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Run Time: 35:16
in On Point

Agency Owners: Don’t Run Your ‘Cars’ into the Ground

You can skip your morning coffee for this podcast - you won't need it. Tom Doran, Principal of Reagan Consulting launches on a passionate rant that will focus agency owners on succession planning, hiring producers, diversifying books, and embracing insuretech strategies. M&A activity will continue in 2018, because the agency business generally is a nice return. But if you're not reinvesting in the firm, you'll literally be selling yourself short, Tom says. It's just like changing the oil in an automobile, he observes. "'I'm going to sell the car in two years,' agents will say to me. And I say, 'Yes, but if you haven't invested in the necessary maintenance over time, the price that buyers will be willing to pay for your car will be discounted." Investing in young producers is one way to ensure older owners have a way out. Tom outlines more sage advice in this fast-moving podcast.

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