it was due to business they could not write in any way, shape or form. But they were cold called by the company and given a scenario they knew would not fit the "model" of what could be written. Nice little setup and so much trust in their agents.
I have been an IA for over 2 years and moving into my 3rd, I could not be happier. The difference is amazing in how you as an Agent are treated. I am not expected to sell the product I am asked to sell their product. This is how it should be. I cannot take back the experience I gained in working with a Captive company and it helped me in obtaining appointments with companies directly. They knew I had the experience and the know how to sell products. It was kind of amusing actually because some of the "management" I had with the captive company had moved on to greener pastures and they were much happier as well. Those people had begun to come to me asking if I wanted to be appointed.
Now on to the "Farmers" subject matter, many of these sales managers are telling me they are flooded with appointment requests from former/current Farmers agents who have left the company or their spouse is opening an IA office. Farmer's in Texas has cut the appointment of many Agents who have been with them a long time so they can get new Agents in under their new contract. I have been contacted many times to move over to Farmers but they would want to take my book as well. I have told them flat out no way. How can you ask me to move over to Farmer's when there are already 3 Agents within a 2 mile radius of me as it is. In fact there are 2 offices within a 2 minute walk of each other.
So many of these companies are moving to the online source of obtaining business. It is cheaper and easier and they can cut staff. The service to the client can all be handled over the phone and the premium is the main thing. What they don't realize is people shop the net and buy from a person. Granted there are the people who shop from the net and buy off the net only to later realize they made a huge mistake. After I left the Captive company many of my clients were calling me to get moved over. They wanted the service and they wanted to deal with someone they knew and trusted. Farmers and many others are doing the online thing with other companies they own but touting the importance of the Agent on the T.V. commercials. As a Captive agent with any company you have to be aware you are going to be in competition with your own company and you may not even know it.
Before you have your other person open an office make sure you are prepared for the outcome which may not be positive. Put them not in the same building but at least within walking distance of your current office. Don't lose your current book and then have to fight to get it back, do it the right way and let the client shop around. However you will never know how the information got over to the IA office from yours.
All I am saying is, if you are with Farmers and are happy, good for you, live long and prosper. And the same goes for any Captive Agent. However, if you are not happy there must be a reason. Figure out if there is a problem with you or the company you represent. If it is the company then make the change. Some people are very angry with many companies they were captive with and will say some bad things. Other people are very happy and they will try to contradict what is being said. The choice is yours, Sh** or get off the pot and change what you don't like.
I have been an IA for over 2 years and moving into my 3rd, I could not be happier. The difference is amazing in how you as an Agent are treated. I am not expected to sell the product I am asked to sell their product. This is how it should be. I cannot take back the experience I gained in working with a Captive company and it helped me in obtaining appointments with companies directly. They knew I had the experience and the know how to sell products. It was kind of amusing actually because some of the "management" I had with the captive company had moved on to greener pastures and they were much happier as well. Those people had begun to come to me asking if I wanted to be appointed.
Now on to the "Farmers" subject matter, many of these sales managers are telling me they are flooded with appointment requests from former/current Farmers agents who have left the company or their spouse is opening an IA office. Farmer's in Texas has cut the appointment of many Agents who have been with them a long time so they can get new Agents in under their new contract. I have been contacted many times to move over to Farmers but they would want to take my book as well. I have told them flat out no way. How can you ask me to move over to Farmer's when there are already 3 Agents within a 2 mile radius of me as it is. In fact there are 2 offices within a 2 minute walk of each other.
So many of these companies are moving to the online source of obtaining business. It is cheaper and easier and they can cut staff. The service to the client can all be handled over the phone and the premium is the main thing. What they don't realize is people shop the net and buy from a person. Granted there are the people who shop from the net and buy off the net only to later realize they made a huge mistake. After I left the Captive company many of my clients were calling me to get moved over. They wanted the service and they wanted to deal with someone they knew and trusted. Farmers and many others are doing the online thing with other companies they own but touting the importance of the Agent on the T.V. commercials. As a Captive agent with any company you have to be aware you are going to be in competition with your own company and you may not even know it.
