Hello all!
I am looking to buy a book of business and would love input from both people who have done it right, and people who made mistakes that I can learn from.
My background is working for both captive and independent agencies for 13 years.
I would prefer to ultimately have an independent agency, and honestly Erie holds a special place in my heart. lol
That being said- I have extremely limited capital (read as $0) and know that may limit me to taking baby steps with a captive agency and making the transition later. (I am currently an approved buyer for Allstate)
I am open to moving but live in the Capitol area.
The reason I wanted to buy something and not start scratch, is that quite frankly- starting scratch scares the crap out of me. I have been managing other agencies for so long I am confident in my ability to manage and grow an existing book with a team, even if it's small...but being on my own, having to make that next sale to get my next paycheck seems overwhelming to me. I'd rather worry about our growth and profitability of the existing book.
Unfortunately I'm not married, so I can't do the captive and have my 'spouse' own an independent. lol Maybe a good reason to start looking???
So I guess any info or advice you are willing to offer would be appreciated.
If anyone knows specifically if Erie agents are selling their books to outside buyers? I've heard not...
Or financing for independent agencies? one reason I'm considering Allstate is because you can get in with $0 down, as long as the asking price is reasonable. Though I feel like I'd need to go in with an exit strategy.
Thanks in advance!
I am looking to buy a book of business and would love input from both people who have done it right, and people who made mistakes that I can learn from.
My background is working for both captive and independent agencies for 13 years.
I would prefer to ultimately have an independent agency, and honestly Erie holds a special place in my heart. lol
That being said- I have extremely limited capital (read as $0) and know that may limit me to taking baby steps with a captive agency and making the transition later. (I am currently an approved buyer for Allstate)
I am open to moving but live in the Capitol area.
The reason I wanted to buy something and not start scratch, is that quite frankly- starting scratch scares the crap out of me. I have been managing other agencies for so long I am confident in my ability to manage and grow an existing book with a team, even if it's small...but being on my own, having to make that next sale to get my next paycheck seems overwhelming to me. I'd rather worry about our growth and profitability of the existing book.
Unfortunately I'm not married, so I can't do the captive and have my 'spouse' own an independent. lol Maybe a good reason to start looking???
So I guess any info or advice you are willing to offer would be appreciated.
If anyone knows specifically if Erie agents are selling their books to outside buyers? I've heard not...
Or financing for independent agencies? one reason I'm considering Allstate is because you can get in with $0 down, as long as the asking price is reasonable. Though I feel like I'd need to go in with an exit strategy.
Thanks in advance!
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