Kentucky IA -March/April 2018

March/April 2018

Life After the Sale: Are You Ready for Retirement?

Page 23

How to Create a Hiring Strategy with a Perpetuation Focus Page 36

Dear Agents: We are very excited to introduce you to ClearPath Mutual, formerly KESA! ClearPath Mutual is a non-assessable mutual insurance company that is owned by its policyholders. We are still headquartered in Louisville, Kentucky and have retained our excellent staff. The folks you’ve come to know at KESA are still here for you as ClearPath Mutual.

Many may wonder why we decided to reorganize as a mutual insurance company. The answer is simply that the mutual insurance company structure allows us so much more flexibility and greater opportunities for growth. As a mutual, we can provide better service to our agents and insureds and offer several key benefits, such as:

• The elimination of joint and several liability.

• The ability to eventually write coverage outside

the boundaries of Kentucky.

• The opportunity for greater growth and scalability.

• The improved organizational and financial flexibility needed to remain financially strong.

It is certainly bittersweet to say goodbye to KESA, but we believe our transition will position us well for future growth and success.

We are very excited to move forward on our new path.

If you have any questions or need additional information, feel free to contact me. As always, thank you for partnering with us.

Warm Regards,

Gregory L. Buie Chief Executive Officer

200 Executive Park, Louisville, KY 40207 | t 502.894.8484 | 800.367.5372 | clearpathmutual.com

What's

Inside

Page 8

Contents

8 How insurance agents can be effective mentors 13 New insurance producers: Should They Be Independent Contractors or Employees?

16 Staff Profile: Cassie Powell

Page 20

18 2017-2018 Emerging Leader Committee 20 Danny Neely: 2017-18 Emerging Leader Chair 23 Life After the Sale: Are You Ready for Retirement?

29 13 skills every young insurance agent should learn before it’s too late 36 How to Create a Hiring Strategy with a Perpetuation Focus

Page 36 The Kentucky IA is the official magazine of the Independent Insurance Agents of Kentucky, and is published bi-monthly.

Editorial offices are located at 13265 O’Bannon Station Way, Louisville, Kentucky 40223.

Telephone:(502) 245-5432 Email: iiak@iiak.org Fax: (502) 245-5750 The Kentucky IA welcomes all advertising and editorial submissions. Inquiries for advertising, news releases and editorial contributions can be directed to Nikki Robins at the editorial office address or via email at nrobins@iiak.org

In Every Issue 4 From the Chair

32 Industry Partners

5 DOI News

39 Advertiser Index

6 Education Calendar

39 Classified Ads

21 Upcoming Events

39 Social Media Links

Mission Statement The mission of the Independent Insurance Agents of Kentucky is to be the preeminent advocate for Kentucky Independent Agents and support their business and professional development needs.

www.iiak.org | March/April 2018 | 3

Officers Michael G. Johnson, CIC

Chair, Lexington 859.233.1461 Aaron LaRue

Chair-Elect, Bardstown 502.348.0050 Ray A. Robertson, CIC

Vice Chair, Mt. Sterling 859.498.3410 James D. England, AAI

Treasurer, Pikeville 606.437.7361 Stephen R. Kinkade, CPCU, AAI

National Director, Leitchfield 270.259.5465 George L. “Chip” Atkins, III

Immediate Past Chair, Louisville 502.585.3600

Directors Allen J. Crawford, CIC, CSRM

Somerset, 606.679.6311 Kevin T. Desmond

Bellevue, 859.491.5100 Whitney L. Floyd, CISR

Henderson, 270.827.3543 Barrett H. “Skip” McGaw, II, CIC

Madisonville, 270.821.3122 Danny S. Neely, II

Emerging Leader Chair, Winchester 859.744.3857 Chris J. Wiseman, CIC

Bowling Green, 270.781.2020 Laura Yount, CIC, CISR

London, 606.878.0100

Staff Tara T. Purvis

President & CEO Katie M. Freshley

Education & Events Director

Chair From the

Being a good insurance agent is all about planning. I often speak to my clients about planning for the worst-case scenario; but perpetuation planning doesn’t have to be that way. For example, your association recently underwent its own perpetuation. After serving our association for over 20 years, Peggy Porter announced her retirement. As the consummate planner, Peggy gave us an excellent candidate to consider when she hired Tara Purvis five and a half years ago.

IIAK may have its new CEO/President in place but your association isn’t finished with its perpetuation plan. We are always looking to find members to serve on the Board of Directors, committees and our association’s Emerging Leaders now and in the future.

Over the years, members who were 40 and under or new to the industry have gone by several names. Most recently the name changed from Young Agents to Emerging Leaders, this more clearly identifies who these individuals are. These individuals are critical in helping IIAK identify the needs of the modern day independent insurance agency. In return, these individuals get a front row seat in what our association will look like in the future.

In my days as an Emerging Leader (who were then referred to as YACs), I gained so much more from the association than what I put into it. Not only did I gain a better understanding of the products and services that were out there, but also a sense of camaraderie with fellow agents and Industry Partners. The support was out there, and I didn’t feel like I was on an island anymore. I gained a network of that extended across the state of Kentucky and beyond.

The current Emerging Leader Committee has many opportunities for leaders to emerge in your agency’s ranks as well. I encourage you to foster involvement in this group. It’s an opportunity to create the association of the future, build great working relationships across the industry and learn what IIAK is already doing that could help your agency today.

But, growth oftentimes needs encouragement. If you have someone in your office that takes the initiative to get involved, that’s awesome. But sometimes it takes an invitation. After all, I got involved only after I was asked to participate in the Emerging Leader Program by someone in the program already. Now look at me!

Speaking of opportunities, registration is now open for the Leadership Conference on May 16 & 17 in Owensboro, KY (details on page 11). This event has an amazing line-up that will be covering topics that you can take back and use immediately. Plus, we’ll have a good time too! Make sure to have AT LEAST one person from your office attend this worthwhile event – you won’t regret it.

Amy Good

Financial Services Director Cassie Powell

Director of First Impressions Nikki S. Robins

Communications Director Kristie Weyer, CISR

Insurance Services Director

4 | www.iiak.org | March/April 2018

Michael G. Johnson, CIC

News Department of Insurance

The strength of the insurance industry depends on future generations. Each new generation of agents will face challenges that previous generations may not have experienced. The education and preparation of our newest agents set the foundation for a successful future in insurance.