Before you have your other person open an office make sure you are prepared for the outcome which may not be positive. Put them not in the same building but at least within walking distance of your current office. Don't lose your current book and then have to fight to get it back, do it the right way and let the client shop around. However you will never know how the information got over to the IA office from yours.
All I am saying is, if you are with Farmers and are happy, good for you, live long and prosper. And the same goes for any Captive Agent. However, if you are not happy there must be a reason. Figure out if there is a problem with you or the company you represent. If it is the company then make the change. Some people are very angry with many companies they were captive with and will say some bad things. Other people are very happy and they will try to contradict what is being said. The choice is yours, Sh** or get off the pot and change what you don't like.
Re: Farmers Insurance
It is so nice to see so many intelligent responses! Although Porter does not seem to have any idea how hard it is to keep growing year after year. If you are at 3400 PIF and have a retention rate of 90%, which is extremely high for this economic market, especially in Arizona or California, that means you have to write around 350 to 400 policies a year just to hold your own. In a normal market, that may be low - but in this market, that is high. True retention rates are sitting around 70-75% in the truly impacted areas. That means that the Arizona agent is writing closer to 1,000 new policies a year just to stay even. That agent is kicking butt, especially after 30+ years in the business and even more especially with the rates Farmers has been throwing out there. If he/she was not working so hard, that agency would be down 1000+ policies instead of 300. It would be smarter for remarks to be made with some thought put into them.
In terms of setting up a separate office, the remarks and advise has been excellent! Just be very careful in setting it up so that your carrier does not find a reason to terminate you. Be sure to continue placing the business you are required to place with your carrier and keep your name off of the ownership of the brokerage. Captives are looking for reasons to let people go. In Houston and surrounding area, Farmers is letting 400 agents go and raising the hell out of Home rates because they have way too high of a market penentration. I don't agree with their methods but I understand what they are doing. What I don't understand is how they let this situation arise in the first place. They have a 34-35% market share there. Anybody knows that you cannot have that of a market share anywhere, especially in a Hurricane prone area. Now, they are dropping the lower producing agents and are rewarding their top agents with clients who will have 30%+ rate increases. Anyway - be careful and enjoy. Having both worlds works really well when you do it right.
In terms of setting up a separate office, the remarks and advise has been excellent! Just be very careful in setting it up so that your carrier does not find a reason to terminate you. Be sure to continue placing the business you are required to place with your carrier and keep your name off of the ownership of the brokerage. Captives are looking for reasons to let people go. In Houston and surrounding area, Farmers is letting 400 agents go and raising the hell out of Home rates because they have way too high of a market penentration. I don't agree with their methods but I understand what they are doing. What I don't understand is how they let this situation arise in the first place. They have a 34-35% market share there. Anybody knows that you cannot have that of a market share anywhere, especially in a Hurricane prone area. Now, they are dropping the lower producing agents and are rewarding their top agents with clients who will have 30%+ rate increases. Anyway - be careful and enjoy. Having both worlds works really well when you do it right.
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GreenPepper
- Insurance Journal Fan
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- Joined: Tue Aug 10, 2010 8:07 am
Re: Farmers Insurance
I had been with FIG for 6 years until I recently quit to go Independent as a producer for another agent. The commissions are higher and they actually want to create a relationship with you to get exceptions on business. I was at a meeting with head honchos at FIG once and they actually said "We took underwriting centers such as Aurora away because too many relationships were being formed and exceptions were being made. We were losing money." This side of the fence is so awesome. Im still getting used to NOT having to fax/scan in proof of stuff to backdate cancellations, etc. They TRUST us. I was so shocked. I never knew how fully shackled we were until leaving. It was like leaving an abusive parent to go live with a new family!
We are with SIAA now but I am looking to go own my own my own agency. Im looking to find other places to research other than SIAA. Has anyone heard of Smart Choice? Any opinions there?
