Power Producers: The Wallace Sessions 5

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck continue their conversation with Carey Wallace of Agency Focus. Carey explains the importance of having a perpetuation plan. Episode Highlights: Carey explains that if you have employees, renewable income, and processes in your agency, you need to have a perpetuation plan. (2:35) Carey explains that the reason why agency owners don't have a perpetuation plan is because of fear and lack of time. (3:56) Carey elaborates on the importance of having a disaster plan in place and how it should be set up as an agency owner. (10:12) Carey shares that a perpetuation plan is in place to protect the agency to continue into perpetuity. (13:04) Carey explains that having problems discussed even before they occur is the only way to prepare for them. (15:45) Carey advises agency owners on what to do if they don't have someone internally to buy their agency. (18:28) Carey shares that agency owners must truly understand and know what they own, to protect it. (22:25) Carey explains that everything about a perpetuation plan is about getting protected, just like how business owners protect their clients. (27:50) Tweetable Quotes: "A perpetuation plan is in plan to protect the agency to continue into perpetuity. So, you have to think about it, how am I protecting this business and all the people that own the business collectively. And the best time to think about doing that is when things are good." -Carey Wallace "If you don't have someone internally to buy your agency, but you have relationships in this industry with other agency owners that you trust. Approach, one of them to be the ones that could come in and run your agency to sell it externally." -Carey Wallace "We're all business owners. And this is about getting you protected, just like you help your clients get protected. And, it's about trust and relationships." -Carey Wallace Resources Mentioned: Carey Wallace LinkedIn Agency Focus David Carothers Kyle Houck Florida Risk Partners The Extra 2 Minutes