Farmers, Allstate, State Farm retiring

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chief123's picture
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Joined: 2008-10-28

What happens when an agent from one of these retires or goes to retire, can he sell his business? Or does the main company take it back?
 
Most interested in Farmers and Allstate...
 
Have a family friend looking to retire and wanted to approach him about buying his insurance business but not sure how they work..
 
Any info?

Squash1's picture
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Joined: 2008-11-19

State Farm can't... Have a friend who worked in his dad's office and wanted to open his own office and was told when his dad retired he wouldn't get the clients if he opened his own office(at least not directly).
 
Not sure about Farmers... Also heard Allstate is able to sell theirs, but wouldn't guarantee the accuracy on that.

Ron 14's picture
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Joined: 2008-07-10

One of my bankers is looking into this process now and this is from him. Chief if you or your friend wants to talk to him directly you will have to stop looking into my windows at night and then I will give you his contact info !
 
Allstate agents can sell back to Allstate or to someone else
State Farm agents don't own their own business, it is more like an EJ deal, but just for 1 year
Farmers I have no clue

Full Throttle's picture
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Joined: 2008-08-26

I second much of what is already written:
State Farm = you don't own any of it
Allstate = can sell back or outside party
American Family = can sell back or to another agent within American Family

chief123's picture
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Joined: 2008-10-28

Anyone have any info about Farmers?

shrek's picture
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Joined: 2009-12-15

chief123 wrote:What happens when an agent from one of these retires or goes to retire, can he sell his business? Or does the main company take it back?
 
Most interested in Farmers and Allstate...
 
Have a family friend looking to retire and wanted to approach him about buying his insurance business but not sure how they work..
 
Any info?
 
Would you integrate that with your RIA? Or leave the RIA and do Farmers fulll time?

chief123's picture
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Joined: 2008-10-28

Neither.. I would have it be a seperate business were I would convert the Farmers auto and home policies to independent policies and attempt to do the same with the life insurance

shrek's picture
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Joined: 2009-12-15

Love to hear how it works out if your move forward with it...

NewRep17's picture
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Joined: 2009-10-01

Farmers you are not captive by the company, you are an independent contractor, so it is your book you are building.  You can sell it back to the company when you want to exit.  I also like how they sponsor for the series 7.  Good company, very impressed with their operations.

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