Thanks
We are with SIAA now but I am looking to go own my own my own agency. Im looking to find other places to research other than SIAA. Has anyone heard of Smart Choice? Any opinions there?
Thanks
Re: Farmers Insurance
Boy, will you folks ever give up on Farmers? It must be the #1 topic in IJ forum history. I'm ex FIG myself before I went IA and then went into underwriting with Hartford. I'm no fan of Farmers but I'm tired of hearing them get bashed constantly. If you don't like them then leave or don't sign up. Yup, I made more money elsewhere but Farmers got me started in the biz and I learned a lot from them.
Porter, I'll take a swing at your post. MRDD says he has 3,400 policies and you poked at him saying "that's only 100 a year". First, remember that natural & market attrition take a lot to overcome.
Second, maybe that's the way he wants his agency to be. If you assume a 70/30 auto/home split and an average annual auto policy premium of $500 (probably low,especially if he is out west) and an average home premium of $400 (again probably low) you come up with an agency income of about $180,000. You can manage 3,400 policies with one full time or two part time people plus yourself. E&O, rent, taxes, salaries, etc...he might be making $90k or so a year for himself. He's not a millionaire but he's also not doing bad, has a stable job and does not have the headaches that go with a large staff.
Third - how many policies do you have? If you are in PL and have less than 3,400 you really don't have the right to cast stones at MRDD. Using the same ratio about that's 198 auto policies renewing every month...50 a week, 10 per workday...it's not huge but that's pretty doggone respectable in my mind.
Kudos to MRDD from me if your agency is the way you want it.
Porter, I'll take a swing at your post. MRDD says he has 3,400 policies and you poked at him saying "that's only 100 a year". First, remember that natural & market attrition take a lot to overcome.
Second, maybe that's the way he wants his agency to be. If you assume a 70/30 auto/home split and an average annual auto policy premium of $500 (probably low,especially if he is out west) and an average home premium of $400 (again probably low) you come up with an agency income of about $180,000. You can manage 3,400 policies with one full time or two part time people plus yourself. E&O, rent, taxes, salaries, etc...he might be making $90k or so a year for himself. He's not a millionaire but he's also not doing bad, has a stable job and does not have the headaches that go with a large staff.
Third - how many policies do you have? If you are in PL and have less than 3,400 you really don't have the right to cast stones at MRDD. Using the same ratio about that's 198 auto policies renewing every month...50 a week, 10 per workday...it's not huge but that's pretty doggone respectable in my mind.
Kudos to MRDD from me if your agency is the way you want it.
Kevin Rasmussen AU, CIC
Re: Farmers Insurance
Re: My August 4 posting and replies since then.
I haven't been on since my post, but I can't believe people have to try to RAIN on someone else's parade. All I did was respond to a ton of Negative postings, with another point of view. Have I had problems? Sure, I don't think there is a business in America that hasn't. But I have a WONDERFUL CAREER!!
I was given the opportunity for this career by a District Manager that "didn't lie" to me. He explained the opportunity. He gave me instructions as to what to do... and then I did it. He and Farmers trained me at their expense. They sent me on trips all over the place. AND I have made a very good living.
To PORTER about his posting above:
I grew to about 3,000 policies in my first 20 years, basically holding my own since then... by MY CHOICE! I decided that I really don't want to have to work too hard anymore; about 40 hours a week. I could have still grown, but would have had to add staff (and expenses) to do so. I chose to slow it down and just maintain my VERY NICE LIFESTYLE.
I gross about $420k
Payroll is $65k (1 FT-$40k and 1 PT-$20k)
Office/etc $60k
That leaves me with a measly $300k to have to scrimp by on. Now are there people making more money than me? Sure. Am I complaining? NO FRICKING WAY!!!!
