tommymcguet
New Member
- 11
Anyone have any experience starting up an independent as a partnership with one another individual?
Partnerships
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Yes it generally ends badly, one of the partners gets greedy or desperate, one of the partners works harder than the other and there ends up being resentment, friendships end quickly when money is involved.
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tommymcguet
New Member
- 11
Ya that's definitely a concern. What happened with your experience?
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It happened 2 times, stolen commissions, and stolen clients.
- 11,275
Typically a dependency relationship exists because one of the partners can't prospect.
Avoid agent partnerships.
That's not to say to avoid mentoring and splitting cases as needed. Definitely do that... but no long-term partnerships. Either you can hack it, or you can't.
Avoid agent partnerships.
That's not to say to avoid mentoring and splitting cases as needed. Definitely do that... but no long-term partnerships. Either you can hack it, or you can't.
Ditto what they said. Partnerships rarely end well from what I've seen. I have a friend that's been had 2x already over the years by being in partnerships (construction), and just started another one. Glutton for punishment I guess.
Why do you want to set up a partnership?
Why do you want to set up a partnership?
When I was just starting out at a benefits agency years ago, the owner had recently split up with his partner, and from what I understand it was ugly with lawyers involved. Seems like he was paying off that settlement for years. I had a partner a few years back for a non-insurance related endeavor, and after getting tired of putting money in his pocket I cut him loose. IMO, unless a partner is bringing something to the table that you can't do for yourself or contract out, and based on prior work ethic will pull his/her own weight, not worth the risk. And even then, probably a bad idea.
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There was a large life agency here that had their company set up like a law firm. It was more of a cost sharing benefit for all the partners. It was still an "you only eat what you kill" environment.
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tommymcguet
New Member
- 11
Man I wasn't expecting this type of response.
Situation is that me and the other gave have worked together at a captive agency together for awhile and both trust each other and have similar work ethics and values.
Situation is that me and the other gave have worked together at a captive agency together for awhile and both trust each other and have similar work ethics and values.
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Then at this point, you need to do a SWOT analysis on you, individually.
Would teaming up with this other agent in a partnership... would that help you lower your weaknesses and threats? What new weaknesses and threats come into the picture? Are you okay with it?
Would your strengths and opportunities increase with a partnership? How so? If there is no additional strengths or opportunities... then what would be the point of forming this partnership?
Basically, you need to materially demonstrate to yourself that you will be better off in this partnership. Not just because "it feels good" and "we get along". You need to give this some serious thought.
Yes, I have trust issues on partnerships. You should too. You need to enter into this with eyes wide open... especially if he's pushing you at all. (That would be a 'red flag' to me right there.)
Would teaming up with this other agent in a partnership... would that help you lower your weaknesses and threats? What new weaknesses and threats come into the picture? Are you okay with it?
Would your strengths and opportunities increase with a partnership? How so? If there is no additional strengths or opportunities... then what would be the point of forming this partnership?
Basically, you need to materially demonstrate to yourself that you will be better off in this partnership. Not just because "it feels good" and "we get along". You need to give this some serious thought.
Yes, I have trust issues on partnerships. You should too. You need to enter into this with eyes wide open... especially if he's pushing you at all. (That would be a 'red flag' to me right there.)
