The IIA of IL has partnered with Ohio Insurance Agents (OIA) to offer members agency valuations from valuation experts.

Every valuation and business plan prepared is exclusively for independent insurance agency owners.

The valuation team has a collective 50 years of experience in the industry and will serve as your trusted advisor on your journey to optimize your agency’s value.

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Why get a Valuation?

You wouldn’t leave money on the table anywhere else… so why would you do it with your agency? Basing your agency value on industry folklore can be costly. Simply believing that your agency is worth some multiple of revenue (2x) could be an expensive mistake. So many factors go into a true calculation of agency value. Don’t guess at your agency’s value. Get a professional analysis and complete a valuation.

Check out recent articles published in Insight magazine by the team at IA Valuations.

November 2022 - "Using an Agency Valuation as a Roadmap for Growth" by Craig Niess
February 2023 - "Five Things to Consider When Selling Your Agency" by Jeff Smith

Here are three tips to start your planning process:

1. Time is incredibly valuable to you and your agency. Knowing your value and what drives your value is powerful. The earlier you gain this understanding the more time you have to increase your agency value.
    
2. Take action by utilizing these practical examples. We discuss several insights and the practical steps you can take today to increase your agency’s value. We shared how reallocating resources and investing in your agency can significantly improve your agency’s value over time. It is much like the time value of money when investing in stocks - the earlier you invest, the greater the potential return. There are several key areas where you can make investments in your agency to drive your value up.

   1. Allocate resources to invest in growth

   2. Reduce your risk factors

   3. Document and implement a buy-sell agreement and perpetuation plan

   4. Understand the tax implications of your current corporate structure

3. Every agency needs to have a plan. Your agency is most likely your biggest asset and may even represent your life’s work. It needs to be protected. The best way to do that is to have a thoughtful plan for the future. We have resources and expertise available to help you every step of the way as you build the plan that is right for your agency. This is one of the many resources that we have built to help our agents continue to flourish. Our team is excited about your future and want to be a part of giving you as many options as possible as you plan for the future of your agency.

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Meet the Expert

Craig Niess
Business Planning and Valuation Manager

Craig is OIA’s seasoned Business Planning and Valuation Manager. With more than a decade of financial and operational consulting experience with independent agents and brokers, he has spent most of his career specializing in valuations and perpetuation planning.

Craig joined OIA in 2017 and has performed more than 110 valuations since joining and more than 250 in his career. Craig holds a BA in Economics from Ohio Wesleyan University, an MBA in Finance from the University of Iowa, and earned the prestigious Certified Valuation Analyst designation (CVA).

Craig’s experience, expertise, and specialization in independent insurance agencies and brokers makes him an invaluable asset for agency owners across the country.

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IIA of IL will be presenting a series of free agency valuation webinars.

Each webinar will run from 11:00 am to Noon, cst.

These sessions have been approved for one (1) hour of IL CE.

• March 8: IA Valuations - Risk Factors in Your Agency Operations and Valuation
  • To make agents aware of the risk factors that not only affect the value of their agency, but the factors that could be leaving them exposed for an E&O claim. We’ll review how they can strengthen their agency operations to both better protect themselves and their clients. 
• May 24: 2023 Independent Agency M&A Trends and Predictions
  • Agents will understand the who, what when, where and why of the independent agency M&A market in 2023. They will understand what lenders are experiencing in agency M&A and what impacts the broader economy is having on the IA system. In addition, we will forecast the future of the IA system and the impact of consolidation on the system.
• July 26: Minimizing the Risks of An Agency Acquisition
  • Agents will learn how to minimize the risks of an agency acquisition. This includes learning about the due diligence process, identifying risks and assessing an agency acquisition. Agents will also understand how to review employment agreements, restrictive covenants, E&O and EPLI/HR risks. Finally, agency acquirers will understand how to mesh cultures, incentivize the merging producers and staff and maximize the success of an acquisition.
• August 16: The Agent's Perspective on Transitioning Your Agency - What Consolidation, Perpetuation and the Wave of Retirements means to Independent Agencies
  • Agents will learn the ins and outs of transitioning their agencies from both buyer and seller perspectives.  Agents will understand what the experience of transitioning their agency operations and ownership will be like and how to prepare. 
• October 25: Is Now the Right Time? IA Valuations Program
  • Agent owners will understand what to consider as they ponder transitioning their clients and agency to new ownership. They will learn about the key steps to planning and preparing for a smooth transition of their agency operations, clients and carrier partners.  

Sign up for one or all webinars below.