Ready Made Workforce in Tennessee

XIT_GUY

New Member
2
Hello All!

Been lurking for a bit; and now I am ready to post my first thread! I have been designated as an "information gatherer" for a group of guys looking to possibly get into insurance sales. First of all, a bit about me... I first started selling insurance back in the early '90's with Combined Ins in the state of Montana (coupon policies - accident, AD&D etc.) moved on to Banker's L&C selling LTC. That didn't go so well so I left the biz. Fast forward to 2000 where I started selling with AFLAC (left a sour taste in my mouth - Long story) Needless to say I left insurance again... Here I am now - third time's a charm??

I and 2-3 of my former work buddies have just recently been let go /left a computer company here in Tennessee. We all were in sales and were in the top 10-25% of reps with our company. Unfortunately we found that we were making a little too much and became targets (but I digress). We have been talking about sticking together and getting our Insurance licenses; probably looking to getting into the FE/Mortgage/Annuity Biz. We're talking about going independent and splitting the costs of the start up (leads etc). In your more seasoned opinion - Is this a good way to go? I see companies offering the same thing we want; but are only paying out 50-65% on the contracts. I value your opinions and I hope you could give our group some insight...

Cheers,

XIT_GUY
 
Hello All!

Been lurking for a bit; and now I am ready to post my first thread! I have been designated as an "information gatherer" for a group of guys looking to possibly get into insurance sales. First of all, a bit about me... I first started selling insurance back in the early '90's with Combined Ins in the state of Montana (coupon policies - accident, AD&D etc.) moved on to Banker's L&C selling LTC. That didn't go so well so I left the biz. Fast forward to 2000 where I started selling with AFLAC (left a sour taste in my mouth - Long story) Needless to say I left insurance again... Here I am now - third time's a charm??

I and 2-3 of my former work buddies have just recently been let go /left a computer company here in Tennessee. We all were in sales and were in the top 10-25% of reps with our company. Unfortunately we found that we were making a little too much and became targets (but I digress). We have been talking about sticking together and getting our Insurance licenses; probably looking to getting into the FE/Mortgage/Annuity Biz. We're talking about going independent and splitting the costs of the start up (leads etc). In your more seasoned opinion - Is this a good way to go? I see companies offering the same thing we want; but are only paying out 50-65% on the contracts. I value your opinions and I hope you could give our group some insight...

Cheers,

XIT_GUY
Jim.. Always be careful in the way partnerships are structured. My daughter is learning that lesson the hard way with her business. As for the FE part, contact Scott at FEXcontracting.com (Newby on the forum)..1-800-673-5309.. He is one of the good guys and they specialize in FE but he may be able to help you with other lines as I think some of the comapnies he has also have those products.
 
Very rarely do partnerships work out satisfactorily.
 
Thanks ALL for your input! In your opinions how should we address our situation? All do our own thing? What are some of the issues inherent in the scenario I mentioned?
 
Never do the following when running a business:

1) Partner with friends or family, and
2) Have a partnership.

Take it from someone who's worked in a partnership and failed -- you're better off on your own.

Additionally, there's really no economies of scale to take advantage of anyway, at least initially.


Thanks ALL for your input! In your opinions how should we address our situation? All do our own thing? What are some of the issues inherent in the scenario I mentioned?
 
Thanks ALL for your input! In your opinions how should we address our situation? All do our own thing? What are some of the issues inherent in the scenario I mentioned?

You can share expenses and do joint work if you chose. However, be sure to have any arrangement spelled out in writing with it also spelled out how to exit type arrangement. I would avoid any joint financial obligations.
 
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