Valuation and Perpetuation - Ohio Insurance Agents

IA Valuations’ 2025 Q1 Insurance Agency Marketplace Report

IA Valuations, OIA’s valuation and consulting team, has been tracking the marketplace for key indicators of health in the insurance agency industry over the past 5+ years. 2024 was the year of the Mega Mergers & Acquisitions, representing another year of consolidation in the independent agency space. With Private Equity entering the system, there’s been a lot of changes in the industry in terms of valuation and M&A activity. Learn more about EBITDA Multiples, EBITDA pro forma, and the Power of Preparation in our 2025 Q1 Marketplace Report.

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You Value Your Clients, We Value Your Agency.

Every valuation and business plan we prepare is exclusively for independent insurance agency owners. In fact, for over 120 years we have been serving independent insurance agents in their business development and growth plans.

Our valuation team has a collective 50+ years of experience in the industry and will serve as your trusted advisor on your journey to optimize your agency’s value.

IA Valuation’s mission is valuation-based planning to help owners realize and maximize their value. Our goal is to maximize and protect the value of the independent agency system.

We will provide you with a professional, comprehensive, and unbiased understanding of your agency’s value, risk factors, and growth.

Why get a Valuation?

You wouldn’t leave money on the table anywhere else… so why would you do it with your agency? Basing your agency’s value on industry folklore can be costly. Simply believing that your agency is worth some multiple of revenue (2x) could be an expensive mistake. So many factors go into a true calculation of agency value. Don’t guess on your agency’s value. Get a professional analysis and complete a valuation.

Here are just a few reasons why you should get started with a valuation:

Three Tips to Start your Planning Process

1. Time is incredibly valuable to you and your agency. Knowing your value and what drives your value is powerful. The earlier you gain this understanding, the more time you have to increase your agency value.

2. Take action by utilizing these practical examples. We will discuss several insights and the practical steps you can take today to increase your agency’s value. We shared how reallocating resources and investing in your agency can significantly improve your agency’s value over time. It is much like the time value of money when investing in stocks - the earlier you invest, the greater the potential return. There are several key areas where you can make investments in your agency to drive your value up.

Allocate resources to invest in growth
Reduce your risk factors
Document and implement a buy-sell agreement and perpetuation plan
Understand the tax implications of your current corporate structure

3. Every agency needs to have a plan. Your agency is most likely your biggest asset and may even represent your life’s work. It needs to be protected. The best way to do that is to have a thoughtful plan for the future. We have resources and expertise available to help you every step of the way as you build the plan that is right for your agency. This is one of the many resources that we have built to help our agents continue to flourish. Our team is excited about your future and want to be a part of giving you as many options as possible as you plan for the future of your agency.

Meet The Experts

Craig Niess, CVA, MBA

Director of Business Planning and Valuation

Craig Niess is OIA and IA Valuation’s seasoned Director of Business planning and Valuations. With more than a decade of financial and operational consulting experience with independent agents and brokers, he has spent most of his career specializing in valuations and perpetuation planning.

Craig joined OIA in 2017 and has performed over 300 valuations since joining and more than 600 throughout his career. Craig holds a BA in Economics from Ohio Wesleyan University, an MBA in Finance from the University of Iowa, and earned the prestigious Certified Valuation Analyst designation (CVA).

Craig’s experience, expertise, and specialization in independent insurance agencies and brokers makes him an invaluable asset for agency owners across the country.

Jarod Steed

Business Planning and Valuation Analyst

Jarod Steed is the Business Planning & Valuation Analyst for OIA and the IA Valuations team. A graduate of The Ohio State University, he holds a bachelor’s degree in business administration with a specialization in finance and a minor in economics.

Jarod’s professional background includes accounting and operations analysis in the Insurtech industry. He has a passion for delivering insightful numbers and thoughtful analysis.

Jarod enjoys working closely with independent insurance agents in the valuation, consulting, and M&A space and helping them understand their agency better.

Jeff Smith, JD, CIC, CAE

Chief Executive Officer

Jeff Smith serves as Chief Executive Officer for OIA and IA Valuations. He is responsible for leading the organization’s strategic initiatives and day to day operations. As CEO of IA Valuations, Smith has consulted and reviewed over 200 agency valuations for independent agents across the US. Smith provides insights into the agency’s operations, risk factors, and legal guidance on how to perpetuate and maximize value in a sale.

Smith graduated with honors from Kent State University and Capital University Law School with a concentration in government relations. He is a licensed P&C insurance agent, Certified Insurance Counselor Designee, Attorney, and Certified Association Executive. Smith is an active member of the Ohio State Bar Association Insurance Committee, Ohio Society of Association Executives, and Ohio Lobbying Association.

Let’s Hear it From your Peers

Don’t just take it from us, hear from your peers on the importance of having a valuation and the value it has created for their agency and operations.

“Detailed insights, great understanding of my agency and how it operates, detailed explanation of the results and what went into the calculation, and a meaningful discussion of the risks of waiting too long to transition the agency. Time and money well spent.” – Perk Reichley, Agency Owner, Reichley Insurance Agency

“When we started working with Craig, Jeff, and the IA Valuations team 5 years ago, internal perpetuation seemed like a daunting task. However, over the years we have worked with them to understand our agency value, address our risk factors, implement a growth strategy, and execute our internal perpetuation. The annual valuation has been the guiding document for our business planning, partner development, and perpetuation planning. Whatever your reason may be, we highly recommend every agency get a valuation.” – Cameron Caryer, Agency Owner, Frost Insurance Agency

“We are so appreciative of the IA Valuations team. We’d been doing our valuations internally, and they helped us better understand the value of our agency. The IA Valuations team provided us with great insights to keep growing in the ever-changing marketplace. We plan to continue to engage with the team to assist with our internal perpetuation moving forward since we were so impressed with their valuation service. We would recommend this service to all agencies looking to gain insights on their value, perpetuation, and prosperity of their agency.” – Rudy Keister, Agency Owner, Ruese Insurance Agency

“IA Valuations has continuously provided Frost Insurance Agency with opportunities to expand and grow our business. This was our 5th year in a row getting a valuation, and I can’t say enough good things about their service. We have built a strong professional relationship with them, and our agency is better off because of their perpetuation planning services.” – Rachel Moll, Agency Owner, Frost Insurance Agency

“The OIA has been an instrumental partner that’s helped facilitate our growth and forced us to think strategically about our operations. Specifically, Craig Niess facilitated agency acquisitions for us by leveraging his expert valuation & consulting services. Literally cannot recommend this organization and the people, more highly!” – Matt Simon, Agency Owner, CoverLink

“Craig Niess provided the expertise we needed for an updated agency valuation and buy-sell agreement. They helped address our agency’s specific needs. We would recommend using Craig for these services. He knows and understands our business. The OIA provides very good services at a great value for agents!” John Flickinger, Agency Owner, K&J Flickinger Insurance

“The IA system is constantly evolving and we are lucky to have the OIA to provide guidance to our members. I’d like to specifically recognize their valuation services for their time and efforts to assist IA’s in growing their agency operations in Ohio and beyond.” Mike Humphry, Iroquois Group

Valuation & Perpetuation

IA Valuations’ 2025 Q1 Insurance Agency Marketplace Report