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Art of the Exit – Ensuring a Smooth Transition When It’s Time to Sell

Whether you  are 30 or 65, the importance of starting the conversation about your agency’s legacy should start now.  A lack of long-term planning can affect your day to-day performance and revenue growth.

 This article explores the important aspects of your exit and the benefits of early succession planning – recognizing your eventual retirement and  your exit timeline, the importance of a proper valuation, external vs internal sales and contingency buy-sell agreements.

“You need to have a written, explicit succession plan in place.  Then you need to develop your plan and memorialize it!”  – Scott Freiday, InsurBanc Division Director

Click here to ready the article.

State of The Insurance Industry

How Can Insurance Agencies Prevent Falling Victim to Fraudulent Scams?

InsurBanc’s Director of Cash Management, Patricia Smith, recently wrote an insightful article, “Fraud Prevention Starts at Home for Independent Agencies”.

In this recent Property Casualty 360 article, we discuss the importance of having a watchful eye for fraudulent scams with an emphasis on how insurance agencies are particularly vulnerable. A step-by-step guide to the most overlooked steps­­­ to not just protect your clients but also your business and yourself.

Click here to ready the article.

What Every Agency Principal Should Know About Premium Trust Accounts

InsurBanc’s Director of Cash Management, Patricia Smith, recently authored an article, “Under the Hood of Your Agency’s Banking:  What Every Insurance Principal Must Know About Premium Trust Accounts”.

In InsurBanc’s latest article in Rough Notes Magazine, we break it down simply and take a clear, practical look at the importance of premium trust accounts.  Agencies can strategically learn how to leverage these accounts for operating efficiency.

Click here to ready the article.

How Contingent Compensation Is Factored Into an Agency Acquisition

InsurBanc’s Commercial Team Leader, Keith Mangini, recently authored an article, “How Contingent Compensation Is Factored Into an Agency Acquisition.” 

This article breaks down how contingency compensation fits into the valuation process and why buyers and sellers should pay close attention to it.  If your agency is navigating an acquisition or simply want a deeper understanding of your agency’s worth, learn how contingencies can influence deal structure and long term success. 

Check it out to learn how contingencies can influence deal structure and long term success. 

Ask These Questions Before Choosing a Lender and Borrowing Money

Agency owners considering financing should take a measured approach before committing to any borrowing strategy and a lending partner.    In a recent PC360 article, InsurBanc Commercial Team Leader – Keith Mangini – lays out the critical questions that can help guide sound decision-making for your agency.

Does the bank understand how independent insurance agencies operate?  Does the bank understand how to interpret carrier premium report?  Will collateral be required?

Benefit from Keith’s guidance, click to read the full article.

Bringing in Young Agents and Building a Leadership Pipeline

We are proud to share that George Thompson, InsurBanc Commercial Lender, was recently interviewed by Insurance Business America at the National African American Insurance Association conference.

George discusses how the industry can attract more young agents, build a pipeline for future leadership roles and current shifts in the industry.

View the entire interview!

Shifting Market Factors Webinar

The webinar is now available to view.

Click here to view.

Private Equity vs. Industry Bank Financing

Thinking about selling your agency?  Here’s how private equity  and industry-focused bank lending fit it.

Private equity continues to make bold moves in the insurance space – reshaping ownership models, fueling M&A activity and redefining what growth looks like for agencies. Understanding the differences between private equity investment and industry focused lending is becoming essential for agency leaders.

Learn more about what this means for agency leaders.  Take a minute to read the article by InsurBanc division director Scott Freiday in the Insurance Journal and learn more about how to choose the financing strategies that preserve your legacy and reach your financial goals.

Click here to read the article!

Successful Acquisition Strategy Podcast

Passing the Torch: A Father-Son Succession Story

Join the discussion with Keith Mangini, InsurBanc commercial team leader, Lee Guadette, president Gaudette Insurance and his son, Peter Guadette, commercial insurance advisor at Gaudette Insurance, as they chat with Peter van Aartrijk on the Agency Nation podcast.

Listen as this podcast dives into a real-life succession journey between a father and son – the challenges, the tough conversations and the strategies that make it work. Here from both generations plus expert succession advice from InsurBanc to help your agency prepare for the future.

Whether you are planning your exit, just starting in the family business or anywhere in between – this is a conversation you won’t want to miss.

Click here to listen!