If & When You Want to Sell Your Agency

If you are an agent or agency, make sure you do your homework diligently before you join a premium aggregator aka agency network group.  One of the key questions to ask is:  “What would happen if and when I decide to sell my agency, especially to an agency that is not a member of your network?”   Make sure that you get very logical and understandable answers, in writing of course.  Actually, it should be addressed clearly in their membership agreement.

It is also a good idea to make up a few sample scenarios and present them to the network representative, asking for clear answers to cover each situation.  Again, get the answers “in writing”, email or whatever covers it for you – in addition to what is stated in the agreement.   Think of a few agency sales or mergers in the area, of which you have some basic knowledge. Use them as your examples to present to the representatives.  There are many different scenarios that could be involved.

Bottom line, take your time addressing this issue and all the others involved when considering membership in a network.

If you are in need of a list of key questions to ask, get in touch with me and I will provide you with my list – for free.

Phil Tuccy – 941-527-7823 – ptuccy@insurancegroupconsulting.com

 

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