Culture Clashes Doom Agency M&As
There is probably no greater adventure for an independent agency than when combining operations with another firm as part of a merger or acquisition. If done right, it can be a monumental success for everyone involved, financially and culturally. But, warn M&A pros, when fundamental questions go unasked and the process goes awry, it can be a disaster.
There are places to turn and people for agents to speak to for support when they are looking at an M&A opportunity. Yet the process should begin at a very personal level–a conversation over lunch, a principal's contemplation about his or her future, a discussion over how to get the best insurance deal for a long-time customer if the agency loses markets because it cannot generate enough volume on its own to satisfy carriers.
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