She Secured Above Average Client Retention Buying an Insurance Agency

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The Art of Succession

Barrett Young | GWCPA

35 episodes

1 week ago

Stepping into the role of business owner is one of the most challenging endeavors you'll undertake. Buying that business from someone you already know amplifies the risk of mistakes. On The Art of Succession Podcast, you'll hear from entrepreneurs who've successfully transitioned from employee to owner by acquiring businesses from parents, former bosses, or co-founders. Together, we'll explore how they navigated the complex blend of emotions and strategic decisions required to honor the past while forging a new and vibrant future. Your host, Barrett Young, a fellow traveler in the succession story of a 75+ year CPA firm himself, invites his guests to reflect on the mindset shifts, challenges, and triumphs that have empowered them to build on their established foundations. Whether you're just starting out or already envisioning your own succession plan, you will find insights and actionable advice to guide your journey.

All content for The Art of Succession is the property of Barrett Young | GWCPA and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Entrepreneurship

Business,

Management

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She Secured Above Average Client Retention Buying an Insurance Agency

The Art of Succession

1 hour 2 minutes

8 months ago

She Secured Above Average Client Retention Buying an Insurance Agency

In this episode of The Art of Succession podcast, host Barrett Young interviews Nakeia Mack, who transitioned from an accounting degree to owner of Oliver Mack Insurance through an unexpected opportunity to purchase an established insurance agency. Her story offers valuable insights into succession planning, leadership development, and building a sustainable insurance business.

Despite having no prior insurance experience, Mack purchased a 36-year-old insurance book of business in 2021. The transition began with a single four-hour meeting with the previous owner, followed by a rigorous carrier approval process. Her accounting background, while seemingly unrelated, provided a strong foundation for understanding risk management and policy details.

From day one, Mack prioritized building an all-female team focused on client education and support. She implemented a unique management approach, working directly with clients during morning hours while dedicating remaining time to strategic planning and team development. This balanced approach has proven successful, with less than 2% client turnover during the ownership transition.

Her client-centered philosophy emphasizes protection over sales, demonstrating how combining professional expertise with genuine care for clients and employees can create a successful business transition. Looking ahead, Mack plans to expand her business while maintaining her commitment to both insurance and accounting services.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-nakeia-mack

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The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.

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Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!