Selling Your Medicare Book of Business: An Interview with Dan McBrayer
November 7, 2023

We are excited to present a new video series where John Hockaday interviews agents who have recently sold their book of business. You will gain insights into their decision-making process as well as how the transition worked – and the aftermath.

The first interview features Dan McBrayer, an experienced agent with a long-standing book of business. Dan discusses his journey from selling life insurance in the 1970s to his decision to sell his business to us.

He emphasizes the importance of finding an honest partner to ensure his valued customers continue to receive quality service.

Related: Succession Planning 101: How to Retire as an Independent Insurance Agent

Video Transcript:

The following transcript has been edited slightly for clarity

Hey guys, this is John Hockaday, and today, we're kicking off a series of short videos showcasing recent acquisitions we've made over the past few months.

Some of these acquisitions date back a couple of years, but all these agents were ready to retire or move on to the next chapter in their lives.

We thought it would be helpful to conduct interviews with them and gather their feedback on what they are currently doing. More importantly, we wanted to understand their thought process as they approached the stage in their careers where they were ready to explore selling their book.

If you think this might apply to you and you're ready to start exploring what the next steps might look like, I encourage you to give us a call now.

Schedule your succession planning discovery call

Starting this conversation early can save you a lot of time compared to waiting until January or February. There's zero pressure – absolutely zero. But if you believe it's you, call us, and let's have a conversation.

If the timing aligns, we can work together to close on your book as soon as possible in 2024. I hope this information helps, and if you have any questions, please don't hesitate to reach out.

Introducing Dan McBrayer

Dan is an agent from Carrollton, Georgia, with a long-standing business. He knows all his local customers personally, and they're all good friends.

This has been a great book of business for us, and I know Dan has been pleased with the outcome.

Dan McBrayer's Story

Dan: I started my business in late 1976 when I was in the seventh grade. I began by selling life insurance with New England Mutual.

In the 80s, I became independent and sold a lot of group insurance, which eventually shifted into individual policies.

About 10 years ago, I started selling Medicare Supplements, and in the last few years before I sold my business to you, it accounted for about 75% of my business. I still sold life insurance at that time.

When I sold to you, I was 71 years old, and I had hundreds of clients. I realized it was time for me to scale back and not go through the hassle of another open enrollment season with all the new regulations.

Since I sold the business, CMS has implemented recording calls and various disclaimers you're supposed to use.

What I was looking for was compensation for my business, and I thought the price we settled on was fair.

Most importantly, I wanted to find someone honest who would take care of my customers. In the year and a half since the sale, I haven't had any complaints from customers. A couple of them didn't want to travel long distances to meet you in person, but your team did an excellent job servicing the book.

It's a tough decision to make, but once I did it, I felt it was the right move.

I think more agents as they get older will realize they need to find a firm like yours that's honest and takes care of their business. It has worked out well for me, and I'm glad I did it.

John: Man, I really appreciate your kind words. Your situation is exactly where most of the people we talk to are.

You've had a successful career, provided for your family, and built a substantial book of business. Your office in your town was a fixture, and people were used to coming in to see you.

Initially, this made me nervous because of how conditioned people were to visit your physical office. But what we've learned is that when an agent genuinely cares about their customers and has a strong relationship with them, the customers trust the agent's recommendations.

So when the agent says, 'I've looked into this, and I think they'll take good care of you,' customers trust that and it makes a smooth transition for our team. It's all about taking care of your customers, and that's the most important thing to you, just as it is for us when we take over these customers. It's a seamless process.

You have always been very helpful whenever we have needed info and like the emails you send out with pertinent information. Have recommended your company to others even though you are a few hours away because of your great service.

-L.M., Medicare Allies (our servicing agency) client

Dan: Another thing to consider if you're thinking about selling your book of business is to have an agreement in place. God forbid something happens, and you're not there, your surviving spouse may not know what to do.

If nothing is done, within about 30 days, all that business reverts back to the companies, and your surviving spouse gets nothing.

You need to think things through, talk to people, and our process is relatively straightforward. Once you decide to go through with it, it's not about squeezing out an extra $50,000; it's about finding someone who will take care of your customers, and that's worth more than money.

John: Thank you for sharing that. You had a beautiful book, a substantial size with a lot of customers. What are you doing now?

Dan: I still have some life insurance customers, but I'm not doing much business. I'll be 73 in January, and I moved my work home. It's still a bit of a mess upstairs.

I sold the building I was in, about the same time I sold the book. I sold it to some exterminators who do termite and bug control.

At first, I missed the short commute to work, but now, climbing up 16 steps to my office is much easier than driving in cold, rainy weather.

If you're considering getting out, I would recommend your firm to take a look and see what they can do for you. 

John: Thank you, Dan. I'm glad to hear you're doing well. We'll keep in touch. Take care. All the best.

I have never dealt with a company as caring as yours! Ever! You genuinely care about the people you serve, and you truly serve us. You are always willing to go the extra mile, in my case, quite a few extra miles. You went so far as to resubmit my case and plead for me with a company that had rejected me, but which was my last viable option. I am so grateful. Your entire staff is friendly, courteous, professional, and helpful. If there were more companies like yours, the world would be a much better place! Thank you and God bless you. You all are truly a blessing!

-A.N., Medicare Allies (our servicing agency) client


If you're interested in creating an exit plan, please don't wait! Schedule a discovery call with us and we'll get the conversation going.

Schedule your succession planning discovery call


Related Posts