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Agree 2.5X is too much for it.
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I have read several threads and posts, and have gathered some great info on this subject, but I would like to get some specific feed back and advice on my situation.
I currently work in a major bank as a financial advisor and have been in this role for about 18 months (series 7, and 66), but I have been with the bank in another role for close to six years (series 6 and life and health). I have the opportunity to buy an existing p and c firm that has an established book of around 500 policies. The owner is willing to stay on and train me for a few months and poss stay with me as a producer as time goes on. Everything on the surface looks good except his revenue has been declining for the past 5 years. Currently, it is about 130k for 2011, but was 185k for 2010 and it was higher in 2009. This appears to be a great opportunity for me to go out on my own. I would plan on offering financial services as well once the p and c recovered, but my concern is what if the p and c is too far gone? What would be a fair price to pay? I have also never sold p and c ins, but I have experience selling fixed annuities, var annuities, mutual funds, and managed porfolios. Any advice is greatly appreciated.