Run Time: 39:29
Agencies Selling Slices of ‘Cake’
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Many independent agency principals have “seller’s remorse” when they exit their firms. They miss being the boss. And they miss the business. But what if they could have sold just a portion of the agency — a small or large book of business — and kept the rest? That is exactly what Adam Bowe’s new firm called Cake enables. On this podcast, Adam walks us through his online marketplace that links buyers and sellers. So-called “fractional” book sales will increase, Adam says. “Selling is not just for retirement anymore,” Adam relates. Owners can leverage the book for strategic purposes. “It’s about optionality. An agent who is eight to 10 years away from retirement or even five years….doesn’t have to continue running that full book of business. Maybe you sell off commercial lines and focus on local personal lines and downsize.” Or sell just a commercial auto book to a trucking specialist who, in turn, refers other lines to your agency. You’ll enjoy Adam’s enthusiasm as a newcomer to the industry. Maybe you, too, could have your cake and eat it too.
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