The Ridiculously Amazing Insurance Podcast Agency Performance Partners

Siblings working together in an insurance agency can be challenging, but also has many benefits. It is important to foster cooperative working environments and use each other's strengths wisely. Boundaries need to be established between personal and professional lives, and communication needs to be open and honest. Job descriptions should be set up from the beginning and wins should be celebrated. Nepotism should be avoided, and sibling rivalry should not be tolerated. Family relationships should be kept separate from business relationships, and respect should be shown in order to have a successful family-owned business.
Running a business with your siblings can leave a great family legacy. It can also destroy families. Structuring how to handle challenges before they arise is critical to being sibling business partners. Use your strengths and stay away from needling in on weaknesses. You are better together than apart!
Check out what we cover in this video
00:00:00 We have to foster cooperative working environments 00:00:18 Host Introduction 00:00:27 So do you remember all those fights growing up with your siblings? 00:02:02 The trust is beneficial because you'll be working closely together in a business setting. 00:02:53 But there are challenges that go along with working with siblings 00:05:13 Set boundaries between personal and professional lives 04:16 You need to make sure you build professional relationships 00:07:32 Make sure you build an agency culture you are proud of 00:08:03 We are here to help build that foundation 00:08:24 You want to keep really good boundaries job descriptions 00:08:39 Getting to them on purpose 00:09:34 Tip for tat talking about all the stuff that's happening in the business? 00:09:43 It's not a bond that you want to lose 00:10:31 Make sure you're understanding what each other is looking for 00:11:05 Show your local people around that you guys respect each other 00:11:27 Conclusion Check out the APP Resources on Sibling Business Partners In an Insurance Agency Check out our blog on Common Challenges in Working With Your Siblings in An Insurance Agency: https://bit.ly/ins-sibling-partners Get our FREE Sample Family Contract (avoid those family arguments): https://bit.ly/424Qr5W Get our Agency School @ 10% off with code: BACKTOSCHOOL https://bit.ly/3NGJ7dg Book A Meeting: https://bit.ly/3I8H0v8 Are you looking for insurance training to grow your insurance agency? https://www.agencyperformancepartners.com/work-with-us/ #SiblingRivalry #InsuranceAgencies #BusinessRelationships #FamilyDynamics #JobDescriptions #Trustworthy #StrengthsAndWeaknesses #Synergy #SuccessfulFamilyBusiness #AgencyPerformancePartners

Sibling relationships can be challenging. You love each other but there is always a little frustration under the surface. Many siblings start working together in their family business - but not all of them would chose each other as business partners. When working with your siblings its important to know you fully know each other's strengths and weaknesses. You need to focus on celebrating each other strengths and filling in (not challenging) each other's weaknesses.
All too often siblings have a each other - and then the rest of the family. If you weren't siblings your Aunt probably would not care quite as much about the family business. In order to survive and thrive being siblings and business partners you need to do the following:
1) Ensure you recognize 2 relationships business partners and family
2) Stick to meetings
3) Have clear job descriptions
4) Keep work out of family events and keep family out of the office
5) Champion each other
Running a family business is not easy but it is rewarding. Making it work as business partners is something that will require work and dedication. You have to both commit to a family first mentality.
Check out the APP Resources on Working With Siblings In Insurance Check out our blog on Common Challenges in Working With Your Siblings in An Insurance Agency: https://bit.ly/ins-sibling-partners Get our FREE Sample Family Contract (avoid those family arguments): https://bit.ly/424Qr5W Get our Agency School @ 10% off with code: BACKTOSCHOOL https://bit.ly/3NGJ7dg Book A Meeting: https://bit.ly/3I8H0v8 Are you looking for insurance training to grow your insurance agency? agencyperformancepartners.com #SiblingRivalry #InsuranceAgencies #BusinessRelationships #FamilyDynamics #JobDescriptions #Trustworthy #StrengthsAndWeaknesses #Synergy #SuccessfulFamilyBusiness #AgencyPerformancePartners

