Founded in 2003, the owner of this independent insurance agency in North Carolina is ready to retire. The agency offers life insurance and annuities to a niche market. The agency has built a strong foundation of loyal customers with 85% retention rate. Revenue shown for last twelve months is recurring revenue. Due to unforeseen health issues the seller has only been able to work a few hours a week since November 2021 and was not able to bring in new business.
• Approximately 260 active life insurance policies at a total value just over $1.1M.
• Approximately 595 annuities with an annuity total amount over $1.2M.
• Loyal customer base in niche market.
The Company has opportunities for quick growth as identified below:
• Geographic Expansion: Pursuing untapped markets in nearby states such as Tennessee, Mississippi, Alabama, and Florida could be a quick way to expand the current client base and increase revenue.
• Increase Online Presence: Due to the reputation that comes along with being in business for two decades, this Insurance Agency relies 100% on word-of-mouth referrals to gain new business, and while this has been a successful strategy, a new owner would be able to speed the growth of the business by creating a website and increasing awareness through social media.
• Expand the Team: There is currently one part time employee in charge of administrative tasks. The Company could increase the book of business by adding another agent to market to untapped regions.
Reason for Sale
Owner Worked Hours/w:N/A
Inventory Included: No
Real Estate Available: No
Real Estate Included: No
Real Estate Value:
FF&E Included?: No
Seller is willing to train new owner for a smooth transition.