Whether you’re considering retirement soon or you’re interested in growing your business, Long & Foster’s Agent Succession Program can help you connect with a like-minded agent to accomplish your goal.
“Long & Foster has always focused on our agents, providing them with the best technology, tools and training to ensure their success,” said Boomer Foster, President of General Brokerage. “The Agent Succession Program is geared towards helping agents no matter the level they’re at in their career.”
Our Agent Succession Program is designed to help retiring agents evaluate, package and prepare their book of business to sell. The program also helps other agents who are looking to grow their business by buying an established business.
What Options Are Available for Retiring Agents? There are a few different options available through the program.
Recommended for transactional business structures
Owner is involved in transition for six months or less
Focus is on strong financial statements and a history of measurable marketing strategy
Three-year leveraged buy-out:
Recommended for transactional or relationship-based business structures
Owner is involved in transition for up to 18 months
Focus is on measured marketing strategy and/or measurable cultivation of referrals from sphere of influence
Five-year leveraged buy-out
Recommended for relationship-based business structures
Owner is involved in transition for up to 30 months – gradual transition
Focus is on measurable cultivation of referrals from sphere of influence and strategy to grow the sphere during the five-year leveraged buy-out period
Long & Foster will provide you with support and resources from the start of the process through its completion.
What Requirements Are There for An Agent Who’s Interested In Purchasing a Business? If you’re interested in growing your business by acquiring a more established agent’s book of business, you’ll need to meet these requirements to qualify for the Agent Succession Program:
A history of doing good business with an impeccable reputation in the industry
Financial statements that establish stability and the cash flow necessary to sustain the business during periods of transition and growth
A desire to create relationships, grow an existing business and respect the life’s work of the outgoing agent
Compatibility with the outgoing agent and the structure of that agent’s business