In this episode of the Ridiculously Amazing Insurance Agent podcast, we speak to Carey Wallace about this exact issue. We find out how to know when to get evaluated. What do you need to ask when buying a book?

Episode Highlights:

• Carey tells us about her interesting backstory. (2:13)
• Carey mentions that every agency should understand its worth and that every agency should have a plan. (4:10)
• Carey explains the essential set of questions you should ask as an agency owner when buying or selling a business. (15:22)
• Carey believes that the people at an agency are its heart and soul, and communicating at the right time is critical. (20:25)
• Carey believes that when there is good communication and respect in an agency, you can tell. Your clients can, too. (28:26)
• Carey explains that an agency's worth is determined by its profitability, expansion, and the certainty that it will continue to operate in perpetuity. (32:29)
• Carey explains that when interest rates and taxes rise, it will be something that agencies will be thinking about. (40:22)
• Carey mentions that a bad deal is far worse than no deal. So make sure you give yourself enough time to think about what is important to you. (44:23)

Key Quotes:

• “One of the biggest mistakes is waiting until you are ready to transition, I think the best thing you can do is know your value all throughout the life of owning your agency.” - Carey Wallace
• “I entered this space to value agencies because there was a whole group of agencies that were underserved.” - Carey Wallace
• “A bad deal is far worse than no deal. So make sure you give yourself time to consider exactly what is important to you.”  - Carey Wallace

Resources Mentioned:  

• Carey Wallace LinkedIn
• Agency Focus
• Kelly Donahue-Piro LinkedIn
• Agency Performance Partners