It takes a lot of time, money, and hard work to build a successful insurance business. However, if a new venture beckons or if the owner is ready for retirement, deciding to include their agency in the list of insurance agencies for sale in Atlanta, GA, may be their next move.
Selling your interest in the business can be a little challenging if your insurance agency is a partnership. To avoid the hassles associated with finding a buyer your partner would be comfortable working with, you may want to sell your stake in the partnership to your partner. Here’s a list of what you can do to make this happen.
Come Up With a Transition Plan
Since the relationships you built with your clients over the years are a part of your agency’s value, you’ll want to help your partner keep the value of these relationships. You can have a higher sales price if you decide to help transition your clients to the other agents in your firm.
Keep Your Appointments in Check
The agent’s brokers and sub-producers are usually covered in the agreements made between agencies and insurance companies without the need to separately name these individuals. You’ll want to check whether your agency is listed as an agent in these contracts.
Be sure to contact the insurance company if you see that your name is the only name on the contract. Arrange to transfer it into your partner’s name or the name of your firm to avoid complications and costly delays after completing the sale.
Mind Residual Commissions
It’s extremely important to determine what happens to the commission on the policies you sell up to your last week in the office. To help you adjust the price to make a deal, you have to leverage who gets the rights to those commissions.
Learn More About Insurance Agencies for Sale in Atlanta, GA!
At Energia Consulting Partners, LLC, we offer a well-established approach to the agency sales process. Contact us today for inquiries!