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Instant Insights / Succession planning: planning your exit

We're in the midst of a once-in-a-generation sea-change in agency ownership. Here are some issues to tackle, and ideas to consider.

The steps to successful agency perpetuation — part 1

Successfully executing a perpetuation plan will depend on how well your integration plan works, because if not, a lifetime of effort can disappear when the deal you finally made blows up.

By Barry Seigerman | Updated on May 10, 2017

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When I read the results of last month’s NU/PIA Independent Agency Survey, what jumped off the page to me was that more than half said they did not have a set perpetuation plan for their agency, and that the Independent Insurance Agents & Brokers of America (IIABA) gets as many as 40 calls a week from agencies that don’t know what to do about their own perpetuation.

In my last column, I talked about several critical reasons why agency M&A deals fail. My last bullet point stated “not having a grasp on the need for a detailed integration plan to allow for a smooth merger or acquisition” as one of the reasons. A good integration plan can lead to successful agency perpetuation.

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Barry Seigerman

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