It's about your data.
I came across an article that talked about how to get the most value out of your agency when it comes time to sell. And what I read didn't at all surprise me. The first tip the article gave about selling your agency was about your data.
Now more than ever, selling your agency isn't really about your physical agency. It's about your data. The article says that your data needs to be accurate in order for buyers to ultimately be interested in taking the agency on. It went on to say: "This includes downloads, management system usage, e-mail addresses, client documentation and other forms of data."
But, what does "accurate" mean? Your data does need to be accurate because the buyer wants to buy what they think they're buying, but let's look at what accurate data means:
- Organized. This is crucial. It's like when you are working on a group project, and someone has done some work but it isn't clear where they left off or what they even did in the first place. The data needs to be super organized to the point where someone can look at it and understand it quickly. For an insurance agency, this would mean having your data in an agency management system first and foremost. Otherwise, there really isn't an easy way to maintain organization. Maybe your spreadsheets or paper files have worked for you, and that's fine. But when it comes to selling your agency, a buyer probably won't want to take on that data knowing they have to do the data migration themselves with your data.
- Updated. This goes with organized, but it's important to mention because often times, agencies will get their data into an agency management system and then do nothing with it. An agency management system is made to make your life easier, so take advantage of that.
What I really liked within this article was this statement: "First and foremost: Treat your agency like it's for sale today. When you create a process, take on a new carrier or invest in technology, ask if it's adding value to the agency."
I think it speaks volumes to what your agency should be doing on a daily basis, not just in preparation for the chance that you'll sell, but to make your agency run as efficiently as possible.
If you're in the midst of deciding whether your agency could use an agency management system, check out this infographic. It helps you see how the use of an agency management system has affected other agencies.
Want to see what agency management systems have done for other agencies?
We put this infographic together to help you weigh the stats on using an agency management system.