Important Question

[MikeStrat]

I would like to get opinions on a big decision I have to make. It's very difficult and more complicated than I can explain here but I will try my best to hit the critical info.

I own a small business (insurance agency). Because of politics I was not able to open my business in my home town. I was forced to open the business approx 45 minutes away from my home. Aside from the commute, I despise where my business is located. Let's just say, it's not my kind of town. Bottom line is, I will never be happy where it is located for many reasons.

I now have an opportunity to move my business to my home town where I have lived all my life. People know me, much better potential clients and all that come with that.

So what's the problem you ask? I have the potential to lose a lot of my business as a result of moving (or possibly very little). Because insurance is such a price sensitive product, I have no idea how much new business I will be able to write to replace lost business. I am extremely comfortable financially right now and could keep things as they are and make a lot more than the average bear and have a ton of freedom. But I have another 25+ years to go in this business and the thought of spending my career in the current location makes me want to hang it up.

I know it's a difficult question with a lot more to it but what would you do?

[sully]

sock money away to keep you afloat for the first year or so to make up for the clients that you may or may not lose.

[Chasbo]

Hey! You're in MD! What's up bro?

Ok, nicities over...move. Yes you will probably lose some business, but you will be in a place where people know and appreciate you and if you were good enough to make it to begin with, you will get that lost business back eventually. A little extra work to get to a better situation seems well worth it to me.

By the way, where are in in MD? I am in Hagerstown, yep, the sticks.

chuck

[Phantom Hawk]

Open an office in your home town AND keep the original one. Your home office would be your operating center, while your original office becomes a branch office. That is if you have some one you could trust to manage the branch for you. That way your interests in the present location aren't affected and you get to expand to the opportunities closer to home.

Any way you decide to go, good luck !

[Cygnus X1]

Is it possible to maintain two offices?
Hire some people to staff the old one, and drop in whenever
necessary (once a week,perhaps), and make the new
one your primary location...
My "agent" is like that, he runs two places, the old one, where
the neighborhood is not what it was thirty years ago, and the new one.
His staff handles any policy changes or questions we have, and
frankly, we haven't really had to deal with him personally for years.
He hired good people, who have also been there for many years now.

[MikeStrat]

The parent company will not allow agents to have more than one location. Some have tried and they are shut down. I have the money to cover myself for a few years so that's not really an issue.

Chuck - I live in Annapolis.

What it really come down to is this:

The business person inside me says stay where you are, buy an office, market the hell out of the area, have all the freedom you want and make a ton of money. There really is a lot more potential opportunity to write business where I am. After 7 years in this business it's pretty much self sufficient if I choose to let run that way

The emotion side of me says move home be happy and run the business with better clients. You probably won't make as much money but you will be close to home, no commute, fewer overall headaches.

I also have my wife who works part-time and does not want to screw that up. Her input: Do what you think is best but remember you have a family to support. Not to mention we just built a huge home. I know ...waaa waaa.