I’m working with an agency owner to think through his exit strategy. He’s 52 years old and doesn’t want to retire for at least 15 years. You may think he’s crazy to be planning that far out but the crazy ones are actually the ones who wait too long. Because he’s ahead of the curve, he has the luxury of exploring all the options and laying the groundwork to keep those options open as his agency evolves and grows. I’ve seen so many agency owners who get close to their retirement age only to discover that they haven’t set up their business to be able to deliver what they would ideally like. The owner I’m working with now wants to sell his agency to an employee or group of employees. But there’s no one in his shop today that would be an ideal buyer. So we have to recruit/hire and train his eventual buyer. That doesn’t happen in a year or two. It’s definitely a long term strategy but because he’s starting so young, there’s no reason we can’t make it happen. We started our work by asking/answering some key questions. You might run yourself through these to see how many of them you can definitively answer. Do you want to sell the agency or is it your intention to use the agency as an ATM machine making as much money as possible each year, and grow your wealth outside the business? Do you want to completely exit the agency and be 100% retired (or doing something else)? If you want to retain some ownership — what would your involvement look like once you take on other owners? Do you want to build your agency [...]
I had a great conversation (podcast) with Andrew Dymski, the host of Inbound Agency Journey about how and where agency owners should be investing their time. We talked a little inbound but the lion’s share of the conversation would be relevant for any agency owner. Take a listen here. In the podcast, I talk about how a primary focus for any agency owner should be new business. In fact, about 50% of your time and attention should be devoted to it. How are you doing on that? To make that happen, you need to get out of the weeds of daily client work. You also need a plan of attack. Take a look at our online business course - AMI’s Agency New Business Blueprint. It just might be what you need to help you get out of the weeds. Like all AMI work, if you don’t like it, we’ll give you the money back. Check out the content here and hurry up before 2020 budgets and plans are created and you’re not part of the mix.