Buying a Book of Business

[ihorton92416]

I have been working for this agency for the last 7 years in an office by myself and as of 12/22/2016 my boss called me into the corporate office and offer me to buy the book of business. My question is what is the in and out and what do have to look for and check on and what are the steps I need to do.

 

[Schwetty]

what kind of book of business is it? P&C, Commercial, FE, Med Sup, etc?

 

[InsCommentary]

Recommendation #1 is to hire a consultant to transact the deal on your behalf. The fee will likely pay for itself many times over from the standpoint of you not overpaying and for the deal to be structured the right way to protect your interests. Three suggestions are Al Diamond (Agency Consulting Group, Inc.) in NJ, Howard Candage (HE Candage | Insurance Consulting | Insurance Training) in ME, and Chris Burand (Burand & Associates: Insurance Industry Consultants) in CO.