July 2019 is just nine short months away. That is the first deadline for thousands of Nationwide Agents who will be transitioning to independent status.
If you are one of these agents, you will need to decide which Agency Contract Exchange (ACE) program is right for you. Should you participate in the early purchase option and buy your book outright by July of 2019? Or, should you wait and choose one of the transfer/gifting options that will be completed by July of 2020?
Financial decisions are always complex and you have many factors to consider.
Consult your tax professional as soon as possible to help you decide the best ACE option for your agency. Your tax and legal advisors should evaluate your situation, weigh the restrictions, and clarify the tax implications and costs of each option. Regardless of whether you choose to buy or transfer ownership, and regardless of timing, you will likely need financing sometime soon.
Financing Your Transition
As a seasoned and experienced insurance professional, you know how demanding and time consuming it is to build your business. You may also have experience with commercial lending and know it can be a long process requiring a lot of documentation. Most banks don’t understand the fundamental truth of the insurance industry – your commissions are your biggest asset.
We specialize in insurance lending and work exclusively with insurance agency owners. We understand how to turn your biggest asset into collateral. Our goal is to be your strategic partner. Today, that relationship will allow you to buy your book or to cover tax obligations. Tomorrow, it will support your agency’s future growth and development.
Since 1998, we have loaned millions in capital funding to hundreds of U.S. insurance agencies. We are proud of our relationships and our reputation for providing fast, flexible financing when traditional lending requirements don’t work.
We give straight answers and honest advice. We’re open to finding creative solutions. We appreciate your unique situation, and understand the nuances of the Nationwide deal. We can help you through this challenging and exciting transition to independence.
A Partner for the Future
You have many important decisions to make as you transition to independence. Jump in now to get ahead in the planning process. Using the form below, schedule your complimentary consultation with an AgileCap lending advisor today.