Leaving Current Agency is Imminent...

[dasani99]

Hi all,

I am posting this in hopes of finding some help/advice here. I am currently an employee of an independent agency, paid a small base and commission percentage for the accounts I have on the books, which is a decent size. The agency owner got sued awhile back and has bad health and in debt. He has recently cut my pay and also fired other employees, presumably because he can't afford them. I am not sure what will happen to the agency and am worried about my business so have been looking to set up my own agency and negotiate for contracts with carriers. I have no non-compete or employment contract with my employer.

I haven't approached the owner about me leaving for fear he boots me and I am completely unprepared to go forward with the new agency. Any advice on how to go about navigating this very stressful situation? What I can/can't do? Can I tell customers about what I'm doing?

 

[GMANPRO]

Non-competes when it comes to employment elsewhere will not be enforced. DO NOT contact your customers to switch them over until the non-compete expires. I would be jumping ship right now. Do you have any money that you could use to open your own agency?

 

[xrac]

Non-competes when it comes to employment elsewhere will not be enforced. DO NOT contact your customers to switch them over until the non-compete expires. I would be jumping ship right now. Do you have any money that you could use to open your own agency?

GMANPRO, he DOES NOT have a non compete.

It would be unethical to talk to clients until you make the switch. My advice is get your plan together and do it. It is scary but you can succeed. What would you do about carrier appointments.

 

[Guest]

Do you like your current boss? What your asking us is how to steal from a man who's in bad health and down on his luck. If you can't start an agency with out stealing clients, your probably going to end up in the same shoes as your current employer. I say stealing clients because I don't care if you closed them or are invited to Christmas dinner if you didn't pay for the lead or generate it they are not your client

On the other hand if you don't care for him download his comparative rater files and do as you please.

 

[xrac]

Have you considered approaching the owner about buying him out and taking over?

 

[VolAgent]

Have you considered approaching the owner about buying him out and taking over?

I'm not sure that is a good idea. There has already been one lawsuit from this book of business. If this person takes over, they may become a target for future lawsuits.

 

[nyc2phi]

Did you sign any kind of contract ? without a contract it would it would be tough for this guy to stop you from bringing over willing clients to your agency.

On the other hand like everyone said, it does seem a little immoral and unethical to be stealing clients from this dude while hes on his death bed lol.

 

[xrac]

I'm not sure that is a good idea. There has already been one lawsuit from this book of business. If this person takes over, they may become a target for future lawsuits.

VolAgent, you assume the lawsuit was business related which is not nescessarily the case. However, even if it were a sale can still be structured as an asset sale where no liability is assumed.

 

[moonlightandmargaritas]

Do you like your current boss?

Do you like having your rate of pay reduced? This is business, "like" doesn't, and shouldn't, come in to it.

 

[Pete Cormie]

Contact an agent's group. like SAN to get contracted. Get a list of all of "your" clients. Tell your boss you're leaving to start an agency, but make him an offer for his. Give him 48 hours to sell to you or leave. Joining an agent's group might cost you $5k up front, but you'll get all the contracts you need to just BOR "your" clients. You'll also qualify for overrides/profit sharing more quickly.