If you’ve been thinking about selling your insurance agency, it may not make much sense to do so with the holidays quickly approaching. You’ll garner much more interest (and better offers) if you choose to wait until 2018. The first quarter is not only the time for you to make your own resolutions when it comes to your business, it’s a time when other decision-makers are interested in making a big splash in the new year too. See why 2018 will be a great time to sell, and how you can approach the sale with the right attitude and assistance to maximize your profits.
Time for a Change
If the thought of your agency gives you anxiety as opposed to excitement, then 2018 may be the best time to jump into something different. Your clients deserve the best, and a new owner can be the key to delivering the service and attention they need. Maybe you’re still eager to make your mark in the business world, but insurance simply isn’t the gig for you anymore. If employee or client disputes or demands are being ignored or your heart just isn’t in it, then making the resolution to sell is a proactive measure you can take to avoid having to watch your agency descent into chaos.
Hesitation Won’t Help
Your agency is a business that you’ve likely put a lot of time and effort into, but what happens when it’s time to take a little breather from the hustle and grind? Don’t wait until you’re so sick of dealing with the questions, fires, and hassles of agency life because you’ll end up selling the agency to the lowest bidder just to be free of it all. If you’ve been considering getting rid of your agency for a while, pulling the trigger in 2018 is a smart way to give yourself some extra time before you hit your breaking point. Experts say that the more time you give yourself, the less likely you are to face common problems that arise during a sale. If you’re already feeling exhausted by your job, it’s not likely to get easier with time.
This is one of the biggest factors that sellers have to think about before they even consider letting their intentions to sell go public. When it comes to forecasts for 2018, the trends are thankfully in your favor. While it’s true that certain types of insurance have outperformed others in recent years, the ups and downs are still pointing toward an upward trend. The new year is expected to see businesses gain a tighter control on their operations in order to take advantage of the growth potential. This means that leaders will be looking for ways to expand their client base without compromising their own profits in the transition. It’s important that sellers give potential buyers a simple way to facilitate the transfer, so they can hit the ground running after the ink on the final paperwork is dry.
Using the right intermediary to sell your agency in 2018 is going to be worth its weight in gold for agency owners who are ready to move on. Intermediaries may not have specialized knowledge about your particular company, but they have specialized knowledge about what it takes to sell an agency. Too many owners settle for a number they would never have even considered when they first started their business. They do so because the sales process is incredibly time-consuming, and they didn’t realize just how much work they would need to do to finally settle on a buyer.
From valuations to sale terms to the final paperwork, intermediaries find ways to streamline the many tasks ahead so agency owners can focus on what you want to see from the sale. An intermediary will consider far more than just the financials of the transaction, but your own personal wishes as well. For example, if you want certain staff to stay on after you leave or you want clients treated a specific way, an intermediary will do the due diligence necessary on the potential buyers before moving forward. This way, you can give your agency up without any regret.