So, What’S My Agency Worth

So, What’s My Agency Worth? Fundamentals of Agency Perpetuation and Valuation Big I Presentation, Wisconsin Dells May 14, 2008 PRESENTED BY: Jeffrey R. Paro, CPA, MST, CVA Hawkins, Ash, Baptie & Co., LLP La Crosse, Wisconsin

Jeffrey R. Paro, CPA, MST, CVA ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Topics of Discussion ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Consolidation Continuing 11,690 18,936 30,276 38,570 TOTAL – ALL 9,446 17,115 28,844 37,420 TOTAL < $5M 2,477 2,988 3,482 4,094 $1.25 - 2.5M 3,507 9,474 18,601 25,754 < $0.5M 1,532 2,704 4,804 5,587 $0.5 - 1.25M 1,930 1,949 1,957 1,985 $2.5 - 5M 2,244 1,821 1,432 1,150 TOTAL > $5M 1,610 1,371 1,115 939 $5 - 10M 588 422 296 199 $10 - 100M 46 28 21 12 > $100M 2015 2010 2005 2000 REV SIZE

The Need to Perpetuate? ,[object Object],[object Object],[object Object],[object Object],[object Object]

Perpetuation Issues ,[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation – Rules of Thumb ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Income Stream – Commission Revenue ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Income Stream – Commission Revenue ,[object Object],[object Object],[object Object],[object Object],[object Object]

Income Stream – Commission Revenue ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Income Stream – Operating Profit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Income Stream – Operating Profit ,[object Object],[object Object],[object Object],[object Object],[object Object]

Income Stream – Operating Profit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation - The Multiple ,[object Object],[object Object],[object Object],[object Object],[object Object],RoR

Valuation - The Multiple ,[object Object],[object Object],[object Object],[object Object],[object Object]

In Summary……... ,[object Object]

Identifying a Buyer COMPETITOROR INTEGRATOR UNRELATED INVESTOR INTERNAL BUYER PREMIUM OVER FMV FMV DISCOUNT TO FMV HIGH MAY OR MAY NOT GENERALLY NONE MOST CASH UP FRONT LESS $ UP FRONT – SELLER NOTE LEAST $ - SELLER HOLDS NOTE WHO VALUE SYNERGY PAYMENT

Structuring – C Corporations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Structuring – C Corporations ,[object Object],[object Object],[object Object],[object Object],[object Object]

Structuring – S Corporations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Non-Acquisition Growth ,[object Object],[object Object],[object Object],[object Object],[object Object]

Smaller Agency Issues ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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More Information ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

So, What’S My Agency Worth

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