The Wallace Sessions Part 2 | Shoptalk Series, Episode #92

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck interview Carey Wallace of Agency Focus. Carey continues the conversation about how to determine the value of your agency through benchmarks.

Episode Highlights:

• Carey explains that one of the things to look at when finding your agency’s value are benchmarks, and measuring your performance compared to benchmarks. (1:30)
• Carey shares that it’s impossible to make an investment in your business without being able to measure the return. (5:26)
• Carey explains that if you don’t have technology in place, you’re not going to be able to answer questions and will end up selling at a discount. (9:46)
• David mentions that there is a lot of innovation and a lot of technology out in the industry but isn’t ready yet. (11:36)
• David shares a story of a guy he talked to and explains the difference between HubSpot and HawkSoft. (14:51)
• Carey explains the difference between someone who buys technology and utilizes it and someone who doesn’t. (17:47)
• Carey shares that the next thing that needs to be talked about are the factors that determine the multiple inside an agency. (19:18)

Tweetable Quotes:

• “I will tell you, you just took us back to someone who buys technology and doesn’t utilize it. That is an expense. Someone who buys technology and utilizes it measures the success. That is an investment.” – Carey Wallace
• “The next thing we need to talk about is that magical multiple that we all talk about. What are the factors that determine the multiple inside an agency?” – Carey Wallace
• “I think there is a lot of innovation and a lot of technology. I also think there’s a lot of innovation in technology that tactically probably isn’t ready to be agency facing yet.” – David Carothers

Resources Mentioned:

• Carey Wallace LinkedIn
• Agency Focus
• David Carothers
• Kyle Houck
• Florida Risk Partners
• The Extra 2 Minutes