Seven New Investments in the Third Quarter of 2017

During the third quarter of 2017 BroadStreet℠ and its core partners completed 7 additional investments and added $12.0 million in annualized revenue.  These investments build on our presence in the Midwest, Southeast and New England.  Additionally, with these investments, we have added 4 new individual management owners. So far this year, BroadStreet℠ and its partners…

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Sep 29

Doing Things Well and Doing Things Right

We never miss an opportunity to highlight that BroadStreet’s℠ core partners are among the best independent agencies in the country.  When we meet with the leaders of independent agencies, we tell them that that there’s a certain type of agency that makes a good partner. When we create new partnerships, the leadership teams don’t leave,…

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Jul 31

Eight New Investments in the Second Quarter of 2017

During the second quarter of 2017 BroadStreet℠ and its core partners completed 8 additional investments and added $16.7 million in annualized revenue.  These investments build on our presence in the Midwest, Southeast and New England.  Additionally, with these investments, we have added 8 new individual management owners. For the first half of 2017, BroadStreet℠ and…

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Jun 30

Partnerships Only Work When Both Partners Win

Recently I was asked to give some perspective on deal-making for a Columbus business magazine. The full article can be found here, at Smart Business Magazine. I think sometimes people view the process of deal-making and the negotiating of a transaction as a combative ‘Us vs. Them’ or ‘Winner vs. Loser’ engagement.  At least for…

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May 11

Helping to Solve the Seller’s Trade-off Dilemma

About a month ago I read an article about the owner of a large agency in Pennsylvania who decided to perpetuate his agency by establishing an ESOP. What’s surprising to many is that the agency owner chose this route in the middle of a strong seller’s market—in other words, why not just sell to the…

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Apr 21

10 New Investments in the First Quarter 2017

The BroadStreet℠ model continues to attract agencies with a need to perpetuate and create succession for their businesses. During the first quarter of 2017 BroadStreet℠ and its core partners completed 10 investments, which improved our presence in the Midwest and solidified our footprint in Florida. With our first quarter activity, we’ve added $23.7 million in…

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Mar 31

Arizona Chapter of the IICF Awards $36,000 to Nonprofits

On February 16, 2017 the Insurance Industry Charitable Foundation (IICF) delivered a $36,000 check to Arizona community nonprofits to support vital community needs. Ken Kirk, BroadStreet Partners’℠ Regional President, is the Founding Chairman of the Arizona Chapter of the IICF and continues to actively serve on its Board of Directors. The Insurance Industry Charitable Foundation’s…

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Feb 27

We’re Partnering with People, Not Just Investing in a Business

In the insurance brokerage business, the headline for the last three years has been all about the number of transactions that have been done and how many agencies have been purchased. BroadStreet℠ has been at this business for about 15 years now—the headline articles about deal flow, and pipelines, and who’s buying who—these articles are…

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Jan 30

BroadStreet Partners℠ Recognized as a “Best Place to Work” in Central Ohio for the Second Year in a Row

Columbus Business First recently recognized BroadStreet Partners℠ as one of the “Best Places to Work” in Central Ohio.  This is the second year in a row that BroadStreet℠ was recognized as a best place to work. BroadStreet Partners℠ was formed in 2001 and has grown to be among the top 10 privately held insurance brokerage…

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Dec 27

BroadStreet Partners℠ Refinances Its Bank Facility and Receives Moody’s and S&P Ratings

We frequently describe how BroadStreet℠ offers a unique co-ownership approach that helps our independent insurance agency partners achieve their strategic growth plans.   Over the last 5 years our partners’ compound annualized revenue growth rate has been 32%, which is the result of both successful organic growth and growth via acquisition. One of the most important…

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Nov 22

Protect and Strengthen Client Relationships—Don’t Disrupt Them

At a recent insurance industry event, the Insurance Executive Forum (which was sponsored by Illinois State University’s Katie School of Insurance and Financial Services) the panelists discussed the rapid pace of merger and acquisition activity in the insurance industry. I read an article published by Business Insurance that reported on the event (full article here).…

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Nov 04

BroadStreet℠ Leaders to Present at Upcoming Industry Conferences

At BroadStreet Partners℠ we are always looking for ways to advance the discussion about the industry, discuss opportunities and challenges and describe ways to position our industry for the next generation of leadership.  We have a history of helping agencies solve succession, perpetuation and ownership challenges and our partners have built reputations as experts in…

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Oct 20

Turning Your ESOP into an Advantage Again

As I meet with agency owners some seem hesitant to mention that their agency has an Employee Stock Ownership Program (ESOP) in place. When we talk in more detail, the agency owners admit that what started out as a good idea – aligning employees with the success of their business – has turned into something…

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Sep 26

Agency Value: Trusted Local Relationships are Priceless

An insurance reporter recently asked me for advice to give agents for successful sales. This is what I told her: Focus on building deep, life-long relationships. Instead of looking at the margin on an individual sale, think about the value of your long-term relationship with that customer. All insurance is local. As we evaluate partner…

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Aug 08

BroadStreet Partners℠ Adds $195 Million to Bank Facility

National Insurance Broker BroadStreet Partners℠ Adds $195 Million to Bank Facility BroadStreet Partners℠, a top-20 national insurance brokerage, announced the addition of $195 million to its bank facility, which fuels the growth of its partner independent insurance agencies throughout the United States. The bank facility grew to $445 million which funds agency acquisitions and perpetuation. “Our…

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Jul 28

Supporting Our Partners’ Agency Growth with Expertise and Capital

As consolidation continues for independent insurance agents, the ability to invest in and partner with high quality agencies requires legal, financial, accounting and other sophisticated expertise. Perhaps more importantly, these transactions require ready access to fairly priced capital. At BroadStreet Partners℠, we know these factors are critical to the success of our core partner agencies.…

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Jun 30

Exceptional Leadership as a Driver of Agency Value

BroadStreet Partners℠ CEO Rick Miley is frequently sought out by the media for his expertise on the changing independent agency landscape. Leaders Edge Magazine this month interviewed Miley and other industry leaders on the topic of agency valuation. In one section, Rick speaks about the critical importance of leadership throughout an agency: “We spend a…

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May 31

BroadStreet’s℠ Unique Business Model Ensures Smooth Agency Perpetuation

“The dreaded ‘P’ word: Perpetuation” is how a recent article in propertycausualty360.com described independent agents’ reactions to the subject of succession planning. The article detailed the dread of most principals: “It’s the one issue that directly determines the fate of thousands of insurance agencies, but few principals like to think about it. Some avoid thinking…

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May 24

BroadStreet Partners℠ featured in Columbus Business First

Columbus Business First recently interviewed BroadStreet℠ CEO Rick Miley about the continued strong growth and success of our independent agent partners and our unique entrepreneurial business model:   Columbus investment firm eyes $1B mark after ramping up acquisitions A Columbus investor in independent insurance agencies has more than tripled revenue in the four years since being sold…

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Apr 19

The Secret of Success: Local Agency Autonomy

When I meet with insurance agency owners about investing in their businesses, one of the most frequent and important concerns they have is about losing control of their operations. It’s a natural concern. When you spend so much of your life building a thriving insurance business, you don’t want to have your entire company pulled…

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Mar 17

BroadStreet’s℠ Unique Co-Ownership Approach Featured on Hot 100 List

The BroadStreet℠ approach to investing in high-quality independent insurance agencies was recently featured by Insurance Business America (IBA) on its Hot 100 list. IBA notes that “BroadStreet℠ connects the best talent in the industry under a proprietary partnership model that addresses the reality of the industry’s demographics, while simultaneously responding to how entrepreneurs want to…

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Feb 15