According to sources there are close to 2000 agencies for sale or considering a sale of their agency by years end. With this type of news isn’t it time to fire all the executives that have been making this disorganization plan fail from technology to claims.
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@OP+19FhgQlF I can tell you that the 2000 number is not correct, in my role I have access to see the master list for how many agents across the country have either told Allstate verbally they are for sale, have notified Allstate by email they are for sale, ones that Allstate has told they need to sell (often failure to maintain ABO or not earn FINRA 6/63, as well as ones that have told Allstate they are considering selling for the right price, basically anyone that has told anyone at Allstate they might, maybe, or could sell is on the list.
That list right now is around 650 agents, some are 30+ year agents who are in their 70's, and some have been agents for less that 2 years. Many of these already have buyers.
@1sbn+19FhgQlF the Allstate will not help you find a buyer is also not correct, they have a team from Sales and NAPR that are specifically looking for buyers, they are tasked with finding X number of qualified candidates each week, they have meetings to go over those candidates and the status of them in the process, I also have access to all the candidates in the buying process.
What is true is that Allstate is not trying to make sure every agent has a buyer and for a good reason, about a third to half of the agencies for sale just don't cashflow and there are no lending institutions that will give a loan on them, these are typically agencies less than 2 million in total premium, but the majority are smaller, and to be blunt these agents should TPP as they were sh–ty agents and should have been kicked to the curb years ago, we are talking 10 to 20 year agents who have been unable to grow their agencies to over 1 million in premium, there are existing agents who are wanting to buy other agencies that have said they won't even buy them because they are not worth it.
Allstate will do the bare minimum to find you a buyer as it’s not in their best interest. They want want you to TPP so they can assume your clients. If you want a buyer look at a current LSP or start networking it’s your only hope.
Its taken only 3 years to turn Matt Winter’s best small business opportunity in America vision for agency owners into a pipe dream. While TW and GS get called out often, Lets not forget that Terrance Williams and his blue ocean nonsense is right along side these jokers. He is hot garbage and selling the sales folks snake oil. The investment in technology and marketing from the cost savings that is preached to the agents is more for the direct arm of the company. And most agencies will not be able to write enough new biz to make up for the lost revenue of rate decreases, further devaluing their books.
Allstate is scrambling to catch up with a direct modeling business plan that is also outdated ! The future is AI and offshore. Allstate hasn’t had a niche market since it left Sears stores. Too late Allstate. You missed the bus.
Oh boy. My next purchase will be from some 50 year old living in his parents basement. Gives new meaning to "Trusted Advisor" and sure makes me confident my financial security is in 'good hands'.
Our competitors cannot stop laughing all the way to the bank.
UNPRECEDENTED.