Need Advice on Buying a Book, Please?
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Hello all,
Thank you for taking the time to read this.
I recently came across a well established independent in Florida run and owned by an older lady who is looking to retire.
The agency is majority auto with small homeowners portion and is signed up with over ten carriers, who all agreed to the transfer.
The agency has seen better days, but the gross has been on the decline in the past 3 years losing on average 10% a year and will be approx 250k for this year. They hardly did any marketing for the past five years and don't even have a website!
From what I can see, they seem to have close to 90% retention but hardly any new bizz coming in.
After several meetings, my instinct tells me I can trust this lady and her disclosures. My own background is in mortgage sales and commercial real estate leasing, but am a fast learner.
What do you guys think the book is worth? What about payment structures? Any help to a newB would be greatly appreciated.
By the way, this is one of the best industry forums I've come across, and I've used plenty.
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