Does your agency own it’s own Domain Name? A domain name is the address used for your website such as www.ganisco.com or www.google.com. You can purchase your domain from sites like godaddy.com or a number of others. Once you have your own domain, you can use it for your website address and your email address. Many insurance agencies we speak with have a website, but still use yahoo, gmail, or hotmail instead of their website address.  Continue reading "Use Your Insurance Agency Domain for Email Addresses"

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"

Most of the calls from prospective insurance agency sellers start with, “What are agencies selling for these days?” or “What kind of multiple can I expect if I sell my agency?” Continue reading "What is your Insurance Agency Worth?"

Locating an insurance agency for sale can create more challenges than buyers and sellers realize. Once you locate an insurance agency for sale, what are the next steps? Sign confidentiality agreements, learn as much as you can about the agency, interview the seller of the agency, visit the location, request documentation about the agency, submit and negotiate an offer, request due diligence material, conduct due diligence,  negotiate and prepare a purchase agreement, locate financing, and finally close the deal. Continue reading "There are Many Steps to Buying or Selling an Insurance Agency"

When listing an insurance agency for sale, you’ll be approached by buyers asking for a variety of information. One of the items they’ll ask for is an income and expense statement and/or commission statements for the past 3-5 years. When you show this information to a buyer is up to you, but at some point, they’ll require these documents in order to close. Continue reading "Verifying Income is a Challenge when Buying or Selling an Insurance Agency"

One of the toughest challenges we face on a daily basis is the ability to verify  income of an insurance agency for sale. Insurance Agency Owners have a good idea how much each carrier pays them monthly but lack the paper trail buyers need. We have various posts on this very topic and it’s important for sellers to organize their accounting in order to sell their insurance agency. Continue reading "Add Value to your Insurance Agency by being Prepared before you Sell"

With a New Year upon us, many insurance agency owners are hoping to sell their agencies this year. Regardless of the bad economy, Insurance Agencies are still in demand and there is no shortage of buyers. There are a few things to remember when selling your insurance agency but your number one priority is preparation. Continue reading "Selling your Commercial or Personal Insurance Agency"

We received a call from a client that searched for an insurance agency to acquire for 18 months. He found a candidate, met the Owner and was positive he’d be buy this agency. After the first 2 visits, The Seller warmed up to him and gave him 3 years of financial information. After another week and another visit, the Seller gave him commission statements to reconcile against the financials. Continue reading "Business Brokers can Help Insurance Agency Buyers and Sellers close the deal"

When buyers locate an insurance agency for sale, you should always have a plan before conducting due diligence. It’s important to remember that the seller of the agency has put a lot of blood, sweat and tears into their business. When a pessimistic buyer asks questions and acts suspicious towards a sellers answers, it can kill a deal. Continue reading "Conduct your Due Diligence when Buying an Insurance Agency"

Most businesses that don’t sell, don’t sell because the Business Owners income can’t be verified. If you want to improve the accounting and Financial Reporting for your business or insurance agency, now is the time to prepare. With a few easy steps, you can easily improve your business and we’ve listed them below. Continue reading "Now is the Time to Develop Accounting Procedures for Next Year"