How To Identify The Next Leader of Your Agency
Identifying the best candidate(s) to be the next leader of your agency through perpetuation is a critical decision when it comes to succeeding in allowing the agency to continue operations long after the original principal(s) has/have left.
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Mindset: Entrepreneur vs. Employee
There is virtually EVERY type of person and personality type working within the insurance industry, as is the case in the Retail Insurance Agency / Broker channel. To maintain simplicity in our analysis we will divide the workforce into two main categories; (1) Entrepreneurs and (2) Employees. Neither one is superior or inferior to the other, but rather they are different. They are motivated differently, have different risk tolerances, etc.; and both are equally important to the industry.
But one key difference is their outlook on Time and Money. More specifically, how they look at their career is telling; do they look at it as a mere transaction of selling part of their life for money, or in terms of investing/contributing their time and talents to reap greater benefits in the future?
Many people like the idea of being a business owner, but far fewer both appreciate the demands of entrepreneurship and the skills necessary to succeed. One problem in perpetuation scenarios is where the founder (Generation 1, “Gen1”) is entrepreneurial in nature and desires to “pass along” or transition the agency to their posterity (Generation 2, “Gen2”) when Gen2 is not entrepreneurially minded. In these cases, it may make sense to identify another person(s) within the organization who possesses the correct attributes or to look for an outside hire/partner to bring on to bridge any gaps.
Download our Free Report “Agency Perpetuation: What You Need To Know Before You Sell
I am personally a product of a family agency and an avid student of the industry. What better industry is there other than insurance? I’ll tell you that there isn’t one. Here’s a link to my bio in case you want to look me up – Matt’s Bio.
For a Confidential and Professional Conversation..
Contact: Matthew.Davis@gdiins.com
GDI Insurance Agency, Inc. Your Trusted Business Insurance Experts
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.
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