Agency Intelligence: The Insurance Podcast Network

Stuff About Money: Episode 68: How to Maximize the Value of Your Insurance Agency

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As business owners, the majority of our net worth is tied to the value of our business. What steps should we take today to maximize this value for a future sale? 


In this episode of the Stuff About Money podcast, host Erik Garcia, CFP®, BFA™, ChFC®, sits down with tax attorney David Foate JD, LLM, to explore practical advice on preparing your business for a successful sale. David specializes in the buying and selling of agencies and shares his extensive experience with our listeners on how to increase the saleability and value of their agencies.


Episode Highlights:

  • David shares his background in tax law and his focus on succession planning for business owners. (01:04)
  • David discusses the financial burdens of student loans and the wisdom of financial pacing. (05:20)
  • Erik shares the key strategies to enhance an agency’s value before selling. (10:04)
  • David explains the legal and financial preparations necessary for selling an agency. (13:57)
  • Erik discusses the importance of understanding why one wants to sell and the preparation timing. (18:14)
  • Erik mentions that a strong management team and advisory board are important for business operations. (27:50)
  • David discusses the significance of clean financial records and the benefits of having a qualified bookkeeper. (38:17)
  • David elaborates on legal strategies for structuring producer agreements and the risks associated with revenue sharing. (45:26)
  • Erik discusses the emotional challenges of selling a business, noting the difficulty of separating from something so integral to one's identity. (56:27)


    • Key Quotes:

    • “Tax law, tax planning, a lot of M&A work, it's very tax heavy. So that's where I spend a lot of my time day-to-day with my clients.” - David Foate, JD, LLM
    • “The better prepared you can be, the better the outcome, just mentally, emotionally, and then the final deal result, everything will just be better.” - David Foate, JD, LLM


      • Resources Mentioned:

      • David Foate, JD, LLM
      • PFS Global
      • Erik Garcia, CFP®, BFA
      • Xavier Angel, CFP®, ChFC, CLTC
      • Plan Wisely Wealth Advisors
        • ...more
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