How to buy an Allstate agency?

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PostPosted: Thu Sep 02, 2010 3:58 pm   Post subject:   

I was contacted by an allstate recruiter, she loved me, I passed the test and then spoke with the field manager for my area.



Is there anyway around the 50k? Do they offer anything for Minorities or women? I have been thinking about trying to get a business loan to get started with them, but then I thought if I do that why don't I just become a broker.



I have a friend who does it for Metlife and they are giving her a salary for her first 5 yrs, I hear other agencies do thatas well, so is Allstate better than the others?


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PostPosted: Fri Sep 03, 2010 12:55 am   Post subject:   

if you start ANY insurance agency w/o $50k in cash, you will have a very VERY hard time. a scratch agency takes at least 5 years to get established. You need the cash to get you through those tough times. Personally, $50k is low for a scratch.



Allstate is firm on the start up cash, and for good reason.

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PostPosted: Mon Sep 06, 2010 12:20 am   Post subject: Startup Cash  

They require your name be on a bank account that has 50k in it. If someone has the cash you can be added to their bank account. However if you start a scratch as mentioned, you really will need the cash unless you plan to have no employees or pay rent etc.


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PostPosted: Wed Oct 27, 2010 2:37 pm   Post subject: starting an allstate agency  

to the agency owner: do i just call the 877 # to get headed in the right direction?



what requirements can i expect? are they helpful?



how much start up capital will I need?



thx!


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jason.osu1
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PostPosted: Wed Oct 27, 2010 6:11 pm   Post subject:   

jason, what state are you in? its better to get a referral from an agent.



unless its changed recently, requirements are sales experience, insurance or investments experience is a plus, a degree preferred but sales experience, running a business and customer service is what its about.



depends if you want to go scratch or buy a book. if scratch, at least $50k in cash or line of credit in your name.

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PostPosted: Thu Jan 20, 2011 1:32 am   Post subject: allstate  

DO NOT DO IT...unless your are receiving a 20% return on your $...If your a rookie allstate willFU..dont worry about that...advise

be an independwent agent and try and buy an independent agency Book...hello



rookies should stay at home right now..if they want to work for someone else...great...but why sell your soul...and buy the way your having to buy it...duhhh

Mr Vet


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PostPosted: Thu Apr 07, 2011 10:33 pm   Post subject: minorties  

why should they wave the 50k dollar fee because someone is a minority or a woman?


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PostPosted: Fri May 06, 2011 5:04 pm   Post subject: Allstate Insurance Agency Purchase - existing book  

Can anyone provide advice as to the negotiations regarding an existing book of business. What extent do you need legal counsel and are there any purchase agreement templates someone can provide?

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PostPosted: Fri May 06, 2011 7:31 pm   Post subject:   

Quote:
What extent do you need legal counsel




To the extent that you don't want to get stuck holding the bag for some other agent's misdeeds. You need an indemnity clause to protect you against unknown claims that could be lodged against the agency by clients or regulators. Is the agent retiring or moving across town? You may want to include a two-year non-compete/non-solicitation clause to prevent stealing the book of business away to another agency.



Templates? Hardly.



The value of a business like this is probably 3-6 times cash flow on renewals. The value of new business depends on you. So if the renewal book of business is $50,000 annually, the pricetag for the agency could range from $150,000 to $300,000. Or more.



Caveat emptor!


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PostPosted: Sat May 07, 2011 4:47 am   Post subject:   

Johnny Leigh is a retired agent, now consultant/broker that has handled several allstate and independant acquisitions for agents and is highly respected in the Allstate agent community. I would definitly contact him. johnnyleigh@ymail.com



ppcloans.com, capitalresources.com, and allstatebank.com are the top three loan companies providing loans for agency funding. also they can give you information on what agency's are selling for. Much depends on market location, retention, loss ratio, size and age of the agency, and much more. Typically about 2.5 times is the average multiple right now. The investment is typically well into six figures so know as much as you can going in about. Email Johnny only if you are seriously looking into buying a book of business, he's an incredible resource.

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PostPosted: Sun May 08, 2011 4:34 pm   Post subject: Hey Allstaterr  

If you get this message, please update us on your current status, after purchasing the book in 2010... Hows it going?

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PostPosted: Tue May 17, 2011 3:39 am   Post subject: KtOTYXNjaQEbSY  

Allstate independent 1.. Super Smile


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PostPosted: Fri Jun 03, 2011 9:59 am   Post subject: fWkdAIwJOI  

Allstate independent 1.. Corking Smile


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PostPosted: Fri Jun 17, 2011 4:41 pm   Post subject: PPC/Capital Resource  

They will cost you sooo much in upfront fees. be careful.


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