Many insurance agents dream of the day when they can sit back, kick up their feet, relax and enjoy the rewards of their hard work. They may be thinking they'll just slow down and work less, or they may think they want to retire completely.
Either way, they typically have only one of two options in mind for their business when that day comes:
- Create a business that runs on its own and provides its owner with consistent cash flow — one with very little dependence on owners being present to accomplish growth.
- Sell the business to an outside investor for a nice valuation, based on a multiple of the practice's revenue or earnings.
Related: 6 tips to get your financial services practice ready to sell
Whether it's the automated cash flow machine you want or a sell out, both of these strategies would be a great option for a successful advisor to have in order to live the retirement years they've always dreamed of.
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