Leaving Current Agency is Imminent...

[Guest]

Do you like having your rate of pay reduced? This is business, "like" doesn't, and shouldn't, come in to it.

all you had to say was no. if your agency uses fsc download all his quotes by searching.

computer/c:/winfsc/quotes

 

[bluediamond]

Contact an agent's group. like SAN to get contracted. Get a list of all of "your" clients. Tell your boss you're leaving to start an agency, but make him an offer for his. Give him 48 hours to sell to you or leave. Joining an agent's group might cost you $5k up front, but you'll get all the contracts you need to just BOR "your" clients. You'll also qualify for overrides/profit sharing more quickly.

What is SAN? Is this a cluster and can you find them on the internet?

 

[xrac]

We have quite a bit of stuff posted on the thread but haven't heard another word out of the OP!

 

[Pete Cormie]

What is SAN? Is this a cluster and can you find them on the internet?

Satellite Agency Network. SAN Group, Inc

 

[dasani99]

GMANPRO, he DOES NOT have a non compete.

It would be unethical to talk to clients until you make the switch. My advice is get your plan together and do it. It is scary but you can succeed. What would you do about carrier appointments.

Hi all,
Thanks for all the responses...internet went down at my house and I didn't want to access the website at work for obvious reasons. Answering these as I see them, NO I do not have a non-compete or any other agreement.

I have been working on a pro-forma/business plan and have a book of business with the agency I am at and have found a well-connected investor who is lending money to the new enterprise in return for a minority equity position in the LLC. He also has a number of commitments to place business with us from businessowners he is connected to. In addition, I control the employee benefits firm along with the relationship. I anticipate at least getting a few regional carriers I do business with to appoint me for commercial lines, to start, then moving to personal lines once we start making revenue.
- - - - - - - - - - - - - - - - - -

Do you like your current boss? What your asking us is how to steal from a man who's in bad health and down on his luck. If you can't start an agency with out stealing clients, your probably going to end up in the same shoes as your current employer. I say stealing clients because I don't care if you closed them or are invited to Christmas dinner if you didn't pay for the lead or generate it they are not your client

On the other hand if you don't care for him download his comparative rater files and do as you please.

I brought in all the clients I work with in no thanks to him (he spends nothing on advertising or marketing) and handle nearly all of their servicing for a 30% commission cut. He is a good man, but is not open to my ideas, including selling the business, so in effect I am creating wealth for him while he treats me like a slave. Not gonna happen the rest of my life.
- - - - - - - - - - - - - - - - - -

I'm not sure that is a good idea. There has already been one lawsuit from this book of business. If this person takes over, they may become a target for future lawsuits.

This guy is spot on. Not going to walk into that snake pit, and to be honest, if he loses the lawsuit, it could put him out of business (and my paycheck stops).
- - - - - - - - - - - - - - - - - -

Did you sign any kind of contract ? without a contract it would it would be tough for this guy to stop you from bringing over willing clients to your agency.

On the other hand like everyone said, it does seem a little immoral and unethical to be stealing clients from this dude while hes on his death bed lol.

No contract. He's not on his death bed but he is an absentee owner.
- - - - - - - - - - - - - - - - - -

Contact an agent's group. like SAN to get contracted. Get a list of all of "your" clients. Tell your boss you're leaving to start an agency, but make him an offer for his. Give him 48 hours to sell to you or leave. Joining an agent's group might cost you $5k up front, but you'll get all the contracts you need to just BOR "your" clients. You'll also qualify for overrides/profit sharing more quickly.

Thanks for the suggestion...I am going to try and get contracts on my own to start. The carriers I place business with know what I am capable of and the business plan I put together is going to make them horny. I plan on putting 90-100 hrs per week starting out in order to get this thing off the ground.

 

[xrac]

If you do not have the investor do not take him own. It is much better to not have other partners. That is my experience.