Wondering how to transition your insurance agency to family?
Selling your agency is complicated but transitioning your agency to family can bring up several more complicated and complex questions. When you transition your insurance agency to family you need to be prepared with a transition plan that sets everyone up for success. Transitioning your agency to family is the definition of legacy – with legacies come great responsibility and delegation that both parties need to be ready for.
It is important to have a plan and timeline for an effective transition. You will need to identify capable family members who may be interested in running the agency. Interest should be assessed, and conversations should be had to ensure that the next generation of leaders is truly interested and not taking it out of guilt. A plan should be built to hone their skills while the current owner is still engaged with the agency operations, and trust and value should be established with team members and clients. The last thing you want to do is sell the agency to a family member who taking on the responsibility as an obligation rather than ambition.
How to Transition Your Insurance Agency To Family Video Timeline
- 00:00:01 Introduction 00:00:16 Transition Your Insurance Agency to Your Family
- 00:00:59 Identifying Potential Candidates
- 00:03:16 Building a Plan & Strategy
- 00:03:39 Conclusion
Check out the APP Resources on Best Practices of Leaving Your Insurance Agency To Your Family:
- Check out our blog on Best Practices of Leaving Your Insurance Agency To Your Family: https://bit.ly/perpetuatetofamily
- Get our FREE Sample Family Contract (avoid those family arguments): https://bit.ly/424Qr5W
- Get our Agency School @ 10% off with code: BACKTOSCHOOL https://bit.ly/3NGJ7dg
- Book A Meeting: https://bit.ly/3I8H0v8
- Are you looking for insurance training to grow your insurance agency? https://www.agencyperformancepartners.com/work-with-us/
