Laid off early in career, where to go?

[raxx]

Hi all,

Former I guess, indie commercial P&C agent here.

I had a very generous commission split on new business and renewals (50/50),50% book ownership and a stipend for the first year or two while I get on my feet, or at least that was the agreement. I dropped everything I was doing including other business ventures that were making me more money - to pursue this as a full time long term career. with the hope it would pay dividends in the future Unfortunately, My boss / the person who beckoned me for years to join the industry fell ill and no longer has the time to train me and can't justify paying a stipend while I bumble around and figure things out. So he laid me off, gave me a couple weeks stipend and told me good luck.

While working in the industry for the past 5-6 months I have actually learned to really like it. I like working with business owners, I like sales, I like just about all of it. I would like to continue what I was doing including the learning process.

The main problem is that I've called around town and the recruiters I have actually got ahold of are offering complete garbage. I know that I was getting a smoking deal before but they're offering things like 40% new business 20% renewal with NO book ownership. I could possibly see that if it came with a good salary but that really doesn't seem to be the case.

Anyway, tough break. Hard knocks, etc. Oh well, but if I want to be a commercial P&C agent and have almost no capital and still need to survive how would any of you go about it? Can someone point me in the right direction?

 

[Markthebroker]

I am a 100% commercial indi agent.

You need to learn the industry, so you need training, and if I remember correctly a recent post from you said that you were making very little production in the process. It took me about 5 years to get comfortable with ins and outs of commercial p&c. I am a bit of a slow learner, so if you are really sharp it may be 3 years for you. That's a best case scenario.

A 50/50 split for you is a lofty goal, especially without a sales track record and the need of training. I don't think you are going to get that. Your best bet is to work as an employee for a few years and learn the market. @BADTROUT may have some input for you on this.

You say you have no capital, what about your other business ventures you mentioned?

Personally, I burned through about $330,000 supporting myself and my lifestyle and my mortgage while I ramped up to profitability as an indi commercial agent over 7 years or so. Part of the reason it was so much, is I live in a very very expensive place, and I wanted to keep dirtbiking and 4wheeling to my hearts content while I worked. I came up with the cash by selling off my retirement, selling stocks, borrowing against my home, and using income from another business I own, and working on other things part time, fyi. It's very tough ramping up with commercial p&c, and most people don't make it. If you can get to the other side though, as I have, it sure is sweet.