#57 - Planning for Ownership Transfers w/ Erik Garcia

In the third episode of the series, Carey and Lindsay sit down with Erik Garcia from Plan Wisely to talk about the financial challenges and considerations of ownership transfers in independent insurance agencies. Discussing the importance of emotional and financial readiness, setting clear boundaries, and planning for retirement and succession. They emphasize early conversations and proper planning to avoid unintended consequences and regrets. The impact of taxes on business transition is also explored, along with the role of a financial planner in navigating these complexities. Overall, the conversation highlights the importance of understanding both the personal and financial aspects of business transition.

This episode is brought to you by Cake, connecting independent insurance agents looking to sell a book of business or a slice – a chosen group of accounts – with other agents looking to grow their business.

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Agency Focus is the premier resource for agents to understand their agency's value, plan for a transition of ownership, and prepare for acquisitions.

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