Over the years, the role of insurance has come to the forefront. The public is taking an increasingly engaged part in the conversation. Young agents will need to possess the communication skills and industry knowledge that the public demands. Agents carry with them the future reputation of this industry, which is critical.

Honesty and integrity are the two most important qualities a young agent can have. Agents are an essential part of a larger team that includes insurance professionals, business leaders and state officials.

These people shape the way our consumers perceive insurance as an industry.

Prioritizing integrity and ethical practices ensures that our public respects and trusts those who work with and regulate insurance. The Department of Insurance requires that all of our licensed agents meet education and licensing requirements, which includes credit hours focused on ethics. Kentucky agents can always use the eServices portal, available on the Department of Insurance website, to review and submit licensing information.

The insurance industry is affected by the changes we see in the world today. Driverless cars, for example, have the potential to cause change in the automobile industry. It is important now, and in the long-term, to make sure that those involved with insurance, including young agents, are knowledgeable and engaged in the industry that they work. Our newest agents will bring something different from their predecessors, but still they must demonstrate a willingness to respect and learn from their more experienced team members. That willingness to learn will carry them far in an industry that demands lifelong learning.

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Continuing Education

IIAK has a range of classroom and webcast continuing education courses as well as valuable designation seminars.

See below for our latest offerings.

ON-SITE COURSES:

E&O: Roadmap to Policy Analysis May 23 • IIAK Education Center October 3 • IIAK Education Center

ONLINE COURSES VIA ABEN: Date/Time

Seminar Name

March 26 @ 1 pm April 30 @ 1 pm

Agency Management Based E&O and Ethics

3

April 5 @ 3 pm

Annuity Basics and Where They Fit

1

March 14 @ 11 am April 11 @ 11 am

Business Auto Claims That Cause Problems

2

April 12 @ 11 am

Business Fraud Protection

1

April 19 @ 11 am

Certificates of Insurance – Emerging Issues and Other Stuff that May Scare You!

3

April 24 @ 2 pm

Commercial Lines Claims That Cause Problems

2

March 13 @ 10 am

Commercial Property Endorsements That Can Make You Money!

2

March 20 @ 1 pm April 24 @ 1 pm

COPE – Property Underwriting and Effective Loss Control

2

March 16 @ 2 pm April 17 @ 2 pm

Data Privacy Insurance

2

April 4 @ 10 am

Directors and Officers Liability Insurance

2

March 12 @ 1 pm April 9 @ 1 pm

Double Trouble - Certificates of Insurance and Business Auto Endorsements

2

March 16 @ 10 am

E&O Risk Management – Meeting the Challenge of Change (6 hour course)

6

March 28 @ 10 am March 30 @ 10 am

E&O Risk Management – Meeting the Challenge of Change (Part 1)

3

March 28 @ 2 pm March 30 @ 2 pm

E&O Risk Management – Meeting the Challenge of Change (Part 2)

3

March 16 @ 11:30 am April 18 @ 1:30 pm

Estate Planning Basics

2

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CE Credits

Date/Time

Seminar Name

CE Credits

March 21 @ 9 am

Ethics and Business

3

April 21 @ 10 am

Home Based Business Exposures

2

March 16 @ 3 pm April 4 @ 10 am

Hot Topics in Personal Lines

2

April 5 @ 10 am

Liability Issues to Worry About – Indemnity Agreements and Additional Insureds

2

March 21 @ 9 am

Long Term Care Insurance

2

March 16 @ 10 am April 4 @ 3 pm

National Flood Insurance Program Basic Course - 2016

3

March 23 @ 2 pm

Personal Fraud Protection

1

April 26 @ 2 pm

Personal Lines Claims That Cause Problems

2

March 24 @ 11 am April 14 @ 2 pm

Professional Ethics in the Insurance Industry

3

April 5 @ 2 pm

Property & Liability Concepts - Comp. Cov. Series

2

April 13 @ 10 am

Rental Cars: More Than Meets the Eye

2

April 11 @ 12:30 pm

Shake, Rattle, and Roll with it- Earthquake Basics

1

April 6 @ 9 am

Those Kids and Their Cars!

2

March 27 @ 2 pm

Top 5 Life Insurance Uses

2

March 8 @ 3 pm April 2 @ 3 pm

What you Need to Know about Employment Law & Coverage

2

April 18 @ 1 pm

Workers Compensation Beyond the Basics

3

New Hire eLearning Training Available!

Visit iiak.org/education for more information

www.iiak.org | March/April 2018 | 7

How insurance agents can be effective mentors By: Sharon Emek

In my decades of experience in the insurance industry, I’ve cultivated many important relationships — with colleagues, clients, vendors and, of course, friends.

But one of the most important relationships I’ve developed is the one with my mentee, my partner’s daughter at CBS Coverage Group, Jill Rosenblum, and a young woman who shadowed me for five years at our insurance agency before I founded my business, Work At Home Vintage Experts (WAHVE).

It was because of my collaboration with this thoughtful and bright young woman that I felt confident leaving my full-time position at an insurance agency to start my business. I knew my clients were in good hands, and I’d learned a lot from her about how the next generation thinks and how to manage them.

Suffice to say, mentoring a millennial helps both the mentor and mentee, as well as the organization at large.

In addition to transferring knowledge — no small issue considering baby boomers are increasingly approaching retirement and millennials account for nearly half the employees in the world, according to some figures — the mentorship relationship can lead to better outcomes and new innovations, improving the company’s bottom line.

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Here are three ways mentoring a millennial can benefit you: 1. Sharing the knowledge What can older generations pass on to the younger ones? The list is seemingly endless. First, of course, there’s the knowledge and wisdom that come with experience. In addition to knowing how to do things, vintage workers have often developed effective methods for handling situations that come up regularly.

For example, Sandra Masters, who works for WAHVE as a commercial lines bookkeeper, has been a mentor to more than a dozen younger employees over her 30year career. Masters recalls a specific instance when, as the operations manager for a large independent agency, she shared her time-tested approach with lessexperienced employees — and it helped them down the road.

“When hiring someone new, part of the onboarding process was to take the Personalysis, a personality test,” she explains. “When I received the results, I spent time going through it with the employee and explaining each section and what their reaction could be in any situation. Everyone had their charts on their desks so they could see each other’s results.

