Just curious if anyone could direct me to some information regarding how to sell a book of business. I have the person in place and am negotiating the commission split and the number of years. Any info would greatly be appreciated.
You agree on terms, get a lawyer to draft the legal documents, collect your payment, and you're done.
Maybe not exactly what you were looking for, but it answers the question you actually asked.
thanks for the help...I was trying to see what were fair terms. 3 years, 5 years? I've discussed a 5 year (80/20, 60/40, 40/60, 20/80) split and a 3 year (70/30, 50/50, 30/70) split.
Depends on the composition of your book. I have about 60% recurring revs. If I ever sold, I would aim for 150% of annual revs...30%/year for five years.