There's going to come a time where you will consider selling your agency. However, most agencies don't have a perpetuation plan.

Some of the toughest situations occur when an agency owner has poor health and is unable to sell on his or her own terms. The children are interested in the business, but don't have the money. Or the kids have no interest in insurance and the owner has to sell in order to support him or herself in retirement.

When an agency owner has to sell, they're usually not prepared. This gives buyers leverage to negotiate, and worst of all gives you less of a payout than what you deserve.

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