And I wouldn't give it up for anything... Oh wait, yes I would. I'll be GIVING my son-in-law my agency in another 5-7 years. I'll be about 62. He will GIVE me $10,000 PER MONTH as the purchase price for as long as I, or my wife live. That's $120,000 a year for as long as either of us live, so let's assume either my wife or I live to 80; That's 20 years for my wife (or 18 for me), so we would get well over $3 million dollars (with COLA). Oh, and he will be VERY HAPPY too! He will get a fully functional agency CLEARING about $180,000 per year (subtracting the $120k he will be paying us; but then he will get that money added to his income when both my wife and I pass away). And this will be in addition to his agency that he is already building.
To FFA;
You state that you have a friend that takes 2-3 HOURS to make a mortgage change? I hate using words like moron, but he must be one. You then state that he doesn't know how to use a computer? That must be the answer then. Because it takes just a few minutes to make a mortgage change. With interuptions, maybe 10 minutes, without any, 2-3 minutes.
To JUSTHERE:
thank you for your intelligent response.
Why can't people leave a job and forget it? If you left Farmers for greener pastures, fantastic and best wishes for you. I know of MANY people during my 34 years that left Farmers for the promise of the "IA EASY STREET", and many of them failed. But many were successful too!
I hope you are all HAPPY in your current career choice. I know that I am! If you aren't happy... move on!!
I haven't been on since my post, but I can't believe people have to try to RAIN on someone else's parade. All I did was respond to a ton of Negative postings, with another point of view. Have I had problems? Sure, I don't think there is a business in America that hasn't. But I have a WONDERFUL CAREER!!
I was given the opportunity for this career by a District Manager that "didn't lie" to me. He explained the opportunity. He gave me instructions as to what to do... and then I did it. He and Farmers trained me at their expense. They sent me on trips all over the place. AND I have made a very good living.
To PORTER about his posting above:
I grew to about 3,000 policies in my first 20 years, basically holding my own since then... by MY CHOICE! I decided that I really don't want to have to work too hard anymore; about 40 hours a week. I could have still grown, but would have had to add staff (and expenses) to do so. I chose to slow it down and just maintain my VERY NICE LIFESTYLE.
I gross about $420k
Payroll is $65k (1 FT-$40k and 1 PT-$20k)
Office/etc $60k
That leaves me with a measly $300k to have to scrimp by on. Now are there people making more money than me? Sure. Am I complaining? NO FRICKING WAY!!!!
And I wouldn't give it up for anything... Oh wait, yes I would. I'll be GIVING my son-in-law my agency in another 5-7 years. I'll be about 62. He will GIVE me $10,000 PER MONTH as the purchase price for as long as I, or my wife live. That's $120,000 a year for as long as either of us live, so let's assume either my wife or I live to 80; That's 20 years for my wife (or 18 for me), so we would get well over $3 million dollars (with COLA). Oh, and he will be VERY HAPPY too! He will get a fully functional agency CLEARING about $180,000 per year (subtracting the $120k he will be paying us; but then he will get that money added to his income when both my wife and I pass away). And this will be in addition to his agency that he is already building.
To FFA;
You state that you have a friend that takes 2-3 HOURS to make a mortgage change? I hate using words like moron, but he must be one. You then state that he doesn't know how to use a computer? That must be the answer then. Because it takes just a few minutes to make a mortgage change. With interuptions, maybe 10 minutes, without any, 2-3 minutes.
To JUSTHERE:
thank you for your intelligent response.
Why can't people leave a job and forget it? If you left Farmers for greener pastures, fantastic and best wishes for you. I know of MANY people during my 34 years that left Farmers for the promise of the "IA EASY STREET", and many of them failed. But many were successful too!
I hope you are all HAPPY in your current career choice. I know that I am! If you aren't happy... move on!!
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GreenPepper
- Insurance Journal Fan
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- Joined: Tue Aug 10, 2010 8:07 am
Re: Farmers Insurance
ok...Call me out if my math is fuzzy or if Im reading you wrong. If your son is in law is paying you $120k out of the $180k meaning he is netting $40k to service your whole book of biz of like 3400 (from a pervious post?) he is getting screwed!!!! I'd never work that hard for that may policies. That is assuming they ALL stay on the books. He is WAY over paying for what he is getting and servicing. He's family, dude. Call me out if Im wrong, Please. but from your post that is what I, and the person next to me read it as. WOW.....