Pairing millennials with more experienced mentors can help transfer knowledge, enrich your agency’s talent, and boost the bottom line When a new employee had issues with someone, I usually sat down with the people involved and we processed each person’s reaction [using the charts]. It was extremely helpful as they then knew how to present an issue without putting the person they were speaking with in their negative mode. After I left the agency, I heard from several people that when they had an issue, they would stop, think ‘What would Sandra do?’ and remember how they should proceed using the charts. This certainly helped them respond in a positive manner without it becoming personal.”

Equally as important as this transfer of know-how is the fact that vintage workers have built up networks of relationships — friends, colleagues and acquaintances upon whom they can rely for advice, insight or help with tackling a specific project. By working with millennials, a more experienced colleague can not only share their network but also help the millennials develop their own, creating an invaluable resource for their professional success.

Masters points out that in her experience, mentees also benefit immensely from feeling that they have someone in their corner at work and knowing they can test things out with their mentors without the fear of recrimination or failure. Having a mentor also speeds up younger workers’ success at work, which is particularly important to millennials, according to a poll by “Harvard Business Review.”

2. A two-way street Mentoring goes both ways: Millennials can pass along helpful skills to their more-experienced counterparts, too. First and foremost, millennials are digital natives.

Not only do they have their fingers on the pulse of what’s hot when it comes to the latest apps and gadgets, but, having grown up with technology, they also have a level of competence that’s unmatched by older generations.

Need help with your social media tools? They’re on it. Struggling to figure out how to plug your laptop

into presentation equipment? They’re your resource.

And their tech savvy isn’t limited to in-office business: I once made it to an important appointment on time by using the handy traffic app Waze, which a younger colleague had recommended to me and shown me how to use.

Fresh eyes and alternative methods also come with youth. Millennials aren’t hamstrung by decades of doing things a certain way. By looking at a scenario from a new perspective, a younger colleague might produce a different —and, dare I say, even better — approach for tackling it.

They are experts at problem-solving and this can often produce better outcomes for both the mentor and the mentee alike. Further, a mentorship relationship can help shed light on how the next generation thinks, helping the mentor stay relevant, nimble and innovative.

Finally, don’t underestimate the benefit of helping a colleague grow and being able to participate in their success. Paying it forward feels great!

3. What’s good for the gander is good for the goose Fostering mentorship relationships between older generations and millennials is also decidedly good for the organization they serve. According to the “Harvard Business Review” poll, millennials want mentorship opportunities and value them highly as an investment in their professional happiness and success. In fact, a 2016 Deloitte survey found that millennials who indicated they intended to stay with their organizations for more than five years were twice as likely to have a mentor (68%) than not (32%).

With more than half of hiring managers reporting that it’s difficult to find and retain millennials, offering mentorship opportunities can help by making your organization more attractive to prospective millennial workers, making millennial workers happier once they’re on board and, as a result, keeping those employees longer. www.iiak.org | March/April 2018 | 9

Finally, when it comes to implementing mentorship programs in your organization, I highly recommend job shadowing. Allow younger workers to participate in the day-to-day activities of a seasoned pro. Let them listen in on calls and attend client visits. When I was a mentor, I would regularly discuss each of these experiences with my mentee and answer any questions she had about how things went.

Not only is this a great way to bring the millennial up to speed on best practices and offer firsthand experience, but it also affords the younger worker the opportunity to suggest alternative solutions in a safe environment. It’s a win-win-win for mentor, mentee and the organization.

Sharon Emek, Ph.D., CIC, is president and CEO of Work At Home Vintage Experts, an innovative contract staffing talent solution that matches retiring insurance professionals leaving the regular workforce to insurance firms to meet their full- or part-time staffing needs.

You can reach her at sharon.emek@wahve.com or 646.807.4372, ext. 3754.

Sign up and Save!

IIAK members save 50% on the WAHVE setup fee. Call 502-245-5432 for details.

10 | www.iiak.org | March/April 2018

Experience Matters WAHVE bridges the gap between insurance firms’ staffing needs and seasoned professionals’ “work‐life” balance preferences as they phase into retirement.

Learn more at: WAHVE.com

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A strength that sets EMC apart from other insurance companies is the local service we provide.

We cover policyholders in more than 45 states and we have 20 offices strategically located around the country. So when you partner with us, you not only get the stability of one of the country’s top insurance organizations, but you also get a familiar face close to home.

We look forward to seeing you soon.

www.emcins.com ŠCopyright Employers Mutual Casualty Company 2018. All rights reserved.

New insurance producers: Should They Be Independent Contractors or Employees?

By: Rick Pitts

Good news: the agency’s growing. Business is good – both personal lines and commercial lines. The agency needs help and the agency needs it now. Not-so-good, but not awful news: ownership and some of the senior producers are slowing down, transitioning longtime clients to younger staff when and as they can. The agency not only needs an ownership perpetuation plan, it also needs a knowledge, experience and wisdom perpetuation plan.

How do we get decades of industry experience out of the noggin of those seniors and in to the brains of the next generation of producers?

Wait. The problem is more fundamental than that. We have to get that next generation on staff first. We need to hire those young producers before we start training them.

When it’s time to hire, one of the threshold questions that always comes up is whether that young producer should be an independent contractor or an employee of the agency.

The answer is, as so many are, a resounding “it depends.”

At the outset, let’s work from the premise that it is possible for an insurance producer to be either an independent contractor or an employee. “Possible” in this sense means “legal” or “permissible” if the right scenario exists.

However, it’s not simply a matter of declaring them to be one or the other. It’s a matter of identifying them as an employee or independent contractor, and then: (a) having both the right contractual documentation in place and (b) living up to the terms of the contracts.

That main test is generated via the Internal Revenue Service (IRS). Many in our industry are familiar with the IRS’s guidance on who is an employee and who is an independent contractor. The famous, multi-factor test the IRS uses has been around for many, many years.

Recently, the IRS reminded employers that it needs to get this determination right. Its July, 2017 publication said, “Worker classification is important because it determines if an employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax of wages paid to an employee.” (We in the insurance industry would also add that there’s a serious workers’ compensation issue that deserves mention, too.)

The IRS continues that, “[t]he general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work, not what will be done and how it will be done.” (Emphasis in original.)

The IRS’s reminder gathers a variety of different considerations into three general sets: behavioral controls, financial controls and the parties’ relationship.

The last of these three, the parties’ relationship, is probably the easiest to tackle because it is the most objective of the three sets. This group of considerations asks:

www.iiak.org | March/April 2018 | 13

• How is the person treated in the written contract for services? Does the agreement specify independent contractor status, or is it silent? The written agreement itself is not dispositive – the written agreement alone cannot conclusively determine the issue one way or the other – but it does help with not only the ultimate determination, but also managing both parties’ expectations of the arrangement.

