Apparently selling an FE book is not an option?

[Ksutton]

So I called a few carriers I have business with. Trans, Foresters, AMAM and RNA. They all said I would keep my renewals if there was another servicing agent. RNA, Foresters and AMAM said they don't allow selling a book of business....

Am I missing something?

What's up with people stating that you can eventually sell if this is not an option?

 

[InsurancePimp_]

I don’t know life insurance, but health insurance ACA, you can.

 

[HoosierLife]

Put it all into a LLC and sell the LLC?

 

[DayTimer]

Put it all into a LLC and sell the LLC?

Not sure if this would work but that is exactly what I thought when I read the OP.

As my law and tax accountant licenses are both not valid due to my never having either, I'd of course suggest consulting qualified professionals.

 

[rmhaire]

As my law and tax accountant licenses are both not valid due to my never having either

Just a minor technicality down here.

 

[Newby]

So I called a few carriers I have business with. Trans, Foresters, AMAM and RNA. They all said I would keep my renewals if there was another servicing agent. RNA, Foresters and AMAM said they don't allow selling a book of business....

Am I missing something?

What's up with people stating that you can eventually sell if this is not an option?

Company employees never know what they are talking about. I get contacted all the time from people wanting to buy our agency and it's mostly FE.

If you are just a single agent that isn't incorporated you likely aren't going to be able to do that. You need to formalize your agency for MANY reasons, that being one of them.

 

[Ksutton]

Put it all into a LLC and sell the LLC?

I see - so can you transfer a solo book into an LLC?

 

[Ksutton]

I see - so can you transfer a solo book into an LLC?

From what I was told because I’m vested 100% renewals will still be paid to me if I change the servicing agent. Is there a valid way to make this work?

 

[Ksutton]

Company employees never know what they are talking about. I get contacted all the time from people wanting to buy our agency and it's mostly FE.

If you are just a single agent that isn't incorporated you likely aren't going to be able to do that. You need to formalize your agency for MANY reasons, that being one of them.

thanks for this - I was advised to not go through an LLC route by multiple people who I was taking advice from starting off and continuing in this business. Bummer

 

[Todd King]

So I called a few carriers I have business with. Trans, Foresters, AMAM and RNA. They all said I would keep my renewals if there was another servicing agent. RNA, Foresters and AMAM said they don't allow selling a book of business....

Am I missing something?

What's up with people stating that you can eventually sell if this is not an option?

Funny that all 3 of those companies changed another agency's book over to us when we bought them out. Therefore, unless they have all 3 changed since we did that about 4 years ago, they do. Maybe it's somehow a different situation since we're an IMO and we bought out another agency of IMO level. Who knows?