Most smaller agency owners seeking to exit almost always sell to family or their employees. Buying of smaller agencies by larger agencies tends to happen in waves, so you can’t count on riding that wave just when you hope to sell. And, if another agency offers to buy your agency, the conditions and timing must be absolutely perfect.
For most owners, external options are not always viable so they turn inward first. This is probably the best way to sell, and those already at your agency are certainly the best people to buy. After all, they know the clients and most likely already “make it all happen” in the agency on a day-by-day basis.
If you're thinking about your future, Second Wind succession planning can help you determine if an internal transiton is right for you. By focusing on key questions geared to planning your exit and uncovering the best successors, we can help lay a path for your exit, even if it's years away.
As part of successon planning, we will focus on answering these vital questions:
- When do you want to be out?
- How much is the agency worth?
- Who will buy the agency?
- How much will they pay?
- What are the terms of your exit?
- What if things do not go as planned?
Second Wind has helped dozens of agency principals succesfully transition out of their agencies through internal succession. Reach out to discuss how we can help you with this process, as well.