• Is the relationship permanent? According to the IRS, “An expectation that the relationship will continue indefinitely, rather than for a specific project or period, is generally seen as evidence that the intent was to create an employer-employee relationship.” This is especially problematic for insurance agencies, where it is not at all uncommon to have a long-term relationship with an independent contractor/producer. Again, this single factor is not a be-all and end-all, but it should give agencies pause when planning for a new producer arrangement.

• Are the services a key aspect of the company’s regular business? This also can be a tough nut for agencies to crack – certainly selling and servicing policies is absolutely at the core of what agencies do, and having an “independent contractor” be permanently involved in that might raise an eyebrow or two.

• Are benefits provided? To the IRS, providing workrelated benefits (vacation pay, sick pay, pension and the like) is inconsistent with independent contractor status.

The middle set, the financial controls, are also of interest to an agency’s determination for a producer. This set asks: • Does either party have a significant investment in the equipment being used for the work? We think of this as the “tools and machines” factor in the test, but it can also come in to play in the agency setting: is there a significant IT component (hardware, software licenses, etc.) or physical office space involved in establishing the relationship? This leads to the next factor…

• Are there going to be unreimbursed expenses for the worker? The IRS says that “[I]ndependent contractors are more likely to incur unreimbursed expenses than employees.”

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• What is the manner and method of pay? Just as independent contractors often have unreimbursed expenses, the IRS says, they are also more likely to be paid on a flat fee for work performed. Importantly for agencies, the IRS says that payment by time period (hourly or weekly sums) is indicative of employment status, “even when supplemented by a commission.”

• Can the worker work for someone else at the same time and do the same thing? This is, from a practical perspective, one of the most telling factors for agencies. Requiring “sole and exclusive” efforts or putting competitive restrictions on an individual tips the scales toward the employment side, and away from the independent contractor side.

That brings us to the toughest of the three sets of considerations to address: behavioral controls. These factors ask about the ability of the business to direct and control the work. The IRS says it is a question of “ability” to control, not whether control was actually exercised or used. These factors ask: • Were instructions given on when, where and how to work? The closer and more specific the instructions are, the more likely it is that an employment relationship is present.

• How was the person evaluated? If the person is measured or evaluated on how the work was done, this indicates an employment relationship. If that person was measured or evaluated on what the outcome of the work was, this is more indicative of an independent contractor relationship.

• Was the person trained? According to the IRS, “Training a worker on how to do the job – or periodic or on-going training about procedures and methods – is strong evidence that the worker is an employee.

Independent contractors ordinarily use their own methods.”

Richard S. Pitts, IIAK’s General Counsel is also part of a member benefit, First Call Free Legal.

Members receive up to a 30-minute phone consultation on an insurance or agency-related matter once a year at no charge. Contact IIAK for more information.

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Time at IIAK: I am the newest addition to the IIAK family.

I started January 1, 2018!

What does your job entail?

I’m the first person you see when you walk in the door and most likely the person you talk to when you call. I have also taken over our social media accounts. Soon I will be taking over education including our Veteran Licensing program and working with the state to get insurance into co-op and apprenticeship programs.

What do you like most about your job?

I love that we are advocates for independent insurance agents and that we help provide networking and continuing education opportunities to our members. So far I’ve loved attending events and meeting members. I’m still learning so much!

Education Background: I have a Bachelor of Science in Health and Human Performance with a Concentration in Physical Education from the University of Louisville. I also trained in airbrush makeup at Makeup First in Chicago, IL and am a certified airbrush tanning artist with the National Tanning Training Institute.

What was the first job you ever had?

I was a lifeguard at a country club which turned into seven years of being a lifeguard and swim instructor. My favorite part was teaching swim lessons to children with autism for four years.

Tell us about your Family I have two cats, Janis (bottom right) and Marley (middle right).

I am a daughter, sister, and aunt. Most of my family lives within a couple blocks of each other!

What are you most proud of, personally or professionally?

I think I’m most proud of my relationships. No matter if it’s friends or family we pick up where we left off!

What’s something people would be surprised to know about you?

I’ve been in a Disney movie!

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Favorites Pastime: Dancing. I grew up a competitive dancer (I am a five-time natiaonal champion!) and ended up coaching and choreographing for many years.

Food: Potatoes - they can be made so many ways!

Movie: What Dreams May Come TV Show: Crazy Ex-Girlfriend and Supernatural Band: Citizen Cope

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Chair DANNY NEELY

Neely & Wade Insurance Agency, LLC Winchester Email: danny@neelyandwade.com

Committee Member LOGAN EDELEN

Roeding Insurance Lexington Email: ledelen@roeding.com

Committee Member LINDSEY PRUITT

Risk Placement Services, Inc. Lexington Email: lindsey_pruitt@rpsins.com

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Chair-Elect NICHOLAS ROLF

Gross Insurance Agency, LLC Ft. Thomas Email: nicholas.rolf@gross-ins.com

Committee Member JAMES FLYNN

Garrett-Stotz Company Louisville Email: jflynn@garrett-stotz.com

Committee Member CHANDLER PURDOM

The Murray Insurance Agency Murray Email: chandler@themurrayinsuranceagency.com

Vice Chair ADAM SHERIDEN, CLCS

Reed Brothers Insurance Services Somerset Email: asheridan@mikrotec.com

Committee Member DANNY GREENE, CIC

Fifth Third Bank Covington Email: daniel.greene@53.com

Committee Member JARED PURSLEY, AAI

Pedigo-Lessenberry Insurance Agency Glasgow Email: jpursley@plinsurance.com

Immediate Past Chair ERIC HARDEN

Insuramax, Inc. Louisville Email: erich@insuramax.com

Committee Member STEPHEN HILL

McKinney & Blair, Inc. Jamestown Email: mckinney-blair@duo-county.com

Board Liaison RAY A. ROBERTSON, CIC

Limstone Agency, Inc. Mt. Sterling Email: ray.robertston@limestoneagency.com

Committee Member TRIPP HUMSTON, CIC

Secura Insurance Company Versailles Email: tripp_humston@secura.net

Staff Liaison KATIE FRESHLEY

Independent Insurance Agents of Kentucky Louisville Email: kfreshley@iiak.org

Committee Member DIANA NORWOOD, CIC, CPIW, DAE Liberty Mutual Insurance Lexington Email: diana.norwood@libertymutual.com

Want to join this group?

