NAILBA Perspectives - July/August 2015 - (Page 24)

XXX nailba's agency successor networking group Stepping Aside T Are you a member of the Agency Successor Networking Group (ASNG)? Where would you like to delve into more and expand your knowledge base? What areas need to be explored more deeply? How can NAILBA provide more hands-on learning to help you improve your agency? Email Rachel Marineau at rmarineau with your suggestions. 24 perspectives JULY/AUGUST 2015 ypically this article focuses on issues pertaining to those who are preparing to step into the ownership role of their agency. But as a change of pace, this edition is dedicated more toward the current owner, especially those who have been in the position for decades and may be considering a succession plan. Statistics show that many Baby Boomers are delaying retirement. Why? The majority of the Boomer generation has a strong and passionate work ethic. Many people who are of retirement age simply still enjoy working and have no desire to exit the workforce. In addition it's very difficult to leave the business they've started in someone else's hands, even if it's a son or daughter. Those who are ready either don't have an official succession plan in place or in writing or are still in the process of training their successor. Lastly, similar to other small businesses in the country, some may not be fiscally able to retire. So, regardless of the scenario that aligns with your business, unless there's an active, written, and agreed upon plan in place, there's work to be done. First and foremost, don't delay another moment in making a plan. You need to take action to ensure your business continues. If you don't put it in place, it will be done for you should something suddenly take you out of the driver's seat. As a part of the insurance industry, you deal with this circumstance every day. The agency you run is no different. One way or another the day will come and it will happen. Put a plan in place while you have as much say about it as possible. Identify the course you want to take. Do you envision handing the business over to a family member or child, or perhaps a long-standing, loyal employee? Identify and train your successor. What ins and outs of day to day business do they need to be made aware of? Think beyond the contracts-what are the tasks that you as the owner handle and deal with regarding your employees' benefits, maintaining the building you're in, projecting business for the next year and beyond. If you're not planning to hand over the business, are you planning to sell your agency? Do you know where to start and what your options are? Identify the steps that set the plan in motion and begin taking them. Set deadlines and timelines for yourself and others. Communicate the plan and your desires to your employees once it's firmly in motion. Be clear about what they can expect, what the timeline is, and what's needed from them. Most importantly, be open to answering questions that help alleviate anxieties. This will keep morale up, maintain a healthy level of productivity, and provides necessary reassurance. Finally, think about what the future holds for you. When the final date has come and gone, what will you find yourself doing? Make plans to do something meaningful and enriching with your time that is separate from the business you have run over the years. Is there philanthropic work you can embark upon now that you would find rewarding? Rediscover a hobby or passion or invest in a new one. But set new goals for yourself that you can look forward to once you put your business behind you. And if you find the idea of leaving impossible, speak with your successor about maintaining a space in the office where you can sit and check in from time to time. Chances are there will still be occasional questions that only you can answer.

Table of Contents for the Digital Edition of NAILBA Perspectives - July/August 2015

NAILBA Perspectives - July/August 2015
Chairman’s Corner
CEO Insights
What is the Future of Straight Through Processing?
NAILBA Charitable Foundation
Member Profiles
Mooers Award Nominations
Agency Successor Networking Group
Life Happens
NAILBA 34 Program Preview
Reading Ahead
Calendar of Events
Index of Advertisers

NAILBA Perspectives - July/August 2015