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I find a huge percentage of agency owners and insurance company people promoting perpetuation still do not know this omnipotent tax rule exists.
Sales was, and is, a major step up to seeing perpetuation being successful, but it is not enough.
Understanding these difficulties, I built an eight hour training program, then I built a multi-year training program, and then I co-wrote a book on agency perpetuation all with the goal of helping future owners gain the knowledge and skills required to successfully take over and build their agencies.
As succession and perpetuation stories go, this one has had a happy and speedy resolution.
Plymouth Rock, one of the agency's lead carriers, knew that the independent agent was planning for perpetuation. Furthermore, Jim Stone, the company chairman, was concerned about banks entering insurance and wanted to protect Plymouth Rock's distribution system.
"What we're looking for is independent agencies with perpetuation issues and owners who would like to get their equity out," Southwick said.