Should I Go Out on my Own or Stay?

For some reason....I'm pretty sure you were the fat kid that never got picked for anybody's dodge-ball team but told their cousins they were team captain.

Didn't play dodge-ball, but I did play hockey!

insurance1822, so your telling me you don't offer anything other than retail products directly to customers? Are you licensed in just one state? Do you not specialize in any particular industry.

I beleive in diversefying, such as owning and operating a local agency in Los Angeles, with a notable company like Farmers, but then serve as specialist in the national market place when it comes to motion picture production insurance, events and entertainment services. As a specialist, I am looking to either retail or wholesale those products. Since I do not want to deal with the headaches of selling personal or commercial lines and health or life products in my non-resident states, I just outsource all those leads/referrals in those states to my partner relationships with various GA's, where I still benefit from owning expirations and earning commissions on new business and renewals without doing much of the work. Most of the time, I use the money I make from non-resident states to put back into my local agency and serving as a insurance specialist. It's really the best of both worlds, if you ask me.

Any how, the guy who started this forum should venture out on his own, but if the agent, who he is working is providing all the leads, then I might would stay. It can be expensive buying leads when you first start out on your own.
 
Didn't play dodge-ball, but I did play hockey!

insurance1822, so your telling me you don't offer anything other than retail products directly to customers? Are you licensed in just one state? Do you not specialize in any particular industry.

I beleive in diversefying, such as owning and operating a local agency in Los Angeles, with a notable company like Farmers, but then serve as specialist in the national market place when it comes to motion picture production insurance, events and entertainment services. As a specialist, I am looking to either retail or wholesale those products. Since I do not want to deal with the headaches of selling personal or commercial lines and health or life products in my non-resident states, I just outsource all those leads/referrals in those states to my partner relationships with various GA's, where I still benefit from owning expirations and earning commissions on new business and renewals without doing much of the work. Most of the time, I use the money I make from non-resident states to put back into my local agency and serving as a insurance specialist. It's really the best of both worlds, if you ask me.

Any how, the guy who started this forum should venture out on his own, but if the agent, who he is working is providing all the leads, then I might would stay. It can be expensive buying leads when you first start out on your own.

You continue to confound me and make me wonder if anything you say is true.

What, specifically, about producing 150k in premium per year screams to you that he needs to leave his current gig, start from scratch, increase expenses, not gain any additional markets, and earn about the same split he already is?

It would be a different story if he were captive, closed 35 to 40 percent of what he quoted, and was producing that much per year. That was me a year ago. But he gains nothing by leaving an independent agency with a 70/30 split on new and renewal - in fact, he will probably become less profitable.
 
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There is no reason you can't hit 500k in premium in first year if you have the right plan in place.
 
You continue to confound me and make me wonder if anything you say is true.

What, specifically, about producing 150k in premium per year screams to you that he needs to leave his current gig, start from scratch, increase expenses, not gain any additional markets, and earn about the same split he already is?

It would be a different story if he were captive, closed 35 to 40 percent of what he quoted, and was producing that much per year. That was me a year ago. But he gains nothing by leaving an independent agency with a 70/30 split on new and renewal - in fact, he will probably become less profitable.

Why would I lie to you? I am licensed in 21 states. I live in Los Angeles the motion picture captial of the world. I retail and wholesale motion picture insurance, plus event and entertaiment services. I brokered before I bought a captive agency in Los Angeles. In my 20 non-resident states, I just outsource my agency needs to a a few GA's, who can full-fill them when it comes to personal lines, commercial lines, life, and health, except for the motion picture, events, and entertainment service insurance products. It's not that hard or expensive to start getting your non-resident licesnes. Any how, my philosphy is to have the best of both worlds meaning, I am a captive, who is also an independent.

150K in premium is nothing. I am just telling him other options, which he can own expirations, if he wants to leave. Does he want to leave? If he is happy, then he should stay, right?

He has a good gig as it is and your write after he spending the money on marketing and such, he will be less profitable, more than likely, but does he want to own the book or prefer working for an agent that does. Depending on that, then I woudl say go or stay, you know what I mean?
 
I would say the 150k/year in new business is a little conservative, I am actually on pace to do 190k this year in new business.

It looks like it could take me about 15yrs. to come out ahead due to less income. At retirement time, the agency still owns the book.

What happens when agents retire that work for an agency, the revenue ends for the producer I guess?
 
I would say the 150k/year in new business is a little conservative, I am actually on pace to do 190k this year in new business.

It looks like it could take me about 15yrs. to come out ahead due to less income. At retirement time, the agency still owns the book.

What happens when agents retire that work for an agency, the revenue ends for the producer I guess?

To answer your question, maybe, but you could always offer to purchase it from them and ask for a discount, since you worked for them. Some agencies will do that for the producers who work directly for years for that agency.
 
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