Succession and the impacts on People
Insurance has always been a people business and the relationships made over a life-time in the industry are crucial. When the time comes to consider succession plans, what impact will this have on your staff and your customers?
You’ve told us that when you think about selling your business one of your primary concerns is the future of your staff and customers. You feel it’s imperative that they’re looked after. Karen Jackman, Aviva’s Director of Regional Brokers, Strategy and Propositions agrees;
“Whether you’re looking for a buyer or you’re transferring management to family members, you need to allow at least three to five years. Put as much planning in as possible, many people leave it too late and this can mean they don’t get to explore all the possible options.”
Some things to consider?
- Is an internal succession route or management buy out possible? Identify whether there are people within your business who could take a leadership role.
- If looking at an external sale, consider the cultural alignment between your business and the company you‘re looking to sell to.
- Consider carefully how you communicate any plans to your staff. Gaining buy-in from key members of staff is crucial.
- This can be a difficult time for customers, they’ll want to be re-assured about any change in ownership when it happens.
We believe that a thriving independent broking sector is good for the industry and for our customers and we’ve had a long history of supporting independent brokers. We’ve never been so well equipped to offer regional independent brokers the support they need to grow their businesses and that support extends to supporting Succession plans. So, when a broker principle decides to step away from the business at their chosen time we have a variety of options to support them.
Support for both buying and selling brokers
We’ve developed a proposition that puts customers, staff and expert advice at the heart of our approach alongside access to a range of financial tools that incorporates;
- succession planning and exit consultancy
- initial strategic acquisition growth planning
- financial due diligence
- customer-centric insurance programmes for business portfolios
- the provision of employee benefits
- human resources consultancy in integrating workforces, functions and operations
- financial instruments to support acquisitions or MBO’s.
Do you want to find out more?
Contact one of our Succession experts for a confidential chat;
- Nick Burrows at firstname.lastname@example.org or 07889 363 549
- Michelle Hardy at email@example.com or 07800 692 256
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