An established Farmers Agency in the trendy Eagle Rock neighborhood of Los Angeles is for sale. The area is undergoing significant gentrification, creating excellent opportunities for growth and diversification. There are limited number of Farmers agencies in the area. The agency has a stable clientele with very good retention ratio. The owner is to pursue other interests. The owner is willing to facilitate the smooth transition of ownership; to be negotiated.
The book of business consists of
. 710+ Farmers policies, including Homeowners, Auto, Landlord Protector, Umbrella , Renters packages, BOP and Life policies.
. 50+ non-Farmers policies, including CEA, Fair Plan, CPL, Flood and miscellaneous types.
. Composition is 98% personal lines and 2% commercial lines.
. $1,035000 in annual written premium.
The requirements are as follows:
1. Satisfactory results of background check
2. CA Property and Casualty License
3. Life, Accident and Health License
4. $70,000 in assets (liquid, credit lines, retirement account & other). This is not money payable to Farmers and is only intended as proof of sufficient capitalization for financially responsible candidates
5. Compliant retail office location with one licensed staff/employee
Start up incentives include:
1. Bonus structure of up to 3 years, in addition to residual commission
2. Quarterly bonuses
3. $10,000 office startup bonus
4. Training by Farmers.