How to approach an agency not listed for sale?
Posted: Fri Aug 07, 2009 6:26 pm
Hello all-
I have been a company underwriter for 8 years. Losing my job at year end and taking the plunge to buy an independent agency. I live in a small metro area and to my knowledge no agencies are for sale.
I have found a target agency and would like to solicit advice on how to approach an agency not listed for sale. Owners are 62 and 59, my hope would be to work side by side with them for 5 years and hope for owner finance to supplement there retirement.
Otherwise where can I find information on agency financing or consultants to aid me in the process? I am very interested in buying in an agency and eventually assuming full ownership. I need to identify the agency in next 12 months and move into full ownership within 5 years.
What can I expect to pay on commission income? 1.5X, 2.0X This agency is around $2M, mainly personal lines, standard and nonstandard appointments. In business since 1960. Agency is very complacent and needs an active producer like myself.
If this one is not for sale I will keep pursuing and want to approach and owner with a business/finance plan in hand. Just don't want to offend an agency owner.
I have been a company underwriter for 8 years. Losing my job at year end and taking the plunge to buy an independent agency. I live in a small metro area and to my knowledge no agencies are for sale.
I have found a target agency and would like to solicit advice on how to approach an agency not listed for sale. Owners are 62 and 59, my hope would be to work side by side with them for 5 years and hope for owner finance to supplement there retirement.
Otherwise where can I find information on agency financing or consultants to aid me in the process? I am very interested in buying in an agency and eventually assuming full ownership. I need to identify the agency in next 12 months and move into full ownership within 5 years.
What can I expect to pay on commission income? 1.5X, 2.0X This agency is around $2M, mainly personal lines, standard and nonstandard appointments. In business since 1960. Agency is very complacent and needs an active producer like myself.
If this one is not for sale I will keep pursuing and want to approach and owner with a business/finance plan in hand. Just don't want to offend an agency owner.