Re: Farmers Insurance
I did not say she does not know how to use a computer, I said she has no ide on how a computer is supposed to work. I have been IA for 18 months and have yet to hear the term Voided Concurrent Transaction. Its a term she sees daily. Time and time again.
You would be an agent I hold in high regards even on this side of the fence. Maybe you can come in my office and offer some advice? I am always looking to people more successfull then I for advice. My entire operations are bits and pieces of advice give to me over the years.
The staff that trained me, awesome. The right amount of pressure, the right amount of pats on the back. They were awesome! No doubt about it. Top Notch, first rate.
After 18 months on the other side of life, what have I learned? Different set of head aches, thats all.
I still have to deal with recent college grads that have no idea on what its like in the field. Had one on the phone today for an hour and a half telling me one thing when, through my experience, I knew they were wrong. All she could say was OPPPS, Sorry. Well thank you for wasting 90 minutes of my day. Now go pop your pimples in your executive bath room while I sweat it out on the field. (sarcasim intended).
Then the finacne company calls me and states they cut the check for the full amount when they were only supposed to cut the check less deposit. They were on the phone with me walking me through the process. I did everything they told me to do. Now I have to go to the company and convince them to cut a $7750 check back to the finance company as I electronically sent all the money I collected as per their instructions. Another pimple popping college grad mistake dumped in my lap.
Every Company Executive should be required to spend several years in the field so they know what its like outside their cubicles. On second though, look what Paul Hopkins did.... Bad Idea.
Maybe its time to let this subject die. Jan, 09 - Aug, 10. No one saying anything new, just a broken record.
Someone on an earlier post said that if your not happy, then go do something different. Great Advice!
Maybe its time to move to my lake house and take a bar tending job. Drunks at bar time may be easier to deal with then corporate cubicle heads during work hours. Any one with any thoughts on that?
You would be an agent I hold in high regards even on this side of the fence. Maybe you can come in my office and offer some advice? I am always looking to people more successfull then I for advice. My entire operations are bits and pieces of advice give to me over the years.
The staff that trained me, awesome. The right amount of pressure, the right amount of pats on the back. They were awesome! No doubt about it. Top Notch, first rate.
After 18 months on the other side of life, what have I learned? Different set of head aches, thats all.
I still have to deal with recent college grads that have no idea on what its like in the field. Had one on the phone today for an hour and a half telling me one thing when, through my experience, I knew they were wrong. All she could say was OPPPS, Sorry. Well thank you for wasting 90 minutes of my day. Now go pop your pimples in your executive bath room while I sweat it out on the field. (sarcasim intended).
Then the finacne company calls me and states they cut the check for the full amount when they were only supposed to cut the check less deposit. They were on the phone with me walking me through the process. I did everything they told me to do. Now I have to go to the company and convince them to cut a $7750 check back to the finance company as I electronically sent all the money I collected as per their instructions. Another pimple popping college grad mistake dumped in my lap.
Every Company Executive should be required to spend several years in the field so they know what its like outside their cubicles. On second though, look what Paul Hopkins did.... Bad Idea.
Maybe its time to let this subject die. Jan, 09 - Aug, 10. No one saying anything new, just a broken record.
Someone on an earlier post said that if your not happy, then go do something different. Great Advice!
Maybe its time to move to my lake house and take a bar tending job. Drunks at bar time may be easier to deal with then corporate cubicle heads during work hours. Any one with any thoughts on that?
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GreenPepper
- Insurance Journal Fan
- Posts: 7
- Joined: Tue Aug 10, 2010 8:07 am
Re: Farmers Insurance
I love the bar! I've been a server and I love the nightlife!!
