If you like your customers as much as we like ours, you probably care what happens to them over the long term. When you decide to make a career change or retire, and a family member is not going to take over the business, what can you do to ensure your clients will be well taken care of?
Actually, a lot. Preparation is the key to success for a business hand-off. Finding the right person, grooming them to handle your company, and helping your clients adjust to the change takes time and energy.
Here are some tips to help you plan:
You’ve grown, nurtured and developed your client base and referrals over many years. Whether you have an office in the city or one in the farm region, you want a replacement that mirrors the attributes that you have as a successful business person. Remember that your clients have grown accustomed to your personality and do business with you because they like you. When you consider a replacement, keep your customers’ needs and wants in mind.
Write down the five key areas of your personality and sales philosophy that have benefited you in the past. Consider your code of ethics and the most important traits you offer to your clients. Use this information as a template for success in finding your own replacement.
Start early. Plan at least two years in advance, if possible. Consider hiring someone to assist you now so that you can determine if they are a good replacement. If they aren’t, then hire someone else until you find a good fit. Don’t just interview someone to find a replacement, work side by side with them for a detailed understanding of their work ethic, personality, and business standards. This will allow you to not only see their strengths and weaknesses, but help them understand your clients’ needs and expectations.
Look in your own backyard. Could someone who works for you now be groomed to take over the business? Don’t overlook a loyal secretary or affiliate. Start working with them to see if they are up to the task. The on-the-job training you could provide before departing, along with the client knowledge they already have, could be a good long term solution for everyone.
Network throughout your insurance business community to make great contacts that could become your replacement. Start attending independent insurance agent seminars and meetings to get to know who is new in your area that could be a great resource for you. Friends and associates are a good source for referrals. You may even want to contact a select few of your clients who might have contacts or insight that you could benefit from. Your replacement should accompany you to all business and some social networking events. This is a good way for you to introduce them to associates and help make a smooth transition for your clients.
Perform a knowledge transfer. Working with your replacement before leaving your company allows you to transfer knowledge one-on-one rather than leaving a boring system of files to sort through. Be sure to share all of the important, but less obvious information, like how to deal with sticky situations, what type of bedside manner suits your clients best, ethics, how to get referrals, and where to network.
Share secrets of the trade. Remember that you are not in competition with your replacement. Don’t be afraid to share important details and tricks. For example, every geographical area is unique. In farm country, clients tend to be in agriculture while in a metro area clients may be in corporate situations. Share your secrets to growing the business in your unique area, what unique talents need to be offered to this type of clientele, how to network in this industry, and what trade organizations are unique to your territory. Selling to the clients is much easier as a neighbor and community member.
Help clients make a smooth transition by personally introducing your replacement to larger clients. All of your clients should receive a letter of introduction with a photo, business card, and explanation of your absence (retirement, for example). This letter should be very friendly and casual. Invite them to an open house or another appropriate event. It doesn’t have to be at the office—be creative and remember that this should be a short, casual event. Use this time to let your replacement introduce your philosophy, explain after hours services, and be clear that there will not be a loss of service.
Understand that change is inevitable. The goal is to find someone who fits your philosophy and will be able to give your clients excellent service. Be flexible and remember that if they have different methodologies, that’s okay. They may bring new skills and strengths that can be an advantage to the agency.
Your customers don’t want to start shopping around for a new insurance agent if they’ve been very satisfied with your services over the years. Grooming someone to take your place and personal introducing your replacement to your clients is a way to keep them from going to the competition. You’ve worked too hard for that to happen.
Take a year to find the right individual that matches your professional business standards and your clients will thank you for many years to come. This will also give you time to adjust to the upcoming changes that come with leaving a company you love.
Patricia Gardner is president of Maximum Sales, an executive management and sales training consulting firm. Her book,
Codebreakers: How to Close a Million Dollar Deal in Two Sales Calls, is designed to help professionals unlock the five secrets of strategic sales. For more information visit www.max
imumsales.com or call (610) 584-0443.
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