by Guest » Sat Jan 10, 2009 11:54 pm
Saw your post about buying an Allstate agency over here. I am thinking about buying an existing agency. I am currently in the insurance business. How rewarding can it be to buy an existing agency. Also, how smooth of a transition was it. Do you start earning commission on the existing book(renewals). I know they offer extensive training.
Posted: Fri Jan 16, 2009 12:33 am Post Subject:
Buying can be good, I would beware of newbie agent purchases simply as the business may be more of a liability then its worth. Start scratch or purchase over 2-2.5 mill in premium. That seems to be the good size to work for financials, and referrals. Yes you would earn renewals from day one on the purchase also a year end bonus if the goals are met. Its a good contract, and you can own multiple locations.
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