Adding your business to the list of insurance agencies for sale can be very exciting. When the selling process is done right, you’ll find yourself happily sailing into the sunset. Conversely, you’ll be setting yourself up for failure if you don’t steer clear of costly mistakes when you’re selling your agency.
Tips for Avoiding Costly Mistakes When Selling Your Insurance Agency
Know What You Want
It takes blood, sweat, and tears to build a loyal base of customers, develop your staff, and secure contracts with partners. For this reason, it can be challenging to resist buyers who recognize your hard work and express their interest in buying your insurance business. Unless you’re clear on what you want from a professional and financial standpoint, all the attention will go to your head, and the dollar signs will easily sway you.
Try to ask yourself if you prefer to sell your business to a bigger company or to an employee who has stood by you through the years. It’s also best to determine your motivation for selling, whether it’s burnout, a viable exit strategy, or another business opportunity on the horizon.
Determine Your Agency’s Actual Worth
The process of selling an insurance agency requires proper business valuation. This process provides you with a detailed account of your company’s quantitative and qualitative information; it allows you to determine a fair price for your agency. Additionally, the process will give you opportunities to hit the key benchmarks that matter to your prospective buyers and maximize the value of your business.
Invest in Good Advice
Since the selling process will take a considerable chunk of your time, you’ll need someone to guide you through it. Seeking advice from a professional who knows everything about insurance deals will help you prepare your agency for sale and during the transaction process.
Looking for Insurance Agencies for Sale?
At Energia Consulting Partners, LLC, we specialize in all aspects of the sale of an insurance agency. Contact us today to find out what we can do for you.