by Guest » Mon Jun 15, 2009 11:51 pm
can anyone give me a general idea about purchasing a book of business for Allstate? How does the financing work? How much can someone get approved for? The book we are thinking of buying is 1.65 million in premium and is being sold for $425,000.
How long do people typically finance for ten? fifteen years? and what percentage point of interest would I be looking at?
I realize these are very general questions and everone's circumstances would be different. My husband and I have excellent credit ratings and he has worked for Allstate for almost four years as a p&c producer.
Thanks for all of your help!!
How long do people typically finance for ten? fifteen years? and what percentage point of interest would I be looking at?
I realize these are very general questions and everone's circumstances would be different. My husband and I have excellent credit ratings and he has worked for Allstate for almost four years as a p&c producer.
Thanks for all of your help!!
Posted: Mon Jul 20, 2009 09:22 am Post Subject: TPP Addendum
Would prefer an answer from someone who knows it. Can't afford a guess, qualified or otherwise.
Thanks ladies and gents! ;-)
Posted: Tue Jul 21, 2009 11:27 am Post Subject:
Hopefully you would soon hear from the visiting agents of this board. Just hang tight :)
Meanwhile, are you approved? I think an Allstate agency buyer needs to be Allstate approved before they can actually get into the process of acquiring Allstate agency.
Posted: Tue Jul 21, 2009 09:08 pm Post Subject:
Not approved yet. Going through the mountain of paperwork now. Don't expect to NOT be approved. Have family with Allstate and am financially in good position.
As it was explained to me, Allstate takes the TPP sum and breaks it into monthly payments for 12 months. It is taxed as if it is a payroll check. Would appreciate it if those 'in the know' can confirm/deny this.
Cheers!
Thanks!
Posted: Wed Jul 22, 2009 01:08 am Post Subject: TPP Payment
This may be new or state specific but my understanding is the termination payment is paid over 2 years. This ensures you will not violate the non compete agreement and take all the customers. If you violate the agreement they just keep the rest of your payments! The termination does not count any business written before the year 99/00 independant changeover.
Posted: Mon Jan 18, 2010 10:39 pm Post Subject:
go to capitalresouces dot com they can help you finance it.
Posted: Sat Jan 30, 2010 06:24 pm Post Subject: selling
I have been reading the post and they are correct that the TPP is paid out over 2yrs. I am interested in selling my agency now, it is 8.5 mil and about 50K in income from Fair plan.
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