EP 347: Your agency after you: Legacy planning with Andrea Shoup

What happens to our agencies when something happens to us? No one likes to think about the day that they’re no longer around, and it’s no secret as to why. The conversation can feel more than a little uncomfortable. But as agency owners, it’s one that’s far too important for us to avoid or ignore. If we want to ensure that our businesses —and more importantly —our people will be taken care of should the unexpected happen, then we need to make sure that we have a plan in place that allows our agencies to keep living on even after we’re gone. On this episode of Build a Better Agency, I sit down with attorney Andrea Shoup to start the conversation and hopefully, to help you all do the same. Andrea holds a depth of expertise in both estate planning and business law — making her the perfect person to help us wrap our heads around this tricky but critical subject.

During our conversation, Andrea offers up her invaluable insights into navigating different succession plan options, learning how, when, and with whom those plans need to be created and communicated, and what happens when we don’t have a contingency plan in place.

A big thank you to our podcast’s presenting sponsor, White Label IQ. They’re an amazing resource for agencies who want to outsource their design, dev, or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here.

What You Will Learn in This Episode:

• How legacy planning can protect your business —and your people— should something happen to you
• The key differences between a will and an estate plan
• Everything that goes into a contingency plan — and how to get yours started
• Who needs to be involved in your contingency planning, and how those plans should be communicated
• How long it will take you to gather the information you’ll need for your plans
• What happens when we DON’T have a contingency plan in place
• When is the “right time” to start planning your agency’s succession?