In this episode of Power Women In Insurance, Teresa Kitchens sits down with Carey Wallace, a financial expert. Carey helps agency owners run a profitable business and be ready for future endeavors. Episode Highlights: Carey shares her story and how she got into the insurance industry. (1:55) Carey explains that there's no formal training when you become an agency owner, which makes it intimidating. (6:41) Carey shares that agency owners have to know a lot about other businesses to underwrite and cover the risk. (8:55) Carey elaborates on the things she does to help agencies get through the process emotionally and mentally. (12:30) Carey explains that EBITA is a measure of any business's true profitability. (17:00) Carey shares that she has been doing valuations for years now, and about 95% of the agencies wanted to transition internally and plan for it. (24:05) Carey explains that putting a perpetuation plan in place is very important in preparing to run an agency. (28:31) Carey talks about the process and preparation that she provides to future agency owners. (31:28) Carey admits that some of the most difficult situations for an organization she has worked with have occurred when the agency lacked a system. (34:55) Key Quotes: "Unlike a lot of people, insurance found me. I didn't find insurance it was it was truly a gift to be quite honest." - Carey Wallace "I am here to help independent agents make their agency the best that it can be. I'm not here to say this is the only way to do it." - Carey Wallace "I get to learn about each agency that has different niches, different focuses. Some have a financial arm, some have a real estate arm, some are just straight up independent insurance agents. They're all different. And it's super exciting for me to get to know some pretty diverse businesses.” - Carey Wallace Resources Mentioned: Carey Wallace LinkedIn AgencyFocus, LLC Contact Teresa Kitchens Sterling Insurance Group

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