Perpetuation Column: Perpetuation or Succession?
Welcome to the second in a regular series of articles aimed at educating PIA members about agency perpetuation and succession. 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.
Sometimes agency owners are blessed to have children who would like to take over the agency as their parents retire. But that doesn’t mean that each of those children is prepared to run an insurance agency or that they all want to be partners with one another. While many agency-owners want to leave their agency to their children, they shouldn’t do so blindly. Doing so not only jeopardizes their retirement asset, it can also hurt their offspring’s future prospects. In this article, Al reviews the situation one such family agency found itself in and discusses some of the alternatives available to agency owners and their offspring.