NAILBA Succession Planning Workshop
May 29, 2008
9:00 a.m.-12:00 Noon

Can your business stand up to unexpected events, economic pressures or other external or internal forces? Do you know where your business is today? Where it is going tomorrow? Succession Planning is not only about “who is going to take over from the principal(s) when they retire” – it’s about your exit strategy no matter what your business structure, and making contingency plans just in case the unexpected happens.  And the options are broader than you think!

This workshop will give you practical, real-world knowledge that will help you create your plan for dealing with the unexpected and ensure you have the know-how to deal with all too often avoided issues of succession planning.   The workshop will offer professional insights from a panel of NAILBA Member Agency Principals - colleagues who will share their real-life succession experiences from a wide variety of perspectives and striking examples of how they have faced and conquered the unexpected.  It will also feature a succession-planning expert who will show you how to create your plan of action.  After the workshop, opportunities for continued work including study groups, follow-up programs and meetings are being planned to help you continue to develop and grow your succession plan.

Facilitated by Otis Baskin of The Family Business Consulting Group, Inc, the workshop will offer professional insights from a panel of NAILBA Member Agency Principals - colleagues who will share their real-life succession experiences from a wide variety of perspectives and striking examples of how they have faced and conquered the unexpected:

Panelists include:

Christopher G. Greis, CLU, Leaders Partners, Inc.

Among brokerage agency principals, Chris Greis may be unique in his experience of both selling and buying his agency, acquiring other agencies and being on both sides of the table discussing “exit strategy.”  Chris will share his valuable experience in business valuation and business transitioning, from both sides of the transaction, to help attendees understand what they need to know before buying or selling an agency.

John W. Felton, IV, Tennessee Brokerage Agency

When Bill Felton decided to step down from managing the day-to-day operations of the Tennessee Brokerage Agency, he and John consulted financial and business experts to build a succession plan to transition the company to John’s majority ownership and management.  John will discuss his experiences in building TBA’s succession plan, the importance of the timing of the plan, and the successful transition of the business.

Varsha Grogan, General Agents Insurance Network

Varsha’s experience with succession planning is one that can happen in several mid size to smaller agencies.   5 years ago when Tom passed away suddenly, she faced the challenge of continuing her husband’s dream and fulfilling his wish that she continue the business that he loved so much.   Varsha will share her experience of transitioning from an agency administrator to that of a principal and what steps could have been in place to make the process more seamless and less stressful at a very emotional time.

Jim McGill, James C. McGill & Associates

When starting to think ahead to retirement, Jim McGill realized that he was not interested in “selling his agency” outright. Jim began looking for a solution for continuing his involvement in the agency, getting cash for his equity, and providing his brokers, clients and carriers with an ongoing entity.  Jim’s succession plan to date has included selling 25% of his agency, with set times and prices for his partners to buy the balance over a period of time.  Jim will share his thought process and the steps he considered when developing and implementing his succession plan.

Register for the Succession Planning Workshop on the FOCUS registration form.  Registration is FREE, so sign up today!

Questions? Contact Michele Liston at (703) 383-3081 or mliston@nailba.org