This article was derived from a presentation at the Third Annual Target Markets Program Administrators Summit, which was held in October in Tempe, Arizona.
FEW transactions are more important to agents and brokers than selling their business-or buying that of another party. For sellers, the transaction can represent an opportunity to remain in business in an improved position or the cashing in of a life's work in preparation for retirement. For buyers, acquisitions represent the fastest route to growth and the furtherance of strategic plans.
At last fall's Third Annual Target Markets Program Administrators Summit, mergers and acquisitions were explored during a workshop presented by Kevin P. Donoghue, managing partner of Mystic Capital Advisors Group, a consulting firm; and Scott Reynolds, chief actuary and operations manager for American Wholesale Insurance Group, which has made several acquisitions in the past couple of years. Their presentation examined the process primarily from the standpoint of buying or selling program administrators, but much of what they said was germane to any agent or broker involved in such transactions. Following is an edited transcript of their comments.
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