NAILBA Perspectives - May/June 2015 - (Page 9)

ceo insights Perspectives is published for the National Association of Independent Life Brokerage Agencies 11325 Random Hills Road, Suite 110 Fairfax, VA 22030 (703) 383-3081 www.nailba.org NAILBA BOARD OF DIRECTORS David Long Chairman Planning Ahead George C. Van Dusen IV Chair-Elect James Sorebo Secretary/ Treasurer Barbara Crowley Immediate Past Chairman Joseph Bosnack Brittany Cross Melinda S. Meyer Seixas Milner III Jeffrey D. Mooers Ben Nevejans Myra Palmer Thomas Riekse, Jr., ChFC, CEBS NAILBA EDITORIAL ADVISORY PANEL Scott Blumberg Michael Cohen, CLU Christi M. Daughenbaugh Sheri Leaders John McWilliams Jeffrey D. Mooers Lori Payne Laurie B. Prevette Thomas Riekse, Jr., ChFC, CEBS Michael Tessler NAILBA STAFF Jack Chiasson, CAE Chief Executive Officer Kathy Allison Director, Membership and the Foundation Susan D. Haning, CEM, CMP Director, Business Development Susan Klemmer Deputy Chief Executive Officer Rachel C. Marineau, CMP Manager, Meetings and Education Meredith Maslich Administrative Coordinator Sarah O'Hanley Manager, Exhibits, Sponsorships and Advertising John Tong Director, Administration and Operations Editor: Susan Klemmer sklemmer@nailba.org Advertising: Susan D. Haning, CEM, CMP shaning@nailba.org Design and Production: Blue House www.bluehouse.us Creative Director: Elinor Van Dyck elinor@bluehouse.us JACK CHIASSON, CAE NAILBA CHIEF EXECUTIVE OFFICER I t appears that we are starting to have a spring after all; some of us were starting to lose hope! It's been a very long winter, and for a warm-weather lover (like me) waving goodbye to snow and cold is a favorite time of the year. As many of you regular readers (at least SOME of you are regulars, I hope!) of this column know, I don't always stick to the issue theme. This month's edition will be one of those, although I would argue that there IS an educational component to this. I'll let you be the judge. A huge part of what you all do every day is help people plan for the future. This one thing is at the core of this industry, and it is what makes the distribution of insurance products a noble profession (yes, I stole this phrase from a number of people). But-and there's always a "but"-have YOU planned for the future? I'm not necessarily talking about providing for your family through the purchase of the products you sell-I'm fairly sure that you all have the personal insurance you need. If you take a hard look at your own personal insurance and/ or retirement needs and find that the answer is that you need more, please call me-I know several folks that would like to speak to you. No, today I'm primarily talking about the future of your business. I recently had the opportunity to hear a very moving presentation from someone who did most things right, but now is able to look back and see the things that were missed. Now, understand that this person underwent a LONG series of significant life changes-personal and professional-in a relatively short period of time. Emotion may have contributed to some of these misses, and- fortunately-the love, respect, and trust among all those concerned kept those misses from being catastrophic to the future of the business. I know just enough about the things that I will mention here to be dangerous, so please use this as a starting point of a conversation with your attorney, your financial advisor, your business partner(s), and your family. And, once again, I hope to hear a lot of complaints about me preaching to the choir. The two things that I keep hearing about are key person insurance and buy/sell agreements. There are others, of course, but these items keep popping up in many conversations about planning for the future of a business. In my mind, the most significant "other" item that many seem to overlook is a succession plan. Do you have one that clearly spells out what happens when an agency owner/principal meets an unplanned and/or untimely end? Or is not able to perform their duties due to illness or injury? Is there a process in place for "what happens next"- between the loss/disability of the principal and the resumption of "business as usual?" Recent significant events at two of NAILBA's sister associations have driven the need for this type of planning home to us, and with a vengeance. While I am not privy to the specifics of these plans, or to the inner workings of either association, it appears that there were adequate plans in place. Transitions at both organizations seem to be progressing smoothly, although perhaps not as quickly as either would like. Sometimes, just the appearance that all is well, and that progress is being made toward "business as usual" is what is necessary to calm members-or customers. I think we've all heard the analogy of the duck swimming in the lake- cool and calm on top of the water, and paddling furiously underneath. Sometimes that "cool and calm" is all that folks need to see in a crisis. Yes, we at NAILBA have been working on a succession plan, too. We have spent a significant amount of staff time over the past two years accumulating information about organizations that look like NAILBA, and how their succession plans are structured. We (staff) are close to having one ready for your Board of Directors to review and approve. I hope that you all never need to execute it-at least not without at least a year's notice, but maybe that's just me. So there you have it-some conversation starters, some examples- good and bad-of what can happen if you haven't had those conversations, and an update on where your organization stands on this issue. Educational? Maybe for some. See you next time. Designer: Katie Petty katie@bluehouse.us www.nailba.org 9 http://www.nailba.org http://www.nailba.org http://www.bluehouse.us http://www.nailba.org

Table of Contents for the Digital Edition of NAILBA Perspectives - May/June 2015

NAILBA Perspectives - May/June 2015
Contents
Chairman’s Corner
CEO Insights
Basic Staff Training: Onboarding Should be Longer than One Day
NAILBA Charitable Foundation
Member Profiles
Mooers Award Nominations
Get Schooled! Ongoing employee Education and Producer Training are Key to a Brokerage Agency’s Success
Agency Successor Networking Group
Life Happens
Reading Ahead
Government Affairs
Calendar of Events
Index of Advertisers

NAILBA Perspectives - May/June 2015