Questions About Selling an Insurance Agency

My firm works regularly with agency owners in the planning and execution of the sale of their business. Some key questions have been raised more frequently with the pending tax increases set for 2013, so I thought it would be helpful to address these to a broader audience in the dialogue that follows. The level of detail is significant but the intent is to provide a more complete discussion of such important questions. I hope you find this information useful in your business planning.1) What are agencies currently selling for as a multiple of revenue?While simplistic in nature, setting a value based on revenue is not realistic. The insurance...

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Red Flags And Costly Errors

The subject of property insurance and claims adjusting often leads to lead to blood pressure rising when speaking with home owners and Condominium Association Board Members. I have heard the nightmare stories. If you dig to find the source of the problem, it is a series of misinformation and errors that lead to costly errors and issues during the claims process.These usually include:Paying too much Gaps in coverage leading to forced-placement by banks Errors and Omissions that impede the claims process. Many times Boards are paying more than they should on their insurance premiums due to unnecessary coverage, mistakes on the appraisal and/or...

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