One agent’s personal experience

I retired as a Farmers Agent effective December31, 2019, after twenty-eight years. I survived thru five CEO's, eight State or Regional Managers, and six District managers. I was at one time the longest consecutive profitable auto agent in the State of Michigan. I made Toppers four times. I was one of the first Agents to get my 6 and 63 licenses. I tried to always do right by Farmers Insurance....

 

After much cajoling by my District Manager and his office, I signed the new Agency Contract with the caveat that I could sell my Agency myself for the best price possible. Of course, it made sense that Farmers had to approve who I sold it to. So in anticipation of retiring, I negotiated a sale of my agency to another long term agent for 50% more than my Contract Value. It was a one time payment instead of three payments over a year.

 

I was told by my District Manager that Farmers in Michigan was only approving sales of agencies to new agents. Later I found that that was not true, agencies had recently been sold to existing agents. When I brought this to my state Marketing Manager's attention, I was told that my agency was too big to sell to an existing agent. So, I ended up selling my agency for Contract value and I understand that my District Manager's brother-in-law was able to buy it. Go Figure!

-          Anonymous source

**UFAA’s core mission is to inform and educate agents, so that they can make informed business decisions. It is not UFAA’s intention to make any implied or specific recommendation as to what decision any agent should make when it comes to their business.