Succession planning is a complicated process with lots of moving parts. (Shutterstock)
There are lots of reasons to think about a succession plan, and it's not all about an agency owner choosing to retire. Life happens. Serious illness, the unexpected death of an owner or divorce might be reasons to sell your interest in the agency. Or you could get lucky, win $100 million in the lottery and move to Tahiti.
When to start planning
Often, independent insurance agencies are family-owned businesses, and the dream of the founder is to pass the legacy on to family members. "My business partner and I always thought we might get one of our five sons into the business," says Stuart S. Durland, vice president of operations for Seely & Durand Insurance in Warwick, N.Y., an agency founded by his grandfather in 1934. "That never transpired so we had to start thinking about the alternatives."
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
