A while ago, I heard an executive at the IIABA declare that Progressive would soon be losing money because they were spending so much on advertising. I’ll be blunt: this is an ignorant statement. It does not matter if a carrier spends $1 million or $5 billion on advertising. The nominal amount is completely immaterial. What matters is the return on investment for those dollars. If the return on investment is 18% for $5 billion but only 12% for $1 billion, spend the $5 billion

​A year ago, I spoke at a limited membership insurance conference. The organizer introduced me as the best consultant, but the worst consultant ever at branding themselves. Maybe because I’ve lived in cattle country most of my life, I’m a little hesitant about the thought of branding myself. But he was 100% correct that I’ve done a horrible job creating a big brand. I find it frustrating that people with a much better brand get a lot of work because of their brand. However, s

Business valuations are complex, at least when done correctly. One reason for this complexity is that a business’s value varies based on factors such as the parties involved, the purpose of the valuation, and what is being valued. ​For example, if an agency is being sold between family members, the parties MUST ABIDE by the IRS valuation guidelines. This is not optional. This rule has been in place since 1959! I do not know why some accountants, and more importantly, some bus