It’s 2010 and it’s time for insurance agents to look at their businesses and make some tough choices and changes if they’re going to grow, or maybe even survive.  As consultants to insurance agencies, we echo the message that has been delivered over and over in recent months by the agent associations and business leaders in our industry.  That message:  Change is coming and you need to get in front of it, or you won’t be able to catch up to it. Continue reading "Insurance Agents Need a New Approach for the New Decade"

In 1999 I wanted to arrange a trip to France.  So like everyone else in 1999, the first thing I did was pull out my Yellow Pages to find a travel agent whose ad looked like they knew something about France.  Then I drove over to the agent’s office and sat down to describe my needs and my budget.  The agent went over several options with me; I chose the package that sounded like it fit my needs, and a week or two later my tickets arrived in the mail.  Later when I needed to change my plans, I called the travel agent and was told I needed to drive back to their office to pay for the difference and have new tickets reprinted. Continue reading "Are Insurance Agents Going the Way of Travel Agents?"

In a recent seminar we asked agency owners to estimate the market value of an insurance agency with the following characteristics:  Continue reading "The Value of Getting a Valuation for your Insurance Agency"

Insurance agency owners are always looking for ways to generate more income and grow their business.   This typically involves spending a lot of time, effort, and money on marketing and selling to new prospects.  As acquisition brokers and consultants to insurance agents, we frequently discuss the value of and help agencies create a true sales culture in their offices. Continue reading "Want To Grow Your Insurance Agency? Try Building a Retention Culture"

There may be no industry in this country experiencing consolidation at a faster pace than the insurance agency business.  Since 1990, the total number of independent insurance agencies has shrunk by more than 20%, but smaller agencies have disappeared at nearly double that rate.  So where have all the agencies gone and what does it mean for today’s agency owner?  Continue reading "The Impact of Insurance Agency Consolidation"

Agency owners have a tendency to believe that the most valuable assets they have are their people, their client relationships, and their length of time doing business in the community they serve.  While all of those are indeed valuable aspects of doing business, they are not valuable assets. Continue reading "Taking Care of Your Insurance Agency’s Most Valuable Assets"

Insurance agency owners who are considering selling their agency, are obviously very curious about the price they can sell their agency for.  It’s the single most asked question of Acquisition Brokers like Ganis Consulting, “How much can I make if I sell my agency?”  Continue reading "The Price of Your Insurance Agency: Do the Math"

Property and Casualty rates are down and Insurance Agency Buyers see that as an opportunity.  Buyers believe that if they can acquire a $250,000 commercial insurance book and keep 80-90% of it intact, when rates go back up that same book should generate closer to $300,000.  Continue reading "It’s a Soft Market and Insurance Agency Buyers Know It"

Many Insurance Brokers that are considering the sale of their agency have a variety of factors to consider. One of them is that there is no such thing as staying the same. Continue reading "For Insurance Agencies There is no Such Thing as Staying the Same"