You probably have seen the life insurance commercial that leads with the commentary that 10,000 Americans retire every day. News flash: some of that number is insurance agency owners and principals. Recent studies indicate that approximately one-third of all agency principals are older than age 55 or plan to retire in the next 10 years.
Our industry is poorly prepared to internally absorb that much equity over the next 10 years and beyond. The system simply has not developed the people power—the next generations to acquire the equity of the retiring principals and lead those firms into the future.
Many principals view perpetuation not as a process but as an event, something they can accomplish in the next year or two. The reality: You need 10 years or more to get the right people in place.
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