Agency for Sale?
I own a 30‑year‑old small independent non‑standard auto insurance agency in Los Angeles. I’ve always been a very good salesperson, but I’ll admit I’m not great on the business/operations side. I make about 200k a year in commissions and another 150k in broker fees. Around 90% of my clients speak Spanish and most of them pay in cash.
My problem is that I’m 45 years old, I’m not looking to retire, but I’m starting to see my sales slip. My business is almost entirely referral‑based and I don’t really know how to grow it from here. I don’t really want to sell because I don’t know what I would do next, but I also don’t want to watch the agency slowly decline.
If I did decide to sell, what kind of price or multiple would be realistic for a non‑standard auto book like mine? And if I do sell, do you think it would make more sense at my age and background to move into Life and Health, focus on Commercial only, or maybe bring on a partner instead of selling outright? Any suggestions or experiences would be greatly appreciated.