First post here... read tons of helpful hints over the years but never signed up because I never had a question...
Here's my situation.
My current principal hired me 01/01/2016... I had 4 years of life insurance expirience and he hired me with the verbal agreement of him selling his book/business of about $425,000 commission on 01/01/2018. Well we're 18 months in and he just informed me he wants to work another 5 years. I'm 27, he's paying me a modest salary of 48,000 + lower than industry average commissions. My production has been minimal as I have been more focused on learning the P&C world, getting accustomed to current clients, and managing the office of 3 CSR
He's willing to keep me on but I'm not really content with being at 48k + commission for the next 5 years. I could get a job in the medical device world tomorrow and make 150k.
I have 3 agents lined up to start selling under me when I was going to buy the business next year... 1 I'm stealing from another indy agency... 1 I've worked with in the past and she's a rockstar at sales (mom is also a VERY successful farm bureau agent), and another is a family member who's wifes a doctor and wants to fish at 3 o clock every day buts wants some spending money.
So if you guys were in my shoes... would you stick around for 5 more years making 48K + commission... eventually buying him out for 2X multiple... or would you bite the bullet now and try to get a couple good contracts and never look back...
A couple points that might change things.
My dad is purchasing a financial advising book with 400 clients in a couple months. Could be a very lucrative referral source.
My current principal is stuck in 1970 with technology. It drives me crazy... all our commercial is paper files. I can't work mobile. We don't even have an operating website. He has a lot of personal clients that come in to make payments and call in every month. He has a very old school way of doing business.... never heard of SEO
let alone on board to use it. He is a main street brick and morter agency and my attitude is much more mobile and digital. All the agents I was planning to hire for next year were going to be working from home, utilizing my CSR
's, 100% commission agents.
We are in semi-rural Kansas.. Town of about 20,000 but 30 minutes away from a metro.
Thanks in advanced. Kinda bummed. Hope it all works out....