In this episode, Ataraxia’s Helen is joined by John Jesson, former owner of RIB Group Ltd who sold in 2020 to a like-minded local broker. John talks to us about his and his fellow shareholder, Terry Harpham’s, initial reasons for joining Ataraxia in 2013. This was broadly driven by the objective of releasing some personal capital, and replacing their membership of the Willis Network by trading with our markets. We then talk about how the acquisition of local brokerage Assured Insurance Solutions Ltd has transformed their business, and conclude with the whole experience of negotiating the final sale of RIB Group to a local brokerage.
- Being able to take some “cash off the table” with the Ataraxia deal, without relinquishing any share of the profits
“. it seemed probably probably too good to be true, I suppose would be the easiest way to describe it. Because it seemed that we could retain 100% control of the business and have no interference and have yet access to markets equal to what we had with Willis.” (about 5 mins into the original recording)
On the acquisition: “I mean, the way that you organize the sale or the purchase, from our point of view from the men that, in actual fact, were laid very little money out on the table. And in fact, it was so seamlessly. Again, I can't believe without and can't believe it was so good, because it just fitted perfectly. And the cash outlay was very little towards that time. And and it worked very, very well.” (about 10 mins in original recording)
On the final sale:( after 17 m 10s of original recording) “They felt though they've got a better outlook with implementing more progression, more promotion in if you like, as well. And, and I think the recognize as well that like, we've come to a site again, the Waitrose of insurance, broking groups, we've got more products to access the clients, we've spoken to the clients, the key clients, before it was announced”
On trusting Ataraxia personnel: “I think that if Adam bolts are still there, then I would trust that him because he's an honest man. And and I've, I've probably become closer to Adam, in these last few weeks than than ever before, but I've trusted his judgment. And it's not been a bad deal for me.” – (after 23m 51s of original transcript)
https://www.linkedin.com/in/john-jesson-b6291a1a/
https://www.insuranceage.co.uk/management/7530856/grp-yorkshire-hub-marshall-wooldridge-buys-again-with-rib-swoop
https://www.insurancetimes.co.uk/news/grps-yorkshire-hub-snaps-up-regional-broker/1435321.article
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.
Website: https://www.ataraxia.co.uk/get-in-touch/.
John Jesson is former owner of RIB, a strong Independent Commercial Insurance Broker based in Rotherham. John was one of the founder members of this successful local brokerage in the early 70’s, and has seen its transition over the years: all the way from a small personal lines brokerage, to a chain of high street personal lines offices, evolving to a predominantly commercial advice-led business.
John is well regarded in the local business community and has other business interests in the area.
