Agency Succession Planning

[Mountain Peaks]

I’m a Medicare broker, who owns my agency and fully owns my Medicare book of business. I’m the only person in my agency and I’m contracted upward with some of the carriers direct, and others through Integrity Marketing. My book of business is about 65% Medicare Supplement/PDPand 35% Medicare Advantage, and I have approximately 700 clients. I’m nearing retirement likely within the next 1-3 years (haven’t decided when yet). In my ideal world, I would continue to add new clients and service existing ones at least a year, and then start working less. Ultimately, I’d like to sell my book of business. This may seem like a basic question, but short of hiring someone to help me (which I'm not very interested in), how can I begin to work less (particularly during AEP) and taper the business down, or would it be more beneficial to sell my book of business outright sooner? What should I consider?

 

[DonP]

Personally speaking I’d never sell my book of business unless your desperate for money . I’m reading we’re many people getting books for 1.5 to 2 max times renewals . That’s nothing , if I were you I’d simply only take referral business and I’d never take face to face appts if your a face to face agent . I’d save none of your disenrollments . I’d no longer do drug reviews during aep unless people call you. I’d no longer send out any letters that clients . I’d become 100% were they call you. This is when you decide to retire . Over time your book will start peeling off . Your calls will drop big time . I’d say you’d make 3 times min doing that than selling your book .If you want to shut your phones off and be retired then I’d sell it

 

[Packerland]

I’m a Medicare broker, who owns my agency and fully owns my Medicare book of business. I’m the only person in my agency and I’m contracted upward with some of the carriers direct, and others through Integrity Marketing. My book of business is about 65% Medicare Supplement/PDPand 35% Medicare Advantage, and I have approximately 700 clients. I’m nearing retirement likely within the next 1-3 years (haven’t decided when yet). In my ideal world, I would continue to add new clients and service existing ones at least a year, and then start working less. Ultimately, I’d like to sell my book of business. This may seem like a basic question, but short of hiring someone to help me (which I'm not very interested in), how can I begin to work less (particularly during AEP) and taper the business down, or would it be more beneficial to sell my book of business outright sooner? What should I consider?

We offer Succession Planning for all of our agents we really believe that everybody should have a plan..

 

[Packerland]

Personally speaking I’d never sell my book of business unless your desperate for money . I’m reading we’re many people getting books for 1.5 to 2 max times renewals . That’s nothing , if I were you I’d simply only take referral business and I’d never take face to face appts if your a face to face agent . I’d save none of your disenrollments . I’d no longer do drug reviews during aep unless people call you. I’d no longer send out any letters that clients . I’d become 100% were they call you. This is when you decide to retire . Over time your book will start peeling off . Your calls will drop big time . I’d say you’d make 3 times min doing that than selling your book .If you want to shut your phones off

Planning for your future isn't just about retirement. It's about ensuring your business thrives, no matter what life throws your way. A comprehensive succession plan goes beyond simply selling your company. It addresses essential questions like:

• Continuity: Who will lead and manage the business in your absence, whether due to disability, illness, or unforeseen circumstances?
• Client care: How will your valued clients and book of business be protected and transitioned smoothly to new ownership or leadership?
• Financial stability: Have you considered the financial impact of unexpected events on your business and personal finances?

Creating a solid succession plan isn't just about protecting your legacy; it's about protecting your team, your valued clients, and the future of your business. Don't leave it to chance. Start building your plan today and secure a bright future for your employees your dependents.

You do realize without a plan carriers can take your book of business all your renewals

 

[hockeyday]

I’m a Medicare broker, who owns my agency and fully owns my Medicare book of business. I’m the only person in my agency and I’m contracted upward with some of the carriers direct, and others through Integrity Marketing. My book of business is about 65% Medicare Supplement/PDPand 35% Medicare Advantage, and I have approximately 700 clients. I’m nearing retirement likely within the next 1-3 years (haven’t decided when yet). In my ideal iworld, I would continue to add new clients and service existing ones at least a year, and then start working less. Ultimately, I’d like to sell my book of business. This may seem like a basic question, but short of hiring someone to help me (which I'm not very interested in), how can I begin to work less (particularly during AEP) and taper the business down, or would it be more beneficial to sell my book of business outright sooner? What should I consider?

I would call new horizons marketing they have a great program in place, I would also tell you that you really need to make sure that med sup biz is up to date,

 

[hockeyday]

We offer Succession Planning for all of our agents we really believe that everybody should have a plan..

For your agents only

 

[Packerland]

For your agents only

Yes we provide our agents at no cost if not a contracted agent with our company there is a modest charge.

 

[DonP]

Planning for your future isn't just about retirement. It's about ensuring your business thrives, no matter what life throws your way. A comprehensive succession plan goes beyond simply selling your company. It addresses essential questions like:

• Continuity: Who will lead and manage the business in your absence, whether due to disability, illness, or unforeseen circumstances?
• Client care: How will your valued clients and book of business be protected and transitioned smoothly to new ownership or leadership?
• Financial stability: Have you considered the financial impact of unexpected events on your business and personal finances?

Creating a solid succession plan isn't just about protecting your legacy; it's about protecting your team, your valued clients, and the future of your business. Don't leave it to chance. Start building your plan today and secure a bright future for your employees your dependents.

You do realize without a plan carriers can take your book of business all your renewals

We’ll see what’s around in 5 plus yrs . Anyway kudo’s to you for providing succession planning for your agents . But let’s be Frank you’re not doing it out of the kindness of your heart . Your doing it to protect your massive renewal overrides . If the agent loses his overrides you lose yours . But in the next 30-60 days we’ll learn wether there’s any overrides in Medicare starting in 2025

 

[Packerland]

We’ll see what’s around in 5 plus yrs . Anyway kudo’s to you for providing succession planning for your agents . But let’s be Frank you’re not doing it out of the kindness of your heart . Your doing it to protect your massive renewal overrides . If the agent loses his overrides you lose yours . But in the next 30-60 days we’ll learn wether there’s any overrides in Medicare starting in 2025

You are 100% wrong we are in fact doing it out of the kindness of our heart .…. overrides continue regardless (an agent can sell their book, die, etc) t .. we are 100% doing it as a value add for our agents…overrides may in fact change … life goes on .. we have ACA as a backup .. over the years our biggest gains have occurred during times of change and upheaval.

 

[DonP]

You are 100% wrong we are doing it out of the kindness of our heart .…. overrides continue regardless (an agent can sell their book, die, etc) t .. we are 100% doing it as a value add for our agents…overrides may in fact change … life goes on .. we have ACA as a backup .. over the years our biggest gains have occurred during times of change and upheaval.

Wait a second . If the agent dies with no succession plan his renewals are over . So are your override renewals gone . The agent doesn’t recertify . The company takes ALL the renewals going forward .