Family can be complicated and business is hard! For many family run agencies we struggle to plan and hold each other accountable (remember your mom asking you to clean your room?). When working with family you need to treat each other as business partners at the office and family at home. If you were only business partners (and not family) would you allow yourselves to operate with out a plan? Probably not family should hold each other to higher standards and run efficiently and effectively with a road map that is clear and kind to everyone.
One of the biggest insurance agency family business planning processes that must happen is the plan to perpetuate. The next generation is looking for clarity on how the transition will happen and the current family leadership is questioning if the next generation can handle it. Also, the current leadership may love what they do and are unsure about their next steps. This leads the currently leadership to stay in their roles and keep things status quo.
Having insurance agency family business planning meetings are critical for success. You may need to have some difficult conversations, difficult conversations lead to clarity and break throughs. Without them passive aggressive behavior can poke through.
Check out the APP Resources on Best Practices of Leaving Your Insurance Agency To Your Family: Check out our blog on Best Practice of Leaving Your Insurance Agency To Your Family: https://bit.ly/perpetuatetofamily Get our FREE Sample Family Contract (avoid those family arguments): https://bit.ly/424Qr5W Get our Agency School @ 10% off with code: BACKTOSCHOOL https://bit.ly/3NGJ7dg Book A Meeting: https://bit.ly/3I8H0v8 Are you looking for insurance training to grow your insurance agency? https://www.agencyperformancepartners.com/work-with-us/ #SuccessionPlanning #LegacyBuilding #InsuranceAgency #FamilyBusiness #Honesty #LeadershipSkills #GrowYourAgency #RetainBookOfBusiness #PerformanceCoach #AgencyPerformancePartners #TransitionYourInsuranceAgency #DiscoveryMission #Next

Are you considering selling your insurance agency to family? Its a great family legacy to pass on a family business. While there is great pride and upside it is important both parties go into the business arrange with an open mind and heart. Insurance agencies are meant to enhance the family dynamic but with out the right expectations they can tear a family to pieces.
There are many second, third and fourth generation insurance agencies. In fact many of them have leadership teams comprised of all family. Families often have similar values and work ethic, however they also know how to push each other's buttons. In addition, its common that families know our strengths well and weaknesses even better. As you sell to family you need to identify roles, metrics and a very clear vision and plan for success. After all a lot is riding on this business.
Family run agencies that fail to plan for a successful sale of the agency often run into roadblocks and challenges that could be easily overcome with the right plan and expectations. Selling your insurance agency to family should be planned, coached and mapped out several years in advance of the transition.
Check out the APP Resources on Best Practices of Leaving Your Insurance Agency To Your Family: Check out our blog on Best Practices of Leaving Your Insurance Agency To Your Family: https://bit.ly/perpetuatetofamily Get our FREE Sample Family Contract (avoid those family arguments): https://bit.ly/424Qr5W Get our Agency School @ 10% off with code: BACKTOSCHOOL https://bit.ly/3NGJ7dg Book A Meeting: https://bit.ly/3I8H0v8 Are you looking for insurance training to grow your insurance agency? https://www.agencyperformancepartners.com/work-with-us/ #SuccessionPlanning #LegacyBuilding #InsuranceAgency #FamilyBusiness #Honesty #LeadershipSkills #GrowYourAgency #RetainBookOfBusiness #PerformanceCoach #AgencyPerformancePartners #TransitionYourInsuranceAgency #DiscoveryMission #Next

Retaining customers is very challenging. There is no shortage of competition and clients can be price sensitive. However, top insurance agencies are hitting 94% retention rates by overcoming insurance retention rate challenges. Retaining insurance clients can become simple when you identify as a growth insurance agency. Not an agency just focused on service or sales but instead the idea of true insurance agency growth. Retention is key for a sustainable insurance agency, and there are many challenges in retaining clients. Agencies need to have a sales process that introduces the agency, finds out what's important to the client, and sells the value of the agency. Cross-selling, account rounding, and referrals are also important components and every agency needs a strategy to experience growth from the agency's book of business.
Renewal reviews are essential and should be done annually to build trust with clients, get contact information, protect the agency, and increase cross-selling and referrals. Fears such as staff leaving and customers shopping can be addressed by providing scripts and training. Renewal calls should be seen as an opportunity to show value and build trust.
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