Run Time: 25:41
April 9, 2018 in Podcasts
Agency Owners: What’s the Exit Strategy?
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Get a peek into what's happening with independent agency M&A activity in 2018 on this recording. Many aging-out principals are seeing big dollar signs, but they should be wary. "Get your house in order now" if you're considering an internal ownership transfer, says Mike Strakhov with Live Oak Bank. "You might be 60 and plan on retiring at 65, but things can happen pretty quickly - like an illness to the owner, or to a spouse," he says. "And the need to transition ownership might be accelerated. Some will be in a bind." Principals should seek internal talent that is "bankable" - people with good credit, can get financing if they need it, who can run the firm. Mike also has been instrumental in forming a new association to support agency aggregators, many of which are actively buying agencies. Mike updates listeners on the alliance.