Check out page 22 for details

Committee Member NATHAN SHANKS

Maverick Insurance Group, LLC Louisville Email: nathan.shanks@maverickinsures.com

Committee Member DANNY YACKEY

Insuramax Louisville Email: dannyy@insuramax.com

www.iiak.org | March/April 2018 | 19

1. What is your job title?

Owner/Agent of Neely and Wade Insurance 2. What does your position entail?

As agency principal, I oversee the day-to-day operations and sell property, casualty, life, and health insurance.

3. What do you enjoy most about your job?

I enjoy being my own boss and building relationships with my clients.

4. Age and Hometown: 39 years old; Winchester, Kentucky 5. Educational background: George Rogers Clark High School (‘97) University of Mississippi (‘03) 6. Tell us about your family: I married my wife Brittany in 2005 and we have two children: daughter Margaret Dean (9) and son Trip (7) 7. Who is the biggest influence on your life?

Personally, my mother and father; professinally my business partner Ed Wade. I appreciate all of the support around me.

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8. What personal accomplishment are you most proud of?

I always knew I wanted to own my own business, when I got my first job in insurance. Joe Barnes was my mentor. This led me to becoming an agency principal at the age of 29.

9. What advice would you give someone starting a career in insurance?

It is a great career and the sky is the limit. Find a mentor in the industry, get involved with the Big I, and go for it.

10. Hobbies?

I love traveling, Kentucky basketball and going to concerts.

11. Bad Habit?

Eating sweets: chocolate chip cookie dough ice cream is my weakness!

12. Pet Peeve?

I hate cell phones at the dinner table 13. Farthest place you’ve traveled Rome, Italy 14. Favorite Movie The Godfather Trilogy

15. Favorite music/band: The Allman Brothers Band 16. What’s playing in your earbuds right now?

Chris Stapleton and Sturgill Simpson 17. Favorite restaurant in your hometown?

Graze Market & Cafe 18. Something others don’t know or would be surprised to know about you?

I love historic buildings and preservation.

My new office buidling was built in 1814.

19. What was your first job?

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Save These Dates

Check out these great events near you!

Big “I” Legislative Conference April 18-20

Grand Hyatt Washington • Washington, D.C.

Road Show May 1

Summit Hills Country Club • Crestview Hills

Road Show May 8

KY Dam Village State Park • Gilbertsville

Road Show May 9

Mariah’s • Bowling Green

Leadership Conference May 16 & 17

Owensboro Convention Center • Owensboro

Road Show May 22

Republic Bank, Brownsboro Rd • Louisville

E&O: Roadmap to Policy Analysis May 23

IIAK Education Center • Louisville

Road Show May 24

London Community Center • London

E&O: Roadmap to Policy Analysis October 3

IIAK Education Center • Louisville

122nd Annual Convention & Trade Show November 14-16

Omni Hotel • Louisville

www.iiak.org | March/April 2018 | 21

Become an Emerging Leader The future of the industry

How we can help: • Expand your professional network to include not only other agents, but also carrier representatives and other industry professionals

Upcoming Events Leadership Conference May 16 & 17 • Owensboro Details on page 17

• Strengthen industry connections and make new ones • Get more involved in your community • Develop leadership skills • Learn how to get more involved in the political process and advocate for important agent issues

22 | www.iiak.org | March/April 2018

Intrigued? Contact Below: Katie Freshley, Education & Events Director 502-245-5432 • kfreshley@iiak.org

Life After the Sale: Are You Ready for Retirement?

By: Jim King As the owner of an insurance agency, you’re faced with solving other people’s problems every day. There’s one problem, though, that is strictly your own: Are you ready to sell your business?

If you’re like many owners, you receive frequent phone calls urging you to sell your business—which makes you wonder how much your agency is worth. But that shouldn’t be your only consideration.

Suppose someone offers you $1 million more than what you think your agency is worth. Awesome, right? Actually, you don’t know. You have to do some planning to determine whether this figure will support future dreams.

The last thing you want is a gap between your current net worth and what you want it to be after you sell your agency. With a clearer picture of both the price you want for your agency and a realistic timeline for selling it, you’ll be in a better position to answer buyers when they call.

Determine Your Vision

Cementing a vision for the future gives you the opportunity to pick your head up from the day-to-day grind and remember why you’re working so hard. You have many factors to consider here, including where you’ll be living, what interests and hobbies you want to pursue and what your typical day will look like post-sale. The most successful transitions tend to occur when an owner involves their spouse or significant other in this stage.

Answer the following questions to get started: • Why would I sell my agency?

Think about your options for selling. Do you want to transition your business to family or current employees, or do you want to sell outright?

Consider factors like the culture of the acquiring firm, the time necessary for a successful transition and the legacy you want to leave behind.

• Can I work for someone else?

Do some self-reflection to decide whether you can transition from boss to employee if you plan to remain with the company for any time after the sale. Not everyone can or even wants to—many agency owners would rather forgo the financial upside in favor of maintaining their control and freedom.

• How much longer do I plan on working?

Know when you would like to retire or move on to the next phase of your life so you can work toward that goal during the planning process.

The wealth you accumulate by working longer could impact your retirement lifestyle.

These questions are not easy to ponder, and there are no right or wrong answers. The only limits are your imagination and budget—and making sure your significant other is on the same page.

www.iiak.org | March/April 2018 | 23

Know Your Number

Now that you can picture your future, it’s time to determine how much money you’ll need to support your vision over the long term. Your first step is figuring out your current net worth: your assets—such as real estate and investment accounts—minus your liabilities—such as mortgages. Typically, an owner’s most valuable asset is their agency [see “What’s Your Worth” on page 23].

Let’s go back to that fictional offer you received for your agency. Now that you’ve thought it through a bit, will that be enough to support your post-sale vision? How much money will you need to realize from the sale of your agency in order to retire comfortably?

Many factors impact the answer to this question, including: • Your age • Your life expectancy • The age when you want to retire • Additional financing to support the lifestyle you desire • Current investment portfolio balances • Annual savings prior to retirement • Inflation rate A variety of tools can provide you with a good estimate of how long you’ll live, while others can help you calculate how inflation is likely to affect how much money you’ll need to live comfortably. That number can be so big that it’s shocking—those who begin to consider this well in advance of selling their agency will be the most prepared.

