Independent agency succession planning can be a touchy subject, regardless if you’re considering an internal transfer or external sale.
Giving up your agency for any reason can be a bittersweet process, but placing the proper value on your agency is an extremely important part of the process and not something you should take lightly.
It’s important to work with a valuation partner who understands that valuing and perpetuating an agency is about more than a number.
This is why Ohio Insurance Agents Association (OIA) has stepped in to the agency valuation arena.
We bring a compassionate team of experts to guide you through the steps to perpetuate internally or externally. We understand that your agency is your lifeblood, your reputation and your legacy.
OIA Chief Operations Officer Carey Wallace said it best:
“We’re not interested in trying to drive agents toward one particular solution for their agency. We just want to make sure that agents have all of the information they need in order to make the best decision.”
Time moves fast, and whether the time to sell or exit your agency is now or in 10 years, you should be thinking about this day well before it occurs.
Simply passing your agency on to a family member? That may seem easy, but there is a lot of work involved to ensure your future family get-togethers aren’t ruined by the resentment of a (perceived) bad business deal.
It’s just as important when selling your agency externally to another retail agent, a large broker or even private equity. If you’re simply taking their offer without conducting your own valuation, how do you know you’re getting the best value for your agency?
That’s why gaining an unbiased understanding of your agency’s value from OIA can help you make the most informed decisions about the future of your business.
OIA represents agencies of every size, from small, family-owned businesses to large agencies with multiple locations.
Our valuation services are specifically tailored to small- to mid-sized agencies that are often overlooked by the incumbent valuation providers.
Whether you’re perpetuating internally, selling your agency to a third party, or even purchasing another agency – OIA is here to be your trusted advisor.
Our valuation services were exclusively developed to empower you with the tools you need to plan your agency’s perpetuation.
Do you know the value of your agency? We’re here to help. Contact OIA today at (800) 555-1742 or visit our Valuation Assistance page to get started!
About Ohio Insurance Agents Association
Ohio Insurance Agents Association (OIA) is the collective voice of 1,300 independent agencies that employ nearly 10,000 Ohioans. We promote, progress and protect the professional advice and guidance only independent insurance agents provide. OIA members write 82 percent of the commercial insurance policies and 44 percent of personal insurance policies in Ohio. OIA helps agents by providing agency valuation, succession planning, generational health, operational benchmarking reports, other business solutions and industry thought leadership.
With a median agency principal age of 59 years in Ohio, it’s time to buckle up and ride the wave of ownership change coming down the pike in the next five to 10 years.
To ensure small- to mid-sized retail agency owners are empowered with tools to make the best decisions when considering succession planning for their agency, OIA is building a robust offering of valuation and operational consulting services scheduled to roll out in 2018.
Craig Niess, business planning and valuation manager at OIA, will lead the initiatives.
“I’m excited about the opportunity to develop and manage the consulting practice within OIA and bring much needed services and solutions to Ohio’s independent agencies,” Niess says.
“In 2018, we want to offer high-quality business consulting to as many agencies as possible.”
Niess shares OIA’s passion for independent agents and the IA channel. He has more than seven years of financial and operational consulting experience with independent agents through his tenure at Marsh, Berry & Company.
Interested in being the first to know when the new services are available? Sign up to receive notifications.