BUYING AN INSURANCE AGENCY
WE HAVE THE RELATIONSHIPS AND EXPERTISE TO HELP YOU GROW VIA ACQUISITION.
Acquisitions are a key source for revenue and profit growth for most highly successful agencies. Patrick & Associates can help you with every step in the process of your acquiring agencies and books of business. We have over 75 years experience in the insurance industry and have represented hundreds of agency owners in selling or buying insurance agencies and books of business.
FORECAST:
It has been estimated that over 20% of the 35,000 independent insurance agencies across the country will change ownership over the next five years(that’s 7,000 agencies or 1,400 per year). The competition for these agencies is intensive. Depending on the agency, buyer competition may come from other local agents, regional agencies, national/publicly traded agencies, national agencies back by private equity firms and even insurance companies. This makes it very challenging for a given buyer to find a suitable match.
PROCESS:
We assist agency buyers in:
· Identifying a suitable seller(location, type-general retail, specialty retail, wholesaler, MGA/MGU, etc.) We are in regular contact with over 5,000 agency owners across the country
· Completing the seller's agency appraisal/valuation including EBITDA, etc.
· Negotiating price and payment terms(including the Letter of Intent)
· Helping to arrange any needed financing
· Due-Diligence Review
· Staffing decisions
· Closing(asset purchase agreement, employment contracts, etc.) assistance
· Integrating the purchased agency or book into the buyer’s organization
HOW WE CAN WORK FOR YOU:
Option #1: Contact us via phone or email. Tell us what you are seeking and be the first to receive notice of new insurance agencies coming on the market via email notification. Our fees are very competitive.
Option #2: Hire us to consult with you on a deal. We’ve been involved in hundreds of transactions and know the process-start to finish. Our due diligence expertise for P&C agencies is nearly unmatched in the industry. We can also help you find the best financing for a deal that you are contemplating. Our fees are the most competitive in the industry.
Option #3 – Retain/contract with us for your buy-side searches. We will contact agency owners that fit your appetite, handle the data collection and analysis, and facilitate the process exclusively for you. We become your outsourced M & A team. Our retainer & fees are the most competitive in the industry.