Re: Farmers Insurance
To Greenpepper;
your math isn't fuzzy, you just took the starting gross income from someone else's posting that estimated (very, very low), that my gross was $180k (or misunderstood my note that said he's be CLEARING $180k - this is AFTER paying all expenses and my retirement). Let me clarify---------------------
I gross about $420k
Payroll is $65k (1 FT-$40k and 1 PT-$20k)
Office/etc $60k
Leaving me with $300k as personal income.
Regarding my son-in-law-------------------
Oh, and he will be VERY HAPPY too! He will get a fully functional agency CLEARING about $180,000 per year.
The $180k that he will be clearing is AFTER all expenses and paying me my retirement.
Here's the math:
$420k - Gross income
($125k) - Agency expenses (staff and office)
($120k) - MONEY TO ME
$175k - PROFIT TO HIM (sorry, I rounded up to $180k in my posting above)
So he will get $175,000 AFTER ALL EXPENSES... GIVEN TO HIM... In a fully functional agency... to be ADDED to his current agency income. Realize also, that he won't have the same expenses as me since he will be absorbing my agency into his, so he won't have anywhere near my agency expenses, but would probably keep the staff (so this would be another $45-50k added to the $175k)
I bet there are plenty of agents out there (Farmers or IA) that would take me up on an offer of taking over an existing agency that would make a PROFIT in excess of $200k the very first year. And although I'm sure he wouldn't be thinking this, but he would be getting an increase of another $120k when my wife and I die... wait, maybe he would
Lastly, I'm sure some of you out there may still think he is getting screwed because the $3,000,000 that he will be paying me is too high. And you are right that it's way over book value, but think about it from both sides, it's a great deal for me; lifetime income. It's a great deal for him; $180-200k added to his income for no cash down, no financing.
Just wanted to straighten the postings out; I didn't want to look like I was screwing my son-in-law. Let me say that he is VERY WILLING to take my offer, any day, as quickly as I would like to give it to him.
God bless you all, and good luck in your careers.
your math isn't fuzzy, you just took the starting gross income from someone else's posting that estimated (very, very low), that my gross was $180k (or misunderstood my note that said he's be CLEARING $180k - this is AFTER paying all expenses and my retirement). Let me clarify---------------------
I gross about $420k
Payroll is $65k (1 FT-$40k and 1 PT-$20k)
Office/etc $60k
Leaving me with $300k as personal income.
Regarding my son-in-law-------------------
Oh, and he will be VERY HAPPY too! He will get a fully functional agency CLEARING about $180,000 per year.
The $180k that he will be clearing is AFTER all expenses and paying me my retirement.
Here's the math:
$420k - Gross income
($125k) - Agency expenses (staff and office)
($120k) - MONEY TO ME
$175k - PROFIT TO HIM (sorry, I rounded up to $180k in my posting above)
So he will get $175,000 AFTER ALL EXPENSES... GIVEN TO HIM... In a fully functional agency... to be ADDED to his current agency income. Realize also, that he won't have the same expenses as me since he will be absorbing my agency into his, so he won't have anywhere near my agency expenses, but would probably keep the staff (so this would be another $45-50k added to the $175k)
I bet there are plenty of agents out there (Farmers or IA) that would take me up on an offer of taking over an existing agency that would make a PROFIT in excess of $200k the very first year. And although I'm sure he wouldn't be thinking this, but he would be getting an increase of another $120k when my wife and I die... wait, maybe he would
Lastly, I'm sure some of you out there may still think he is getting screwed because the $3,000,000 that he will be paying me is too high. And you are right that it's way over book value, but think about it from both sides, it's a great deal for me; lifetime income. It's a great deal for him; $180-200k added to his income for no cash down, no financing.
Just wanted to straighten the postings out; I didn't want to look like I was screwing my son-in-law. Let me say that he is VERY WILLING to take my offer, any day, as quickly as I would like to give it to him.
God bless you all, and good luck in your careers.
Re: Farmers Insurance
DAD!!! How you been? Heck with my sisters hubby, how about me?