In the world of insurance agency partnerships and acquisitions, some stories are anything but typical. For one Utah-based commercial agency generating just shy of $3 million in annual revenue, the decision to pursue a new path wasn’t driven by urgency but by vision, values, and strategic differentiation.
Founded nearly 15 years ago, this agency operates across Utah and California, writing nearly $19 million in premium and specializing in commercial insurance (roughly 75% of its book). With niches in construction, hospitality, and emerging tech, the firm is led by three partners each with an individual book and a shared stake in a 2022 acquisition that significantly expanded their reach.
In 2022, they acquired a personal lines-heavy agency in Riverside, California. This added ~$6.5M in premium, taking the agency from $9.5M to ~$16M, and further to $19M today. They integrated the acquisition fully, creating dedicated accounting and management departments and outsourcing key operational tasks to a highly experienced team in India.
Their client relationships are deep, multi-generational, and loyal. Retention is between 94–96%, and one partner described their culture as “90% consulting, 10% sales.”
Each partner brings a different perspective:
These distinct roles create value but also complexity. One partner manages daily operations, another prioritizes lifestyle continuity, and the third is looking toward the future.
In late 2023, the agency was offered $8 million in a potential acquisition. Despite being financially fair, the offer was declined due to its compensation structure, which didn’t align with the partners’ earnings (one earning $700K+ annually). The deal required choosing between a salary or commission, with no guaranteed balance between the two.
As one partner put it, “We’d have to write more than we ever have just to break even.”
Even more telling, this wasn’t just about dollars and cents it was about vision. The partners had different goals:
The youngest partner, based in Lehi, Utah, is planning a strategic exit from the shared agency to focus on launching a niche firm serving the music industry. Already affiliated with NAMM and with deep personal passion (he’s a guitarist and music studio builder), he sees an opportunity to compete with national players like Music Pro.
His target: carve out 25% of Music Pro’s estimated $7M recurring revenue by delivering high-touch, non-transactional service to artists, studios, and distributors.
“Musicians don’t want just a quote form they want to talk to someone who gets their world,” he explained.
Although this agency ultimately didn’t proceed with a deal, their conversation with Equity Expansion was far from wasted.
Through candid dialogue, Equity Expansion:
Equity Expansion also acknowledged that sometimes, the best path forward isn’t a transaction today but preparation for a smarter deal in the future.
Lessons Learned for Other Agency Owners
This agency’s story is a perfect example of how:
What Happens Next?
The youngest partner continues to grow his book while laying the foundation for his specialized music-focused agency. The others continue maintaining their books under the shared brand.
And while no formal partnership occurred, the door remains open.
As Equity Expansion shared, “If the time comes where you’re ready whether for scale, succession, or sale we’ll be here to help you structure it right.”
Are You in a Similar Spot? Let’s Talk.
If you’re an insurance agency owner with strong revenue and a complex leadership structure or if you’re building a niche, you believe in let’s have a conversation. Even if a deal isn’t right today, Equity Expansion can help you explore the right path forward.