NAILBA Perspectives - January/February 2015 - (Page 33)

XXX nailba's agency successor networking group Tools and Tricks of the Trade D Have you been identified as the next sitting principal of your agency? The ASNG Planning Team works diligently to reach out to others in the industry who have transition experience and are willing to share what they learned in the process. Contact Rachel Marineau, NAILBA's Manager of Meetings and Education, at 703.383.3069 or for more information on the Agency Successor Networking Group (ASNG). uring NAILBA 33, the members of NAILBA's ASNG (Agency Successor Networking Group) met and learned more about specific financial business practices. Led by Bill Johnson of Options A to, the group explored areas such as cash flow, commissions, and valuation of business. Bill is an adjunct professor for one of Miami's largest universities and teaches an online Financial Risk Management course covering futures, options, and swaps. In April 2010, he was nominated as "Most Engaging Professor" by the Financial Management Association and the Finance Honor Society. Bill was also a subject matter expert for Charles Schwab and selected to write compliance-approved manuals and teach the corresponding weeklong courses in "Option Strategies, Pricing, and Hedging" as well as "Economics of Financial Markets" to advanced brokers. Those in attendance came away with many useful tools. Varsha Grogan, a member of the ASNG Steering Committee observed, "Bill provided a lot of information that would help every business owner and more so the ASNG member. I loved the Excel trick he taught us to calculate the net present value." Many attendees agreed with Sam Corey III of The Brokerage Resource Inc., who enthused "[The] workshop was great, I learned a few new tricks that I will 100% use this week." Bill Johnson provided example after real-life example of the tools and techniques he shared with those in his workshop. Because he had researched BGAs ahead of time, he was able to relate his information to the businesses of those sitting before him. "I was completely engaged. The way he packaged the ideas and presented the content was excellent," remarked NAILBA Chairman and ASNG member, David Long. "I'll be reviewing the slides and looking for things to implement right away." Crunching the numbers of a business can be quite difficult. And when business fluctuates from year to year, how do you safely estimate what you can expect to pull in from sales that have not yet been made? Bill made an excellent point when discussing averages with the Sports Illustrated magazine cover jinx as an example. Look at the cover celebrating Mark McGuire for his record breaking 70 home-run hits that year. The next year, his numbers were more disappointing for fans, but really it was a return to average performance for the sports star when compared to his stats for years past. His appearance on the cover of the magazine had nothing to do with his reduction in home run hits the following year- he simply had an outstanding year. When projecting income for the coming year, one can't look at the prior year for a realistic picture. You have to take several years' worth of information to get a good representation of data on which to base your numbers. As Melinda Meyer, another member of the ASNG Steering Committee stated, "[Bill] made difficult and practical information simple to understand and apply." As individuals of the group take home the lessons learned from this session and others at NAILBA 33, they also look toward implementing some new initiatives of their own as a group. This year the ASNG will begin expanding their purpose by developing new mentoring opportunities. Working alongside a group of Professional Development Committee members, the group will identify and train several mentors for the group. The ASNG still plans to continue meeting via monthly teleconferences focused on sharing experiences and questions related to the transition process and devising a succession plan. If you're a member of the group make sure your calendar is marked for these calls that typically take place on the first Wednesday of each month. 33

Table of Contents for the Digital Edition of NAILBA Perspectives - January/February 2015

NAILBA Perspectives - January/February 2015
Chairman’s Corner
CEO Insights
The NAILBA of the Future
NAILBA Charitable Foundation
Life Happens
Shaking Up Sales Concepts in 2015
Agency Successor Networking Group
NAILBA 33 Highlights
Member Profiles
Reading Ahead
Agency Resources
Calendar of Events
Index of Advertisers

NAILBA Perspectives - January/February 2015