Vol. LII

Dear Manager,

In last month’s issue I began sharing some of my experiences relating to the sale of my agency. This month, I will share some final thoughts regarding the decision, the process, and the outcome. I hope that this window on my experience will assist you in some form in the future. These letters would have come in handy for me a year ago!

There were four very clear and obvious factors that played into my decision to proceed with the sale once the financial aspects were finalized: technology, resources, efficiency, and our collective future. As referenced in a recent issue, technology and our ability to adapt are the driving forces for all industries.

As it relates to the future, technology is a direct reflection of the capacity issues on which we all bump our heads. There is no opportunity to expand the hours devoted to our profession and still retain any semblance of quality of life. We can all assume additional responsibilities, we cannot create the additional hours to meet the task. It became increasingly clear that to remain competitive in the marketplace and retain the standards of performance established by our organization, this was our future.

It requires tremendous resources to provide the technology necessary to address these capacity issues. Other industries have approached this reality and its challenges in different forms. There is only one sacred cow, and that is service, period. To insure its continued development, we must respond to the challenges or accept the risk of mediocrity in the marketplace. Those who take their eye off of service, regardless of form, are destined to a similar fate.

THE CLOSE

My memory suggests that there were at least ten confirmed closing dates for the sale. We were all confident that, each time, these dates would be met.

The final stages of any transaction demand patience and give-and-take from both parties. With so many individuals involved, the potential for misunderstandings is immense. I was fortunate to have the assistance of talented legal and accounting professionals at my side. There were easily 200 pages of closing documents, in various stages of revision, each requiring review, analysis, and response. While I enjoyed the hunt, I often found myself too close to retain objectivity.

Weeks in advance, I scheduled a meeting for early December to announce the sale to our associates. Two days prior to the meeting, it became clear that the announcement was premature. The evening before the meeting, I created a completely new agenda. I could only hope it would be received favorably, and that the time would be well spent. The sale closed in mid-January.

THE ANNOUNCEMENT

In the weeks prior to closing, our staff met diligently to anticipate and discuss any concerns that might arise from the pending announcement. Would our associates feel threatened? Would they question my decision? Would there be disappointment? Would they quit!? I prepared detailed letters of announcement to be faxed on a Wednesday afternoon. This would allow for evening discussions among our associates, and two full days for fielding calls in the office. We cleared our schedules in preparation for a hectic following day. Another deep breath.

Thursday morning came, and Thursday afternoon followed right on schedule. We received three calls, all with the purpose of sharing congratulations. This was the single greatest surprise of the entire
transaction! I was dumbfounded by the lack of response. Once again, I realized I was too close to the transaction to fully understand what the reaction would be.

A CHANCE TO BEGIN AGAIN

A second meeting was called to introduce our associates to the new owner, OneCoast Network. Their candid and direct approach was refreshing to all who attended. The associates appreciated that all questions were answered with as much detail as possible. Having purchased fifteen other agencies, we benefited from having the structure fully in place for our meeting. As experienced buyers, they understand that there is not a lot to fix with their agency partners. This single factor has allowed us to gain confidence in the process, and continue to look forward to additional opportunities.

In the weeks preceding, and even more so after the sale, I came to the conclusion that it was time to surrender to my wanderlust for new challenges. This could only be implemented in an environment of confidence in both my future and that of the organization. With the support of OneCoast, it was planned that I would retain my position until such time as a very qualified candidate could be found and incorporated into our organization.

We found the perfect individual and personality within our industry to assume this role. Currently managing a second successful OneCoast agency in the Northwest, Scott Wales was up for the challenge. With the resources of OneCoast, Scott has been able to relinquish most of his duties to his current management team to bring focus to our organization. Weeks of meetings, conversations, analysis, and planning for the future have had a very positive conclusion. We agreed that much of the past culture should be retained. Two of our key staff members have been promoted to assist in Scott’s efforts.

While I have stepped down as Agency President, I will continue to lead the transition team we have established for the next few months.

As expected, the energy that Scott brings to a new endeavor has been good for both Scott and the future of this agency. His style, and knowledge of this industry, have brought a very fitting closure for me as well. My wife Sally (company mom and head cheerleader) provided me with tremendous guidance. It could not have, it would not have, worked out as it did, without her love guidance and support.

I have prepared for this transition with a sense of enthusiasm, anticipation, and a desire to tackle the unknown. After a short break, I will be available to assist both Scott and OneCoast on a limited project basis as they see fit. The training, marketing and product aspects of this industry have always captivated my interest. On occasion, I hope to assist factories and agencies on a project basis as time and interest allows.

I look forward to enhancing my writing skills, continuing to write INTERPERSONAL, and completing a manuscript relating to the topics presented in INTERPERSONAL. My love for real estate will continue, as it seems to have no limits to its potential in this area. Most of all, I look forward to enjoying Sally and our wonderful marriage. With four kids in college this fall, I will keep busy. I will now have more time for each of them, and for giving back to the many that have made this stage in my life possible. I hope to keep in touch with all the wonderful individuals whose relationships I value.

Personal Regards,

Keenan

INTERPERSONAL© is published by INTERPERSONALBIZ.COM, Keenan Longcor, Editor, ©2009. Duplication of this publication is permitted for both personal and business use. Excerpts may only be quoted with acknowledgment of INTERPERSONAL/INTERPERSONALBIZ.ORG as the source. For re-publication rights, please contact the editor at KEENAN@INTERPERSONALBIZ.COM