Brokerbility MD Ian Stutz is focussed on finding new members of the network and says it is inevitable older brokers will look to sell to release value
Brokerbility managing director Ian Stutz (pictured) has reacted to the loss of a 13th independent broker from the network by reiterating his desire to find new smaller members.
Thomas Sagar was one of the original independent brokers to form Brokerbility 12 years ago, but were earlier this month the 29th broking business to be snapped up by consolidator GRP.
Recent years have seen business partners retire and leave the Burnley-based broker, and Stutz says he thinks the sale is first step to facilitating the eventual retirement of current husband and wife leadership team John and Susan Meadows.
Stutz said: “John phoned me to tell me and he was sad to be leaving Brokerbility, but that he recognised that he’s got to move forward. We’re sad he’s going, but we’re also just delighted to have helped him on his journey and that ultimately we’ve helped him over those 12 years to be a better business and have probably contributed to the final sale value.
“John’s put a lot of time and energy into building that business and he probably now wants to reap the rewards from that and retire.
“In any walk of life if your have a customer for 12 years that’s a pretty good run – the key to it is you have to know what to do what that client says it’s time to move on and then you get a new set of clients.”
Stutz previously told Insurance Times Brokerbility had identified up to 35 newer independent brokers to fill the void left by those exiting the network. He said Aviva’s decision to stop dealing with Alan & Thomas, a former Brokerbility member bought up by GRP in November 2017, was an encouraging sign to newer independent brokers that there are large insurers willing to support them over the consolidators.
Stutz added: “Sagars had been around for around 60 years, but where is the next Thomas Sagar? Who’s prepared to come in and say there’s a need for community broking and I’m going to come in and put my name above the door and go on a 25 year journey to build a business. I’m much more interested in those people than those who are reaching their mid-60s who are saying its time to retire.”