How To Step Back - What Do You Do All Day

[indienoise]

"Loving what you do" is highly overrated. I value being able to make the specific compensation that I want as higher than "loving what I do".

That's kind of my line of thinking. I just got into this business because it's convenient for me because of my referral sources. I don't really have a passion for insurance, but I do have a passion for getting to spend time with my family and certain other pursuits I have. This is my best shot at getting that kind of time.

 

[HCCIA]

Is it just me?? I truly love the insurance business. I love saving people money! It gives me much pride and joy to hand a claim check to an insured. I love going out to a clients home/business after an accident,fire, natural disaster etc. giving them hugs - assuring them that I am there for them in their desperate time of need! I've been in the trenches with them. Cleaning up after a fire, moving contents to prevent further damage. I once had an elderly lady come into the office after some punk spray painted the side of her car. Sadly she didn't have the coverage. I couldn't leave it there. I took a bottle of polish and a rag and cleaned of the entire side of the car for her. All while wearing a suit! I don't do this solely for the $. I do it for the joy of helping people in need!

 

[cgreene]

I think doing this solely for the money it would cost so much fraud in the business. Many people are willing to do anything so sell a policy.

 

[GXR2]

If you're burned out get out or risk serious life deterioration.

Walking away guarantees eroding retention and pay.

Sell at a price that can't be refused with agreement of 2% of revenue in perpetuity transferable to all agency successors and/or assigns.

Insert your numbers below:

$5MM book = $100k.

Decide what's more important: high personal expenses and debt or downsize never having to work again.* I can think of a million things if not "required" to work.

Gee let's see ... Hmm ...

+ Bask out on my boat.
+ Discover my family for first time.
+ Start a hobby business.
+ Travel - Actually live those taunting calendar pictures.
+ Never deal with an a-hole again.
+ Laugh so much my sides will ache.
+ Have an epiphany that divine retribution is for the working.

Heck, I'd be willing to sweeten the deal with 1.5% contingent @ $10MM.

This would depend if you're selling a true "agency" or just a producer with "book". The former having greater bargaining power and turn key: site, talent, systems, training, etc. Then I'd do 2% on ALL agency revenue for 5 years, (10 years if agency is big enough) than % of sold book in perpetuity.

Just be sure a yuck doesn't buy it and run it into the ground or see your precious pension slip slide away.

As for myself, the main reason why I haven't left my current gig and started my own agency is for the very reason you stated. I despise many aspects of this business. If I had a passion for insurance I would already be an agency owner.

I know I've already broken through the glass ceiling and my talent outgrown where I'm at. I'm aware of that.

However, money and being my own boss as the only two motivators isn't enough to motivate me. I need to have a passion, a love for what I do in order to get excited about taking it to the next level.

Don't get me wrong, I have high ethics and I always put my best foot forward in everything I do including insurance.

For what it is I make good money but not as much if I was a producer/owner. The benefit is I'm able to take off whenever I want without any worries or headaches of running anything. I probably only work 9 to months out of the year. Even when working I can make my own schedule and come and go as I please. When I'm taking time off my mind is truly not at work. I like that.

You'll be surprised how "clogged" your brain is from all the crap you have to deal with working in this business. Not to mention all the time being "on". When you step back and truly have time to "think" it's like a floodgate opens and ideas flow between neurons faster than you can process them.

My situation has provided me the opportunity to channel my free time into taking care of myself. Most importantly taking my business acumen and talents and free time to start and develop my own business, something I get excited about waking up in the morning for--THAT is what I have a passion for.

You asked the question (I paraphrase) "Why do so many veterans stay in this business so long?

The answer I believe is multifold. They're making so much damn money they realize they won't be able to make the same kind of money (and support their debt level) elsewhere. Time has "aged" them out of the workforce as recruiters hire younger, more aggressive, unjadded talent for less pay. They've sat stagnant and sedentary for so long they've lost their will and drive to go beyond status quo. Their renewal book is generating enough income they've become complacent. Too late to change as retirement is just around the corner.

