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"I bought this book of business for two times 25 years ago; I was just going to do the same when I'm ready to retire." This is one of the most common quips IA Valuations hears from the generation of agency owners getting ready to retire, and we fear it could leave much on the table for owners' retirement and their agency. You bought the book for two times what? Commissions and fees? Gross revenue? Net income? Did the owner in this example really understand the details of what their price was based on? Far too often, the answer to this question is only a half-hearted "yes." When really, an agency owner or anyone interested in buying a book of business, should be able to confidently say "OF COURSE!"
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