Position Your Agency To Sell
There is little likeness in selling an insurance agency to selling an insurance policy. Selling your agency can be much more complicated. Although, with the right planning, it doesn’t have to be! Below we explain how to Position Your Agency To Sell.
DEFINE WHAT YOU’RE SELLING
Do you own the building where your agency is located? If so, there are few things to also consider when you decide to sell your agency. Are you planning on keeping the building and leasing it post-sale? Will you sell as a package deal or independently?
Selling the building and the company together as a package deal can potentially complicate things. We suggest you sell the real estate piece separately from the agency piece if it all possible. This will save a lot of time and possible frustration.
DO YOU HAVE AN EXIT STRATEGY?
Starting years in advance (if possible) is when you should start working on an exit strategy. We suggest anywhere from two to five years prior.
Why? It allows you time to structure your agency financials in a way that will appeal to potential buyers. Also, it will ensure that you are meeting your own goals and expectations you set for selling your agency. You will need to develop a sales strategy, do some research, set your goals, do your business valuation calculations, set your sales terms, etc.
Give Graybeal Group Inc. a call if you have questions! We can help you position your agency to sell.