Buying an agency - Florida Attorney

dustin

New Member
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I am looking to purchase an agency. I need to hire an attorney. The practice is only worth about $200,000. So I don't need an expensive attorney, but I was wondering if anyone had any suggestions. I live in Florida, so I definitely need someone licenses in this state. Any help is appreciated!
 
I am looking to purchase an agency. I need to hire an attorney. The practice is only worth about $200,000. So I don't need an expensive attorney, but I was wondering if anyone had any suggestions. I live in Florida, so I definitely need someone licenses in this state. Any help is appreciated!


I will sell you moonlightandmargaritas for $59.95....and the deal comes with instructional tapes and a association.....
 
I am looking to purchase an agency. I need to hire an attorney. The practice is only worth about $200,000. So I don't need an expensive attorney, but I was wondering if anyone had any suggestions. I live in Florida, so I definitely need someone licenses in this state. Any help is appreciated!

I have a number of clients who own insurance agencies in Florida and called several of them today thinking that they may know of an attorney who can help you.

They have all built their agency as opposed to purchasing it. None of them were able to suggest an attorney who specializes in the acquisition of insurance agencies.

It is possible that if you contact your CPA he may know several attorneys who can help you.

Since I live in Missouri I'm afraid that is all the help I can offer. Sorry.
 
Anytime one is buying a business the need for good legal council is very important.

How did you come up with a value of the agency?
 
i am still working on that. she is asking for 2.5x. however she knows it is realistically only worth 1.5-2.0x. i am fairly certain she doesnt have any other pending offers at the moment.
 
1.5x seems like a steal. Even at 2 x.

I wish I could find agencies in my area selling for that. I hate to say this but I think it would be easier to buy a block of business than it is to build one.

So how do you assess the agency?
What kind of insurance?
Do you look at the how long the clients have been there?
Does yearly production play a factor?

Have you bought an agency before?
 
So how do you assess the agency?

most companies have reports for you to gauge the number of policies, clients, commissions, retention rates, etc

What kind of insurance?

i am looking at a p/c business. i am a financial planner. so i am going with a company that allows me to do both investments and p/c. i dont want to lose my investment business. i want to add and diversify my income sources.

Do you look at the how long the clients have been there?

yes

Does yearly production play a factor?

yes, but not as much. small agencies are really dependent on the individual owner. if they are discouraged or poor business owners production may not be a good indicator to the overall potential of the business.

Have you bought an agency before?

not an insurance agency, but i have assisted with purchase of an financial planning/advisor practice purchase.
 
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