Drew McLellan is the CEO at Agency Management Institute. For the past 23+ years, he has also owned and operated his own agency. Drew’s unique vantage point as being both an active agency owner and working with 250+ small- to mid-size agencies throughout the year gives him a unique perspective on running an agency today.
AMI works with agency owners by:
- Leading agency owner peer groups
- Offering workshops for owners and their leadership teams
- Offering AE bootcamps
- Conducting individual agency owner coaching
- Doing on-site consulting
- Offering online courses in agency new business and account service
Because he works with those 250+ agencies every year — he has the unique opportunity to see the patterns and the habits (both good and bad) that happen over and over again. He has also written two books and been featured in The New York Times, Entrepreneur Magazine, and Fortune Small Business. The Wall Street Journal called his blog “One of 10 blogs every entrepreneur should read.”
What you’ll learn about in this episode:
- Agency ownership is challenging – be sure you maximize the benefits as well
- Get real about your compensation – chart out all of the ways the agency compensates you with pre-tax dollars for things you’d spend post tax dollars on otherwise
- All of our compensation isn’t monetary. You also have other amazing benefits and perks that come with owning the joint
- Putting your agency at the core of your retirement plan — even if it doesn’t sell (most don’t)
- Building your wealth outside your agency while you still own it
- The danger of leaving too much of your own money inside the business
- Ways to invest your agency profits
The Golden Nugget:“As an agency owner, you need to build your wealth outside the agency while you still own the agency. Once you sell it, it is too late.” – @DrewMcLellan Click To Tweet
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