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Insurance Brokers and Agency Owners

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Selling the Agency on Your Timeline

Last fall, I received a phone call from Mark, an owner of a successful multi-generational insurance agency. Mark is in his late 50s and has been running the family agency for the past two decades. Mark was stressed out over the thought of selling his agency. He had multiple offers from competing agencies that were […]

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Rambo: Teaching an Old Dog New Tricks

As we say goodbye to 2020, it is easy to reflect on the year with a negative view. However, I think 2020 was a transformational year where we expanded our overall skill set, not because we wanted to but because we had to. As we look back at all the new talents we accumulated in […]

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Good Bye 2020, Hello Taxes

Good news: The year 2020 is coming to an end. Historians will look back at 2020 as an epic year for chaos in the United States. We will not miss the Covid-19 Pandemic, the social unrest across the country, or the contentious presidential election.  Bad news: now that the election is over, and we have […]

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Use the 4 C’s to Chart Your Future

You have successfully grown and managed your agency to a stage where it is desired by others. Use the 4 C’s to help you shape your future so that you will know exactly when it’s time to cash in.

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Pandemic Put a Pause on the Sale of Your Agency – Now What?

Weddings, graduation parties, and dentist appointments were not the only things put on hold during the coronavirus pandemic. COVID-19 has changed the course of all our lives regardless of whether our personal health was impacted or not.  Over the past few months, I have seen firsthand the impact it has had on agency owners who […]

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Secret Retirement Saving Super-Power: The Mega Back Door Roth

For high earners and big savers, there are limitations on contributions to designated retirement accounts. Specifically, in 401k accounts, the maximum you can deduct from your salary is $19,500 in 2020. For those over 50, a “catch-up” contribution is allowed up to an additional $6,500. What many don’t know about 401k accounts is that there […]

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Lessons Learned: “This Time is Different”

The COVID-19 outbreak has created stress and uncertainty in all phases of our lives. Worrying about our family’s health, learning to work from home while trying to educate and entertain children, and watching our income decline or for some completely go away has understandably caused many to panic. This stress and panic can lead many […]

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FDIC Insurance – Have You Maximized Your Coverage?

During the Great Depression, the Federal Deposit Insurance Corporation, or FDIC, was created to instill confidence in the banking system.  On January 1, 1934, the first deposits were insured with a limit of $2,500.  FDIC insurance is backed by the full faith and credit of the US government.  How well do you know FDIC coverage? […]

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Make 2020 a SMART Year

Happy (belated) New Year! Did you set a New Year’s resolution this year? Have you already broken your resolution? According to Ipsos, a market research company, 38% of Americans planned to have a New Year’s resolution in 2020. Unfortunately, 80% of resolutions are typically broken by the middle of February. No worries – It is […]

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Should My Agency Be an S Corp or a C Corp?

Recently I spoke at the Independent Insurance Agents (IIA) of Illinois annual conference on financial planning for agency owners. After the presentation which included a discussion on taxes, an owner approached me about the tax structure of his agency. He is currently structured as a C Corporation and wanted to know if that was the […]

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Solve the 4 C’s Before Selling Your Agency

Last month I had the opportunity to moderate an M&A panel at NAHUs (National Association of Health Underwriters) Annual Conference in San Diego. The panel was focused on what agency owners should look for when considering buying or selling an agency. Panelist Mike Deagle of Benaxis and Lily Lam of OneDigital did an excellent job […]

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Theo’s 20% Rule

I’m a lifelong Cubs fan as required by my grandfather who took me to my first Cubs game back when you could buy a bleacher ticket for $3 and bring your own cooler full of drinks into Wrigley Field (Grandpa Tom liked his Old Style). Wow, have times changed. My 12-year-old son Kevin and I […]

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