15 Reasons to Acquire another insurance agency in 2024.

It is the beginning of a new year and soon your inbox will be filled with insurance vendors and experts telling you how they have the “Fountain of Growth” secrets that will allow you to take your insurance agency to new heights in 2024.

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I am by no means saying that most of those tools and experts can’t help you be more efficient and effective in your agency, but in my humble opinion, the real “Fountain of Growth” in 2024 will be in acquiring one or more insurance agencies.

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Preparing your current insurance agency with the best processes, workflows, staff structure, and KPI’s will allow an agency to be able to acquire and absorb another agency into their current operations.

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Without established processes, workflows, staff structure, and KPI’s in place prior to the acquisition, it will feel like you married into a relationship where your spouse’s child from a former marriage is constantly reminding you that you are “not their real parent and how much they hate you.” Now imagine having a blended agency filled with staff, technology, processes, and carrier reps, telling you that you are not the former agent and that you are not bringing any structure or value to the transition.

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The purpose and focus of the upcoming, in-person, 2-day, “Fix My Insurance Agency” Process Implementation Workshop is to implement the time-tested, validated, and established processes, workflows, staff structure, and KPI’s that will allow you to more readily acquire and absorb acquired insurance agencies into your existing operations. The workshop will be held January 25th and 26th in Arlington, Texas.

Visit this link for more details: https://www.inspireanation.org/fixmyinsuranceagencyworkshop

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Acquiring another insurance agency in 2024 (or at least preparing to be able to acquire another insurance agency) should be one of your major goals. Here are 15 reasons why:

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1. ?Expansion in the Market: ?When you acquire another agency, it helps you reach more places and connect with more customers in different areas of the state(s) you are licensed in.

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2. ?Getting More Customers: ?In a hard market acquiring new customers is very expensive, acquiring another agency (If done right!) brings in new customers at a significantly lower cost of acquisition.

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3. ?More Types of Insurance: ?If the agency you're acquiring offers different types of insurance, you can offer more kinds of insurance to your customers.

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4. ?Saving Money: ?Combining resources and operations can help you save money, making your business more efficient and profitable.

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5. ?More Knowledge: ?If the agency you're acquiring knows a lot about a specific product or area of insurance, it can help you become better at that too.

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6. ?Getting More Skilled Staff: ?You might get experienced and skilled people from the agency you're acquiring, which can make your team stronger.

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7. ?Better Technology: ?The agency you're acquiring might have better technology or ways of doing things that can help your business run smoother.

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8. ?Building a Stronger Brand: ?Bringing another agency under your name can make your business look better and bigger, attracting more customers.

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9. ?Spreading Risks: ?Acquiring another agency can help you spread the risks, so if something goes wrong in one place or with one carrier, it doesn't hurt your entire business.

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10. ?Increased cross-sell and upsell opportunities: You can sell more types of insurance to the new customers you get from the agency you're acquiring.

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11. ?Making More Money: ?By putting things together and working better, you can make more money overall.

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12. ?Looking better than other agencies to prospects and customers: ?Acquiring another agency can make your business look better than others in the industry because your agency is on a growth trajectory.

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13. ?Marketing: ?Combining the marketing efforts, areas, and expertise of the acquired agency (ies) with your existing agency can make your advertising better and more effective.

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14. ?Getting Better Carriers: ?A good acquisition could land you carriers that you could not have contracted with prior to the acquisition.

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15. ?Cashflow: The revenue from the acquired agency could provide more overall cashflow that not only allows you to pay the loan note and provide more revenue for the business, but also increase the income you take home.

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Are there agencies available for acquisition? Yes! Many agency owners are reaching retirement age and are looking to cash out. The hard market conditions will make many agency owners question if they want to go through another cycle.

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There are a lot of benefits to acquiring an insurance agency in 2024 (IF DONE RIGHT!)

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Yes! There are challenges, but this article is about the positive side of agency acquisition. I will address the negatives in another article.

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The purpose and focus of the upcoming, in-person, 2-day, “Fix My Insurance Agency” Process Implementation Workshop is to implement the time-tested, validated, and established processes, workflows, staff structure, and KPI’s that will allow you to more readily acquire and absorb acquired insurance agencies into your existing operations.

The workshop will be held January 25th and 26th 2024, in Arlington, Texas.

Visit this link for more details: https://www.inspireanation.org/fixmyinsuranceagencyworkshop

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