Unique Values of a Strategic Buyer
As you consider selling your agency, it is important to understand your potential buyers and their motives. Identifying and understanding what to look for in a strategic buyer can help ensure the long-term success of your agency and your team.
Strategic buyers can offer the most significant market access and enhanced capabilities, have leadership teams with deep knowledge and understanding of the insurance industry, support teammates by providing training resources and opportunity for growth, and cultivate a long-term ownership mindset and personal wealth opportunities.
Additional Market Access
Most buyers are able to provide additional market access if their firm is larger than yours. But, strategic buyers are able to offer the most significate access due to their long-standing, deeply-rooted relationships with carriers. By utilizing their existing partnerships with underwriting companies, your business will continue to grow after the acquisition and you are able to provide your current and new customers with additional cover options.
At Brown & Brown, our long-standing history of continued success has helped us build and maintain partnerships with top-rated carriers.
Leadership & Growth Opportunities
Many strategic buyers build their capabilities from the businesses that they acquire. They also support their teammates with the resources, training and growth opportunities to be successful.
At Brown & Brown, we strive to learn from our acquired teams, while providing learning and growth opportunties for them in exchange. Many of our leaders joined us from past acquisitions and have a history of selling and servicing insurance, so we understand and are passionate about the insurance industry. We are focused on the long-term development of our team and invest in continued education, allowing us to remain at the forefront of developing trends in an ever-changing industry.
Cultivating an Ownership Mindset
Many strategic buyers provide equity opportunities for key individuals, but not all buyers provide these opportunities for all teammates.
At Brown & Brown, we focus on cultivating an ownership mindset throughout our organization. We are committed to providing several opportunities for our teammates to create personal wealth and invest in our Company. We are proud that more than 60% of our teammates invest in our Company through our Employee Stock Purchase Plan, resulting in nearly a quarter of our company being teammate-owned. We celebrate our continued, shared success as a whole.
What’s the Takeaway?
It is a big decision to sell your agency. Take the extra time to get to know your potential buyer and determine if they are looking to purchase strategically, helping ensure long-term growth and success for your agency and
your team.
