Master Insurance Agency Succession Planning for Ultimate Success

There are different types of succession plans that an agency can consider:

• Internal Succession: This involves grooming an existing employee to take over the leadership role. It is often seen as the most seamless transition since the successor is already familiar with the company's culture and operations.
• External Recruitment: Sometimes, the best successor might be someone from outside the organization who brings new perspectives and skills. This can be beneficial for agencies looking to innovate or expand.
• Family Succession: For family-owned agencies, passing the business to the next generation is common. However, this requires careful planning to ensure the successor is truly prepared and capable.