MANY agency owners wonder why growth should be a factor in an agency's valuation. Most understand why profit margin is a key component, but they sometimes question the importance of growth. The reason lies in what the buyer is actually
A long time ago, in a faraway land, I started my working life as a French fry chef in a fast-food restaurant. Frying fries was the only job I was qualified to do at the time and, oddly enough, it was considered an easier task than mopping floors. Yet
Many agencies view the opening or acquisition of branch offices as a way to grow and expand their market reach. Too often, though, I find that after agencies set up branch offices, they neglect to manage them. As a result, I inevitably find the
The thing I like least about my work is delivering unexpectedly low agency valuations to agency owners. Most handle the news well, but it still is difficult to tell them that they have not built valuable agencies. The upside for these owners is that
ERRORS and omissions claims are originating from two sources for which many agencies are unprepared: brokers and carriers. For many years, agents have concentrated on minimizing the odds that their clients would sue them. Generally speaking, they
MOST insurance advertising is designed to encourage customers to choose with whom to do business. It's the customers' fingers--not the agency's--that do the walking. When a prospect calls, many agencies immediately start
Hiring a producer is one thing; successfully hiring one is quite another. In small and midsize agencies in particular, hiring just one producer can make a big difference, for better or worse. Producers with similar experience and production
Hiring a producer is one thing; successfully hiring one is quite another. In small and midsize agencies in particular, hiring just one producer can make a big difference, for better or worse. Producers with similar experience and production
If you are thinking about obtaining a new carrier, consider a few important points before you proceed.Do you need another carrier? Many agencies seek new carriers just because they like the idea of having another one. Or perhaps they just want to add
I HAVE worked with many independent agencies in Southern Louisiana, and quite a few are located in New Orleans. I have visited New Orleans twice since Hurricane Katrina hit, and the devastation is worse than television could ever convey. I believe