Unfortunately for many the above scenarios come with regrets of not getting out sooner and/or following their true passion.

You need to find out what YOU want out of LIFE. If you know what you want then go out and get what you want. But you can't point fingers saying you aren't where you want to be because of him, or her, or this situation or that situation, or anything! Cowards do that.

 

[insurance1822]

^ Damn GXR spitting some serious game here.

Touche my friend....touche.

 

[runtilmylegsdrpoff]

If you're burned out get out or risk serious life deterioration.

Walking away guarantees eroding retention and pay.

Sell at a price that can't be refused with agreement of 2% of revenue in perpetuity transferable to all agency successors and/or assigns.

Insert your numbers below:

$5MM book = $100k.

Decide what's more important: high personal expenses and debt or downsize never having to work again.* I can think of a million things if not "required" to work.

Gee let's see ... Hmm ...

+ Bask out on my boat.
+ Discover my family for first time.
+ Start a hobby business.
+ Travel - Actually live those taunting calendar pictures.
+ Never deal with an a-hole again.
+ Laugh so much my sides will ache.
+ Have an epiphany that divine retribution is for the working.

Heck, I'd be willing to sweeten the deal with 1.5% contingent @ $10MM.

This would depend if you're selling a true "agency" or just a producer with "book". The former having greater bargaining power and turn key: site, talent, systems, training, etc. Then I'd do 2% on ALL agency revenue for 5 years, (10 years if agency is big enough) than % of sold book in perpetuity.

Just be sure a yuck doesn't buy it and run it into the ground or see your precious pension slip slide away.

As for myself, the main reason why I haven't left my current gig and started my own agency is for the very reason you stated. I despise many aspects of this business. If I had a passion for insurance I would already be an agency owner.

I know I've already broken through the glass ceiling and my talent outgrown where I'm at. I'm aware of that.

However, money and being my own boss as the only two motivators isn't enough to motivate me. I need to have a passion, a love for what I do in order to get excited about taking it to the next level.

Don't get me wrong, I have high ethics and I always put my best foot forward in everything I do including insurance.

For what it is I make good money but not as much if I was a producer/owner. The benefit is I'm able to take off whenever I want without any worries or headaches of running anything. I probably only work 9 to months out of the year. Even when working I can make my own schedule and come and go as I please. When I'm taking time off my mind is truly not at work. I like that.

You'll be surprised how "clogged" your brain is from all the crap you have to deal with working in this business. Not to mention all the time being "on". When you step back and truly have time to "think" it's like a floodgate opens and ideas flow between neurons faster than you can process them.

My situation has provided me the opportunity to channel my free time into taking care of myself. Most importantly taking my business acumen and talents and free time to start and develop my own business, something I get excited about waking up in the morning for--THAT is what I have a passion for.

You asked the question (I paraphrase) "Why do so many veterans stay in this business so long?

The answer I believe is multifold. They're making so much damn money they realize they won't be able to make the same kind of money (and support their debt level) elsewhere. Time has "aged" them out of the workforce as recruiters hire younger, more aggressive, unjadded talent for less pay. They've sat stagnant and sedentary for so long they've lost their will and drive to go beyond status quo. Their renewal book is generating enough income they've become complacent. Too late to change as retirement is just around the corner.

Unfortunately for many the above scenarios come with regrets of not getting out sooner and/or following their true passion.

You need to find out what YOU want out of LIFE. If you know what you want then go out and get what you want. But you can't point fingers saying you aren't where you want to be because of him, or her, or this situation or that situation, or anything! Cowards do that.

 

[shawnmwalker]

I think GXr23PO,

Just earned Ins1899's respect! I Think those two have gone round and round. I think Maybe ins1755, is now a GXR2CP3O Believer.

 

[GXR2]

I'll end it with this...

Success isn't about how hard you hit, It’s about how hard you can get hit and keep moving forward; how much you can take and keep moving forward. THAT'S how winning is done!

 

[insurance1822]

#stolenrockyvalor

 

[AboutThatLife]

#stolenrockyvalor

How long you been in the biz? It's encouraging to see someone who is 31 be so successful.