When the value of your agency isn’t as high as your desired selling price, you have to rethink your strategy.

Perhaps you adjust your spending rates to fit within the amount you could get for your business today, or your retirement age and work a few years longer. Spend those extra years focusing on activities that will increase the value of your business so selling it can fund the life you want.

Remember the Taxes

The single most overlooked drag on an individual’s wealth is taxes. If someone offers you $10 million for your agency, that amount after taxes will probably land somewhere between $6 and $8 million. That’s a significant reduction in how much money you thought you had to fund your retirement.

24 | www.iiak.org | March/April 2018

Understanding how your agency is structured today—and what that means for current taxes, as well as the future—is critical. For example, if you’re a C corporation, your tax position is probably not as favorable as it would be if you were an S corporation. But if you’re planning to sell in the next 10 years, you probably don’t want to switch from a C to an S corp, since there’s a 10-year transition period in which you can eliminate built-in gains tax when converting. Thinking about transitioning your business well in advance of doing so will enable you to leverage the most tax-advantageous method possible.

Whether your agency is a sole proprietorship, partnership, LLC, S corp or C corp, understanding the ins and outs of the relevant tax laws is equally critical to structuring the deal effectively. Every transition approach has different tax consequences. Consider the tax implications of some common deal structures: • Asset sale. Choosing this type of option takes you out of the business immediately and entirely. The tax consequences are still a consideration, though, because there might be a large capital gains tax bill in the year of the sale.

• Consulting. A consulting agreement provides a steady flow of income for a certain period of time. This can be well suited for those who want to continue working, but the income from this arrangement is typically taxed at ordinary income tax rates, which are higher than the capital gains rate.

• Installment agreements. The most common arrangement involves a cash-down payment of 6080% of the purchase price. The remainder is earned out over time, usually three to seven years, adding to your projected cash flow. You are only taxed on the amount you receive in any given year, but you risk your client base leaving or the buyer failing to make payments as promised.

Note, too, that taxes and tax rates vary between states.

If you live in California, you’ll face steep income tax rates; Florida, by contrast, is one of a handful of states with no state income tax. And in addition to federal, state and local income tax, you also have to consider estate, inheritance and gift taxes.

Many agency owners believe they will net enough from the sale of their business to fund a very comfortable retirement, but that’s not always true. You don’t even know what you’re trying to fund until you and your spouse have a unified vision of the future. Only then can you take an in-depth look at your finances and establish a financial plan that will secure the future you desire.

A buyer will be calling soon, if they haven’t already.

Before you jump on that great-sounding offer, you need to know what you want your life to look like after the deal. The earlier you start the financial planning process, the more prepared you will be to navigate the sale process.

Jim King, CPA, CFP®, is an owner and wealth manager at Balasa Dinverno Foltz LLC (BDF), where he leads the commercial insurance professionals practice group. He uses his understanding of the insurance industry to help insurance professionals maximize their prime earning years, develop a discipline around saving those earnings and put a plan in place to best utilize assets.

Important disclosures: Past performance may not be indicative of future results. BDF’s investment and wealth management strategy may not be profitable, suitable for you, prove successful or equal historical performance. BDF does not provide legal, tax, insurance, social security or accounting advice. BDF’s current written disclosure statement discussing advisory services and fees is available for review at bdfllc.com or upon request.

What’s Your Worth?

The amount you realize from selling your agency will help fund your retirement, but you need to be practical. There may be a large gap between the amount you expect your business to be worth and what it’s actually worth.

To get a ballpark value of your agency, consider that value is a multiple of profit. In the insurance industry, this multiple usually falls between 4.5 and 7.5 times profit, depending on the size of the agency and the client makeup. Note, too, that while this number is great for initial planning, it’s a good idea to engage a valuation professional for an honest assessment when you get serious about selling.

It’s important to know this number early because the more time you have until retirement, the better your chances of closing the gap. When you understand your net worth, you secure a snapshot of where you are today—a good benchmark to compare with your vision of the future to determine when you will have the necessary assets to fund the retirement of your dreams, in the timeframe you wish. —J.K.

www.iiak.org | March/April 2018 | 25

26 | www.iiak.org | March/April 2018

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By: Ryan Hanley Back in 2005, as a 24-year-old insurance agent, I thought I’d step on the scene and teach the “Old-timers” how business got done. Boy, was I wrong. I knew nothing about insurance and even less about selling. Looking back, it’s easy to see how arrogance, hardheadedness and a lack of patience destroyed any chance I had at early results.

and systematically turn those relationships into sales, the faster your career is going to take off. Easier said than done, (Trust me, I know). The key to developing sales skills is the word, “intentional.” You must make a concious effort to get better through a mix of trial and error, mentorship and formal education.

The difference between mediocre insurance agents and the most successful can often be traced back to the early years of their career. Not whether or not they entered the industry well, but how open that person was to learning, adapting and riding out the inevitable lows that come in the early years of a sales career.

How to Communicate on the Phone

While some agents take a myopic view, focusing only on their next commission check, others spend time developing the skills that will ultimately set them apart in the insurance industry. As important as it is to have a thorough understanding of policy details and other technical insurance knowledge – there is much more to thriving in our competitive industry.

The following are 13 skills every 24-year old insurance agent should learn before bad habits set in and it’s too late:

Develop Sales Skills

You aren’t born with sales skills. Sales is a learned skill, developed through intentional effort. An insurance agent’s ability to sell is their most valuable asset.

Sales never ends, whether you’re selling prospects on your agency, your policies, or yourself – you’re always selling and the quicker you develop your ability to build relationships

As much as you might prefer email and text messaging, insurance business still gets done over the phone. This means you have to be an effective communicator on the phone.

Unlike email (and similar “written” forms of communication like text message or Facebook message), you can’t take your time to craft the perfect response to tough questions.

The prospect is listening to every word you say and in most cases still trying to determine whether or not you are the right option as their insurance provider. Your tone, pace, inflection are being judged. The prospect is asking themselves, “Does this person know what they are talking about?” As much as digital marketing and automation are allowing insurance agents to capture the attention of a wider set of prospects, in the end, we are still “selling our phone number.” Why? You will find, with enough practice, even in the digital marketplace, that phone calls are still the easiest way to close sales.

Time Management

Insurance is a hectic business. Your success is largely determined by how much you can get done each day. Some people spend decades trying to nail time management, but the best insurance agents develop this www.iiak.org | March/April 2018 | 29

skill very early in their career. Whether you’re trying to squeeze in more sales calls or you’re chasing the work-life balance unicorn – time management is key.

