PIA National announces new agency perpetuation planning program

The new Agency Journey Mapping program began as a series of live seminars held in cities across the country.

Agents using the Agency Journey Mapping program will learn about agency valuation, internal perpetuation methods, external perpetuation methods and contingency buy/sell agreements. (Photo: National Association of Professional Insurance Agents)

The National Association of Professional Insurance Agents (PIA National) and its carrier council, The PIA Partnership, unveiled a new agency perpetuation planning program for PIA members and agents appointed by carriers participating in The PIA Partnership.

The PIA Partnership’s new Agency Journey Mapping program explains the means and methods of determining agency valuation based on cash flow potential and future earnings potential. The program then expands to identify how agencies may plan for their own internal or external succession to achieve the goals of the perpetuator, the successor, and the staff and clients of the agency.

“Every agency will eventually perpetuate at the death, disability or retirement of its owners or earlier sale of the agency,” PIA National President Dennis Kuhnke of Milwaukee, Wis., said in a statement. “Yet few agency owners adequately prepare for perpetuation and fewer still understand the principles of valuation to properly calculate their business’ value in a succession or perpetuation. Our goal is to help agents understand the issues surrounding agency perpetuation, while making it easy for them to create a personalized perpetuation plan for their agencies.”

Preparing for the future

Agents using the Agency Journey Mapping program will learn about agency valuation, internal perpetuation methods, external perpetuation methods, and contingency buy/sell agreements. They will also learn how to maximize their retirement income when they leave their agency while protecting their family’s income should they die or become disabled before then.

Agency Journey Mapping began as a series of live seminars held in cities across the country. That live program has been recorded and is now available on-demand along with an extensive resource library that agents can use to create a perpetuation plan that is personalized to their agency.

Agents who prefer a live seminar to the on-demand option can indicate that on the Agency Journey Mapping website. They will then receive a personal invitation when a live seminar is scheduled near them. The live seminars generally qualify for four hours of continuing education credits, while the on-demand seminar does not. Live seminars also include a 30 minute private consultation with PIA’s perpetuation partner, AI Diamond of Agency Consulting Group.

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