Comments on: What to Consider when Purchasing an Insurance Agency

By: Jennifer

Jennifer — Sun, 01 Aug 2010 16:41:18 +0000

What sort of personal assets will be considered? For example, I have a nice home but I still owe on it. Some savings, but not alot. Myself and a co-worker are considering buying the agency we work at. Our owner is near retirement and said she would be willing to do this over a 5 year period. But we are unclear of next step and she expects us to bring her a proposal or offer of some sort. I think she’d be helpful but wants to see what we can pull together on our own first. Any help would be appreciated.

By: Jack

Jack — Sat, 19 Dec 2009 20:52:01 +0000

Don’t rule out your community bank. If you can educate them about the cash flow of the business you are buying, they might be willing to help. Other things that might help- Is the current owner willing to stay on during the transition, is the current owner willing to hold a note subordinated to the bank? Ask your banker to consider SBA guaranteed financing. Also, if you are not willing to pledge your personal assets, then don’t bother going to the bank.

By: James G

James G — Thu, 15 Oct 2009 21:12:46 +0000

These guys are one of the leaders in Allstate agency financing, http://www.ppcloan.com. You could check them out.

By: admin

admin — Sat, 11 Jul 2009 20:02:18 +0000

D. Smith – Thanks for submitting your question.

There are several companies out there that offer insurance agency buyer financing. With the current economic climate and recent industry events, the lending guidelines have been shifting lately.

We recommend starting by searching the Internet for companies that specialize in lending for insurance agency purchases. It will give you a good starting point of several different companies to contact to learn more about their services, fees, etc.

Let’s open this question up to our readers…Can anyone share a finance company recommendation with D. Smith that you may have used or that you have heard good things about?

By: DSmith

DSmith — Thu, 09 Jul 2009 20:56:37 +0000

Can you please tell who I can contact to find out how to get financing for a new purchase of an agency?

Thanks,

D.Smith

By: Derek Sutton

Derek Sutton — Mon, 06 Apr 2009 19:24:30 +0000

I left a message for the agency listed in Altamonte Springs but haven’t received a return call. My partner is Jim Hargrove with Affordable Insurance Solutions in Kissimmee.

Thanks,
Derek
407 466-8204