Leaders of insurance agencies can find it difficult to leave behind the work they’ve put into the business over many years. However, that doesn’t mean they shouldn’t keep succession planning top of mind, and not just six months before they decide to retire or move on from the business.
“It’s [how] you need to operate your business on an institutionalized basis in order to maximize value,” said Rick Dennen, president and CEO of First Commercial Finance, a division of First Financial Bank, which operates under the brands of Oak Street Funding and First Franchise Capital Corporation. “Making sure that there’s the appropriate people at all of the levels in the organization is the way you should run your business all the time. Then if you want to retire, there’s the appropriate people in place – they’re trained properly and they’re ready to take over.”
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