The tough part about time management, is there is no one-size-fits-all solution. Everyone, who’s ever reached some level of success, has developed a strategy that fits best into how they operate. This could mean using an Outlook calendar to schedule time, carrying around a date book and tracking time the “old-school” way, or downloading one of one hundred time management apps.

The method is less important than the execution of blocking time for the most important tasks in your day, (sales calls, networking, blogging, etc).

If you do not block time, you will not do these things and your entire day will become busy work and you will struggle.

Decisiveness

As an insurance agent, you are the CEO of your career.

Sounds corny, but 100% true. It’s not just a matter of making quick decisions, but making the right decisions in a timely manner. There is a difference between patience and prudence versus what is more often the case procrastination and fear. You are going to make the wrong decision. Deal with that reality however you need to. You are going to do and say things that are going to cost you accounts. Make a decision, the best decision you can in that moment with your given experience and knowledge and live with the consequences.

Here’s the deal, learn from your decisions. You decided where to spend your time, how to develop your skills, and what to say in sales meetings. Enjoy your good decisions and learn from your bad decisions. This is the life of an insurance agent.

Prioritization

Early in your career, energy and enthusiasm will come in buckets. You’ll take on every task, plowing through one right after the next. You will be busy. Very busy.

Lack of prioritization results in achievement without accomplishment. Busy does not necessarily lead to success.

Learning to set priorities early in your career will pay dividends (and renewal commissions) for the rest of your career. Attack new business and relationship retention activities early in the day when you have the most energy.

Save soul sucking paperwork and service related tasks for later in the day (if possible). Prioritization is really about focus, one of the 7 habits of highly effective insurance agents.

30 | www.iiak.org | March/April 2018

How to Solve Problems (on your own)

Mom and dad can’t help you sell insurance. Nor should you have to (or want to) lean on your agency principal or sales veteran to close deals. Don’t run to closest CPCU or CIC every time you have a policy question. By their very nature, insurance agents are problem solvers.

You, 24-year-old insurance agent, have to figure out how to solve problems. You have to own (intellectually) every bit of the insurance business: • Billing, • Policy forms, • Rating, • Sales, • Networking, • Marketing, and • Everything else thrown at you during a day in the life of an insurance agent.

Your clients are counting on YOU to solve their problems.

It doesn’t matter if they just got into a fender-bender, a tornado just ripped apart their home, or they want to make a payment on their policy with a new credit card. You’re often going to be the first person they call for help.

If you always have to ask someone else for help… really… what use are you? Solve problems. Period.

Emotional Intelligence

You’ve heard of Intelligence Quotient (IQ), the standardized score for human intelligence? When it comes to selling insurance, your level of intelligence is far less important than your Emotional Quotient or EQ. “EQ is the capability of individuals to recognize their own, and other people’s emotions, to discriminate between different feelings and label them appropriately, to use emotional information to guide thinking and behavior, and to manage and/or adjust emotions to adapt environments or achieve one’s goal(s).” ~ Wikipedia Your ability to read, relate and respond to human beings will win more new business than any other skill or personal attribute. Unfortunately, this is a skill that’s rarely taught to young insurance agents. Emotional intelligence will help you better understand the true “Why” a prospect is saying “No.” People buy from people they like, not who they think are smart. Develop your EQ and you’ll win new business away from those with a higher IQ every day of the week.

How to Build a Referral Network

Referrals are and will always be a primary source of new business for independent insurance agents. In many cases,

the quality of an agent referral network will make or break their career.

The good thing is, building your network is easier than you think. You don’t have to be extremely outgoing, but you do need to make an intentional effort to reach out to others on a regular basis.

Here are a few simple, but effective methods for beginning referral partnerships: • Buy potential referral partners a cup of coffee • Attend a charity event they are putting on • Send a potential partner a referral without expectation of reciprocation These three things show that you are a giver.

Customer Experience Trumps Customer Service

If you focus on customer experience over customer service then you’re already a commodity. Every interaction prospects and clients have with you and your agency is part of the customer experience: • The look of your agency’s building • The way you are dressed • The way you speak • Your business card • The way you answer the phone • The timeliness of response • The quality of response • Your marketing message (or lack thereof) Everything we do as an insurance agent adds to the customer experience. Don’t take anything for granted.

Have pride in the customer experience you provide.

More importantly, take ownership in the customer experience you provide to prospects and clients. Never let a phone call go to a phone tree.

How to Stay Organized

Organization is a skill that enhances your other skills, such as sales, customer experience and time management.

Could there be a worse response to prospect call then, “Let me find your quote and I’ll get back to you.” That prospect wanted to talk to you now (and potentially buy insurance from you). Yet, I’ve heard this response tens, if not hundreds of times on phone calls made through TrustedChoice.com.

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Organization isn’t a nice-to-have skill. You want to write tons of new business? You want to be successful as an insurance agent? Get organized. On any given day you are going to interact with dozens of potential new clients. If you’re not organized and/or give off the impression of not being organized, (especially considering your age), prospects are going to lose faith in your ability to handle their insurance needs. Do not neglect organization. Organization is part of being an effective insurance agent. Get organized. No excuses.

How (and When) to Ask the Right Questions

Insurance agents are problem solvers. To solve problems we have to ask questions. Knowing how to ask the right questions will save you time and drastically improve success as an insurance agent. The right question, at the right time, establishes credibility, builds trust and develops rapport with prospects and clients.

Asking the “right” questions does not mean plowing

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www.iiak.org | March/April 2018 | 31

through a quote sheet. The “right” questions go beyond basic facts, to the deeper level of who the person is and what they’re trying to achieve by working with you.

By asking targeted questions, you can not only better understand your prospects, but you also establish your expertise in understanding their challenges – both of which will lead to increased sales.

Always Be Learning

Thank You 2018 Industry Partners (as of 02/28/18) Platinum

The best insurance agents are always learning and always improving. Even if I’m no longer a practicing insurance agent (though I do still carry my licenses), if I was forced to pin my success on only one thing, it would be my constant thirst for knowledge. Marketing knowledge, insurance knowledge, sales knowledge, operational knowledge and efficiency knowledge. The list goes on and on.

