Insurance Agencies: The one thing you need for successful succession planning

This is the first in a three-part series on successful succession planning for independent agencies and brokerages.

It’s no secret that the insurance industry is aging: the typical independent agency owner turned 53-years-old in 2012 while employees hovered around age 48, a recent Marshberry study revealed. That’s not necessarily a problem—especially given similar aging trends among producer clients—but it could become one if agency owners don’t plan for the future.

A significant number of agency owners don’t have a succession plan in place, instead viewing perpetuation as an event rather than a process. Nothing could be further from the truth, says Reagan Consulting President Kevin Stipe, and whether you choose to sell or pass your business along internally, there is one thing you’ll need: young, talented staff.

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The one thing you need for successful succession planning:

For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.