Perpetuation Column: Agency Succession Planning
This column is penned by Al Diamond, president of Agency Consulting Group, Inc.
Al is working with The PIA Partnership to help bring Agency Journey Mapping to PIA members across the country. Agency Journey Mapping is a seminar series developed to help agents better understand agency perpetuation/succession so that they can prepare a written plan for their agency’s future. Stay tuned over the coming months to learn how you can attend a live seminar near you or view Agency Journey Mapping on-demand. In the meantime, enjoy this article.
When most of us think about the term, Agency Succession Planning, we are concentrated on the internal perpetuation of our businesses through family or other successor owners. However, there is a much more important form of Succession Planning that should be done by every agency as a part of its Strategic Planning cycle, as a part of its development plan to make employees more productive for the agency and as part of the agency’s career path for ‘up-and-coming’ young insurance professionals who will either rise to positions of authority, responsibility and higher compensation in your agency – or will use your agency as their learning experience and take that knowledge to their next employer.