It's no secret that most of the American the workforce isreaching retirement age, especially in the insurance industry.Millennials will soon take on more and more leadership roles in thebusiness to fill the voids left by baby boomers. In the insuranceindustry, where a vast majority of employees are over the age of40, this issue is even more pressing.

Whether retirement is coming tomorrow or in another 20 years, itis imperative that agents prepare their businesses for successionsooner rather than later. Passing on knowledge, strategies andinsight to agents of the younger generation will help to ease thetransition, benefitting both the new industry leaders and theirclients.

Click through the following slides for articles on how to handlesuccession in order to ensure that your fellow employees and yourtrusted clients are left in capable hands.

Simplify Succession in 3 Steps

A strong plan for succession can help ease some of thechallenges created by passing leadership roles onto employees ofthe next generation. An understanding of the differences in workstrategies between millennials and baby boomers is integral insuccession preparation.

Read Simplify Succession in 3 Steps for tips on how to streamlinethe process and combat some of the challenges presented bymultigenerational differences in the industry.

Let's Talk Sex and Money

There are many women in the insurance industry, but few holdexecutive positions.

Read Laura Toops' Let's Talk Sex and Money to learn why women canbe the ideal successor to lead the agency.

Successful Succession

With many agents reaching the age of retirement, it is importantto insure that clients are left in capable hands.

In order to ease the transition, planning should begin early,even if retirement seems far down the road. Read Successful Succession to see how to begin the successionprocess by mentoring employees and passing on knowledge to ease theprocess.

Loosen the Family Ties

With many agencies being family-owned or operated, the questionof succession can get more complicated when it comes time to leavethe industry. Choosing certain family members (or even someoneunrelated) over others to assume leadership positions can leavedeep scars and damage relationships.

Contribution and overall skill are key traits to look for in anysuccessor, but it can be difficult to determine in family-ownedbusinesses. Read Loosen the Family Ties for tips on how to choose the rightsuccessor for the continued growth of your family business.

Perpetuation Cliff

Study results suggest that agencies need 10 years or more to getthe right people in place for an effective succession. ReadPerpetuation Cliff for insight on how to handle the challengesof planning for transition as well as managing the different valuesand expectations of the next generation in the workplace.