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April 3, 2017

There is More to Buying an Insurance Agency Than Meets the Eye

Filed under: Uncategorized — admin @ 8:32 pm

When I was in high school my friends all talked about what they were going to do when they graduated college or after high school. Most of them had plans on working in medicine or becoming lawyers or rising up the corporate ladder to become CEOs. When they asked me, I told them I was going to sell insurance. They thought I was nuts. However, the insurance industry is pretty much the biggest industry in the world. My wife and I built a nice business, and now we are showing potential buyers of our firm that buying an insurance agency is more than just buying a business. It is buying a legacy that can last for generations.

Where we live it is about impossible for us to go out and not see people all day long that we have sold insurance to. Just about every neighbor, business, mom and pop shop, corporation and even places over in the industrial park have policies with us. We sell, auto, life, home, business and industrial insurance policies. Our firm has put three kids through college and have allowed us to build the home of our dreams in the town that we love. Now that we are retiring, we are looking for buyers who understand that buying an insurance agency is not the same as buying up some other kind of business. A lot of businesses around here are based on the name on the door. There is an automobile repair shop down the road that has changed hands when the owner retired, and the new owner kept his name on the sign and kept up the way he did business and is still thriving 10 years later.

We wanted our insurance agency to be purchased by someone who would run it the way we run it.That is why we picked specialists in insurance company valuation to assist in the sale of our agency. We wanted it to go to a buyer we could trust when we were reviewing those who were interested in buying an insurance agency we had built from the ground up.

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