Looking to Learn from Independent and Possibly Buy them Out

Aug 15, 2016

  1. FDML
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    FDML New Member

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    Hello Everyone,
    Looking for some advice. I've been in the industry a about a year and a half and started in L&H, which obviously didn't go so well. Someone sold me a bill of goods that I bought hook line and sinker. After an eye opening year, I decided to get my P&C. I signed on with a niche P&C company that allows me to sell outside of their market as long as I don't sell out of my home office where I work now.
    I am looking to work for someone and learn the business more, for an IA owner who doesn't have an exit/succession strategy in place. I'm really hoping to do more commercial but realize that anyone who will take me under their wing with the hopes of letting me take over their agency (buyout) (while I build my own book), may be a stretch. I've been on agencyequities looking for books or agencies to approach but haven't had any luck. I guess I'm wondering how I would go about finding someone in that position who is close to retiring. Or am I being a ridiculous by thinking there are owners out willing to do this. FYI I am in Chicago IL.
     
    FDML, Aug 15, 2016
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  2. djs
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    djs Super Moderator Moderator

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    Despite what you might here, agency sales are not a common thing. It rarely happens for retirement since the owner can hire someone to manage the agency and live on residuals for years. Owning an agency can be a great retirement plan!

    It does happen with the current owner really does have to step away or does want to get out. Its possible to find one, but it takes knocking on a lot of doors and talking with a lot of agents.

    Good luck on your quest. People do it. You'll have better luck looking for multiple smaller agencies that you can piece together, but even here, larger agencies like to buy these when they come on the market to grow their books.

    Keep looking. Get to know every agent within 15-20 miles of you. Let them know you would like to buy them out when they are ready. Who knows, one might be ready sooner then the others.

    Dan
     
    djs, Aug 15, 2016
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  3. FDML
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    FDML New Member

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    Dan,
    Thank you so much for your honest feedback, you seem to have a handle the insurance industry. I would really like to know if there are any training classes(which don't cost a small fortune) or how could I go about finding someone to mentor me. I spoke with one trainer and his training program was $500 a month) The agency/company that I'm a producer for doesn't really have anything in the way of training. Even the company that I'm contracted with as an independent doesn't do much in the way of training. Any advice would be welcomed.
    Thanks,
    David
     
    FDML, Aug 25, 2016
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  4. tpowell138
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    tpowell138 Expert

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    Hey Dan I am part of the millennium agents here and can understand your frustration of starting from the bottom.
    Send me a PM about your past insurance jobs and experience. You are looking to be a Independent agent right? Also what state?

    Take care!
     
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