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Multi-Office Auto Insurance Biz

Location  California,United States
Asking Price Range  $500K - $1.0M
Gross Revenues  $320000
Net Profit / Cash Flow  $200000
Cash Flow Type  Sellers Discretionary Cash
Seller Finance  Yes
Year Established  2000
Number of Employees  1 - 3
Inventory  15000
Relocatable  No
Number of Employees  1 - 3
Real Estate  Leased
Training  As needed.
Reason for Sale  Other business interests.
Description  Seller is an active owner-operator and interacts with clients reguarly so it is also advised that new ownership be active in the trenches with both the staff and the customers. The Seller is not THE business, however, and all licensed staff will be included and shall stay with the Buyer if they choose to do so. Top 5 carriers by revenue are Progressive, Unitrin, Commerce West, Reliant, and Access. All loss ratios in the 40-50% range or lower. Over 40 appointments total, so the company places the client with the best coverage possible. Broker fees account for $120,000.00 yearly, renewal commissions about $200,000.00. About a global 60% retention overall (industry benchmark) b/c there is a decent level of competitors, but what separates this business from the rest are the longevity of being at the same locations for such a long period of time and their overall visibility on highly trafficked thoroughfares. NDA is required; Seller has also mandated that ALL Buyers supply proof of funds in excess of $400k (bank statement, stock portfolio snapshot, etc...) proving liquidity for additional details or to schedule any meetings of whatever kind. Confidential sale, do not ever discuss or visit the business etc...or start questioning employees. Facilities: Multi-office insurance agency group, turnkey offices, no further improvements needed. Buyers must absorb office spaces to retain clients as many are walk-in customers. Competition: Competition is strong for the area, but these offices have been established over a decade so they are cash cows for their size. Growth/Expansion: Seller does not really cross sell many lines of coverage, mostly sticks to auto with a sprinkle of home and commercial. Over 30,000 policies issued since the company was started, so there's a vast treasure trove of old clients if a good marketing team takes over the book and all the old files. Financing: Minimum $400,000 down, balance $2,600 per month at 5%.
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