Are you in the process of succession planning in family-run insurance agencies?
Leaving your insurance agency to the next generation provides a great sense of pride, accomplishment and satisfaction. If you are taking over the agency you want to make your family proud, keep the tradition alive and run a great business for your family. If you are getting ready for succession planning in family-run insurance agencies this is the video for you!
Leadership transition in family businesses can be challenging due to different dynamics, egos and expectations. It is important to objectively evaluate each family member’s skills, capability and commitment to the business. A consultant or third party may need to be brought in to talk with each family member, listen to conversations and establish guidelines for acquisition/transition. It is important to have a timeline, clearly defined roles and audit processes. A strong leader should be at the helm to protect assets of the corporation. Consulting services are available to review alternatives and structure roles and responsibilities.
- 00:00:00 Developing the Next Generation of Leaders
- 00:00:25 Succession Planning and Leadership Transition
- 00:00:54 Objectively Evaluating Family Members’ Skills
- 00:00:40 Removing Emotion
- 00:01:07 Choosing the Right Person
- 00:01:40 Third Party Consultants
- 00:01:49 Establishing Guidelines
- 00:02:26 Emerging Trends
- 00:02:33 Setting a Timeline
- 00:02:41 Financial Implications
- 00:02:47 Clearly Defined Roles
- 00:02:57 Silent Partners
- 00:03:14 Strong Leader at the Helm
- 00:03:23 Protecting Assets
Check out the APP Resources on Top 5 Family Run Insurance Agency Challenges:
- Check out our blog on Top 5 Family Run Insurance Agency Challenges: https://bit.ly/44gv6Z5
- Get our FREE Sample Family Contract (avoid those family arguments): https://bit.ly/424Qr5W
- Get our Agency School @ 10% off with code: BACKTOSCHOOL https://bit.ly/3NGJ7dg
- Book A Meeting: https://bit.ly/3I8H0v8
- Are you looking for insurance training to grow your insurance agency? https://www.agencyperformancepartners.com/work-with-us/
