I can't say it was a surprising revelation, but an unsettlingone nonetheless.

Last month, we published the findings of our inauguralNU/PIA Independent Agent Survey, a joint venture with Flaspöhler,part of NMG Consulting, which shed new light on the challenges ofindependent producers throughout the U.S. The average age of thesurvey respondents was between 50 and 59, and 92.2 percent of themidentified themselves as either an agency principalor owner, mostly owners.

And more than half of them — 51.6 percent — said they did nothave a set perpetuation plan for their agency.

I'd bet that even fewer agency principals than that actuallyhave a succession or perpetuation plan in place. Few peopleactually want to admit they haven't given this important decisionthe proper amount of thought. At least, not yet.

It's important to first realize that this is not a uniquemindset among America's independent agents. By their very nature,independent producers are tireless workhorses. Selling is in theirblood. Being an agent is not something they do; it is somethingthey are. They are always, as my grandfather used to say, "in theact": They are focused on the next deal, the next close. Thefuture, especially one in which they will no longer actively bedoing what they love, is rarely top of mind.

Still, that doesn't make it any less of a problem.

Explore the options

When we talk about this subject — and God knows it's a topicthat makes people uncomfortable — the conversation inevitably turnsto the industry's insufficient efforts to attract moreyoung talent, how important it is to help ensure the P&Cindustry's future by hiring more younger people in independentagencies.

In other news, the sky is blue, water is wet and humans havesecrets.

Sure, all of that is true about the need to attract youngerpeople, but that's a secondary conversation. Cultivating smartyoung talent can help to ensure your agency's perpetuation, butthat's far from an all-purpose solution. Deciding your agency'sfate could just as easily involve a buyout or a direct sale to alarger entity; both are viable options. NU columnistBarry Seigerman has tackled this subject fromseveral angles, and I encourage you to check out his thoughtson this often touchy subject.

If you don't know what the options are or what might be best foryou, you're hardly alone. TheIndependent Insurance Agents & Brokers of America (IIABA)gets as many as 40 calls a week from agencies that don't know whatto do about their own perpetuation, especially as the agencyownership population ages. One trend is agencies collaborating withother agencies in informal "clusters" or "huddles" for both sharedefficiencies and perpetuation planning; these firms enter into anagreement with other agencies to share back-office expenses and toidentify people they might like to sell to or use to perpetuatetheir agency.

When is a good time to start thinking about agency perpetuation,you may ask? Every person has a different definition of what being"successful" means, and that definition changes throughout yourcareer. But one suggested guideline would seem to hold true: Whenit becomes your business, when you own it, its future then becomesyour responsibility.

They're your assets. Do you want them to survive you, andbenefit both your loved ones and your business? Or do you want toleave their fate to chance? Do you want to keep your main person —assuming, of course, you have one whom you trust to lead in yourplace — in your agency and develop an exit plan, or do you put thatdecision aside, again, and risk having it sold at an auctionmarket, should you die?

And while you're at it, ask yourself this: How many of us willactually end up dying when we expect to?

Very few. Very few indeed.

The choice is yours.