Mulligans Travels
New Member
- 4
Hello all,
I'm new to the forum and acknowledge I should have registered sooner and made different decisions sooner but I've finally set up my account to ask my question and appreciate any feedback short of unhelpful criticism.
Unfortunately, I trusted more than I should have and was over promised with under delivery of support so I terminated my captive contract just 90 days in from setting up a P&C agency with leased space and systems. My question is, what would you do only 90 days after you started a captive once you had invested all the expense in setting up?
(Until all is sorted out I'm keeping the name out of the thread but you can PM me for it)
I admit recruiting was significantly more challenging than described or expected largely because most candidates struggle with licensing and the average time was almost 3 months to binding authority.
But the significant factors beyond staff that skewed the cash flow projections were rates described as competitive but were instead extremely selective, market closing percentages that neither I nor any of my peers I trained with were hitting half of, and lack of support that was committed but not delivered.
I also admit I had to weave my way through a variety of lead vendors and the recurring billing tactics to start finding ones that provided any results. The reality is I was the only one writing anything while I was trying to recruit enough staff to hit the model but the staff I had wasn't able to compete on the quotes they were making. I did consultative training with them but I saw for myself rates as much as twice what the prospect was paying on a home or auto when they were the target profile.
So I now have a space, phones, equipment, systems, etc and therefore either just a lot of bills or nearly all the infrastructure of an agency. I was verbally told I won't have to honor a non compete in the space but will wait for that in writing obviously. If any of you with much more wisdom than me in this industry were in my shoes, what would you do with that situation?
A quick about me: I'm in Ohio. I am new to P&C but I've been in different industries of sales for about 20 years, the majority of which is in commercial payments which I still have a small book of business in. I've got multiple licenses but am looking for a way to leverage the P&C for any ROI at all for this investment already made and would consider writing from my home office but my understanding is that isn't the norm.
Thanks for reading, for your consideration, and for any words of wisdom!
I'm new to the forum and acknowledge I should have registered sooner and made different decisions sooner but I've finally set up my account to ask my question and appreciate any feedback short of unhelpful criticism.
Unfortunately, I trusted more than I should have and was over promised with under delivery of support so I terminated my captive contract just 90 days in from setting up a P&C agency with leased space and systems. My question is, what would you do only 90 days after you started a captive once you had invested all the expense in setting up?
(Until all is sorted out I'm keeping the name out of the thread but you can PM me for it)
I admit recruiting was significantly more challenging than described or expected largely because most candidates struggle with licensing and the average time was almost 3 months to binding authority.
But the significant factors beyond staff that skewed the cash flow projections were rates described as competitive but were instead extremely selective, market closing percentages that neither I nor any of my peers I trained with were hitting half of, and lack of support that was committed but not delivered.
I also admit I had to weave my way through a variety of lead vendors and the recurring billing tactics to start finding ones that provided any results. The reality is I was the only one writing anything while I was trying to recruit enough staff to hit the model but the staff I had wasn't able to compete on the quotes they were making. I did consultative training with them but I saw for myself rates as much as twice what the prospect was paying on a home or auto when they were the target profile.
So I now have a space, phones, equipment, systems, etc and therefore either just a lot of bills or nearly all the infrastructure of an agency. I was verbally told I won't have to honor a non compete in the space but will wait for that in writing obviously. If any of you with much more wisdom than me in this industry were in my shoes, what would you do with that situation?
A quick about me: I'm in Ohio. I am new to P&C but I've been in different industries of sales for about 20 years, the majority of which is in commercial payments which I still have a small book of business in. I've got multiple licenses but am looking for a way to leverage the P&C for any ROI at all for this investment already made and would consider writing from my home office but my understanding is that isn't the norm.
Thanks for reading, for your consideration, and for any words of wisdom!
