Business partners

[Crabcake Johnny]

You'd better know who you're getting in bed with. I'd suggest pulling credit reports and background checks. Money is the biggest issue and the level of trust is insane. Obviously all the money is going into a joint business account. The problem is any partner could wipe the entire account out. Is it theft? Nope. His name is on that account so if there's $20,000 he can legally take all of it. Can he be arrested? Nope - again, his name is on the account. Can you sue him in civil court? Yes. Good luck and see you in about three years.

 

[realistagent]

You'd better know who you're getting in bed with.

Check out your partner's spouse. The spouse can make or break a partnership. If that person is constantly in the back ground planting seeds of discontent, impatience etc... the partnership is doomed.

Outline expectations in writting and be sure spouses agree.

 

[Crabcake Johnny]

Just don't partner. If you want to build a mid-sized agency just hire managers. If you like the concept of having an office and one agent sells life, another sells health and another sells P&C then just think about sharing office space and expenses.

 

[Agent12]

So, by all means, no partnership is better? Is that what everyone's advising?

 

[Crabcake Johnny]

Don't partner. Someone is going to be "better." If you're better you'll eventually resent your partner. If your partner is better he'll resent you. Someone will always be bringing in more business, someone will be the better closer, and someone will work with the agents better.

 

[Agent12]

Hey John,

What are the advantages and disadvantages of a agent who sells them all: life, health, car, property, commercial, etc.(you get the idea)?

The agent solely works by him or herself without any staff.

Can an agent run an office without any help?

Thanks in advance.

Agent12

 

[Crabcake Johnny]

I don't think any agent can be an expert in all areas of insurance. I take my son to a pediatrician, not a sports medicine doctor. If I get a DWI I don't see a divorce lawyer.

You can write "X" amount of business without any staff. What what almost everyone on this board does. However, if you really want to bat it out of the park you'd need help.

 

[Jenananda]

Partners - no way. Write to me and I'll tell you why My mentor in the business will also share with you why they dont' work and he has over 1000 agents. Control your own destiny. Why do you think you want a partner?

Jen

 

[somarco]

Golly gee, Jen. Are you with UandIwin?

I never would have guessed . . .

 

[Guest]

he has over 1000 agents.

Jen, I was born at night... but it wasn't LAST night.

Al