If there was a skill or practice that I thought could give me an edge over my competition I wanted to learn it and master it. You cannot count on your agency leadership to teach you to be a successful agent. If you have great leadership that engages with you in mentorship and training… amazing. But assume, if you want to be a great insurance agent, you’re going to be self-taught. That means you need to read a lot of books, find quality conferences to attend, surround yourself with quality professionals inside and outside of the insurance industry and learn from your mistakes. You and you alone have ownership of insurance education.

Resiliency

Resiliency, defined as, the ability to withstand or recover quickly from difficult conditions. As an insurance agent, you’re going to hear “no” a lot. This can be very discouraging at first, and frankly, some agents just can’t handle it. “No” can destroy your insurance career. You must embrace “No.” You must plow through. You must be resilient. Your insurance career depends on it.

Your youth is a blessing and a curse. Have patience, but don’t settle. Now get to work.

Ryan Hanley is the SVP of Marketing at TrustedChoice.com and the Managing Editor of Agency Nation.

Gold

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Want to be an Industry Partner?

Contact Nikki Robins Communications Director nrobins@iiak.org • 502-245-5432

32 | www.iiak.org | March/April 2018

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Offering each and every client an umbrella not only protects those who choose to purchase the coverage. It protects your agency from liability. And it protects your book of business, since studies show that customers who have multiple policies are less likely to move their business elsewhere.

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How to Create a Hiring Strategy with a Perpetuation Focus By: Morgan Smith

Two-thirds of agencies did not hire a new producer in 2012-2014, according to the 2014 Future One Agency Universe Study. And of the 34% that did, 22% hired just one.

at career consulting firm CIB Group Services LLC. A bundle of new producers with the right strategy, a strong investment and an early start can help agencies make the inevitable transition a smooth one.

As baby boomers start to fade out of the independent agency channel nationwide, agencies need to take a closer look at whether their hiring strategies are sustainable.

Independent agency INSURICA has recognized the problem it its own organization—and is addressing it head on. Michael Ross, president & CEO, says his 26-branch location agency has hired 10-15 new producers every year—nearly 85% millennials—since implementing a new strategic recruiting, hiring and assimilation plan about five years ago.

“If you think about the No. 1 problem for the future of the independent agent channel, it’s the talent pipeline and recruiting the best and the brightest into the industry,” says Warren Wright, executive vice president of LifeCourse Associates. “It’s not today’s problem, but it’s tomorrow’s problem.”

Wright references the “silver tsunami” that’s about to hit the industry, citing figures that estimate nearly 400,000 boomers plan to retire in the next two years.

It’s an inescapable truth that agencies will need to start replacing their workforce.

But “hiring a couple of new producers is not a perpetuation plan,” says Jim Caragher, managing partner 36 | www.iiak.org | March/April 2018

The “global plan is that as we do our succession planning and identify leaders and producers that will be retiring,” Ross says. That way, “we will get out in front of that and present opportunity and bring in new producers to make a seamless transition in taking that over and therefore being able to perpetuate those relationships.”

Five years later, Ross says his agency is just now realizing what could have happened without proper preparation.

Currently, a few recently hired millennial employees are already preparing to take on management and leadership opportunities.

For agencies striving for independence or internal perpetuation paths, “you have absolutely no choice—you have to hire young people,” says Kevin Stipe, president at Reagan Consulting. For firms that say that they want to remain independent and perpetuate but don’t go out and hire that next generation—they’re kidding themselves. It can’t happen.”

Because many agencies’ organizational structure is top-heavy, focusing on millennial hires is the path to a successful future. “That’s not to say that the older generation isn’t important or shouldn’t be honored or appreciated, because they should be,” Stipe says. “But they aren’t the ones to take an agency through continual independence. You have to have the next generation step up and do that.”

“Hiring new producers and hiring them in the millennial generation is a big part of a plan in internally perpetuating an agency,” Caragher agrees. “In order to make an internal perpetuation work, you need to continually invest in talent and be able to buy out the ones who are retiring.”

Planning to buy or sell? An external transaction is no different. Caragher explains that even agencies fairly late in the perpetuation game—with principals in the 50-60

age range and a deficiency of 20-40 year-olds—can benefit from hiring and growing successful, validated producers in younger generations.

“At the very least, it helps stabilize the agency and make it more valuable for an external perpetuation,” Caragher says. “That’s what buyers want to see: Agencies that have growth capacity and have producers who are not all 60 years old.”

Independent agency M3 Insurance, with locations throughout Wisconsin, is already on the right track.

Tim Cleary, director of sales in property and casualty, says the agency takes a diligent approach to effective perpetuation: Focusing on revenue per relationship enables leadership to evaluate book of business growth and capacity potential to migrate accounts as senior producers start to transition out.

“Whether it’s perpetuation of the ownership of the agency or books of business or technical expertise or even stories of successes and failures—unlocking all of that information gives our people a sense of team and a sense of protecting what’s ours,” Cleary says. “That can be a motivating factor for a lot of people.”

Morgan Smith is IA assistant editor.

www.iiak.org | March/April 2018 | 37

“

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11/5/15 8:10 PM

WE’RE SOCIAL Follow us on your favorite social media sites.

Facebook facebook.com/IIAKentucky facebook.com/ELofIIAK

Classifieds Acquisitions

Looking for Producers

Established Louisville agency interested in acquiring insurance agencies in Jefferson and surrounding counties. If you are interested in selling, merging, or need assistance with perpetuation, we would like to talk with you in confidence.

Independent with top best markets looking to expand presence in Jefferson, Oldham or Shelby counties. Wanting Personal lines, Producer or book of business to move or purchase.

All arrangements possible, in strict confidence.

Call R. Alex Rankin, CPCU or Philip Anderton, CIC, at Sterling G. Thompson, Co. at 502-585-3277

Please send inquiries to Turner Insurance Agency, 2460 Shelbyville Road, Shelbyville, KY 40065 or call Kurt Turner, CPCU at 502-633-6060.

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Advertisers We would like to thank our advertisers for their support.

This publication would not be possible without you!

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For classified ads or to advertise in the Kentucky IA, contact: Nikki Robins, Communications Director at nrobins@iiak.org or call 502-245-5432.

www.iiak.org | March/April 2018 | 39

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Call us today and give your homeowners an answer before tee time.

Top rated products and service. It’s why we’ve been in business for over 53 years.

2400 Waterfront Plaza • 325 West Main Street • Louisville, Kentucky 40202 Telephone 502 583.8361 • 800 292.6597 • Fax 502 584.6131 • www.boltonmga.com