Run Time: 30:16
in On Point

Agency Perpetuation Done Right: Dad’s View

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Many of our listeners probably already know Ed Higgins with Thousand Islands Insurance in Upstate New York. He has been a long-time thought leader and champion of the independent agency system. While we could have discussed many topics with Ed, this podcast focuses on the successful transfer of ownership of the firm to his son. This podcast does not cover the theory surrounding agency perpetuation; rather, it's about Ed's real-life experience. According to Ed, the most important point an owner must recognize is, "An agency must generate enough income on a returned earnings basis to fund the purchase by the next owner. And if that is an internal purchase it probably will be for a lower price than if sold to an external source." From this statement Ed goes on to explain his experience both from a business, personal and emotional perspective." This is a must-listen podcast for any principal considering an internal purchase. Stay tuned: Our next podcast is with Brendan Higgins, Ed's son and now owner and president of Thousand Islands.

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