Quitting State Farm Agency - Need Advice

[Truth raider]

I've been a SF Agent for over 2 years now and it's not what I thought it would be. I'm ready to change careers and have other options lined up already. Question is this...

I have about $35,000 in debt from the business (by following the State Farm spending blueprint perfectly I may add) that I would like to get paid before I call it quits.

Does anyone here have any experience or knowledge of whether The company is willing or able to make some kind of severance deal with exiting agents.

Any advice or insight would be appreciated. Thank you so much!

 

[AZDave]

Read your contract. With only two years in, doubt if there are any termination benefits. Most likely an iron clad non compete - be careful going indy.

Dave

 

[Jbbarea]

Your exactly the reason I quit p&c. I worked State Farm a few years ago and almost bought in. They are a great company. But that business is murderously. competitive. In Georgia is a SF agent on every corner. Your going to be paying off that debt for a while. But Indy isn't any easier.

 

[Truth raider]

There are definitely no stated termination benefits. I was wondering if anyone had negotiated a deal to quit quietly and help with the process in exchange for a cash payout or extended time before termination to pay down debt.

Btw I'm not planning on going Indy. I'm planning on getting out completely.

Any experiences like this out there?

 

[AZDave]

Any way to reduce all your expenses to minimum and milk the system here? Bottom line, if expenses exceed income, then you are not in a good position. However, having a State Farm appointment is huge, but in your case worthless.

Good Luck.

Dave

 

[blue_wynd]

Sell your book to the State Farm agency nearest you?

 

[AZDave]

Those policies are not the agent's, they belong to State Farm.

 

[Josh]

Any way to reduce all your expenses to minimum and milk the system here? Bottom line, if expenses exceed income, then you are not in a good position. However, having a State Farm appointment is huge, but in your case worthless.

Good Luck.

Dave

Exactly. I'd be shocked if they did anything other than tell you not to take any clients on the way out. That said, Dave ahs a great point, can you make your income exceed expenses and start paying that down before you leave? Your debt is just that, yours.

My father-in-law is in the process of getting onboarded with State Farm and very excited about it, but it does seem like a grind.

 

[crabtrap]

Will State Farm stake any agent? It seems like there is a SF agent on every corner here and the competition is bad enough with the others around. I cannot having to fight your own brand, seems rough.

How did this turn out OP?