In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck interview Carey Wallace of Agency Focus. Carey continues the conversation about how you can increase your agency valuation.
Episode Highlights:
- David shares the time when he had a real accident in his life and how it was related to his weekend. (6:43)
- Carey explains that when people read headlines, they have to understand what it is about and how it applies to their agency. (12:21)
- Carey shares why a $2 million agency should place 80% of their book with their top six carriers. (16:31)
- Carey talks about how concentration is a big factor in your agency, and how it will help your agency if agency owners have niches. (18:09)
- Carey explains how it would be harder to anticipate things if people minimized their books of business. (23:36)
- Carey reminds listeners that concentration is a key tool in relation to growing your book of business. (24:14)
- Carey suggests talking about risk factors and ways people can themselves be an acquirer. (26:02)
Tweetable Quotes:
- “You need to make your agency able to operate without you. That’s counterintuitive to what someone is comfortable with.” – Carey Wallace
- “With concentration, you have to think about it and a lot of people don’t look at their book of business through that lens.” – Carey Wallace
- “If they are aware that that’s something that’s in place, that there’s an agreement, it’s less likely they’ll walk away with your book of business, and you at least have recourse to protect that.” – Carey Wallace
Resources Mentioned: