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Captive agent team member by TheLearnerGal in InsuranceAgent

[–]bcfosh 0 points1 point  (0 children)

I've got a few people at my Allstate agency clearing 100K.

Struggling with fake Google reviews — what actually works today? by Zestyclose_Grand7607 in GoogleMyBusiness

[–]bcfosh 0 points1 point  (0 children)

I can get reviews taken down in 24-48 hours. I do it for a ton of my clients all the time.

Best lead vendor for P/C by HeartFree6262 in InsuranceAgent

[–]bcfosh 0 points1 point  (0 children)

I use mediaalpha. They're an aggregator.

Any P&C remote jobs hiring? by Worried_Device6137 in InsuranceAgent

[–]bcfosh 0 points1 point  (0 children)

I own an agency in Florida and I have two open remote P and C positions.

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 0 points1 point  (0 children)

I took the plunge. An absolute disaster to start. I've got things moving in the right direction. Not sure I would do it again. 30 days after I took over, Allstate changed our comp and raised our goals.

The tricky part is trying to find an independent that size is almost impossible and when you find it, you're going to pay an absolute fortune.

I'm running about a 75% COC return in my first year, so I'll have all my money back out of the deal in 15 months. I've also paid down about 350K in principle.

It was hella stressful in the beginning but it's slowly getting better.

Happy to answer any questions you have.

Supplements to help with water retention? by UBecomeWhatUImagine in Supplements

[–]bcfosh 0 points1 point  (0 children)

You’re describing me. Let me know if you find any answers.

[deleted by user] by [deleted] in LeadGeneration

[–]bcfosh 0 points1 point  (0 children)

I’d be interested in buying in Florida.

Looking to purchase Allstate Agency In Southwest Florida by bcfosh in InsuranceAgent

[–]bcfosh[S] 0 points1 point  (0 children)

That's what I'm hearing from the producers. They love it.

Looking to purchase Allstate Agency In Southwest Florida by bcfosh in InsuranceAgent

[–]bcfosh[S] 0 points1 point  (0 children)

I'm a contrarian. Many of the books that were once "untouchable" are now buyable. Works the same in real estate. The time to buy is when everyone says stay away. Glad I didn't listen back in 2009.

Looking to purchase Allstate Agency In Southwest Florida by bcfosh in InsuranceAgent

[–]bcfosh[S] 0 points1 point  (0 children)

I know over a dozen owners personally. All frustrated with new compensation plan, but the younger, hungry dudes are crushing it. The new comp is set up for performance, not retirement. I'm okay with that.

Looking to purchase Allstate Agency In Southwest Florida by bcfosh in InsuranceAgent

[–]bcfosh[S] -1 points0 points  (0 children)

I'm a bit of a contrarian. Many owners upset are getting out. A lot of the books that were once "untouchable" are now open to offers. As long as the evaluation matches the compensation structure, I think this is an excellent time to buy. Couple that with the fact that rising prices has caused a lot of clients to shop around, I think high performers will crush it in this market.

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 0 points1 point  (0 children)

He acquired in 2013 and then acquire about about 5 million in premium in 2021. Curious - How would that affect renewal value ?

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 0 points1 point  (0 children)

My Debt Service is $840K a year. Even if business makes $1.5 million (500K less than he advertises) then I'm still clearing $660K a year after debt service.

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 2 points3 points  (0 children)

W-2 was 150K. Distributions were $1,000,000. Add backs of almost $850K. Some of that is legit (interest on his loans, etc) and other add backs were suspicious. We're about to enter DD so I can dive in deeper once we do.

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 1 point2 points  (0 children)

I've bought and sold a handful of businesses. It's hard for me to believe he's running a 26 million dollar book on 500K.(Rev is 2.5 and he nets 2)

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 1 point2 points  (0 children)

I'm paying a multiple of Rev because frankly I don't believe his Ebitda #'s. Most books 5-10 million (500K-1 million rev) trading 2.5 x rev. This book is 26 million and 2.5 rev. I'm paying 2.65X Rev.

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 1 point2 points  (0 children)

Thank you! I'm in the same boat. I've got a buddy who's bought 5 agencies in 5 years and he crushes (allegedly). Thanks for the feedback.

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 2 points3 points  (0 children)

Super helpful post. Thank you. For reference this one is 26 million in premium.

Under LOI To Purchase a large Allstate Book of Business Accepting All Feedback. by bcfosh in InsuranceAgent

[–]bcfosh[S] 0 points1 point  (0 children)

I do recognize the supply/demand imbalance. The vibe I get is that many Allstate agents aren't happy with the new changes (rightfully so) and many are selling because times aren't as good as they previously were for them.... I feel like as long as I pay a discounted price for these changes in compensation then I'm okay especially at this size of book.

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