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003: Unique and niche succession planning solutions - with Neil Willies
OVERVIEW
In this episode, Ataraxia’s Helen is joined by Neil Willies, MD of Neil Willies Insurance Brokers Ltd. Neil talks to us about his initial reasons for joining Ataraxia in 2014,driven by the objective of releasing some personal capital, and replacing his membership of the Willis Network by trading with our markets. We then explore a unique succession solution currently in place, involving “parachuting” a additional successor into the business, to bolster a an planned MBO.
KEY TAKEAWAYS:
Ability to crystalize some value for personal benefit, without relinquishing any of the profits
The ability to trade with our partner insurers, and replacing previous network relationships, and placing majority of book with our markets
To source and help facilitate niche succession plan, and help with funding for planned MBO.
BEST MOMENTS:
“Within the first year we transferred virtually 80% of our book into the hands of our partners, and therefore maximise the earning potential. The commitment that we got out of the insurance companies at the time helped”.
“When we were struggling to place a risk, you (Jonathan Stone, our Business Relationship Manager) you stepped in, and 9 times out of 10, the insurer came up with the goods”.
“The future for Neil Willies looks rosy, because of the way things have panned out over the last 12 months”.
RESOURCES:
https://www.linkedin.com/in/neil-willies-59a57a16/
https://www.neilwillies.co.uk/
https://www.facebook.com/neilwilliesinsurancebroker/
https://twitter.com/neilwillies?lang=en
ABOUT THE HOSTS
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Jon is the Business Relationship Manager for Ataraxia Broking
With nearly 30 years’ experience from both an underwriting and broking perspective, Jon is well served to act as the link between group brokers and our partner insurers, to ensure risks are bound in accordance with our placement strategy. Effective communication and negotiation skills are an absolute must to manage and monitor group performance. Jon is never slow to roll his sleeves up and help on the broking side.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
Neil is the Managing Director of Neil Willies Insurance Brokers Ltd, an independent commercial insurance brokers based in Studley, West Midlands.
Neil has been with the brokerage for 30 years, buying in 1990, and has built the business on strong customer service and staff loyalty since. Neil left Willis Network to join Ataraxia, and has been consistently impressed by the Ataraxia insurer relationships.
Neil is our second guest on the Ataraxia podcast, and talks to us about how de-risking helped him with his personal financial objectives, and how the smooth transition to our partner insurers facilitated this. We also explore the current succession plan/proposed MBO, and the role Ataraxia play in this niche solution.
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By Ataraxia Insurance Broker PodcastOVERVIEW
In this episode, Ataraxia’s Helen is joined by Neil Willies, MD of Neil Willies Insurance Brokers Ltd. Neil talks to us about his initial reasons for joining Ataraxia in 2014,driven by the objective of releasing some personal capital, and replacing his membership of the Willis Network by trading with our markets. We then explore a unique succession solution currently in place, involving “parachuting” a additional successor into the business, to bolster a an planned MBO.
KEY TAKEAWAYS:
Ability to crystalize some value for personal benefit, without relinquishing any of the profits
The ability to trade with our partner insurers, and replacing previous network relationships, and placing majority of book with our markets
To source and help facilitate niche succession plan, and help with funding for planned MBO.
BEST MOMENTS:
“Within the first year we transferred virtually 80% of our book into the hands of our partners, and therefore maximise the earning potential. The commitment that we got out of the insurance companies at the time helped”.
“When we were struggling to place a risk, you (Jonathan Stone, our Business Relationship Manager) you stepped in, and 9 times out of 10, the insurer came up with the goods”.
“The future for Neil Willies looks rosy, because of the way things have panned out over the last 12 months”.
RESOURCES:
https://www.linkedin.com/in/neil-willies-59a57a16/
https://www.neilwillies.co.uk/
https://www.facebook.com/neilwilliesinsurancebroker/
https://twitter.com/neilwillies?lang=en
ABOUT THE HOSTS
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Jon is the Business Relationship Manager for Ataraxia Broking
With nearly 30 years’ experience from both an underwriting and broking perspective, Jon is well served to act as the link between group brokers and our partner insurers, to ensure risks are bound in accordance with our placement strategy. Effective communication and negotiation skills are an absolute must to manage and monitor group performance. Jon is never slow to roll his sleeves up and help on the broking side.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
Neil is the Managing Director of Neil Willies Insurance Brokers Ltd, an independent commercial insurance brokers based in Studley, West Midlands.
Neil has been with the brokerage for 30 years, buying in 1990, and has built the business on strong customer service and staff loyalty since. Neil left Willis Network to join Ataraxia, and has been consistently impressed by the Ataraxia insurer relationships.
Neil is our second guest on the Ataraxia podcast, and talks to us about how de-risking helped him with his personal financial objectives, and how the smooth transition to our partner insurers facilitated this. We also explore the current succession plan/proposed MBO, and the role Ataraxia play in this niche solution.