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Agency Management | Planning for the Unexpected

Posted By IIAW Staff, Tuesday, July 12, 2022
Updated: Thursday, July 21, 2022

By: Carey Wallace, Business Consultant at AgencyFocus

 

This has become an all too familiar story.

  

An agency owner reached out several weeks ago and asked me to meet with him and the owner of an agency in his town that he was looking to purchase.  They had been talking for several years.  They had a handshake agreement that someday he will buy the agency when the time is right.  Those conversations were consistent over time, but had never turned into any action. The selling agency owner was now in his early 80s, but the time didn’t seem right just yet.  Until it was.


Some serious health issues caused the conversation between the two owners to change from someday into a reality.  I was introduced to the selling agency owner and together with the buyer we went through what to expect in the valuation process.  He was charming, funny and full of stories.  It was obvious that the last thing he wanted to talk about was his career in insurance coming to an end.  Instead, he preferred to reminisce about his favorite clients, brag about his amazing staff and tell me the story of how he started in this incredible industry of ours.  Our 30-minute call tripled in length, but I didn’t mind at all.  I loved getting to know him and honestly, I loved listening to his stories.


As our call came to an end, we agreed that the completing the valuation was the next logical step. The seller expressed concern about letting his staff know he was contemplating selling, so he asked that I mail him the proposal and confidentiality agreement and send the data sheets that were required for the valuation in an email that does not mention the purpose.  He planned on confiding in his office manager as she would need to help him completed the information.  The proposal was sent, agreement was signed, and the data sheets were emailed.  We were on our way.


Two weeks later first thing Monday morning I received a call from the buyer. I answered with a chipper Good Morning and was met with an unexpected somber voice. He fumbled his words and struggled to share the news that the seller’s health had taken a turn for the worse,  he was hospitalized a few days ago and passed away the previous evening.  Then there was silence.


I cannot even begin to tell you how much I dread this kind of call.

  

My heart sank and you could tell his heart was breaking as well.  We both were quiet for what seemed like forever.  I broke the silence with a question, “Tell me what I can do to help?”  He then shared his thoughts and plan to help the sellers widow navigate the next days, weeks and months. She is now faced with taking care of the affairs for an agency she has never been a part of and had no idea where to begin.


When something like this happens, the focus goes from planning to “rescue”.  Worse than that, someone who is mourning the loss of the greatest love of their life is forced to make decisions that they have no experience handling. They are forced to think about details and logistics that are in many cases completely foreign.


We started discussing things like:


Who has the logins and ability to access the carrier portals?

How do we ensure that we keep the appointments in place and take care of the customers?  Who has the logins to the accounting system, bank accounts?  Is there any life insurance?  Does someone know how to run payroll?  What do we tell the staff?  Clients? Carriers? How do we reassure the staff?


It is completely overwhelming. The business that was a lifetime of work and the main source of income in their retirement is now in jeopardy.


The reality is for many agency owners the time will never be right and sadly they will put planning for the transition of their agency off until there is no time left.


This can happen to anyone at any age.


You do not have to exit your agency to have a plan.


The time is always right to make a plan.

 

For more information about planning for your agency please visit www.agency-focus.com or contact Carey Wallace at Carey@agency-focus.com.

Tags:  agency management  insuring Wisconsin  leadership  wisconsin independent insurance association  wisconsin insurance agency help  wisconsin insurance blog 

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Agency Operations - Key Leadership Practices for Virtual Teams

Posted By IIAW Staff, Wednesday, May 13, 2020
Updated: Thursday, April 30, 2020

By: Donna J. Dennis, Ph.D. | Virtual Team Leadership Expert

 

*This article was featured in our May 2020 Wisconsin Independent Agent Magazine. Click here to read the full May 2020 issue. 

 

Virtual Team Meeting

 

We are living in an environment where circumstance forces change!  Work teams everywhere have been forced to shift quickly to a work from home setting.  

 

The MyAgencyCampus team reached out to virtual team leadership expert Donna Dennis, PhD to learn more about “Key Leadership Practices for Virtual Teams.”  See below for some just-in-time recommendations.

 

Both leaders and team members must cope with many 

other challenges. A study conducted by the Business 

Research Consortium (BRC) in association with American Management Association survey of 1,500 individuals 

revealed the following seven suggestions for companies that want to improve the efficiency and effectiveness of their virtual teams. 

 

1. Remember that good leadership is different.

 

It is tempting to believe that traditional leadership qualities are so general that they easily translate to virtual team 

leadership. Unfortunately, that is just not true.  

 

2. Emphasize communication even more

 

Yes, nearly every leader has been told to “communicate, communicate, and then communicate some more.” What is true for leaders in general is doubly true for virtual leaders. In fact, it’s usually true for all virtual team members. 

 

 

Fully 72% of respondents to the BRC survey strongly agreed with the idea that virtual teams require more team 

communication than do co-located teams. 

 

3. Adjust to the medium. 

 

The study shows that team member engagement is 

strongly influenced by the degree of visual feedback 

members are getting. For example, participants in voice-only virtual meetings (the kind so common in the corporate world today) are much less likely to be engaged than participants in face-to-face meetings and in meetings with high-quality videoconferencing. Without a visual 

element, leaders must do things such as: 

 

           Pick up on more subtle cues (such as tone of voice)

 

           Know nuances of cross-cultural communication

 

           Ask more questions to get to a common under               standing of a problem or issue

 

4. Do more to establish trust.  

 

Because virtual team members often lack the time and opportunities to talk to each other informally, trust can be hard to build. The best virtual leaders tend to build “swift” trust, knowing that distance makes it more difficult. They provide goals, roles, responsibilities, strategies, and a 

vision to create a common purpose and shared objectives. 

 

They establish agreements and make expectations clear so that all team members understand responsibilities and proper etiquette.

 

5. Develop robust processes and, where needed, 

    structures.

 

Not only must virtual leaders make expectations clear, they also must establish more checkpoints with explicit 

guidelines. 

 

6. Reduce or avoid “storming” when possible. 

 

Back in the 1960s, Professor Bruce Tuckman developed the idea that teams need to go through four stages: forming, storming, norming, and performing. Virtual teams are 

different in that the “storming” stage (during which 

different members strive for a time to put forward their ideas) is often curtailed. This does not mean virtual teams need to avoid all disagreements and conflicts, only that leaders and members should be proactive and handle 

different perspectives right away, as opposed to letting them linger. 

 

7. Devote resources to development. 

 

Most organizations do not develop leaders and other employees in the art of virtual teaming. Yet, the BRC study indicates that a lack of experience among members of virtual teams is a serious challenge. 

Therefore, we think it pays to educate not only leaders but also potential team members about how to thrive in a virtual team environment. The study also indicates that first-level and middle managers tend to have fewer virtual leadership skills than senior managers and project 

managers.

 

About Donna J. Dennis, Ph.D.

Donna is a leadership development professional 

specializing in solutions for leaders working in virtual and remote teams. Earlier in her career, Donna worked for, Chubb and Son, Inc as well as other corporations in various leadership development positions. Donna’s teaching academia experience includes The Wharton Business School, the University of Pennsylvania and Rider University.  

 

MyAgencyCampus:

Online courses for training agents and brokers including property and casualty new hire curricula, business skills for sales and service team members and upskilling new

 leaders. Visit www.myagencycampus.com  (An offering from New Level Partners LLC).

 

If you are interested in scheduling a webinar on Virtual Team Leadership, please contact aschroeder@newlevelpartners.com.

Tags:  Agency Operations  digital agency  leadership  virtual teams 

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